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Meta Files Contempt Motion Against Israeli Spyware Firm NSO Group, Accusing It of Defying Permanent WhatsApp Injunction

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Meta Platforms has escalated its long-running legal battle with Israeli spyware company NSO Group, filing a federal court motion for contempt on Monday after allegedly discovering new spear-phishing attempts linked to the controversial firm targeting WhatsApp users.

The social media giant said its messaging service recently disrupted fresh attacks that mirrored previous “1-click” phishing campaigns, in which users are tricked into clicking malicious links that can compromise their devices without requiring passwords or further interaction. Meta said it took down test accounts and groups created by NSO on its platform as part of the response.

“These attempts were similar to previous ‘1-click phishing campaigns’ aimed to trick users into clicking malicious links and direct them to external websites,” the company said in a blog post.

The move comes after a U.S. court issued a permanent injunction last year barring NSO from targeting WhatsApp or its users. While the court significantly reduced the punitive damages NSO owed Meta, from an initial $167 million down to $4 million, the injunction itself was viewed as a major blow to the spyware firm, which has faced widespread accusations of enabling human rights abuses through its Pegasus tool.

Meta’s latest filing accuses NSO of violating that permanent injunction. The company said the new attempts were part of a pattern of behavior it has been monitoring closely. By seeking contempt charges, Meta is signaling it will not tolerate continued efforts to undermine the security of its platforms, even from sophisticated state-linked actors.

NSO Group, which has been blacklisted by the U.S. government for activities “contrary to the national security or foreign policy interests of the United States,” has long maintained that its tools are intended only for legitimate law enforcement and intelligence purposes against terrorists and criminals. However, investigations by Amnesty International, Citizen Lab, and others have repeatedly linked Pegasus to the targeting of journalists, activists, opposition figures, and human rights defenders around the world.

Meta’s action also underscores the ongoing arms race between platform defenders and offensive cyber tools. “1-click” attacks are particularly dangerous because they require minimal user interaction, making them effective even against cautious targets. WhatsApp’s end-to-end encryption provides strong privacy protections, but sophisticated actors continue to probe for weaknesses in the broader ecosystem, including through social engineering and zero-click or one-click exploits.

Last month, Meta was joined by 12 prominent civil rights organizations, security researchers, privacy advocates, and digital rights experts who filed amicus briefs supporting the permanent injunction and opposing NSO’s appeal. This coalition indicates growing concern over the proliferation of commercial spyware and its potential for abuse by both authoritarian and democratic governments.

The legal fight serves multiple purposes for Meta, which includes protecting its users, bolstering the security of one of the world’s largest messaging platforms (with over 2 billion daily users), and sending a strong signal to other surveillance vendors. The company has invested heavily in security, encryption, and threat intelligence in recent years, partly in response to high-profile spyware incidents.

This latest chapter fits into a larger pattern. Tech companies like Meta, Apple, and Google have increasingly clashed with governments and spyware firms over encryption, backdoors, and user privacy. Apple has sued NSO in the past, and WhatsApp itself has taken legal action to protect its users.

These efforts underpin a growing recognition that commercial spyware poses systemic risks to democratic norms, journalist safety, and civil society.

At the same time, law enforcement agencies worldwide argue they need powerful tools to combat serious crime and terrorism in an encrypted world. This makes it difficult to strike the right balance, and cases like Meta vs. NSO often become proxies for larger debates about sovereignty, security, and human rights in the digital age.

As spyware capabilities grow more sophisticated, the cat-and-mouse game between platforms and attackers is likely to intensify, with significant implications for privacy, security, and trust in digital services. Meta’s contempt motion is expected to keep pressure on NSO while the appeal process continues.

BitGo Launches Regulated Electronic Trading Across the UAE and Wider MENA

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BitGo MENA FZE, a subsidiary of BitGo Holdings, Inc. the digital asset infrastructure company, announced the launch of electronic trading in the Middle East and North African (MENA). Clients can now access a comprehensive trading solution combining BitGo MENA’s established over-the-counter trading offering with institutional-grade electronic execution, all operating under BitGo MENA’s Broker-Dealer license from Dubai’s Virtual Assets Regulatory Authority.

