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The second quarter of 2025 was a period of dynamic evolution within the biotechnology and pharmaceutical sectors.

Critical factors like escalating policy pressures, pipeline pivots by leading companies and the increasingly transformative impact of artificial intelligence (AI) shaped the landscape and presented both challenges and opportunities for growth.

Escalating policy and tariff pressures

The biopharmaceutical industry is currently grappling with significant headwinds, primarily driven by an evolving and unpredictable tariff landscape. This uncertainty has already impacted market activity, with only two initial public offerings in Q2 compared to five in Q1.

Regulatory shifts and concerns of an imminent trade war caused a nearly nine percent drop in the SPDR S&P Biotech ETF nearly nine percent in the first week of April, following US President Donald Trump’s announcement of a 10 percent global tariff on nearly all goods entering the US.

Subsequent discussions have led to a dynamic and often unpredictable landscape. Throughout May and June, negotiations saw a temporary de-escalation, with some of the more severe tariffs being paused or substantially reduced for many goods until mid-August; however, a cumulative tariff of up to 245 percent on certain Chinese active pharmaceutical ingredients (APIs) has been in effect since April, significantly impacting the pharmaceutical supply chain.

Lingering uncertainties have also persisted; as of mid-July, while direct negotiations are ongoing, the US has signaled an intent to potentially increase the baseline reciprocal tariff rate to 15-20 percent and has threatened a hike of 35 percent on goods currently subject to the 25 percent fentanyl tariff, effective August 1.

Further intensifying the pressure, Trump has recently proposed a dramatic 200 percent tariff on imported finished pharmaceutical products, as well as 30 percent tariffs on the EU and Mexico, slated to begin on August 1.

For pharmaceuticals, the higher import costs for APIs and finished drugs are forcing companies to continuously re-evaluate their supply chains and brace for potential price increases.

Tariffs on steel and aluminium could also increase costs for stainless-steel bioprocessing equipment, lab equipment and medical devices.

Picton Mahoney’s 2025 Mid-Year Report discusses the risks associated with tariffs, including increased recession odds, stagflation risks and the possibility of renewed protectionist policies creating ripple effects across global equity markets. The authors add that building pricing pressures in the US from new tariffs and a weaker US dollar could exacerbate negative economic trends.

The report also highlights that policy uncertainty is bad for corporate planning and could lead to a pause in spending.

Evaluate Pharma’s World Preview 2025 report, released in June, states that mergers and acquisitions (M&A) activity in the biopharmaceutical industry is “off the pace so far in 2025”, with the slowdown attributed to uncertainties surrounding US tariffs and drug pricing policy. An unnamed former Big Pharma CEO is quoted as saying, “I’d be holding off dealmaking for 3-6 months until this [tariff framework] plays out”.

The report also indicates that the deals that are happening are “heavily risk-mitigated” and often involve late-stage or marketed assets or, if programs have not yet been finalized, include contingent payments.

M&A trends and pipeline expansion

Despite a slowdown in the market, pharma and biotech companies continued to pursue M&As in the second quarter, seeking to strengthen their product pipelines with a focus on bolt-on acquisitions.

Notably, there was a trend of European pharmaceutical giants acquiring US-based biotechnology firms, such as GSK’s (NYSE:GSK) acquisition of Boston Pharmaceuticals’ subsidiary, BP Asset IX, to gain access to its live disease drug, efinofermin, in a deal valued at up to US$2 billion.

Significant investments were also directed toward immunology, rare diseases and neurodegenerative disorders, underscoring a broader trend in the industry toward targeted pipeline expansion and addressing unmet medical needs across a range of complex conditions.

Sanofi’s (NASDAQ:SNY) US$9.5 billion acquisition of Blueprint Medicines garnered considerable attention due to the startup’s very specific and strong focus within the rare disease space. Many industry observers expect the deal will help grow Sanofi’s portfolio of rare disease treatments.

The acquisitions were diverse in their therapeutic focus, but Merck’s (NYSE:MRK) acquisition of SpringWorks Therapeutics, which specializes in rare and genetically defined cancers, highlighted the ongoing dominance of oncology.

Healthcare policy changes under Trump

AI-driven solutions are continuing to have an impact on life science industries. Several panels at Web Summit Vancouver highlighted how investors are increasingly focused on AI’s potential for significant productivity gains in life sciences, particularly in drug development and synthetic biology, despite challenges in regulation and data integration.

Wesley Chan of FPV Ventures highlighted life sciences as a sector where AI offers significant productivity gains, citing Strand Therapeutics’ AI-developed mRNA cancer therapy as an example of a generational investment opportunity available through the convergence of biology and AI.

Tom Beigala, founding partner at Bison Ventures, said he believes AI and next-generation computational technologies are driving innovation across the entire healthcare system, from making drug discovery easier and more cost-effective to optimizing data utilization and significantly increasing labor and clinical productivity.

