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Secretary of State Marco Rubio and other politicians from the U.S. and Latin America condemned the shooting of Colombian presidential candidate Miguel Uribe on Sunday.

Rubio blamed the assassination attempt on ‘violent leftist rhetoric’ originating from the Colombian government. Uribe, a Colombian senator, is currently fighting for his life after sustaining three gunshot wounds, one of which was to the head.

‘The United States condemns in the strongest possible terms the attempted assassination of Senator Miguel Uribe. This is a direct threat to democracy and the result of the violent leftist rhetoric coming from the highest levels of the Colombian government,’ Rubio wrote.

‘Having seen firsthand Colombia’s progress over the past few decades to consolidate security and democracy, it can’t afford to go back to dark days of political violence. President Petro needs to dial back the inflammatory rhetoric and protect Colombian officials,’ he added.

Ohio Sen. Bernie Moreno also condemned the attack in a statement on social media.

‘The assassination attempt on leading presidential candidate Miguel Uribe is a vile attack on democracy. This evil act must be investigated and anyone responsible, directly or indirectly, must face swift punishment,’ Moreno wrote.

Chilean President Gabriel Boric also reacted to Uribe’s shooting.

‘My strongest condemnation of the attack against Miguel Uribe Turbay, pre-presidential candidate in Colombia. In a democracy, violence has no place or justification,’ Boric wrote.

Authorities say Uribe was shot by a 15-year-old hit man, and they are investigating who was behind the attack.

‘Miguel is fighting for his life at this moment. Let us ask God to guide the hands of the doctors who are attending to him,’ Maria Claudia Tarazona, Miguel’s wife, wrote on her husband’s X account. ‘I ask everyone to join together in a prayer chain for Miguel’s life.’

Colombian President Gustavo Petro, Uribe’s chief opponent in the presidential race, said the attack crossed a ‘red line’ and ordered an investigation. He also canceled a planned trip to France this week, citing the ‘seriousness of the events.’

Colombia’s Ministry of Defense has offered a nearly $750,000 reward for information relating to the assassination attempt.

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President Donald Trump warned on Saturday that there would be ‘serious consequences’ for Elon Musk if he were to fund Democratic candidates. The president made the remark during a phone interview with NBC News.

‘If he does, he’ll have to pay the consequences for that,’ Trump told NBC News. However, according to the outlet, Trump did not detail what the consequences would be.

The president also told the outlet that he has no interest in repairing his relationship with the Tesla founder and CEO. When asked if he thought his relationship with Musk was over, Trump reportedly told NBC News, ‘I would assume so, yeah.’ 

Trump also apparently has ‘no intention’ of speaking with Musk — which is what he told Fox News Chief Political Anchor Bret Baier.

Trump and Musk have been engaged in a heated feud that has rapidly escalated in a matter of days. The spat began when Musk criticized the Trump-backed ‘Big Beautiful Bill’ after his time with the administration ended.

‘I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ Musk said in a Tuesday post on X. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk later had two explosive posts on X, both of which are now deleted. In one, Musk accused Trump of being in files related to late sex offender Jeffrey Epstein. Then, he agreed with a post calling for Trump’s impeachment and suggested that Vice President JD Vance take charge.

In one of his posts criticizing the bill, Musk argued that the bill ‘more than defeats all the cost savings achieved by the DOGE team at great personal cost and risk.’

On Friday, Trump spoke with Baier and told him that ‘Elon’s totally lost it.’ That same day Trump posted on Truth Social that Musk should have turned on him ‘months ago.’

‘I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. ‘This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!’

Musk endorsed Trump after the then-candidate was nearly assassinated in Butler, Pa., during a campaign rally. The two seemed to become fast friends, with Musk eventually agreeing to join the Trump administration and lead DOGE.

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President Donald Trump has escalated his sudden rupture with Elon Musk by implying the government could sever ties with the tech titan’s businesses.

‘The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it,’ Trump wrote Thursday on Truth Social.

Various estimates have been put forward about just how much Musk’s firms, primarily SpaceX and Tesla, benefit from U.S. government contracts and subsidies. The Washington Post has put the figure at $38 billion, with SpaceX President and COO Gwynne Shotwell estimating that company alone benefits from $22 billion in federal spending. Reuters has reported that the true figure is classified because of the nature of many of the contracts Musk’s firms are under.

NASA relies on SpaceX to ferry astronauts to and from the International Space Station. The agency’s only other option at the moment is to pay around $90 million for a seat aboard Russia’s Soyuz capsule.

Last year, SpaceX was selected to develop a vehicle capable of safely de-orbiting the International Space Station in 2030, when NASA and its partner space agencies agreed to end operation of the orbiting laboratory. SpaceX is also expected to play a major role in NASA’s efforts to return astronauts to the moon and eventually travel beyond to Mars.

Later Thursday afternoon, Musk posted that he would begin ‘decommissioning’ SpaceX’s Dragon spacecraft, which regularly flies astronauts and cargo to the ISS, in response to Trump’s threat.

NASA spokesperson Bethany Stevens said the agency ‘will continue to execute upon the President’s vision for the future of space.’