The launch further expands BitGo MENA’s regulated product suite under VARA’s oversight, marking another step in the region’s continued buildout of institutional digital asset infrastructure amid growing demand for integrated execution and custody solutions.

Important factors that could cause actual results to differ materially from current expectations include, among others, the highly volatile nature of digital assets, technical issues in connection with the integration of supported digital assets and changes and upgrades to their underlying network. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy.

BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Currently, BitGo serves thousands of institutions, including many of the industry’s top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide.

The Middle East and North Africa has quickly become one of the most exciting regions in the world for digital assets, with regulators, institutions, and innovators moving with real purpose, said Mike Belshe, CEO and Co-founder of BitGo. BitGo’s expansion in the region reflects our belief that the next phase of digital asset adoption will be built in markets with strong regulatory foundations and institutional ambition. We’re excited to deepen our presence and support the growth of this ecosystem for years to come.

BitGo MENA’s electronic trade offering sources liquidity from leading exchanges and liquidity providers, designed to improve price efficiency and best execution quality for clients, a meaningful advantage in a region where regulated, institutional-grade market access has historically been limited.

“We’ve seen strong engagement across our OTC business in the region, and the launch of electronic trading creates a complete institutional offering for our clients,” said Nick Coombs, Managing Director of MENA Sales at BitGo. “We believe the MENA region continues to stand out as one of the most dynamic and fast-growing digital asset markets, and our focus remains on delivering infrastructure that enables institutions to realise their ambition.”

A key component of the launch of electronic trading is the ability for clients to execute trades through BitGo MENA, with assets held with BitGo MENA Custody FZE, providing a regulated structure that separates execution and custody under the respective VARA-licensed entities. This integrated model allows clients to execute trades while assets remain securely held in BitGo’s custody infrastructure, mitigating counterparty risk and insured up to $250M.

The UAE’s progressive regulatory environment and VARA’s clear VASP licensing framework have supported the development of one of the fastest-growing institutional digital asset markets globally. BitGo MENA’s local-first structure positions it as one of the region’s most trusted institutional partners. BitGo MENA services the region’s top exchanges, platforms, hedge funds, and asset managers.

The launch of electronic trading completes BitGo MENA’s institutional trading stack, reinforcing BitGo’s commitment to delivering secure, regulated, and scalable infrastructure to the region.

British Ingredion to Acquire Tate & Lyle in a $3.6bn Deal, Signaling Global Race for Health-Focused Food Ingredients

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U.S. ingredients giant Ingredion has agreed to acquire British food ingredients maker Tate & Lyle for £2.7 billion ($3.6 billion) in cash, creating one of the world’s largest specialty ingredients companies and underscoring a major shift underway in the global food industry.

The deal is seen as a reflection of a broader transformation in how food manufacturers are responding to changing consumer preferences, the rapid growth of health and wellness products, and the emergence of weight-loss drugs that are reshaping eating habits worldwide.

Under the agreement, Tate & Lyle shareholders will receive 595 pence per share in cash, representing a premium of nearly 59% to the company’s closing price before takeover discussions became public in May. Including debt, the transaction values Tate & Lyle at approximately £3.8 billion.

Investors welcomed the offer, sending Tate & Lyle shares sharply higher and extending gains that began when news of negotiations first emerged.

A Historic British Name Disappears from London Markets

The acquisition will bring an end to Tate & Lyle’s 87-year presence on the London Stock Exchange, marking another high-profile departure from the UK equity market. The company traces its origins to the mid-19th century, when it became synonymous with Britain’s sugar industry. For generations, Tate sugar was a household name across the United Kingdom.

However, the modern Tate & Lyle bears little resemblance to the sugar refiner that helped build the company. Management spent the past decade reshaping the business around higher-margin specialty ingredients, nutrition products, and food science technologies. The transformation accelerated after the company sold its historic sugar business in 2010, allowing it to focus on ingredients that help food manufacturers reduce sugar content, improve texture, enhance nutritional value, and extend shelf life.

