Greece and Israel signed on Monday a €3 billion deal for the massive “Achilles Shield” agreement, under which Israel will build Greece a multi-layered air defense array based on Israeli systems architecture. The intergovernmental agreement for the development of an anti-aircraft, anti-ballistic missile and counter-drone shield – known as the “Achilles Shield” – reportedly features […]
ISLAMABAD: The leaders of Pakistan’s Jamaat-e-Islami (JI) on Sunday warned of staging sit-ins in Rawalpindi and Islamabad if authorities refuse to grant permission for a public gathering in the garrison city, as the party escalates pressure on the government over rising fuel prices and inflation. Hafiz Naeemur Rehman, the emir of Jamaat-e-Islami, told a news ... Read more
Prime Minister Mark Carney will also attend the European Union’s annual State of the Union address by the European Commission President Ursula von der Leyen.
Most laws are supposed to apply broadly, to citizens, companies, or at least some recognizable category of people. But every now and then, a government has skipped that step entirely and written legislation with one particular person already in mind. These are not hypothetical examples or strange local ordinances that technically affect only one resident. […]
The Coalition of the Willing for Ukraine meets this Monday, August 24 — the 35th anniversary of Ukrainian independence — under the joint chairmanship of Emmanuel Macron, Friedrich Merz and Andy Burnham. The meeting comes at an urgent moment: fighting is intensifying on the ground and Moscow is preparing a new mobilization, while in Kyiv, Volodymyr Zelensky has just ruled out holding elections in wartime.
The ‘Volontaies’ Coalition at the Élysée (Élysée Palace)
A Meeting Under Heavy Diplomatic Pressure
According to a statement from the Élysée Palace released Friday, August 21, the Coalition of the Willing — an international alliance supporting Ukraine formed in March 2025 at the initiative of Czech President Petr Pavel — will meet this Monday at 1 p.m. in a hybrid format, with Volodymyr Zelensky taking part. The session will be jointly chaired by Emmanuel Macron, via videoconference, German Chancellor Friedrich Merz, and, for the first time, new British Prime Minister Andy Burnham. About a dozen leaders, including European Council President António Costa, are expected to be in Kyiv alongside the Ukrainian head of state, while European Commission President Ursula von der Leyen is not expected to attend in person.
According to a European official cited by several news agencies, talks are expected to focus primarily on strengthening Ukrainian air defenses, as the country faces a shortage of interceptors against Russian strikes. The Élysée says leaders will reaffirm “their determination to increase pressure on Russia” and continue coordinating measures aimed at drying up the resources funding Russia’s war effort, including the fight against the “shadow fleet” Moscow uses to circumvent oil sanctions. The meeting is also meant to advance work on security guarantees intended to underpin a “just, robust and lasting” peace, building on the Paris Declaration of January 6, 2026.
On the Ground, Moscow Prepares a New Mobilization
The meeting comes as the war enters a phase of intensification. Volodymyr Zelensky said this weekend that Russia plans to mobilize an additional 300,000 troops for the Ukrainian front after Russia’s parliamentary elections, scheduled for September 16-20, with a longer-term goal of recruiting 500,000. The Ukrainian president described a “peripheral mobilization” that would spare Russia’s major cities but, he said, would be hard to conceal. He also cited a Russian goal of producing roughly 1,300 ballistic missiles a year, while Ukraine expects to receive only 264 interceptor missiles this year, down from 364 in 2025 and 675 in 2023 — a shortfall Kyiv is trying to offset through new agreements, including delivery of at least one SAMP/T air-defense system from France and roughly 600 missiles from Germany.
These statements echo converging battlefield reports. Recent military bulletins point to intense fighting on the Zaporizhzhia, Kherson and Dobropillya fronts and in Dnipropetrovsk region, along with exchanges of soldiers’ remains between the two sides. This information comes from both Ukrainian and Russian sources, whose respective figures cannot be independently verified and should be treated with caution.