‘We will continue to work with our industry partners to ensure the President’s objectives in space are met,’ she said in a statement on X.

Tesla, meanwhile, has benefited from approximately $11.4 billion in total regulatory credits aimed at boosting electric-vehicle purchases, though that figure also includes state-level subsidies. Musk has claimed he no longer needs the credit, which he says now primarily benefits rivals.

Following Trump’s threat, shares in Tesla, which had already fallen 8% on Thursday as the tit-for-tat escalated on social media, declined as much as 15% following Trump’s post. SpaceX is privately held and its shares do not trade on the open market.

Trump’s warning came as part of a stunning exchange with Musk — who spent more than $250 million to help him get elected — that erupted into public view.

Earlier in the day, president told reporters in the Oval Office that he was disappointed in Musk’s criticism of the Republican policy bill that is making its way through Congress. Musk has blasted the bill, calling it a ‘disgusting abomination,’ amid concerns it would worsen the U.S. fiscal deficit.

Musk, who officially left his White House role last week to spend more time on his companies, spent much of Thursday launching into a tirade on X, his social media platform, where he posted a variety of critiques of Trump, the bill and other Republican politicians.

A make-good on Trump’s threat would come at a sensitive time for Tesla, which has seen global sales plunge partly in response to Musk’s very involvement with the Trump campaign. Year to date, its shares are down some 25%.

Trump’s warning also raises the specter that Trump could resurface pending government investigations into Musk’s firms. According to a report in April from Democratic staff of the Senate Homeland Security Permanent Subcommittee on Investigations, Musk’s firms were facing $2.37 billion in potential federal liabilities when Trump took office in January.

Since then, many of those actions have been paused or outright dismissed alongside the rise of the previously Musk-helmed Department of Government Efficiency, which gutted many of the agencies looking into Musk’s businesses.

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A House committee witness who was called out by Democratic Rep. Robert Garcia of California during a hearing this week is pushing back after the congressman unearthed a past social media post on Social Security in an attempt to discredit his testimony. 

During a House oversight DOGE subcommittee hearing on Wednesday, Garcia grilled Power the Future CEO Dan Turner while holding up a posterboard of a past tweet calling Social Security a ‘government-sponsored Ponzi scheme.’

‘Madoff went to jail for it. Congress runs on it,’ the post said. ‘I should be able to keep 100% of my money and not watch government waste it with a paltry percentage return.’

Garcia then suggested that post was evidence that Turner lacks the credibility to be testifying about the billions of federal tax dollars directed to left-wing NGOs. 

A Ponzi scheme and so I think it’s interesting, of course, as one of our Republican witnesses is calling Social Security a Ponzi scheme, and that’s the person that we should be taking advice from here today,’ Garcia said. 

‘Without Social Security, 22 million people would be pushed into poverty. That includes over 16 million seniors and nearly 1 million children. And in fact, Elon Musk has also said and agreed with you, sir, that this is a Ponzi scheme. I think it’s ironic that you are one of our witnesses talking about efficiency when you want to attack the single best program that we have to support people not just out of poverty, but across this country to uplift them, to ensure they can afford a decent life.’

Fox News Digital spoke to Turner, who stood by his post and outlined his belief, echoed by many, that Social Security is structured like a Ponzi scheme by definition. 

‘Rep Garcia does not know the definition of Ponzi scheme,’ Turner said. ‘Social Security is the ultimate Ponzi, demanding more and more people at the bottom pay in to fund the people at the top, expect our demographics have this now reversed. The system will default. Mr. Garcia nor I will likely never see a dime. That should worry him more than my social media feed.’

Turner told Fox News Digital that if Garcia’s staff were to spend as much time trying to save Social Security as it did ‘combing through my social media’ then ‘perhaps the Ponzi scheme can survive long enough for me to get a small percentage of what the government confiscated during my lifetime.’

Turner explained that his father had received a ‘paltry percentage’ of what he paid into the program and the the government ‘kept the rest’ when his father died. 

‘That’s not just a Ponzi scheme, it’s government greed and politicians running a money-laundering operation to get reelected. No one should be compelled to pay into a failed system, yet in a free America, you don’t have that choice.’

In addition to Turner and Elon Musk suggesting that Social Security is by definition set up like a Ponzi scheme, Fox News Digital previously spoke to James Agresti, president of the nonprofit research institute Just Facts, who said the characterization has ‘validity.’

‘A Ponzi scheme operates by taking money from new investors to pay current investors,’ Agresti said. ‘That’s the definition given by the SEC, and contrary to popular belief, that’s exactly how Social Security operates.’

Agresti explained to Fox News Digital that Social Security, a program mired for decades with concerns about waste, fraud, and improper payments, ‘doesn’t take our money and save it for us, as many people believe, and then give it to us when we’re older’ like many Americans might believe. 

‘What it does is, it transfers money when we are young and working and paying into Social Security taxes,’ Agresti said. ‘That money, the vast bulk of it, goes immediately out the door to people who are currently receiving benefits. Now, there is a trust fund, but in 90 years of operation, that trust fund currently has enough money to fund two years of program operations.’