The acquisition also highlights a growing trend of foreign buyers targeting UK-listed companies. Britain’s stock market continues to trade at lower valuations than many international peers, making it attractive to overseas acquirers seeking established brands and stable cash flows.

The rationale behind the transaction reflects profound changes in the global food sector. Consumers are increasingly seeking products that contain less sugar, more protein, added fiber, and functional ingredients linked to digestive health, immunity, and overall wellness.

Food manufacturers are responding by reformulating products to meet those demands without sacrificing taste or texture. That shift has elevated the importance of specialty ingredient suppliers such as Ingredion and Tate & Lyle, whose technologies enable companies to reduce sugar, replace fat, improve mouthfeel, and enhance nutritional profiles.

Combined, the two businesses will be worth approximately $9.9 billion and will have a broader portfolio spanning sweeteners, starches, fibers, texturizers, and plant-based ingredients.

The merger positions the company to benefit from one of the fastest-growing segments of the food industry, where innovation increasingly occurs at the ingredient level rather than through traditional branding alone.

The GLP-1 Effect Is Reshaping the Industry

One of the most important forces driving consolidation is the rise of GLP-1 weight-loss drugs such as Ozempic and Wegovy. The pharmaceutical revolution is beginning to alter consumer eating patterns, prompting food companies to rethink product development strategies.

Consumers using GLP-1 treatments often consume fewer calories and seek foods with higher protein content, greater nutritional density, and improved satiety. As a result, ingredient suppliers are racing to develop solutions that help food companies create products aligned with these changing consumption patterns.

Industry analysts view specialty ingredients as one of the biggest beneficiaries of the GLP-1 era because manufacturers need new formulations to adapt to evolving consumer preferences. Ingredion’s acquisition of Tate & Lyle gives it additional capabilities in precisely these areas.

The deal combines two businesses that have complementary strengths. Ingredion has traditionally been known for sweeteners, starches, and industrial ingredients used not only in food but also in pharmaceuticals, cosmetics, and paper manufacturing.

Tate & Lyle has focused heavily on specialty nutrition, sugar reduction technologies, and advanced food formulations. A key milestone in Tate & Lyle’s transformation came with its acquisition of CP Kelco in 2024, which expanded its capabilities in plant-based ingredients and texture solutions.

Together, the companies will have greater scale to serve multinational food and beverage manufacturers seeking integrated ingredient solutions. The enlarged group is expected to benefit from cross-selling opportunities, research and development synergies, and stronger relationships with global customers.

Overall, the transaction fits into a broader consolidation wave sweeping through the food and ingredients industry. Large food manufacturers are under pressure from inflation-weary consumers, shifting dietary trends, and increasing competition from private-label brands.

Ingredient suppliers, meanwhile, are becoming more valuable because they sit at the center of product innovation. Rather than competing solely on commodity inputs, companies are increasingly investing in proprietary formulations and technologies that allow customers to launch healthier, cleaner-label, and premium products.

That dynamic has attracted growing interest from both strategic buyers and private equity investors. Reports last year suggested that private equity firm Advent International had considered a bid for Tate & Lyle, although no formal offer emerged.

Ingredion ultimately moved first, securing a business that has spent years repositioning itself for the future of food.

Oil Prices Surge Over $4 as Treasury Yields Climb and Dollar Strengthens on Iran Crisis

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Oil prices jumped sharply on Monday, with Brent crude rising more than $4 per barrel, as fresh Israeli strikes on Iranian targets and renewed attacks on Lebanon eroded optimism for a quick diplomatic resolution and heightened concerns over global energy supplies.

At the same time, U.S. Treasury yields edged higher, and the dollar strengthened, reflecting a classic risk-off environment where geopolitical tensions fuel inflation fears and bolster the safe-haven currency.

Brent futures climbed $4.42, or 4.47%, to $97.15 per barrel by early European trading, while U.S. West Texas Intermediate crude gained $4.07, or 4.50%, to $94.61. The moves erased Friday’s losses and pushed prices back toward recent highs, though they remain below the peaks near $120 seen in March shortly after the war began.