Eric Hoskins, partner at Maverix Private Equity, identified AI-guided personalized medicine as one of the “fast movers” poised to bring an abrupt and immediate change to healthcare.

Reflecting this accelerating integration of AI into clinical practice and patient care, Sanofi and Regeneron (NASDAQ:REGN) partnered with Viz.ai, an AI healthcare firm, in May to integrate AI into COPD management.

Looking ahead

As the biotech and pharma sectors head into the third quarter, the outlook remains clouded by policy uncertainty, rising input costs and shifting global trade dynamics. Yet opportunities remain for firms that can navigate the complexity. Large-cap leaders like Novartis (NYSE:NVS), Johnson & Johnson (NYSE:JNJ) and Sanofi have demonstrated that strong fundamentals and strategic pipeline development can drive outperformance, even in turbulent markets.

As far as policy goes, the Trump administration’s inclusion of enhanced orphan drug incentives under the “Big Beautiful Bill” could act as a catalyst for rare disease innovation.

AI remains a transformative force across the industry. As generative models begin to inform pipeline design and clinical trial optimization, companies with robust data strategies and smart manufacturing capabilities are expected to gain a competitive advantage.

“For us, we really like applications of AI where you’ve got proprietary data, in many cases, probably off the shelf for lightly modified AI models, and then going after super high value applications,” said Beigala, a founding partner of Bison Ventures, which has a portfolio spanning AI-enhanced drug discovery, advanced life science tools for pre-clinical testing and synthetic biology applications.

Similarly, investment in domestic CDMO infrastructure and real-time manufacturing analytics will be crucial for supply chain resilience in an increasingly protectionist trade environment.

Looking ahead, commercial-stage differentiation will become more critical than ever. Investors will be watching closely for companies that can combine clinical results, cost control and regulatory readiness to stand out in a cautious market.

“That’s what we look for, these application models where the team is so thoughtful and smart and so uniquely positioned to understand and have access to data that nobody else has,” Chan explained.

Biopharma’s next phase will be defined by measurable progress. In Q3, adaptability, resilience and clear-eyed execution will matter more than ever.

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

This post appeared first on investingnews.com

Biotech is a dynamic industry that is driving scientific advances and innovation in healthcare. In Canada, the biotech sector is home to companies pursuing cutting-edge therapies and medical technologies.

According to Grandview Research, the global biotech market is expected to grow at a compound annual growth rate of 13.96 percent between 2024 and 2030 to reach a value of US$3.08 trillion.

Read on to learn what’s been driving these Canadian biotech firms.

1. Bright Minds Biosciences (CSE:DRUG)

Year-on-year gain: 2,290 percent
Market cap: C$243.73 million
Share price: C$34.41

Bright Minds Biosciences is focused on developing novel treatments for neuropsychiatric disorders and pain.

Its portfolio consists of serotonin agonists designed to target neurocircuit abnormalities that make disorders like epilepsy, post-traumatic stress disorder and depression difficult to treat. The company’s drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing their side effects, thereby creating superior drugs to first-generation compounds such as psilocybin.

Bright Minds’ BMB-101, an agonist targeting the 5-HT2C receptor, will target classic absence epilepsy and developmental epileptic encephalopathy. An evaluation of Phase II trials done in collaboration with Firefly Neuroscience (NASDAQ:AIFF) determined that BMB-101 stopped seizures in a mouse model of epilepsy, suggesting it could be a vital new treatment.

In October 2024, Bright Mind’s share price surged nearly 1,500 percent in a single session after global pharmaceutical company H. Lundbeck announced its intention to acquire Longboard Pharmaceuticals, another firm with a 5-HT2C agonist in its pipeline.

In March of this year, Bright Minds added five world-renowned leaders in epilepsy research to its scientific advisory board.

2. Hemostemix (TSXV:HEM)

Year-on-year gain: 170 percent
Market cap: C$20.44 million
Share price: C$0.14

Hemostemix is a clinical-stage biotech company focused on developing autologous stem cell therapies, an approach that uses a patient’s own cells to theoretically enhance safety and efficacy. Its main product, ACP-01, is a cell therapy derived from a patient’s blood to promote tissue repair and regeneration in areas affected by disease.

The company announced its first advanced sales orders for ACP-01 on January 29 and has been working to expand internationally and attract new investment.

In July 2025, Hemostemix reported that the unanimous passing of Senate Bill 1768 in Florida, US, means it can begin commercial ACP-01 treatments for ischemic pain in the state in Q4. The bill creates a framework in which healthcare providers can administer stem cell therapies that had not been approved by the US Food and Drug Administration (FDA) but meet the bill’s guidelines.

The company projected 2026 sales of C$22.5 million following the news.

Additionally, Hemostemix is currently collaborating with Firefly Neuroscience on a Phase 1 clinical trial of ACP-01 for vascular dementia.