The trust fund only being able to last for two years is not a result of the fund being ‘looted,’ Agresti explained, but rather it was put in place to ‘put surpluses in it’ from money that Social Security collects in taxes that it doesn’t pay out immediately and pays interest on. 

‘The interest that’s been paid on that has been higher than the rate of inflation,’ Agresti said. ‘So, the problem isn’t that the trust fund has been looted. The problem is that Social Security operates like a Ponzi scheme.’

Democrats have vocally pushed back against efforts by Republicans and DOGE to reform Social Security or make cuts to what they say are examples of wasteful or improper spending from the department.

‘There’s been a lot of misinformation about that as of late,’ Agresti told Fox News Digital. ‘You know, when DOGE came in and suggested that the Social Security Administration cut, I think it was about 10,000 workers, Democrats erupted that this is going to weaken Social Security. But the fact of the matter is that Social Security pays those workers who are for administrative overhead from the Social Security trust fund. So, by cutting out the money that they’re paying them, you actually strengthen the program financially.’

Agresti told Fox News Digital that the current administrative overhead for Social Security is $6.7 billion per year, which is enough to pay more than 300,000 retirees the average old-age benefit.

‘Every single study shows social security going completely bankrupt in the next few years. Garcia and other democrats know the iceberg is ahead but rather than turn the ship, they are yelling at the iceberg about the senior citizens onboard,’ Turner said. ‘This Ponzi scheme is collapsing fast, and turning my tweets into posters is not going to stop it.’

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From bringing the heat to retreating on the beef.

Elon Musk appears to be backtracking on some of the wild accusations he made during his ugly spat with President Donald Trump earlier this week.

Musk sensationally posted on Thursday that the president’s name appears in unreleased Jeffrey Epstein files — and said that’s why the files haven’t been made public.

‘@RealDonaldTrump is in the Epstein files,’ Musk wrote on X. ‘That is the real reason they have not been made public. Have a nice day, DJT!’

Musk followed the post with another, saying, ‘Mark this post for the future. The truth will come out.’

But eagle-eyed online sleuths noticed that Musk had quietly deleted the posts.

The former ‘First Buddy’ dropped the allegation in response to a back-and-forth series of social media messages between him and Trump. But as of today, the post has been removed from the Tesla CEO’s timeline. 

The post wasn’t the only one he deleted: Musk also appears to have taken down a post endorsing a message that read, ‘Trump should be impeached’ and that Vance ‘should replace him.’

Musk shared the post and wrote ‘yes,’ but his comment is no longer visible. 

The beef between Musk and Trump exploded onto the national scene this week with the SpaceX CEO publicly blasting Trump’s major legislation, the Big Beautiful bill, for increasing the deficit by around $2.5 trillion.  

The feud came despite a months-long ‘bromance’ between the pair, with Musk donating around $277 million to Trump’s campaign and enthusiastically supporting his return to office. Trump’s return to office also saw Musk oversee the Department of Government Efficiency (DOGE) for months. 

White House Press Secretary Karoline Leavitt said in the aftermath of Musk’s post that it was an ‘unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted.’

The White House said a source familiar with the Epstein matter said it is widely known that Trump kicked Epstein out of his Palm Beach Golf Club.

The source also pointed out that the administration released the Epstein files, which included Trump’s name, and nothing was new about Musk’s revelation.

‘If Elon truly thought the President was more deeply involved with Epstein, why did he hang out with him for 6 months and say he ‘loves him as much as a straight man can love a straight man?” the source said.

Musk’s bombshell allegation against Trump comes months after a trove of files pertaining to the Epstein case were released.

In February, Attorney General Pam Bondi sent a letter to FBI Director Kash Patel explaining the delay in the release of documents and placing blame on an FBI field office in New York.

Bondi said she requested the full Epstein case file before Patel was confirmed as the head of the FBI and received about 200 pages — far fewer than the number of pages released last year in a civil lawsuit connected to Ghisalaine Maxwell, the trafficker’s former lover and convicted accomplice.

Although Bondi pushed for the release of the full dossier, which included records, documents, audio and video recordings, and materials related to Epstein and his clients, the request remains unfulfilled.

One of the key pieces that remains unreleased is a client list, though Bondi claimed in February it was on her desk to be reviewed.

The documents that have been released so far include flight logs, an evidence list, a contact book and a redacted ‘masseuse list’ believed to refer to Epstein’s victims.

Many people named in the documents have never been accused of Epstein-related wrongdoing. However, some have, like Maxwell; Prince Andrew, who has denied allegations of wrongdoing; and Jean-Luc Brunel, a French modeling agent who, like Epstein, died in a jail awaiting trial.

Epstein, Maxwell and unnamed co-conspirators allegedly abused young women and underage girls between 1996 and his death in 2019, according to the lawsuit. Citing police documents, it alleges that Epstein recruited girls between 14 and 16 as well as students at Palm Beach Community College for ‘sex-tinged sessions.’

Maxwell is appealing her conviction while serving a sentence at a federal prison in Tallahassee. She is due for release in the summer of 2037.

Fox News Digital’s Andrew Mark Miller and Mike Ruiz contributed to this report.

