ISTANBUL

Here is a rundown of all the news you need to start your Thursday with, including Türkiye welcoming the ceasefire between Iran and Israel, US President Donald Trump calling for the dismissal of Israeli Prime Minister Benjamin Netanyahu’s corruption trial, and NATO allies agreeing to allocate 5% of GDP annually by 2035 to meet both core defense requirements and broader security needs.

TOP STORIES

• Türkiye welcomes ceasefire between Iran and Israel, urges diplomacy: President

The Turkish president said his country welcomes the newly declared ceasefire between Iran and Israel and that he expects both sides to “fully comply with my friend (US President Donald) Trump’s call unconditionally.”

In remarks following a NATO summit in The Hague, Recep Tayyip Erdogan confirmed that Türkiye had been involved in intense diplomatic efforts from the onset of the recent military hostilities between Israel and Iran on June 13, which he said “posed serious risks to the region.”

The recent escalation between Israel and Iran has put the region at serious risk, Erdogan said, adding that since the crisis began, intense diplomatic efforts and talks with regional leaders have been ongoing.

• Trump calls for dismissal of Netanyahu’s corruption trial

US President Donald Trump called for Israeli Prime Minister Benjamin Netanyahu’s corruption hearing Monday to be dismissed in lieu of the service he has done for Israel.

“I was shocked to hear that the State of Israel, which has just had one of its Greatest Moments in History, and is strongly led by Bibi Netanyahu, is continuing its ridiculous Witch Hunt against their Great War Time Prime Minister!” Trump said on his Truth Social platform.

In his post, he fervently defended Netanyahu by calling him a warrior that went through hell to fight “a very tough and brilliant longtime enemy of Israel, Iran.”

• NATO allies agree to allocate 5% of GDP to defense by 2035

NATO’s 32 member states committed to a significant boost in defense spending, pledging to allocate 5% of gross domestic product (GDP) annually by 2035 to meet both core defense requirements and broader security needs.

In a declaration issued at the end of a summit in The Hague, the alliance said the investment aims to strengthen deterrence and defense capabilities amid growing security challenges, particularly the "long-term threat" posed by Russia and the persistent danger of terrorism.

"Allies commit to invest 5% of GDP annually on core defense requirements as well as defense- and security-related spending by 2035 to ensure our individual and collective obligations in accordance with Article 3 of the Washington Treaty," the declaration said.

NEWS IN BRIEF

• US special envoy to the Middle East Steve Witkoff said the United States and Israel achieved their objectives in recent strikes on Iran and a ceasefire is now in place.
• Spanish Prime Minister Pedro Sanchez asserted his country’s steadfast commitment to meeting the new capabilities targets agreed on by NATO members while pushing back against doubts over Madrid's defense budget.
• US Central Intelligence Agency director John Ratcliffe said that new information confirms Iran's nuclear program suffered significant damage after recent targeted strikes.
• The UN agency for Palestinian refugees (UNRWA) warned that Gazans face a severe water crisis threatening them with death from thirst as Israeli strikes and fuel restrictions have crippled the enclave’s water infrastructure.
• The Kenya National Commission on Human Rights (KNCHR) reported eight fatalities from alleged gunshot wounds in six counties during nationwide protests to mark the anniversary of the deadly 2024 anti-taxation protests.
• Pakistan and the United Arab Emirates held a comprehensive review of ties in Abu Dhabi after a 13-year hiatus, according to a statement from Islamabad's Foreign Ministry.
• ​​​​Iran’s defense minister arrived in China as the Asian country hosts a two-day defense summit, said media reports.
• French President Emmanuel Macron reiterated to Israeli Prime Minister Benjamin Netanyahu the "absolute necessity" of establishing a ceasefire in the Gaza Strip.
• During a bilateral meeting on the sidelines of a NATO summit in The Hague, British Prime Minister Keir Starmer thanked Turkish President Recep Tayyip Erdogan for his support to the Coalition of the Willing planning and for Türkiye’s role in Ukraine peace talks.
• Iran said a senior commander of the elite Islamic Revolutionary Guard Corps (IRGC) had died of wounds from an Israeli airstrike.
• The Russian Defense Ministry announced that Defense Minister Andrey Belousov met with his Chinese counterpart, Dong Jun, in Qingdao.
• South Korea and NATO have agreed to establish a consultative body on defense industry cooperation, a local media report said.

BUSINESS & ECONOMY

• Nvidia again becomes world’s most valuable company as shares hit record high

US AI chipmaker Nvidia regained its position as the world’s most valuable company as its shares rose 4.33% to close at a record high.

Its stock finished at $154.31 midweek, exceeding its previous closing high of $149.43 on Jan. 6.

Nvidia is now worth $3.77 trillion, again becoming the most valuable company in the world by market cap, beating Microsoft.

• Trump calls Fed Chair Powell 'terrible,' says he is considering '3 or 4' people to replace him

US President Donald Trump again urged Federal Reserve Chairman Jerome Powell to cut rates, calling him "terrible," while also confirming that he is considering "three or four" people for Powell’s replacement.

"I think he is terrible," Trump said of Powell in a press conference following the NATO Heads of State and Government Summit in The Hague, Netherlands.

He said that Powell "goes out pretty soon, fortunately," and accused him of being overly cautious and "very political."