Israel said it struck a petrochemical plant in Iran’s southwest Mahshahr complex, the first direct hit on an energy facility inside Iran since the fragile April ceasefire, along with other military targets. A provincial official confirmed damage to parts of the site. The strikes came despite reported urging from U.S. President Donald Trump for Israeli Prime Minister Benjamin Netanyahu to hold back.

Hopes for an imminent diplomatic breakthrough and reopening of the Strait of Hormuz have now faded significantly. Iran has made a ceasefire in Lebanon a precondition for any broader deal with Washington. On Sunday, Iran fired missiles at Israeli targets in retaliation for strikes on Lebanon, further complicating negotiations.

Iran’s ambassador to Moscow, Kazem Jalali, told Russian newspaper Izvestia that the Strait of Hormuz would reopen but under new conditions set by Iran and Oman, including the possible imposition of a transit fee. This would mark a historic shift in control over one of the world’s most vital energy arteries, which normally carries about one-fifth of global oil and LNG supplies.

The waterway has been largely blocked since late February, creating the biggest supply crisis in history. Combined with U.S. retaliatory measures against Iranian ports, this has severely restricted flows and kept physical supply tight even as traders speculate on diplomatic progress.

Treasury Yields and Dollar Gain Traction

The escalation in the Middle East sent U.S. Treasury yields higher across the curve as investors priced in persistent inflationary risks from elevated energy costs. The benchmark 10-year note yield increased 2.6 basis points to 4.562%, the 2-year rose 1.2 basis points to 4.174%, and the 30-year climbed 2.2 basis points to 5.02%.

The dollar traded near its highest level in nearly two months, supported by a combination of safe-haven flows and renewed bets on Federal Reserve rate hikes later this year. The euro hovered near nine-week lows around $1.1525, while the pound traded near three-week lows at $1.3344. The yen remained under pressure and close to intervention territory.

This bond market reaction underlines the dual pressures facing the Fed under new Chair Kevin Warsh: a resilient U.S. labor market (evidenced by Friday’s stronger-than-expected jobs report showing 172,000 nonfarm payrolls) combined with energy-driven inflation risks. Markets now price in roughly a 50% chance of a rate hike by September, with some analysts forecasting two 25-basis-point increases before year-end.

“The U.S. payrolls report paints a picture of a U.S. labor market that is strengthening despite the ongoing energy price shock. That combination makes policy tightening by the Fed later this year increasingly probable,” Jonas Goltermann, chief markets economist at Capital Economics, said.

OPEC+ Output Hikes Offer Limited Relief

In a separate development on Sunday, OPEC+ agreed to its fourth consecutive monthly increase in output targets. The seven core members will raise quotas by another 188,000 barrels per day from July. However, analysts said the decision has minimal practical effect while the Hormuz closure persists.

Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official, noted: “An OPEC+ production increase means very little while the Strait of Hormuz remains closed. When the Strait of Hormuz reopens, the market could move very quickly from fear of shortage to fear of surplus.”

The group is gradually unwinding a 2023 production cut, but actual output has collapsed due to export restrictions. April production averaged just 33.19 million bpd, down sharply from 42.77 million bpd in February. The UAE’s departure from OPEC after nearly 60 years further complicates the group’s cohesion.

However, the renewed spike in oil prices has added significant uncertainty to the global economic outlook. Higher energy costs feed directly into inflation readings, complicating central bank efforts worldwide and raising borrowing costs at a sensitive time.

Economists have also warned that the combination of geopolitical risk premiums, resilient U.S. labor data, and shifting Fed expectations is creating a volatile environment for financial markets. Equities, particularly in tech and growth sectors, face headwinds from higher yields and energy costs, while defensive and energy-related assets may find support.

Airline Profits Headed for a Half as $100bn Fuel Jump Threatens Industry – IATA

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The global airline industry’s post-pandemic recovery is facing its most serious test in years, with soaring jet fuel prices expected to slash carrier profits by nearly half in 2026 and expose deep vulnerabilities across the aviation sector.

The warning from the International Air Transport Association (IATA) highlights how the economic fallout from the U.S.-Iran conflict is rippling far beyond energy markets, threatening airline earnings, ticket affordability, and the pace of growth in global air travel.