BACKGROUND
Formed in March 2025 at the initiative of Czech President Petr Pavel, and later organized under French and British leadership, the Coalition of the Willing brings together roughly thirty countries supporting Kyiv. It notably held a summit in Paris on July 13, 2026, on the eve of the Bastille Day parade, building on the G7 summit in Évian and the Paris Declaration of January 6, 2026.
Zelensky Rules Out Elections That Would “Destroy the Country”
On the domestic front, Volodymyr Zelensky responded for the first time to the call for elections made last week by his former defense minister, Mykhailo Fedorov, who was dismissed in late July amid vocal protests. In remarks made Saturday and released Sunday, the Ukrainian president said holding a wartime vote, absent a major cessation of hostilities, would “destroy the country by splitting society,” calling the prospect a “tsunami.” Ukrainian law bars elections under martial law, in effect since Russia’s full-scale invasion began in February 2022; Mr. Zelensky’s presidential term technically expired in May 2024.
Mr. Zelensky pointed to the practical hurdles such a vote would have to overcome — including how to enable voting by mobilized troops, millions of refugees abroad, and residents of Russian-occupied territory. According to an analysis by CNN, an incomplete or contested vote would hand Moscow a propaganda win, since the Kremlin already cites the wartime ban on elections to question the Ukrainian president’s legitimacy, even as Russia’s own electoral process is not considered free by Western observers. Polling suggests former armed forces commander Valery Zaluzhny or Mr. Fedorov himself would be the frontrunners in any eventual election.
Two Fronts for Kyiv: Military and Political
The convergence of these two issues — international military support and the debate over the democratic legitimacy of Ukraine’s leadership in wartime — casts Monday’s meeting in a particular light. For the Western leaders gathered around Emmanuel Macron, the goal is to demonstrate the durability of their commitment at a moment when Moscow is betting on wearing Kyiv down before winter, and when the question of security guarantees still has no concrete bearing on any ceasefire.
In July 2025, a protester shot a cop outside an ICE detention facility in North Texas. The federal government alleged the incident was the result of an “antifa” terrorist plot involving a network of friends and acquaintances united in leftist beliefs. The case that ensued was chilling:
It didn’t matter that little evidence of a premeditated attack on law enforcement ever emerged. It didn’t matter that every defendant, except the actual shooter, was exonerated of the original attempted murder charges. It didn’t even matter that prosecutors struggled to show the defendants belonged to an “antifa cell.” In the end, they convinced the jury that Batten and most of her co-defendants were guilty of rioting, conspiracy, using explosives, and supporting terrorists.
In a Fort Worth courtroom in June, a right-wing judge sentenced Batten to 50 years behind bars—a stark warning to others who might challenge the president’s agenda.
Alternative for Germany (AfD) co-leader Alice Weidel has launched a fiery attack against government-aligned NGOs, accusing them of illegitimately funneling public and private funds into state election campaigns to support the far-left Social Democrats (SPD) and the Green Party.
Speaking out against the massive capital deployment in Saxony-Anhalt, Weidel called for a full legal investigation into campaign spending practices.
“What is becoming apparent here is a democratic scandal that must be fully investigated legally,” Weidel stated.
At the center of the dispute is the left-leaning advocacy group Campact, which recently disclosed plans to spend hundreds of thousands of euros on targeted voter mobilization ahead of regional balloting. Weidel argued that such political intervention crosses the threshold into unregistered campaign financing.
“When organizations with substantial financial resources deliberately campaign in favor of left-wing parties, the question arises whether they are still operating within the limits of permissible party funding,” she said, emphasizing that a mere “relabeling as ‘campaign'” should not exempt third-party groups from statutory donation oversight.
The AfD is extremely close to securing an absolute majority in Saxony-Anhalt, which would enable the party to rule without a coalition. That may be necessary, since even with 42 percent of the vote, the AfD may be kept entirely from power through a coalition consisting of all other victorious parties. Much depends on whether certain parties, like the Greens, receive 5 percent of the vote, which is the threshold required for them to enter parliament.