3. Eupraxia Pharmaceuticals (TSX:EPRX)

Year-on-year gain: 109.3 percent
Market cap: C$266.36 million
Share price: C$7.20

Eupraxia Pharmaceuticals focuses on developing locally delivered therapeutics for patients with unmet medical needs. Its primary focus has been orthopedics and oncology. Eupraxia acquired EpiPharma Therapeutics in late 2023, absorbing the company’s lead candidate EP-104GI.

In February, the company released positive data from the sixth cohort of its Phase 1b/2a trial for EP-104GI in eosinophilic esophagitis. In July, the company advanced its investigation into the Phase 2b portion after selecting an initial dose based on encouraging safety and efficacy data from the earlier Phase 2a cohorts, with top-line results from the Phase 2b study anticipated in Q3 2026.

4. ME Therapeutics Holdings (CSE:METX)

Year-on-year gain: 33.33 percent
Market cap: C$147.95 million
Share price: C$5.00

ME Therapeutics is a biotechnology company focused on developing cancer-fighting drug candidates that can increase the efficacy of current immuno-oncology drugs by targeting suppressive myeloid cells, which have been found to hinder the effectiveness of existing immuno-oncology treatments. Immuno-oncology is a relatively new area of cancer drug research and has shown promising results when used to treat cancer with low survival rates.

ME Therapeutics’ antibody h1B11-12 is designed to inhibit the cytokine G-SCF. Research performed by ME in collaboration with Dr. Kenneth Harder at the University of British Columbia demonstrated that G-CSF appeared to increase tumor growth in breast and colon cancer, as well as a correlation between survival in patients with colorectal cancer and low expression of G-CSF.

The work suggests that inhibition of tumor-secreted G-CSF using h1B11-12 could support the existing treatments. Trial planning efforts are ongoing, and the company expects development of a cell line for future production of the drug to be finished in the latter half of 2025.

The company is also part of an ongoing collaborative effort to develop therapeutic mRNA delivery methods to myeloid cells with NanoVation Therapeutics, a privately owned biotech company that develops customized nucleic acid and lipid nanoparticle technologies to empower genetic medicine. The collaboration has already resulted in two new mRNA formulations, for which testing began on October 4, and has demonstrated encouraging anti-cancer activity in a preclinical model of colorectal cancer.

In May 2025, the company said it would receive up to C$140,000 in funding from the National Research Council of Canada Industrial Research Assistance Program to advance its mRNA therapeutic program.

ME Therapeutics is also exploring a listing on the Nasdaq or the New York Stock Exchange.

5. NervGen (TSXV:NGEN)

Year-on-year gain: 28.42 percent
Market cap: C$276.78 million
Share price: C$3.75

NervGen is a clinical-stage Canadian biotechnology company that focuses on developing innovative treatments to enable the nervous system to repair itself following damage from injury or disease.

The company’s core technology targets a mechanism that hinders nervous system repair. When the nervous system is damaged, chondroitin sulfate proteoglycans form a “scar.” Initially, CSPGs help contain damage, but their long-term interaction with the PTPσ receptor inhibits repair.

NervGen’s lead drug candidate, NVG-291, is designed to relieve these inhibitory effects, promoting nervous system repair. NervGen is advancing NVG-291 in a Phase 1b/2a clinical trial for spinal cord injury (SCI), reporting positive data from the chronic cohort in June. It received fast track designation from the US FDA.

NVG-300, a newer preclinical candidate, is being evaluated for ischemic stroke and SCI.

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

This post appeared first on investingnews.com

Lies and lying people comprise the sorry epitaph of Barack Obama’s presidency.  

The Big Lie was that then-candidate Donald Trump colluded with Russia to rig the 2016 presidential election. It derived from a phony dossier commissioned and financed by former Secretary of State Hillary Clinton that Obama’s national security team happily peddled to destroy his successor.  

It begat an even bigger whopper that ‘Putin and the Russian Government developed a clear preference for President-elect Trump’ and ‘aspired to help’ his election chances. This notorious deceit was inserted in the official Intelligence Community Assessment (ICA) that was ordered by Obama himself and conjured up by his CIA Director John Brennan.  

None of it was true. 

The bogus dossier was exploited to justify the ICA. Conversely, the ICA was used to legitimize the dossier. The circular faux verification was a clever ruse. And it worked splendidly. When both documents were leaked to the gullible Trump-hating media, journalists adopted them without question as sacred gospel from the Holy Book of Obama. The Russia hoax took off like a rocket.  

It crash-landed on Wednesday, July 23, when Tulsi Gabbard, the director of National Intelligence, accused Obama, Brennan and others of engineering the false intelligence. ‘They knew it would promote this contrived narrative that Russia interfered in the 2016 election to help President Trump win, selling it to the American people as though it were true. It wasn’t,’ she added.  

Newly declassified documents show that a December 8, 2016, draft of Obama’s Presidential Daily Briefing (PDB) debunked the notion of Russian electoral meddling to help Trump. But wait … that was problematic because it did not conform to the preferred narrative of Trump-Russia collusion. So, FBI Director James Comey and his cohorts reportedly scuttled it. That way, Trump, as president-elect, could not be briefed on its contents.   