According to IATA, net profits for airlines worldwide are projected to fall from $45 billion in 2025 to $23 billion in 2026, while industry-wide net margins are expected to shrink from 4.2% to just 2.0%. For an industry that traditionally operates on razor-thin margins, the decline indicates that external shocks are rapidly eroding profitability.

Fuel, which remains the single largest operating expense for most airlines, remains the leading cause of the problem.

IATA Director General Willie Walsh said average jet fuel prices are expected to be 70% higher than a year earlier, adding roughly $100 billion to the industry’s collective fuel bill. The surge followed disruptions in global energy markets triggered by the conflict between the United States and Iran, which sent oil prices above $100 per barrel and pushed jet fuel prices sharply higher.

The situation marks a recurring challenge for airlines. While carriers have largely recovered passenger traffic lost during the COVID-19 pandemic, they remain highly exposed to geopolitical crises that can rapidly drive up fuel costs.

The impact is already visible across major aviation markets.

Data cited by IATA show jet fuel prices jumped 103% in March compared with the previous month and remained more than 62% higher than a year earlier by early June. In the United States, airlines spent $5.06 billion on fuel in March, a 56.4% increase from February and roughly 30% higher than the same month in 2025.

The pressure is forcing airlines into a difficult balancing act. Raising fares can offset some of the higher costs, but excessive price increases risk dampening demand, particularly among leisure travelers who are more sensitive to economic uncertainty.

That challenge is becoming increasingly apparent.

Although travel demand remains relatively resilient, airlines are reporting changes in customer behavior. Travelers are waiting longer before booking flights, making revenue forecasting more difficult. At the same time, carriers face growing uncertainty over how much additional cost consumers are willing to absorb.

An IATA survey found that 86% of travelers expect ticket prices to move in line with fuel costs, while nearly half anticipate spending more on travel this year than they did previously. However, there are limits to how much airlines can pass on before demand begins to weaken.

The risks are especially acute for carriers whose finances have not fully recovered from the pandemic. Many airlines spent years rebuilding balance sheets damaged by COVID-era travel restrictions. Those companies now face another external shock before fully restoring financial strength.

Airlines in the Gulf region may be particularly exposed because of their geographic proximity to the conflict and their heavy dependence on long-haul international traffic.

The divergence between stronger and weaker carriers is already becoming more evident. European low-cost airline EasyJet reported a first-half pre-tax loss of £552 million and disclosed an additional £25 million fuel burden during March alone. Germany’s Lufthansa expects fuel expenses to increase by €1.7 billion this year, describing the geopolitical environment as an “enormous challenge.”

By contrast, Ryanair has demonstrated how fuel hedging can provide a significant competitive advantage. The Irish carrier has locked in 80% of its summer fuel requirements and recently reported a 40% increase in annual profit after tax to nearly €2.3 billion.

That disparity may foreshadow a broader restructuring across the industry. Historically, prolonged periods of elevated oil prices have accelerated consolidation in aviation, with financially weaker airlines struggling to survive while larger, better-capitalized competitors gain market share.

Ryanair CEO Michael O’Leary has openly warned that sustained oil prices near $150 per barrel could trigger airline failures across Europe.

If such a scenario unfolds, it could reshape competitive dynamics across key markets.

Beyond airline earnings, the fuel shock also comes with wider economic implications. Aviation serves as a critical enabler of tourism, international trade, and business travel. Higher fares can reduce mobility, dampen tourism spending, and increase transportation costs for global commerce.

The industry had entered 2026 expecting another year of strong expansion driven by pent-up travel demand and recovering international routes. Instead, airlines now find themselves confronting a new reality where geopolitical tensions, energy market volatility, and inflationary pressures are once again dictating business performance.

The outlook suggests a growing divide between carriers with strong balance sheets, extensive fuel hedging programs, and pricing power, and those operating with thinner margins and limited financial flexibility. The broader lesson for the aviation industry is that while passenger demand has largely recovered from the pandemic era, profitability remains vulnerable to events far beyond the control of airlines.