Weidel pointed to the current ruling coalition of the SPD and Christian Democrats (CDU), targeting political hypocrisy surrounding state funding for civil society networks.
“It is an absolute scandal when left-wing NGOs claim political neutrality on the one hand, but on the other hand engage in massive fear-mongering against opposition parties critical of the government and advocate for the election campaign interests of the SPD and the Greens,” she said.
Chancellor Friedrich Merz had initially announced he would “clean up such negative developments” surrounding the explosion in the number of NGOs and their activities in Germany. However, Weidel says that the current black-red federal alliance has done the exact opposite by expanding federal allocations toward politically active advocacy organizations.
The AfD wants to completely revamp and likely strip much of the NGO sector in Germany of its massive power and financing, at least if that funding comes from the state. The party is pressing for strict statutory reforms regarding campaign operations and nonprofit privileges. The AfD leader demanded “complete transparency about all state funding to NGOs, but also – as in the case of Campact – about clients, major sponsors and their political activities.”
She argued that tax exemptions or state subsidies ought to be “bound to clear neutrality, transparency and control requirements.”
She is also calling for a level electoral playing field: “Anyone who intervenes in political decision-making must face democratic transparency and fair competitive conditions –regardless of whether it is a party, a foundation or an NGO.”
While Weidel may be focusing her ire on Campact, the NGO itself does not receive any taxpayer euros.
The controversy is centered around documents showing major third-party expenditures were formally submitted to parliamentary auditors. Disclosures show that Campact earmarked twin campaign budgets of 310,000 euros ($340,000) each aimed at boosting turnout for both the SPD and the Greens.
For its part, Campact maintains that its activities strictly adhere to electoral laws because the organization executes independent strategy rather than transferring funds directly to party treasuries. On its official website, the group asserted that the funds would be spent “without any mandate or control by these parties.”
Describing its initiative as a parallel campaign focused on “voting strategically,” Campact rejected assertions that its spending constitutes a party contribution, even though parliamentary transparency registries log third-party expenditures in similar disclosure frameworks.
“We do not transfer money to the SPD or the Greens,” the far-left organization stated, maintaining that they are urging citizens to vote for specific parties “on their own initiative.”
The move from Campact may be open to a legal challenge, but by then such a challenge moves through the court system, the election in Saxony-Anhalt will likely have long been decided.
A casual snapshot with a prominent Alternative for Germany (AfD) politician has ignited a massive political firestorm in a small German town, leaving four volunteer firefighters facing potential expulsion from service.
The controversy centers on the market square of Egeln – a town of 3,000 residents in Saxony-Anhalt – where local volunteers chose to pose for a photograph with AfD lead candidate, Ulrich Siegmund.
For those readers unfamiliar with Siegmund, he is arguably public enemy number one in the country at the moment. With upcoming state elections in Saxony-Anhalt, much is at stake, with Siegmund’s AfD party is close to capturing an absolute majority of the vote. Due to the popularity of Siegmund in the state, Spiegel Magazine has now famously released a cover featuring the AfD politician while labeling him the “most dangerous man in Germany.” In the article, which describes Siegmund as good looking, polished, and excellent at connecting with voters, his photo is presented as if it were a police mugshot.
The magazine article comes almost at the same time as the incident with the firefighters, which was captured on video last week by “Weichreite TV.” According to the video footage, an active fire truck pulled up near an AfD information booth. The crew, still wearing portions of their official fire department uniforms, approached the politician.
The interaction began cordially, with Siegmund greeting the emergency responders warmly. Shaking their hands, the politician remarked, “Boys, call it a day, you deserve it. Thank you for your efforts.” Seeking to connect further, Siegmund later asked, “Is there anything else I can do for you?”
One of the volunteers responded, “We just wanted to take a look, we wanted to meet in person.”