The next day Obama convened a highly confidential meeting at the White House. The president ordered his intelligence cronies to expedite a new ICA that would reverse the PDB’s conclusion and energize the collusion fiction. With his marching orders in hand, Brennan immediately went to work on it. 

His challenge was devising a way to contort the known evidence and contradict the consensus of nearly everyone else in the intelligence community. No problem. CIA experts on Russia who strenuously objected were sidelined and silenced. Brennan ignored their warning that there was no direct evidence that Russian President Vladimir Putin wanted to elect Trump.  

Other intel agencies that typically contribute to the assessment were deliberately excluded to stifle dissent. Evidence shows that Brennan then selected a handful of sycophants — with only one principal drafter — to craft the entire ICA that bore little resemblance to the truth and established facts.  

On January 6, 2017, the rushed-to-completion ICA was produced. It offered a remarkable transformation from the earlier PDB: ‘Putin and the Russian Government aspired to help President-Elect Trump’s election chances when possible by discrediting Secretary Clinton and publicly contrasting her unfavorably to him.’ (Page 7 of ICA)  

The head-spinning about-face of intel conclusions was an immaculate conception of corrupt handicraft that belongs in the Intelligence Hall of Shame.  

Although Brennan denied it, numerous delusions drawn from the fake dossier were placed in the formal intelligence assessment to give it the sustenance that it otherwise lacked. Armed with both fallacious documents, Comey then met with Trump later that day in a devious but misbegotten scheme to entrap him. It failed miserably because the newly elected president had no idea what the FBI director was talking about.        

Obama’s dirty fingerprints were all over the cooked-up intelligence claiming that Moscow helped Trump in some grand collusion conspiracy. On Wednesday, Gabbard held a news conference to lift the veil of secrecy and malevolence. She leveled the following broadside:  

‘President Obama, Hillary Clinton, John Brennan, James Clapper, James Comey and others, including their mouthpieces in the media, knowingly lied as they repeated the contrived narrative that was created in this January 2017 intelligence community assessment with high confidence, as though it were fact.’   

Mincing no words, Gabbard accused Brennan of lying about his use of the dossier even though he knew it was a discredited and politically manufactured document. ‘He directed senior CIA officials to use it anyway,’ she said.  

Other intel agencies that typically contribute to the assessment were deliberately excluded to stifle dissent. 

As ‘irrefutable proof,’ she unlocked the 2020 report of the House Intelligence Committee that had never before been seen publicly, thanks to the machinations of then-Rep. Adam Schiff, D-Calif., who buried it as classified in a limited-access vault at CIA headquarters. The report outlined in detail the events that I summarized above. 

It was easy to do so because many of them are contained in the book I wrote six years ago, ‘Witch Hunt:’ ‘John Brennan was instrumental in proliferating the dossier. But even before the Clinton campaign and Democrats funded Christopher Steele’s project to smear Trump with the collusion hoax, the seeds of the collusion narrative were germinated by none other than Brennan.’ (Pages 66-67)  

I recounted how Brennan boasted to the House Intel Committee in May of 2017 that he had been the first to alert the FBI about collusion. ‘As he exerted uncommon pressure on the FBI to pursue a counterintelligence probe on Trump, he resolved to help spread the false allegations to Congress and the media. He politicized phony intelligence and instigated the fraudulent case against Clinton’s opponent.’ (Page 68) 

The Russians never had ‘Kompromat’ (compromising material) on Trump, as the dossier falsely accused. But they apparently did have it on Hillary. And that proved quite a stunner on Wednesday.  

The heretofore hidden House Intelligence report reveals how Russian intelligence ‘possessed DNC communications that in 2016 Clinton was suffering from ‘intensified psycho-emotional problems, including uncontrolled fits of anger, aggression, and cheerfulness.’ Clinton was placed on a daily regimen of ‘heavy tranquilizers’ and while afraid of losing, she remained ‘obsessed with a thirst for power.’’  

Obama and Democrat Party bosses apparently knew all about Clinton’s mental instability and found it ‘extraordinarily alarming.’ So much so, they worried it might have a ‘serious negative impact’ on the November election.    

Unlike the dossier, those shocking discoveries were not just idle gossip. The committee reviewed reams of source material and obtained corroboration during some 20 interviews with FBI agents and intelligence officers.  

How did the Russians get their hands on the damaging material? The report explains that Putin ordered hacking operations on the Clinton campaign and the Democratic National Committee. It seems that since Putin believed Hillary would win the election, he held the ‘Kompromat’ in his back pocket to use as potential blackmail for later use. 

His challenge was devising a way to contort the known evidence and contradict the consensus of nearly everyone else in the intelligence community. No problem. CIA experts on Russia who strenuously objected were sidelined and silenced.

In sending a criminal referral for possible prosecution to the Justice Department, Gabbard stated, ‘The evidence that we have found and that we have released directly point to President Obama leading the manufacturing of this intelligence assessment.’ 