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Elon Musk appeared to jokingly reconsider his stance on the Big Beautiful Bill after a California Democrat came to his defense.

Sen. Adam Schiff, D-Calif., wrote on X that ‘I can’t believe I’m saying this – but [Elon Musk] is right.’ However, that seems to be the last point on which the two agree. They both object to the Big Beautiful Bill, viewing it as full of pork. Musk opposes the bill because he believes it raises government spending too much, while Schiff objects to what he calls its ‘far-right’ content, which he describes as ‘dangerous.’

Musk fired off a response rejecting Schiff’s alleged praise of the tech billionaire’s position on the bill.

‘Hmm, few things could convince me to reconsider my position more than Adam Schiff agreeing with me!’

On May 30, Musk’s time with the administration came to an end, and he seemed to leave things on good terms. President Donald Trump thanked Musk for his work with the Department of Government Efficiency (DOGE) and gave him a symbolic ‘key to the White House’ as a parting gift. 

Following his departure from the White House, Musk said he was looking forward ‘to continuing to be a friend and adviser to the president.’ However, things took a sharp turn as a feud between Trump and Musk quickly heated up after the Tesla founder began publicly criticizing the Big Beautiful Bill. 

After the legislation passed the House, Musk said that the ‘massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk’s criticisms received mixed reactions from Republicans, with some — such as Sen. Mike Lee, R-Utah, and Sen. Rand Paul, R-Ky. — agreeing with him. Meanwhile, House Speaker Mike Johnson said he was ‘surprised’ by Musk’s reaction and claimed the two of them had a good discussion about the bill.

Trump and Musk then began slugging it out on their respective social media platforms — X and Truth Social — as well as TV. The president told reporters in the Oval Office that he was ‘very disappointed’ with Musk and claimed that the former DOGE head knew what was in the bill, something that Musk denied. 

The heated exchange led to two explosive tweets, both of which were later deleted. In one post, Musk claimed Trump was mentioned in files relating to Jeffrey Epstein, the deceased sex offender and disgraced financier. In his other post, Musk endorsed a message that called for Trump’s impeachment and said that Vice President J.D. Vance should take over.

While it’s unclear whether Trump and Musk will reconcile, for now it seems unlikely. Trump told Fox News chief political anchor Bret Baier that he was not interested in talking to Musk and that ‘Elon’s totally lost it.’

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Some of the White House’s conservative House allies say they’re interpreting the upcoming vote on President Donald Trump’s $9.4 billion spending cut proposal as a ‘test’ of what Congress can achieve in terms of rolling back federal funding.

Rep. Chip Roy, R-Texas, said he would not speak for members of the Trump administration but added, ‘I do think it is a test.’

‘And I think this is going to demonstrate whether Congress has the fortitude to do what they always say they’ll do,’ Roy said. ‘Cut the minimal amount of spending – $9 billion, NPR, PBS, things you complain about for a long time, or are they going to go back into their parochial politics?’

House GOP leaders unveiled legislation seeking to codify Trump’s spending cut request, known as a rescissions package, on Friday. It’s expected to get a House-wide vote sometime next week.

‘The rescissions request sent to Congress by the Trump Administration takes the federal government in a new direction where we actually cut waste, fraud, and abuse and hold agencies accountable to the American people,’ House Majority Leader Steve Scalise, R-La., said in a statement introducing the bill.

The legislation would claw back funding that Congress already appropriated to PBS, NPR, and the U.S. Agency for International Development (USAID) – cuts outlined by Elon Musk’s Department of Government Efficiency (DOGE) earlier this year.

And while several Republican leaders and officials have already said they expect to see more rescissions requests down the line, some people who spoke with Fox News Digital believe the White House is watching how Congress handles this first package before deciding on next steps.

‘You’re dead right,’ Rep. Ralph Norman, R-S.C., told Fox News Digital when asked if the rescissions package was a test. ‘I think that it’s a test case – if we can’t get that…then we’re not serious about cutting the budget.’

A rescissions package only needs simple majorities in the House and Senate to pass. But Republicans in both chambers have perilously slim majorities that afford them few defections.

Republicans are also racing the clock – a rescissions package has 45 days to be considered otherwise it is considered rejected and the funding reinstated.

Rep. Lance Gooden, R-Texas, did not directly say whether he viewed the spending cuts as a test but dismissed any potential concerns.

‘This is very low-hanging fruit, and I don’t anticipate any problems,’ Gooden told Fox News Digital.

‘I’ve heard a few comments in the media, but I don’t think they’re serious comments. If someone on the Republican side can make a case for PBS, but they won’t take a tough vote against illegal immigration, then we’ve got a lot of problems.’

Paul Winfree, president and CEO of the Economic Policy Innovation Center (EPIC), told Fox News Digital last week, ‘This first rescissions package from President Trump is a test as to whether Congress has the ability to deliver on his mandate by canceling wasteful spending through a filibuster-proof process.’

‘If they can’t then it’s a signal for the president to turn up the dial with other tools at his disposal,’ Winfree, who served as Director of Budget Policy in the first Trump administration, said.

Both Roy and Norman suggested a process known as ‘pocket rescissions’ could be at least one backup plan – and one that Office of Management and Budget Director Russell Vought has floated himself.