The group then gathered in front of their department vehicle to take a commemorative photo with the AfD candidate.
Egeln’s long-standing mayor, Michael Stöhr, reacted with fury. The fact that Siegmund’s party is polling at 43 percent, which means nearly half of all voters support him, did not stop the enraged mayor from threatened to fire volunteer firefighters – a move that could leave his community vulnerable during peak wildfire season.
In a detailed, sharply worded Facebook statement, the independent politician expressed that he was “stunned” by the crew’s actions, arguing that their conduct inflicted “enormous damage” on the reputation of the volunteer fire service.
“As mayor of the municipality and head of the volunteer fire department, I expressly clarify that such behavior by members of our volunteer fire department in the line of duty cannot be tolerated,” Stöhr wrote. He further announced his intention to “evaluate the action internally and of course draw appropriate consequences.”
He even implied that taking a photograph with one politician could mean their political alignment could compromise their impartiality during emergency operations. Thus, he is implying these firefighters may refuse to put out a fire simply because they posed with an AfD politician.
“Our population must be able to rely on our fire department to provide assistance in an emergency, regardless of political opinion, religion, or origin. Should this be even remotely questioned by members of the volunteer fire department, then they have no business being in the fire department anymore.” Stöhr claimed.
Concluding his public statement, Stöhr stated that he could only “therefore, explicitly apologize to all volunteer helpers in the fire departments,” while stating “that something like this will not happen again in our local fire brigades of the Egelner Mulde municipality.”
Mayor’s reaction is slammed on social media
The mayor’s strict disciplinary stance has triggered an intense wave of public criticism. Rather than garnering widespread community support, the Facebook post quickly became a lightning rod for controversy, accumulating nearly 8,500 comments.
The vast majority of online users expressed deep shock over how the volunteer first responders were being publicly treated by local leadership. In the wake of the uproar, several commentators have begun demanding the resignation of Mayor Stöhr, who has held his office for 16 years.
Right before pivotal elections in the eastern state of Saxony-Anhalt, a debate program hosted by state broadcaster MDR showcased the massive propaganda being unleashed against the Alternative for Germany (AfD). The lead candidate for the AfD in the state, Ulrich Siegmund, not only faced seven other candidates all setting their sights on him, but also an audience and question panel hostile at every level to the AfD. In fact, at least one audience member has been identified as a politician running for the far-left Social Democrats (SPD) and another tied to the Left Party.
With the AfD potentially scoring an absolute majority in the state, all stops are being pulled out to keep the party out of power. The AfD must win an absolute majority or it will almost certainly be kept from power, with only the BSW signaling they may allow Siegmund to be elected president of the state if push comes to shove. Currently, the party is polling at 42 percent, which means just a few points will make all the difference.
As Welt notes in a piece entitled “Everyone against the AfD,” the entire MDR debate became a farce, noting that the audience members chosen to direct questions to the candidates appeared carefully selected by the state broadcaster.
“Nineteen people then had the opportunity to do so on the program, including several pensioners, students, teachers, local politicians, a queer activist, and a refugee from Syria. People who had little or no opportunity to speak: people who stand on the assembly line, on the construction site or in the shop every day, skilled workers, craftsmen, entrepreneurs, creatives,” wrote Welt.
Now, it is being reported that the audience member who said he fears attacks from right-wing extremists is tied to the Left Party.
Der in der MDR #Wahlarena zur Landtagswahl in Sachsen-Anhalt interviewte Studiogast, der Angst hat, dass ihm AFD-ler auf der Straße auflauern, ist bei Die Linke. #OerrBlogpic.twitter.com/GweKTR9NM3
In addition, the hosts’ questions themselves were also carefully selected to avoid the topics most damaging to the ruling parties and the status quo. While the MDR claimed that the questions represented “the diversity of topics and perspectives in Saxony-Anhalt,” the reality was quite different.