In response, the DOJ announced that it had formed a ‘strike force’ to fully assess all the evidence and to investigate the next legal steps. Attorney General Pam Bondi vowed to ‘leave no stone unturned to deliver justice.’  

Obama denies any wrongdoing. But he should thank Trump for winning the recent landmark Supreme Court decision that provides all presidents with immunity. Ironically, the former president can now hide behind its broad protections. However, no such shield extends to others involved.  

It is folly to predict at this stage what prosecutions, if any, the future may hold. But the stain of corruption is already embedded in the epitaph of Obama’s presidency.   

This post appeared first on FOX NEWS

JERUSALEM— The Hashemite Kingdom of Jordan is under growing pressure to extradite the self-confessed female Hamas terrorist Ahlam Aref Ahmad al-Tamimi, who engineered the terrorist bombing at a Jerusalem pizzeria in 2001 that murdered three Americans among 16 people, half of whom were children.

Frimet and Arnold Roth, the parents of Malki Roth, a 15-year-old U.S. citizen murdered in the 2001 Sbarro pizzeria bombing, held a virtual meeting on July 17, 2025 with Jeanine F. Pirro, United States Attorney for the District of Columbia. 

The U.S. State Department has a $5 million reward for information leading to al-Tamimi’scapture, even as reports claim Jordan’s King Abdullah II has played hardball, refusing to extradite the accused mass murderer. 

‘You have the capacity to push for her extradition, to ensure that the 1995 treaty is honored, to show Jordan and its population along with the watching world that harboring terrorists has consequences,’ Arnold Roth told Pirro during the meeting, according to a family press release following the meeting. 

The 24th anniversary of the Aug. 9, 2001 bombing is next month.

Roth added, ‘We’re here today to implore you to act. Jordan needs to know the U.S. cannot tolerate the protection of a murderer of American citizens. U.S. justice needs to be respected by the world and, without hammering this point too hard, by America’s lawmakers and senior officials.’ 

The Roths said that the meeting focused on the need for ‘concrete steps’ to advance the long-delayed extradition of al-Tamimi.  

Al-Tamimi’sterrorist bombing also killed Judith Shoshana Greenberg and Chana Nachenberg in the 2001 attack. ‘All the victims deserve justice,’ Arnold Roth said, stressing that Tamimi’s extradition should become a ‘true priority’ for the U.S. Department of Justice. 

When asked if the extradition of al-Tamimi was raised by U.S. Secretary of State Marco Rubio in his Wednesday meeting with Jordanian Foreign Minister Ayman Safadi, a State Department spokesperson told Fox News Digital, ‘The United States has continually emphasized to the Government of Jordan the importance of holding Ahlam al-Tamimi, the convicted terrorist released by Israel in a 2011 prisoner swap, accountable in a U.S. court for her admitted role in a 2001 bombing in Jerusalem that killed 15 people, including Americans Malka Chana Roth, Judith Shoshana Greenbaum, and Chana Nachenberg. The United States continues to impress upon the Government of Jordan that Tamimi is a brutal murderer who should be brought to justice.’

The State Department referred Fox News Digital to the Department of Justice for more information about the U.S. criminal case against al-Tamimi.

The Justice Department and Pirro’s office did not immediately respond to Fox News Digital press queries.

Al-Tamimi is on the FBI’s Most Wanted Terrorists list. She is the second female to appear on the terrorism list.

Frimet Roth told U.S. Attorney Pirro that ‘We cannot carry this fight alone any longer. Judge Pirro, please, be the voice for Malki and the other American victims. Be the advocate for justice that has been denied for too long. We beg you to act—not for our sake alone, but for the integrity of American law and the sanctity of every life lost to terror.’ 

The Roths also delivered a petition to U.S. Ambassador to Israel Mike Huckabee in May 2025, with some 30,000 signatures urging the Trump administration to press Jordan for al-Tamimi’s extradition. 

Arnold Roth told Fox News Digital that ‘No senior figure from State has ever, in all the years of our fight for justice, agreed to speak with us. Their treatment of us and of the Tamimi case is deplorable. Victoria Nuland, then one of the top-ranking figures in the State Department. Nuland wrote to us in the names of President Biden and then-Sec of State Antony Blinken, and told us that the Tamimi case was quote ‘a foremost priority’ for the U.S. And that they would keep us informed. She then [they] ignored every follow-up letter that I sent her, and of course so said Biden and Blinken.’

Jordan’s government is a major recipient of U.S. Foreign Military Financing (FMF).

According to a January 2025 U.S. State Department fact sheet, ‘Since 2015, the Department of State has provided Jordan with $2.155 billion in FMF, which makes Jordan the third-largest global recipient of FMF funds over that time period.  In addition, the Department of Defense (DoD) has provided $327 million to the Jordanian Armed Forces (JAF) under its 333 authority since 2018, making Jordan one of the largest recipients of this funding.’