‘Pocket rescissions’ essentially would mean the White House introduces its spending cut proposal less than 45 days before the end of the fiscal year on Sept. 30. In theory, it would run out the clock on those funds and allow them to expire whether Congress acted or not.

Vought told reporters after meeting with Speaker Mike Johnson, R-La., on Monday that he wanted to ‘see if it passes’ but was ‘open’ to further rescissions packages.

‘We want to send up general rescissions bills, to use the process if it’s appropriate, to get them through the House and the Senate,’ Vought said. ‘We also have pocket rescissions, which you’ve begun to hear me talk a lot about, to be able to use the end of the fiscal year to send up a similar rescissions, and have the funds expire. So there’s a lot of things that we’re looking at.’

Still, some moderate Republicans may chafe at the conservative spending cuts.

READ THE BILL BELOW: APP USERS CLICK HERE

Rep. Don Bacon, R-Neb., refused to comment on whether he’d support the legislation before seeing the details but alluded to some concerns.

‘Certainly I’m giving you a non-answer right now until I read the details,’ Bacon said.

‘It does bother me because I have a great rapport with Nebraska Public Radio and TV. I think they’ve been great to work with, and so that would be one I hope they don’t put in.’

He also raised concerns about some specific USAID programs, including critical investments to fight Ebola and HIV in Africa.

The legislation is expected to come before the House Rules Committee, the final gatekeeper before most legislation sees a House-wide vote, on Tuesday afternoon.

It’s separate from Trump’s ‘one big, beautiful bill,’ a broad piece of legislation advancing the president’s tax, energy, and immigration agenda through the budget reconciliation process.

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President Donald Trump and SpaceX and Tesla CEO Elon Musk engaged in a public feud Thursday, less than a week after the White House held a farewell press conference for Musk highlighting his contributions spearheading the Department of Government Efficiency (DOGE).

Musk departed his tenure as a special government employee with DOGE May 30, but swiftly launched into criticisms of Trump’s massive tax and spending package dubbed the ‘big, beautiful, bill.’ Tuesday, Musk labeled the measure a ‘disgusting abomination’ because of reports it ramps up the federal deficit.

On Thursday, Trump told reporters in the Oval Office that Musk opposed the bill because it eliminates an electric vehicle tax credit that benefits companies like Tesla. But Trump said that provision has always been part of the measure. 

‘I’m very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people,’ Trump said in the Oval Office in a meeting with German Chancellor Friedrich Merz. ‘He knew everything about it. He had no problem with it. All of a sudden he had a problem, and he only developed the problem when he found out that we’re going to have to cut the EV mandate, because that’s billions and billions of dollars, and it really is unfair.’

Musk immediately responded on X to Trump’s statements, urging a removal of the ‘disgusting pork’ included in the measure. He also said it was ‘false’ that he had been shown the measure ‘even once.’

The two continued to publicly spar against one another, with Musk asserting that Trump wouldn’t have won the 2024 election if it weren’t for his own backing. Meanwhile, Trump accused Musk of going ‘CRAZY’ over cuts to the EV credits, and said that Musk had been ‘wearing thin.’ 

Additionally, Trump told Fox News on Friday that ‘Elon’s totally lost it’ and was not interested in speaking over the phone with Musk, despite media reports suggesting that the two would talk. 

Here’s what also happened this week: 

Visit with the chancellor of Germany

Chancellor of Germany Friedrich Merz met with Trump at the White House Thursday, where the two discussed the war in Ukraine. 

While Merz asserted that the U.S. was in a powerful spot to bring a meaningful end to the conflict between Ukraine and Russia, Trump offered that the world might need to ‘let them fight for a little while.’

‘America is again in a very strong position to do something on this war and ending this war,’ Merz said. 

Merz said that Germany was willing to help however it could, and wanted to discuss options to partner with the U.S. to bring peace. Likewise, Merz suggested that European allies exert additional pressure on Russia to end the conflict. 

But Trump said that he told Putin in a recent call that perhaps both countries would need to feel the consequences of fighting more acutely, claiming he had told Putin ‘maybe you’re going to have to keep fighting and suffering a lot.’

‘Sometimes you see two young children fighting like crazy – they hate each other, and they’re fighting in a park, and you try and pull them apart, they don’t want to be pulled,’ Trump said.  ‘Sometimes you’re better off letting them fight for a while and then pulling them apart.’

Call with Xi

Trump spoke with Chinese President Xi Jinping Thursday to discuss trade negotiations between Washington and Beijing. 

‘I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal,’ Trump said Thursday in a Truth Social post. ‘The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries.’

Trump said the conversation had focused ‘almost entirely’ on trade, and that Xi had invited the U.S. president and first lady Melania Trump to visit China. Likewise, Trump reciprocated and invited Xi and his wife, Peng Liyuan, to visit the U.S. 

The call comes nearly a week after Trump condemned China on May 30 for violating an initial trade agreement that the U.S. and China had hashed out in May. And on Wednesday, Trump said Xi was ‘extremely hard to make a deal with’ in a Truth Social post. 