“The discussion then turned to the CDU’s firewall against the AfD and the Left Party, to cutting funds for promoting democracy and inclusion in the labor market. Regarding the Convention on the Rights of Persons with Disabilities, equal opportunities in education regardless of home, and the protection of young, foreign, left-wing, and queer people. Or about the danger that Germany will become a dictatorship (from the right), the lack of will (of the West) to end Russia’s war of aggression against Ukraine through diplomacy, or the guardianship key in daycare centers.”
Welt notes that key questions were completely omitted, arguably the questions that matter most to Germans.
“The following were not addressed, or hardly addressed: the rising cost of living, affordable energy, the use of countless billions to maintain and expand infrastructure, massive job losses, and countless company bankruptcies. It wasn’t about the wave of tax increases, the botched or stalled reforms to pensions, income tax, or long-term care,” wrote Welt.
Christian Democrat (CDU) Prime Minister Sven Schulze was also among the candidates fielding questions, and even for him, the main focus of questioning appeared to relate to the AfD.
He was repeatedly asked whether he would cooperate with the AfD, until he finally stated, “I do not intend to cooperate with the AfD.“
Given that the party will almost certainly be the most powerful political force in the state, a CDU firewall will prove costly, as it will force the party to form alliances with a number of left-wing parties to remain in power.
As for the AfD’s candidate, Welt writes: “In contrast, AfD member Siegmund is a permanent presence (during the debate). However, he must also defend himself against all sides, both against the politicians on the podium and against most of the questioners. He does this with increasing irritation as the program progresses. His concept against the financial weakness of municipalities: ‘Every euro we give away in the world is missing from the federal government, states and municipalities.’ Without aid for Ukraine, there would be enough money for the municipalities.”
The Council of State annulled operating licenses for three private universities in Greece, following an appeal by a professor of the public Law School of Athens. The Council of State proceeded with the annulment of three operating licenses of private (non-state) universities, as announced on Thursday afternoon. As announced on Thursday, August 13, 2026, the […]
Prime Minister Kyriakos Mitsotakis was shortly hospitalized in the general hospital of Chania on the island of Crete after an accident with his bicycle yesterday Monday. According to information from local media zarpanews.gr, the accident occurred when the front wheel of the bicycle “slipped”, causing the Prime Minister to lose his balance and fall to […]
The total outstanding liabilities of General Government entities to private individuals and businesses fell by 168 million euros in June, declining to 3.55 billion euros from 3.718 billion euros in May. However, over the first six months of the year, they have increased by 251 million euros compared with the 3.299 billion euros recorded in […]
Italian police officers are patrolling on the streets of Athens together with their Greek colleagues. The new policing program following an agreement between Greece and Italy in 2025. Greece and Italy have launched joint police patrols in Athens and Rome in August 2026, implementing the 2025 agreement to strengthen public security, prevent crime and better […]
Greece is considering to deploy two Apache attack helicopters to the United Arab Emirates with the aim to hunt drones. The two AH-64D Apache attack helicopters will provide support for the protection of military bases and critical infrastructure against drone attacks. Under the mission, Greek pilots and technical personnel are planned to serve at a base […]