Al-Tamimi reportedly boasted about her terrorist operation in the Arab media and called for more terrorism against Israel. ‘Of course. I do not regret what happened. Absolutely not. This is the path. I dedicated myself to jihad for the sake of Allah, and Allah granted me success. You know how many casualties there were [in the 2001 attack on the Sbarro pizzeria]. This was made possible by Allah. Do you want me to denounce what I did? That’s out of the question. I would do it again today, and in the same manner,’ she said in 2011, according to a MEMRI translation.

In 2017, the U.S. Justice Department publicly announced that it had charged her with the Jerusalem suicide bombing. 

Fox News Digital sent multiple press queries to Jordan’s government and its embassies in Washington, D.C., and Tel Aviv.

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House Republicans are already discussing contours for a potential second ‘big, beautiful bill’ advancing President Donald Trump’s agenda.

The Republican Study Committee (RSC), the 189-member-strong group that acts as a de facto ‘think tank’ for the House GOP, is launching a working group to look at what a second budget reconciliation bill would look like, Fox News Digital has learned.

It’s the largest organized effort so far by congressional Republicans to follow through on GOP leaders’ hopes for a second massive agenda bill.

‘We must capitalize on the momentum we’ve generated in the first 6 months of a Republican trifecta in Washington,’ RSC Chairman August Pfluger, R-Texas, told Fox News Digital. ‘To fulfill the promises we made to the American people, conservatives must begin laying the groundwork for the second reconciliation bill to ensure we continue to drive down the cost of living and restore America’s promise for future generations.’

House Republicans left Washington on Wednesday to kick off a five-week recess period, where they’re readying to sell the benefits of their first massive agenda bill to their constituents. 

Meanwhile, Pfluger also directed lawmakers part of the new working group to begin reaching out to colleagues, conservative senators, and GOP organizations about potential policy proposals for a new bill, Fox News Digital was told.

The goal of the new group is to create a framework for what a second ‘big, beautiful bill’ could look like, and to recommend that framework to GOP leaders.

The first bill was a massive piece of legislation advancing Trump’s agenda on taxes, the border, immigration, defense, and energy.

It made much of Trump’s 2017 Tax Cuts and Jobs Act (TCJA) permanent, while imposing new work requirements on Medicaid and food stamps, among other measures.

After passing the House and Senate, Trump signed it into law during a celebratory event on the Fourth of July.

But the political fight to get just one reconciliation bill took Herculean political efforts across both the House and Senate, with debates and even heated arguments ongoing for months before the bill passed.

Notably, however, Republicans did get the legislation to Trump’s desk by July 4 – meeting a goal that many in the media and even within GOP circles thought impossible.

The budget reconciliation process allows the party controlling the White House and both chambers of Congress to pass massive partisan policy overhauls, while completely sidelining the other side – in this case, Democrats.

Reconciliation bills can pass the Senate with a simple majority rather than 60 votes, lining up with the House’s own passage threshold. But the legislation must adhere to a specific set of rules and only involve measures related to fiscal policy.

Speaker Mike Johnson, R-La., told ‘Sunday Morning Futures’ earlier this month that he was eyeing multiple reconciliation bills.

‘With President Trump coming back to the White House, and us having the responsibility for fixing every metric of public policy that Biden and Harris and the Democrats destroyed over the previous four years –  so the big beautiful bill was the first big step in that,’ he told host Maria Bartiromo.

‘But we have multiple steps ahead of us. We have long planned for at least two, possibly three, reconciliation bills, one in the fall and one next spring.’

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Writing in the New York Times on Monday, longtime Democratic political strategist James Carville outlined a compelling message for Democrats to unite around ahead of the 2026 midterms.

Carville urged Democrats to delay the ‘civil war’ that will eventually erupt between the party’s moderate and progressive wings, and to coalesce around a single ‘oppositional message’ focused entirely on repealing President Donald Trump’s agenda.

With all due respect to Mr. Carville, his myopic focus on a strategy of resisting Trump above all else is simply too narrow to be truly effective.

Put another way, a Democratic agenda built entirely around repealing the Republican agenda may be enough for 2026, but it falls far short of what Democrats must do if they hope to take back the White House in 2028.

Indeed, nowhere in the Times piece is any description of actual policies that Democrats should advance as an alternative to what Republicans are offering, either next year or in three years.

There are no calls for an entirely new economic agenda, one that replaces Democrats’ tendency for profligate spending with a more fiscally conservative plan focused on managing the debt while also protecting the social safety net.

In many ways, Democrats today should look to former President Bill Clinton, who was able to reduce the debt, leave a budget surplus and still protect vital social programs.

Moreover, the word ‘immigration’ is not even mentioned. 

This comes despite 2024 election polling showing that immigration was a top issue for voters, and exit polls showing voters trusted Trump over former Vice President Kamala Harris by a 16-point margin (52% to 36%), per Fox News.