The negotiations from May prompted both countries to agree that the U.S. would lower its tariffs against Chinese imports from 145% to 30%, and China would reduce its tariffs against U.S. imports from 125% to 10%.

Fox News’ Caitlin McFall contributed to this report. 

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Here’s a quick recap of some of the most impactful resource sector news items for the week.

The period saw the Ontario government back the Marathon copper-palladium project, while Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) opened up a US$2 billion iron ore mine. Elsewhere, Indonesia suspended nickel mining in a protected region, and Chile debuted a solar-powered model to cut water-pumping energy use in mining.

Marathon project gets shovel-ready nod from Ontario

Ontario has designated Generation Mining’s (TSX:GENM,OTCQB:GENMF) Marathon project as a shovel-ready strategic minerals project, urging the federal government to invest in its development.

The project, located in Northwestern Ontario, is fully permitted for construction and is expected to produce significant quantities of copper, palladium, platinum, gold and silver over its anticipated 13 year mine life.

The announcement comes after the release of an open letter to Tim Hodgson, Canada’s minister of energy and natural resources. It identifies priority projects for Ontario and was penned by provincial ministers Stephen Lecce, Mike Harris and Greg Rickford, as well as associate ministers Kevin Holland and Sam Oosterhoff.

“Building on the investments in the Ring of Fire and the critical minerals supply chain we urge the federal government to invest in shovel-ready strategic mineral projects that are critical to building a secure, domestic supply chain including…Generation Mining’s Marathon project,” the Thursday (June 5) letter reads.

The Ontario government is facing mounting backlash over the recent passage of Bill 5, the Protect Ontario by Unleashing our Economy Act. It grants the province authority to bypass certain provincial and municipal laws for projects deemed economically significant, aiming to expedite developments like mining operations.

However, Indigenous leaders and environmental groups have criticized the bill, arguing that it undermines treaty rights and environmental protections.

Rio Tinto and Baowu open US$2 billion iron ore mine

Rio Tinto and China Baowu Steel Group have opened the Western Range iron ore mine in Western Australia’s Pilbara region, marking a significant milestone in both resource development and Indigenous collaboration.

The US$2 billion joint venture, owned 54 percent by Rio Tinto and 46 percent by Baowu, is projected to produce up to 25 million metric tons of iron ore annually, sustaining the Paraburdoo mining hub for approximately 20 years.

Western Range is the first Rio Tinto project to implement a co-designed social, cultural and heritage management plan (SCHMP) with the Yinhawangka Traditional Owners.

Established in 2022, the SCHMP aims to protect significant cultural and heritage values in the area.

Robyn Hayden, Yinhawangka Aboriginal Corporation board chairwoman, emphasized the importance of this collaboration. “The opening of the Western Range mine represents a shift in how our heritage is being recognised and respected,” she is quoted as saying in Rio Tinto’s Friday (June 6) press release.

Alongside the Western Range opening, Rio Tinto announced that development is moving forward at its Oyu Tolgoi copper-gold mine in Mongolia under an alternative mine plan.

While ramp up remains on track, with output from Panel 0 and Panel 2 expected in 2025 and 2026, the company has paused development in the Entrée Resources (TSX:ETG,OTCQB:ERLFF) joint venture area.

The pause will remain in place until the Mongolian government completes a necessary license transfer. Rio Tinto is instead accelerating work in Panel 2 South, which lies outside the Entrée joint venture zone. Copper guidance for 2025 remains unchanged at 780,000 to 850,000 metric tons.

Indonesia reviews nickel mining in biodiversity hotspot

Indonesia’s government has initiated a review of nickel-mining activities in the Raja Ampat archipelago, a region renowned for its rich biodiversity and often referred to as the ‘last paradise.’

The decision follows public outcry and Greenpeace Indonesia’s release of videos highlighting environmental degradation caused by nickel-mining operations on the islands of Gag, Kawe and Manuran

Greenpeace’s analysis indicates that over 500 hectares of forest and native vegetation have been cleared for nickel mining in these areas, leading to soil runoff and sedimentation that threaten coral reefs and marine ecosystems. These islands are classified as small islands under Indonesian law, which prohibits mining activities in such regions.

Hanif Faisol Nurofiq, Indonesia’s environment minister, announced plans to visit the affected areas and stated that the government will take legal action against mining firms operating there after conducting thorough studies.

The energy ministry also suspended operations at Gag Nikel’s operations in Raja Ampat pending an inspection.

The nation is the world’s top producer of nickel, outputting 2.2 million metric tons in 2024. Indonesia’s nickel sector has undergone major shifts in 2025, with the government slashing mining quotas in response to falling prices and pledging to implement stricter ESG standards across its resource industries.

Nickel prices have been turbulent this year, opening the 12 month period at US$15,010 per metric ton and rising to a year-to-date high of US$16,440 in mid-March. Supply saturation weighed on the market through to April, when values sank to a year-to-date low of US$13,805. Prices have since rebounded and are sitting at the US$15,285 level.

Chile unveils model to reduce energy footprint for seawater use in mining

According to a recently published study, Chilean researchers at the Department of Electrical Engineering at the University of Concepción have developed a real-time energy management model that uses predictive economic control to optimize power use in large-scale water-pumping stations.