A Levante questa sera, mercoledì 5 agosto 2026, live alle 18,30, Margherita Furlan dialoga con Antonio Mazzeo e Paolo Borgognone. Washington annuncia di essere a poche ore da un’intesa provvisoria di sessanta giorni sulla riapertura dello Stretto di Hormuz. Nelle stesse ore un’inchiesta di Reuters rivela che cinque mesi di guerra hanno prosciugato quasi per intero le scorte americane di missili tattici a lungo raggio. E a Roma, dentro l’ambasciata degli Stati Uniti, si chiude il settimo round dei colloqui fra Israele e Libano. Tre notizie che i telegiornali raccontano separate. Le leggiamo come un solo movimento: la potenza egemone consuma, l’Europa paga, l’Italia presta il territorio. Il magazzino è vuoto, e la diplomazia improvvisa di Washington somiglia molto a un inventario. AFFRONTIAMO INSIEME L’accordo su Hormuz e chi tratta davvero con chi: Teheran ribadisce che il negoziato è con l’Oman e non con Washington L’inchiesta sugli arsenali americani esauriti e cosa significa per la deterrenza verso Russia e Cina Le comunicazioni di Giorgetti alla Camera: 21,7 miliardi per la difesa e 14,4 per l’energia, con la flessibilità energetica incastrata dentro la clausola militare I 14,9 miliardi del fondo europeo SAFE, prestiti da restituire, e lo scontro sul mandato parlamentare Roma sede del negoziato Israele-Libano mentre l’Idf costruisce nuove basi nel sud del Paese dei cedri Cosa resta della tradizione di sovranità mediterranea da Mattei a Moro a Craxi Perché la borsa festeggia insieme la pace sullo Stretto e il titolo della prima azienda italiana della difesa LIBRI DEGLI OSPITI Antonio Mazzeo La scuola va alla guerra. Inchiesta sulla militarizzazione dell’istruzione in Italia, Manifestolibri I padrini del ponte. Affari di mafia sullo stretto di Messina Sicilia armata. Basi, missili, strategie nell’isola portaerei della NATO Il MUOStro di Niscemi. Per le guerre globali del XXI secolo Paolo Borgognone Populismo e «democrazia illiberale», Il Cerchio, 2023 La dottrina Stranamore, La Vela, 2022 Goodbye globalism!, Il Cerchio, 2022 Storia alternativa dell’Iran islamico, Oaks Editrice, 2019 SOSTIENI CASA DEL SOLE TV
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Part of ceiling of the newly renovated Emergency Department (ER) in the General Hospital of Corinth, collapsed less than a month after the inauguration by Health Minister Adonis Georgiadis. According to hospital personnel, the collapse occurred in the exact same area where the inauguration took place, putting employees, patients and attendants at risk. In a […]
Hanoi (dpa) – Vietnam and the European Union on Thursday upgraded ties to a comprehensive strategic partnership, Vietnam’s highest diplomatic tier, amid a tumultuous period for global trade.
In a joint statement, Vietnam and EU stressed “the importance of a partnership based on common interests and shared values of peace, security, and prosperity in a rules-based international order, based on international law.”
Though US tariffs were not explicitly mentioned, at a press briefing held after meeting Vietnamese President Luong Cuong, European Council President António Costa said: “At a moment when the international rules-based order is under threat from multiple sides, we need to stand side-by-side as reliable and predictable partners.”
“Vietnam considers the EU one of its most important partners in the world and wishes to continue promoting and deepening its relationship with the EU,” Cuong said.
Cuong labelled the move a “historic milestone,” coming 35 years after Vietnam and the EU established diplomatic relations. The EU-Vietnam free trade agreement, signed in 2020, has helped drive a 40 percent increase in bilateral trade.
Vietnam is one of the EU’s largest trading partners in South-East Asia, while the EU is Vietnam’s fourth-largest trading partner. In the first 10 months of 2025, two-way trade reached nearly 61 billion Dollar (51 billion Euro), up 8.4 percent year on year.
Vietnam and the EU on Thursday also underscored the need to strengthen cooperation on peace, defence and security, and voiced support for multilateralism and respect for international law, including the UN Charter. (29 January)
Greece’s Prime Minister Kyriakos Mitsotakis announced the establishment of an inter-ministerial group responsible for scientific research and the development of a legal framework for the potential deployment of nuclear energy. Greek Prime Minister Kyriakos Mitsotakis is championing small modular reactors. The country could reportedly participate in an investment round for the French EDF’s Nuward. The […]
Opposition parties slammed Prime Minister Kyriakos Mitsotakis over his statement on the devastating wildfires in Greece in his weekly review traditionally posted on social media on Sundays. “Without a trace of self-criticism about the fires” as news website in.gr entitled its relevant report, “he blamed everything on extreme weather phenomena.” At a time when voices […]
Since the outbreak of the US-Israeli conflict with Iran in late February 2026, the six largest Wall Street banks have posted one blockbuster quarter after another. It’s a paradox that isn’t really one: market volatility — the very thing savers and businesses dread — is precisely what trading desks feed on.