To that end, if Democrats hope to take back more than just one chamber of Congress, the party needs an agenda that prioritizes securing the border, combined with a pathway to citizenship for legal migrants and Dreamers.

And, while I do agree with Mr. Carville that the midterms will be decided based on kitchen table issues rather than foreign policy, that does not mean Democrats can afford to ignore this issue.

As a party, Democrats must advance an agenda that positively asserts democratic values at home and abroad. 

This entails rejecting the belief of the far left – and increasingly the far right – that any use of American power is inherently bad.

To be sure, formulating an entirely new Democratic agenda takes time. And it will require the emergence of moderate candidates at a time when Zohran Mamdani’s win in New York City has energized the progressive wing of the party. 

Nevertheless, as the 2024 election made clear, Democrats cannot afford to run from the center toward the far left. What the party needs is a candidate who can win, not one chosen because they passed progressives’ ideological purity test.

Interestingly, Carville cites former President Clinton as a figure who emerged as Democrats’ ‘savior’ in 1992. 

But Clinton was able to do so because, at a time when the party was moving further to the left, Clinton dragged the party toward the middle on the economy and crime.

Finally, the crux of Carville’s message – ‘we demand a repeal’ of Trump’s agenda – overlooks the core factor behind who Americans cast a vote for.

Voters choose candidates who have plans and policies that will improve their lives. 

Slogans, no matter how catchy, may work for the midterms, but if Democrats then fail to deliver actual change between 2026 and 2028, its unlikely voters will trust them.

Quite simply, voters want a strong economy, safe streets, a government that is not excessively bloated and secure borders, not candidates whose only agenda is resisting the president. 

Now, this is not to say that the agenda outlined by Carville will not be successful next year – it very well may.

Rather, it is to point out that even if it helps Democrats reclaim the House of Representatives, it will not be enough to take back the White House in 2028.

For that, the party needs to advance its own agenda, one that addresses the above issues and actually provides a real, viable alternative to the Trump-GOP agenda. 

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As part of his effort to ‘Make America Safe Again,’ President Donald Trump signed an executive order to allow cities and states to remove homeless people off the streets and into treatment centers. 

Trump signed the order, ‘Ending Vagrancy and Restoring,’ Thursday afternoon. 

The order states that the ‘number of individuals living on the streets in the United States on a single night during the last year of the Biden administration — 274,224 — was the highest ever recorded.’ 

It directs Attorney General Pam Bondi to ‘reverse judicial precedents and end consent decrees’ stopping or limiting cities and states from removing homeless individuals from the streets and moving them to treatment centers. 

Though it is unclear how much money will be allocated to the effort, Trump’s order redirects federal funds to ensure that removed homeless individuals are sent to rehabilitation, treatment and other facilities.

Additionally, the order requires Bondi to partner with Health and Human Services Secretary Robert F. Kennedy Jr., Housing and Urban Development Secretary Scott Turner and Transportation Secretary Sean Duffy to prioritize federal grants to cities and states that ‘enforce prohibitions on open illicit drug use, urban camping and loitering, and urban squatting, and track the location of sex offenders,’ according to USA Today. 

The order also stipulates that discretionary grants for substance-use disorder prevention, treatment and recovery programs ‘do not fund drug injection sites or illicit drug use.’ 

Homelessness increased in the U.S. by 18% from 2023 to 2024, according to Housing and Urban Development’s annual homelessness assessment report released in January. 

Trump has previously vowed to clean up American cities, especially the nation’s capital of Washington.

Speaking in March, Trump said, ‘We’re going to have a crime-free capital. When people come here, they’re not going to be mugged or shot or raped. They’re going to have a crime-free capital again. It’s going to be cleaner and better and safer than it ever was. And it’s not going to take us too long.’ 

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Uber announced a new feature Wednesday that pairs women drivers and riders, in its latest move to address safety on the ride-hailing platform.

The new tool, which the platform will begin piloting next month in the U.S., allows women passengers to match with women drivers when booking or pre-booking rides, and create a preference in their app settings. Women drivers can also choose to drive women.

“It’s about giving women more choice, more control, and more comfort when they ride and drive,” Camiel Irving, Uber’s vice president of U.S. and Canada operations, said in a release.

The company said the rider’s preference isn’t guaranteed but the feature increases the chances women will be paired in the app.

Uber will pilot the program in Los Angeles, San Francisco and Detroit. The company also said it tested the feature in countries such as France, Germany and Argentina.

This isn’t Uber’s first foray into gender preferences on its platform.

In 2019, Uber rolled out a women rider preference feature for female drivers in Saudi Arabia after women won the right to drive in 2018. That offering later expanded to about 40 countries. A survey from the company in 2015 found that about a fifth of its U.S. drivers were women.

Over the years, ride-hailing companies such as Uber and Lyft have faced safety concerns and questions over the roles these platforms have played in various sexual assault and harassment incidents.

Uber has rolled out several features in recent years to improve safety on the platform, including teen accounts and rider and pin verification.