The model was tested on a system supplying a reverse osmosis plant in Northern Chile, and integrates solar photovoltaic energy and battery storage to reduce costs and improve efficiency.

The site features seven 1,343 kilowatt pumps that transport water 120 kilometers uphill over a 1,000 meter elevation gain. Simulations compared conventional operation with hybrid setups using solar and Tesla (NASDAQ:TSLA) Megapack batteries, showing the potential for more sustainable and cost-effective water transport.

‘The study was motivated by the sustained increase in electricity consumption associated with pumping seawater for mineral concentration processes, an increasingly common practice in areas with water scarcity,” said Daniel Sbarbaro, a researcher at SERC Chile and author of the paper.

This development is significant for lithium miners in Chile’s Atacama Desert, where freshwater resources are scarce and the mining industry increasingly relies on seawater desalination for operations.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Statistics Canada released its May Labour Force Survey on Friday (June 6). The data showed that nearly 9,000 new jobs were added to the workforce during the month. The news surprised analysts who were expecting losses of 12,500 as the effects of US trade tariffs began to be felt in the Canadian economy.

The biggest contributors to the gains were 43,000 new workers added in wholesale and retail trade; 19,000 new jobs in the information, culture and recreation category; and 12,000 new employees within the real estate and finance sector.

While these additions were significant, they were offset by the loss of 32,000 jobs in the public administration sector, as well as a decline of 16,000 workers in both the accommodation and food services sector and the transportation and warehousing sector. Additionally, 15,000 jobs were lost in the business, building and support services sector.

Despite the net job gains, unemployment registered a 0.1 percent gain to 7 percent, while the employment rate was stable at 60.8 percent.

Also this week, StatsCan released the Annual Mineral Production Survey for 2023 on Wednesday (June 4). The report showed that total revenues for metal ore mining and non-metallic mineral mining and quarrying industry groups in 2023 decreased by 9.3 percent to C$59.7 billion year-over-year. Meanwhile, expenses rose by 8.6 percent to C$43.2 billion during the same period.

South of the border, the US Bureau of Labor Statistics released May’s Employment Situation Summary on Friday. The report showed that the US labor market remained stable for the month, adding 139,000 nonfarm workers. The report also indicated that unemployment remained unchanged at 4.2 percent, while the participation rate decreased by 0.2 percent to 62.4 percent.

The largest gains were felt in the healthcare sector, which accounted for roughly half of the new jobs at 62,000, while the hospitality sector came in second with 48,000 new jobs. However, the economy was impacted by the loss of an additional 22,000 federal government employees, bringing the total number of federal job losses for the year to 59,000.

Human resources company ADP (NASDAQ:ADP) reported that US private sector employers added 37,000 new jobs in May, the lowest level since March 2023. This growth was wholly concentrated in mid-sized companies, with small and large establishments losing jobs. The natural resources and mining industry lost 5,000 jobs over the period.

Additionally, platinum prices have been on the rise over the last two weeks, highlighted by a nearly 10 percent surge during the past five days to US$1,160.79 per ounce on Friday. The gains may be related to the cancellation of EV tax credits proposed in the US tax bill working its way through Congress, as well as infighting between Tesla (NASDAQ:TSLA) CEO Elon Musk and US President Donald Trump following Musk’s departure from the Trump administration.

The threat has sent ripples through the automotive sector and may cause increased demand on an already stressed platinum market.

Markets and commodities react

In Canada, major indexes were mixed at the end of the week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) climbed 0.93 percent during the week to close at 26,429.13 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) had a larger gain of 3.06 percent to 721.60 and the CSE Composite Index (CSE:CSECOMP) rose 1.7 percent to 117.55.

US equities were in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 1.76 percent to close at 6,000.37, the Nasdaq-100 (INDEXNASDAQ:NDX) rising 2.31 percent to 21,761.79 and the Dow Jones Industrial Average (INDEXDJX:.DJI) adding 1.33 percent to 42,762.88.

The gold price was up this week, gaining 1.02 percent, to close Friday at US$3,322.73. The silver price saw more significant gains, surging 8.92 percent during the period to US$35.91, their highest since 2012.

In base metals, the COMEX copper price rose 4.78 percent over the week to US$4.86 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 3.87 percent to close at 545.00.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Africa Energy (TSXV:AFE)

Weekly gain: 275 percent
Market cap: C$71.87
Share price: C$0.15

Africa Energy is a South Africa-focused oil and gas exploration and development company.

Its flagship asset is Block 11B/12B located approximately 175 kilometers off the south coast of South Africa. The block covers an area of 18,734 square kilometers and depths between 200 meters and 1,800 meters.

Africa Energy previously held a 4.9 percent stake in the project through its 49/51 joint venture with Arostyle Investments named Main Street 1549, which owned 10 percent of the asset. The remaining partners were project operator TotalEnergies (NYSE:TTE) at 45 percent, Qatar Petroleum at 25 percent and CNR International (TSX:CNQ,NYSE:CNQ) at 20 percent.

