
US judge blocks Defense Department from slashing federal research funding
BOSTON, June 17 (Reuters) - A federal judge on Tuesday temporarily blocked U.S. President Donald Trump's administration from carrying out steep cuts to federal research funding provided to universities by the U.S. Department of Defense.
U.S. District Judge Brian Murphy in Boston issued a temporary restraining order, opens new tab at the behest of 12 schools including the Massachusetts Institute of Technology and Johns Hopkins University, as well as the Association of American Universities and two other academic trade groups.
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The Independent
an hour ago
- The Independent
Rod Stewart details why his friendship with Trump has ended
Rod Stewart has renounced his friendship with Donald Trump, stating that Trump became a different person after becoming president. Stewart and Trump had a long-standing relationship, owning properties near each other in Palm Beach, Florida, and attending social events. Stewart cited Trump's continued sale of arms to Israelis as one of the reasons he can no longer count the US president as a friend. The singer's comments come after a public falling out between Donald Trump and tech billionaire Elon Musk. Stewart also discussed his upcoming performance at Glastonbury Festival, where he will play the Legend's Slot on the Pyramid Stage.


BreakingNews.ie
an hour ago
- BreakingNews.ie
Europe's Trade Commissioner has ‘productive engagements' over US deal
Europe's Trade Commissioner says he has had a series of productive engagements throughout the week with his US counterpart. On social media, Maroš Šefčovič says no time or effort spared - their focus is on securing a forward looking deal. Advertisement Both sides are under pressure to reach a deal before July 9th, when a series of reciprocal tariffs are due to come into force. A series of productive engagements throughout this week with @USTradeRep Ambassador @jamiesongreer and Secretary @howardlutnick . No time or effort spared - our focus and priority remain clear: securing a forward-looking deal. — Maroš Šefčovič🇪🇺 (@MarosSefcovic) June 20, 2025 It comes as European shares rose on Friday after declining for three straight sessions, as a stall in the United States' involvement in the Middle East conflict helped soothe investor concerns. The pan-European STOXX 600 was up 0.6 per cent at 538.85 points. The benchmark is set to log a second consecutive weekly fall. Israel and Iran's air war entered a second week and European officials sought to draw Tehran back to the negotiating table. Advertisement The White House said President Donald Trump will decide within the next two weeks about whether to join Israel in the war. That helped improve market sentiment, spurring some interest in risk assets that were sold off earlier in the week on uncertainty around how long the conflict would go on. "The investors are taking a little bit more risk on their shoulders... it is perhaps because the U.S. is now giving itself two weeks and maybe some diplomatic opening window there to resolve the situation in Iran," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. Banks rose 1.3 per cent, leading broader gains. Travel and leisure stocks SXTP were also up 1.3 per cent, led by a 4.8 per cent gain in Europe's largest travel operator TUI after Barclays upgraded the stock to "overweight" from "underweight". Advertisement Conversely, energy shares SXEP were at the bottom of the index with a 0.3 per cent decline but were headed for a weekly gain. Ireland Tariffs and gender-based violence on agenda for No... Read More Investors also remain wary of the approaching July 8th tariff-pause deadline, with little progress on trade deals with Washington. European Commission President Ursula von der Leyen is still aiming to reach a deal by July 9th. "Geopolitical tensions are kind of hiding the other worries in the market, which are trade negotiations being delayed with the U.S. occupied with what to do with the Middle East," said Ozkardeskaya. Trump's tariffs have been a source of turmoil and volatility in the last few months, and have already begun to upend global supply chains and threatened economic growth. Additional reporting Reuters


Reuters
an hour ago
- Reuters
US equity funds see hefty outflows on Israel-Iran conflict
June 20 (Reuters) - U.S. equity funds logged the largest weekly outflow in three months in the week through June 18 as intensifying Israel-Iran tensions and persistent concerns over the economic impact of elevated U.S. tariffs drove investors to reduce risk exposure. According to LSEG Lipper data, investors exited U.S. equity funds of $18.43 billion during the week, posting the largest weekly net figure since March 19. As a week-old air war between Israel and Iran intensified, the White House on Thursday said President Donald Trump will decide in the next two weeks whether the U.S. will get involved in the war. Investors ditched a robust $19.38 billion worth of large-cap equity funds - the largest weekly net figure since March 19. The small-cap and mid-cap segments also witnessed approximately $2.4 billion and $1.5 billion worth of net withdrawals. U.S. sectoral funds, however, were popular for a fourth straight week, drawing in roughly $855 million in net inflows. The tech and industrial sectors secured a noteworthy $1.85 billion and $445 million, respectively, in net purchases, while the financial sector lost a significant $1.22 billion in net selling. U.S. bond fund inflows, meanwhile, dropped to a seven-week low of $2.79 billion during the week. The short-to-intermediate investment-grade funds, and short-to-intermediate government and treasury funds segments received just $642 million and $616 million, respectively, compared with approximately $2.37 billion and $1.02 billion worth of weekly net purchases in the prior week. Demand for mortgage funds was, however, at a five-week high as these funds attracted weekly net inflows of $566 million. Money market funds were meanwhile out of luck for a second successive week with weekly disposals worth a net of $7.75 billion.