Competitor Lyft launched an option in late 2023 that pairs women and nonbinary drivers and riders.

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Alphabet reported second-quarter results on Wednesday that beat on revenue and earnings, but the company said it would raise its capital investments by $10 billion in 2025.

Here’s how the company did, compared with estimates from analysts polled by LSEG:

Wall Street is also watching several other numbers in the report:

The company’s overall revenue grew 14% year over year, higher than the 10.9% Wall Street expected, but Alphabet is going to spend more on artificial intelligence in 2025 than it anticipated.

In February, the company said it expected to invest $75 billion in capital expenditures in 2025 as it continues to expand on its AI strategy. That was already above the $58.84 billion Wall Street expected at the time.

The company increased that figure on Wednesday to $85 billion, saying it was raising it due to “strong and growing demand for our Cloud products and services.” The company expects to further increase capital expenditures in 2026, Alphabet finance chief Anat Ashkenazi said on an earnings call.

The company reported revenue of $13.62 billion for its cloud computing business, which is a 32% increase from a year ago. Last week, OpenAI announced that it expected to use Google’s cloud infrastructure for its popular ChatGPT service. Alphabet CEO Sundar Pichai said “we are very excited to be partnering with them.”

Alphabet’s net income increased to $28.20 billion, up nearly 20% from the previous year.

The company’s search and advertising units still showed growth in the second quarter despite AI competition heating up. The company’s search unit brought in $54.19 billion during the quarter, and its advertising revenue grew to $71.34 billion — up about 10.4% from $64.61 billion the year prior.

YouTube advertising revenue came in at $9.8 billion, higher than Wall Street expected.

The company said its “Other Bets” segment, which includes its self-driving car unit Waymo and life sciences unit Verily, brought in $373 million — up from $365 million a year ago. Other Bets reported a loss of $1.25 billion, up from the $1.13 billion a year ago.

AI Overviews, Google’s AI search product that summarizes search results, now has upward of two billion monthly users across more than 200 countries and territories, Pichai said during Wednesday’s earnings call. That’s up from 1.5 billion monthly users last quarter.

The Gemini app, which has the company’s AI chatbot, now has more than 450 million monthly active users, Pichai said.

When asked about large spending on AI talent, Ashkenazi said Alphabet makes “sure that we invest appropriately to have the best and brightest minds in the industry.”

Google made a splash in the AI talent wars, announcing earlier in July that it would bring in Windsurf CEO Varun Mohan and other top researchers at the AI coding startup as part of a $2.4 billion deal that also includes licensing the company’s technology.

Total operating expenses increased 20% to $26.1 billion, Ashkenazi said on Wednesday. The biggest driver of growth was expenses for legal and other matters due in part to a $1.4 billion charge related to a settlement, she said on Wednesday’s earnings call. Texas Attorney General Ken Paxton in May announced a $1.37 billion settlement with Google related to a data privacy rights lawsuit it made against the company in 2022.

Ashkenazi said Alphabet’s third-quarter revenue “could see a tailwind” due to several reasons. That includes a negative impact for advertising, which benefited from “strong spend on U.S. elections” in late 2024, particularly on YouTube, she said.

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UnitedHealth Group revealed Thursday it is facing a Justice Department investigation over its Medicare billing practices.

It comes after the Wall Street Journal reported in May that the Department of Justice is conducting a criminal investigation into the health-care giant over possible Medicare fraud. In response at the time, the company said it stands “by the integrity of our Medicare Advantage program.”

In July, the Journal also reported that the DOJ interviewed several doctors about UnitedHealth’s practices and whether they felt pressured to submit claims for certain conditions that bolstered payments from the Medicare Advantage program to the company.

That marked the second time this year that the insurer’s Medicare Advantage business has come under federal scrutiny. The Journal also reported in February that the DOJ is conducting a civil investigation into whether the company inflated diagnoses to trigger extra payments to its Medicare Advantage plans.

But in March, UnitedHealth moved a step closer to ending a yearslong legal battle with the DOJ that began with a whistleblower who alleged the company illegally withheld at least $2 billion through the Medicare Advantage program. A special master assigned to the case by the judge issued a recommendation in favor of UnitedHealth, saying the DOJ lacked evidence.

UnitedHealthcare’s Medicare and retirement segment, which includes the Medicare Advantage business, is UnitedHealth Group’s largest revenue driver, raking in $139 billion in sales last year.

The update in the probe comes after a tumultuous last year for UnitedHealthcare, the nation’s largest and most powerful private health insurer. Shares of UnitedHealthcare’s parent company, UnitedHealth Group, are down more than 42% for the year after it suspended its 2025 forecast amid skyrocketing medical costs, announced the surprise exit of former CEO Andrew Witty and grappled with the reported probe into its Medicare Advantage business.

The company’s 2024 wasn’t any easier, marked by a historic cyberattack and the torrent of public blowback after the murder of UnitedHealthcare’s CEO Brian Thompson.

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