Main Street 1549’s three partners announced plans to withdraw from the Block 11B/12B joint venture in July 2024, and discussions on restructuring the ownership had been underway since.

Shares in Africa Energy began surging May 29 after Africa Energy announced a definitive agreement for the new ownership structure of the Block 11B/12B asset.

Under the terms of the definitive agreement between Africa Energy and Arostyle Investments, Africa Energy will increase its ownership of Main Street from a 49 percent to 100 percent stake. Additionally, the withdrawing parties assigned 65 percent of their participating interest in Block 11B/12B to Main Street and 25 percent to Arostyle.

The result will see Africa Energy increase its stake in the asset from 4.9 percent to 75 percent.

2. Allegiant Gold (TSXV:AUAU)

Weekly gain: 95 percent
Market cap: C$17.24
Share price: C$0.39

Allegiant Gold is a gold exploration company working to advance several projects in Nevada, United States.

Its flagship project is Eastside, located in Esmeralda County, consists of 973 unpatented lode mining claims covering 8,289 hectares. Nearly 70,000 meters of drilling has been carried out at the property since 2011.

A July 2021 mineral resource estimate showed inferred quantities at the site of 1.09 million ounces of gold with an average grade of 0.55 g/t and 8.7 million ounces of silver with an average grade of 4.4 g/t from 61.73 million tons of ore.

The most recent news from the company was announced on May 29, when it stated that its previously announced one-for-two share consolidation would take effect on Monday, June 2.

3. LaFleur Minerals (CSE:LFLR)

Weekly gain: 89.66 percent
Market cap: C$37.46
Share price: C$0.275

LaFleur Minerals is an exploration and development company working to advance a pair of projects in Quebec, Canada.

Its Swanson Gold project consists of a 15,290 hectare land package in the southern portion of Quebec’s Abitibi gold belt. Historic drilling at the site has uncovered 958 holes, revealing broad mineralization with widths of up to 40 meters. Additionally, the site has also had underground workings to a vertical depth of 80 meters to carry out bulk sampling.

A September 2024 mineral resource estimate suggested total indicated resources of 123,400 ounces of gold from 2.11 million metric tons of ore with an average grade of 1.8 grams per metric ton (g/t) along with additional inferred quantities of 64,500 g/t from 872,000 metric tons with an average grade of 2.3 g/t.

The company’s other property, the Beacon Mill and Mine, is a past-producing mine, also located in the Abitibi gold belt. LaFleur acquired the mine in September 2024 as part of a receivership sale. Monarch Mining previously owned the mine, which has been on care and maintenance since 2022.

Most recently, the mine underwent a C$20 million refurbishment in 2022 and is capable of processing 750 metric tons of ore per day.

Shares in LaFleur gained this week after it announced updates for both properties on Wednesday.

At Swanson, it stated that it was planning a 5,000-meter drilling program, set to begin in June, with more than 50 targets having been identified. Additionally, the company announced that it is targeting early 2026 for the restart.

4. Eastern Platinum (TSX:ELR)

Weekly gain: 84.85 percent
Market cap: C$37.46
Share price: C$0.305

Eastern Platinum, also known as Eastplats, is a platinum group metal (PGM) and chrome mining, development and exploration company working to advance assets in South Africa.

Its most advanced asset is the Crocodile River mine, located northwest of Johannesburg. The mine began operating in 1987, but production was suspended in the early 1990s due to falling PGM prices. Since then, the mine saw some limited production in the early 2000s before once again being suspended.

After significant rehabilitation, chrome and PGM production from site tailings was restarted at the site in 2018 and 2020 respectively, and underground operations at the Zandfontein mine restarted in October 2023. In October of last year, Eastplats began commissioning a PGM processing plant that will process ore from Zandfontein.

A technical report from May 2022 demonstrated a proven and probable resource of 1.72 million ounces of platinum, palladium, rhodium and gold, with an average grade of 3.68 g/t from 14.58 million metric tons of ore.

Although the company did not release news this week, shares in Eastplats gained alongside a surging platinum price.

5. TNR Gold (TSXV:TNR)

Weekly gain: 58.33 percent
Market cap: C$15.06
Share price: C$0.095

TNR Gold is an exploration and royalty company with a focus on the acquisition of green energy and gold assets.

The company owns the Shotgun Gold project in Alaska’s Kuskokwim Gold Belt. The property consists of 108 claims covering an area of 6,993 hectares. A 2013 technical report showed inferred quantities of 705,960 ounces of gold from 20.73 million metric tons of gold with an average grade of 1.06 g/t with a cutoff of 0.5 g/t.

Its royalty investments include a 1.5 percent net smelter royalty from Ganfeng Lithium’s (OTC Pink:GNENF) Marina Lithium project in Argentina. It also holds a 0.4 percent net smelter royalty in McEwen Mining’s (NYSE:MUX,TSX:MUX) Los Azules Copper, Gold and Silver Project, also in Argentina.

The latest news from TNR came on May 14 when it released a corporate update. In the release the company highlighted its success from the royalty portion of its business, and provided updates from its key investments.

It also said it was looking to attract a partnership with a major gold mining company to help advance its Alaskan Shotgun project.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com