Numbers That Boggle the Mind
On July 14, 2026, five of the biggest US banks reported earnings on the same day, and the results surprised even the most bullish analysts. JPMorgan Chase, the nation’s largest bank by assets, posted quarterly profit of $16.9 billion, once again driven by its equities trading division, which “took advantage of market volatility triggered by the war in Iran.” Revenue in that division jumped 35% year-over-year, and equity markets revenue soared 86%.
According to several financial outlets, JPMorgan’s profit — including gains on its equity holdings — actually came close to $21 billion for the quarter, an all-time record for the bank.
Goldman Sachs was no exception: the investment bank also handily beat forecasts, lifted both by conflict-driven volatility and by SpaceX’s record-breaking IPO, which Goldman co-led. Its merger-advisory fees rose 55%, and in the first half of 2026 alone it advised on $1.2 trillion in announced mergers and acquisitions — an unprecedented pace for any investment bank, putting it $425 billion ahead of its nearest rival.
All told, in the second quarter of 2026 alone, the five biggest banks combined (JPMorgan, Bank of America, Goldman Sachs, Citigroup and Wells Fargo) posted roughly $49 billion in combined profit. In the first quarter, the six largest US banks — those five plus Morgan Stanley — had already collectively booked nearly $48 billion in profit, well above year-earlier levels.
Why Does War Benefit the Banks?
The mechanism is no mystery to market professionals, even if it startles the general public. A trading floor doesn’t make money when markets are calm — it makes money when they move. Every geopolitical jolt — a military strike, a rumored ceasefire, a partial closure of the Strait of Hormuz — triggers waves of buying and selling across stocks, currencies and commodities. Every transaction generates fees.
Since the first US-Israeli strikes on February 28, 2026, bond, oil and stock markets have swung wildly with each twist of the conflict and every dashed hope of a truce. That chronic instability has directly fueled investment banks’ trading revenues.
On top of that comes an indirect effect: the war slowed, then unleashed in waves, mergers-and-acquisitions activity and IPOs — two highly lucrative businesses for investment banks, which collect substantial advisory fees on every deal.
Goldman Sachs itself acknowledges as much in black and white in its quarterly financial report filed with the US securities regulator (SEC): the Iranian conflict has had “significant implications for the global economy,” combining disrupted oil supply, higher oil prices and heightened equity-market volatility — precisely the ingredients of the trading desk’s playbook.
A Paradox That Goes Beyond the Banks
This phenomenon isn’t confined to the banking sector. Major oil companies — especially European majors with large trading arms, such as TotalEnergies — have seen profits surge on the back of price swings following the partial closure of the Strait of Hormuz, a route for roughly a fifth of the world’s oil and gas. Defense contractors, for their part, are reporting record order backlogs, led by Lockheed Martin, Boeing and Northrop Grumman, buoyed by allied nations rearming.
Meanwhile, households and non-financial businesses bear the flip side of that same volatility: higher energy prices, costlier freight, and mounting uncertainty for long-term investment. The conflict has thus become a vast transfer of wealth, in which the very instability harming the real economy is simultaneously enriching a handful of financial and industrial players positioned to capitalize on it.
At a Glance
Q1 2026: the six largest US banks combined for nearly $48 billion in profit.
Q2 2026: five of them posted roughly $49 billion in combined quarterly profit.
JPMorgan: record quarterly profit of nearly $21 billion (including gains).
Goldman Sachs: M&A advisory fees up 55%, with its M&A backlog at a five-year high.
Mechanism: market volatility, driven by the twists and turns of the US-Israeli conflict with Iran since February 28, 2026, has mechanically boosted investment banks’ trading and advisory revenues.
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