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Ovik Mkrtchyan Says Lawsuit Is About Clearing His Name After Alleged Reputational Campaign

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Ovik Mkrtchyan Says Lawsuit Is About Clearing His Name After Alleged Reputational Campaign

For Ovik Mkrtchyan, the lawsuit he has brought with Gor Investment against Straife is not only about money. It is also about reputation, family harm and what he describes as an effort to bring transparency to an alleged campaign that damaged his business and placed “at least thousands of false publications online.”

In a statement, Mkrtchyan said: “The events described in the complaint caused profound and lasting harms to me and my family that no amount of money can fully repair. In addition, the ongoing smear campaign against me has now placed at least thousands of false publications online in an effort to cause further harm. By seeking justice in the courts, I hope to bring appropriate transparency to what happened and to ensure that others do not suffer in the way that we did.”

Mkrtchyan added: “I stand behind the lawsuit and there is nothing I wish to add to the detailed complaint, as those matters will be addressed through the legal process.”

The complaint, filed in the United States District Court for the District of Columbia, names Straife, a corporate intelligence firm with a Washington presence; its chief executive, Joseph Fleming; and Stephen Payne, a Washington lobbyist who, according to the complaint, has marketed his Washington connections and experience working in the George W. Bush White House. The plaintiffs bring claims including defamation, tortious interference, injurious falsehood and civil conspiracy.

At the heart of the case is Mkrtchyan’s allegation that people he once dealt with as advisers or associates later helped his adversaries damage him. According to the complaint, Straife and Fleming advised Mkrtchyan and Gor from 2022 on sensitive strategic and risk matters, receiving more than $100,000 in fees. Payne, who allegedly worked with Mkrtchyan and his companies from around 2016, is said to have introduced him to Fleming and Straife.

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According to the complaint, the dispute arose from what the plaintiffs describe as a sanctions-related demand. The complaint alleges that Uzbek businessman Ulugbek Shadmanov and his team demanded that Mkrtchyan use his US relationships to help place two Uzbek nationals, Dmitry Lee and Komil Allamjonov, on the US sanctions list in order to prompt their prosecution in Uzbekistan. Mkrtchyan claims he refused, saying he viewed the demand as unlawful.

The plaintiffs allege that the consequences were severe. After the refusal, the complaint says Shadmanov began what the plaintiffs characterise as a campaign of retaliation. The complaint alleges that Mkrtchyan’s projects in Uzbekistan stalled, official support weakened and counterparties became reluctant to proceed.

In January 2024, according to the complaint, Mkrtchyan and his daughter were detained by officers of Uzbekistan’s State Security Service. His daughter was released, but he remained in detention for several months. The complaint alleges he was confined in harsh conditions, repeatedly interrogated, denied access to medication and pressured to confess to crimes he denied. He was released on April 12, 2024, and the complaint says official records confirm he was cleared of all charges.

The lawsuit says the damage continued after his release. According to the complaint, Straife and Fleming had proposed a course of action to secure Mkrtchyan’s release that Gor rejected on legal grounds. After the relationship ended, the plaintiffs allege Straife and Fleming agreed to assist Shadmanov and United Cement Group, or UCG, in interfering with Mkrtchyan’s projects, contracts and reputation.

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One of the most detailed allegations involves an unsigned multi-page report titled “Report on the Nefarious Activities of Uktam Aripov.” The complaint alleges Straife and Fleming prepared the document, which focused on Aripov, an associate of Mkrtchyan, but also included allegations about Mkrtchyan and his wider network. The plaintiffs allege the report was left unsigned in order to conceal Straife’s and Fleming’s involvement in preparing it.

According to the complaint, former US ambassador Stephen Akard later sent the report, together with a cover letter, to Uzbekistan’s president, Shavkat Mirziyoyev, and Uzbekistan’s ambassador in Washington, Furqat Sidikov, on August 16, 2024. The plaintiffs allege this placed damaging claims before senior Uzbek officials while obscuring Straife’s role in preparing the material.

The complaint places particular emphasis on Payne’s alleged role. According to the complaint, in April 2024, while Mkrtchyan was detained, Payne wrote in support of his release, attesting to his innocence and blaming Shadmanov and UCG. The complaint says Payne later reversed course after Fleming approached him and persuaded him to change his position.

 

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The plaintiffs allege Payne acted at Fleming’s and UCG’s direction when he sent an August 23, 2024 letter retracting his earlier support. According to the complaint, that letter set out allegations against Mkrtchyan that included references to purported links to Russian organised crime, extortion and unethical conduct—allegations Mkrtchyan denies and which the complaint describes as false.

The complaint alleges Payne worked with Fleming to draft the letter, copied Fleming on related correspondence, requested confidentiality and separately contacted Ambassador Sidikov in Washington in connection with the letter. The plaintiffs allege that Payne’s reversal was, in their characterisation, connected to subsequent lobbying and consulting arrangements.

The complaint also alleges that Payne later provided information about Mkrtchyan, Gor and Aripov to a journalist, with the aim, the plaintiffs say, of encouraging publication of material aligned with the August 2024 letter and the Straife report. The complaint states that the journalist responded sceptically to one of the items Payne had sent.

For Mkrtchyan and Gor, the complaint alleges that the reputational campaign had commercial consequences. The complaint says the defendants’ alleged conduct helped disrupt major projects and damage relationships involving companies including BASF, CC7 and CITIC. The plaintiffs claim CITIC had indicated a willingness to invest more than $1.5 billion in one of the projects and that total losses exceed $1 billion.

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The lawsuit also points to a later retraction. On October 29, 2025, Akard and his firm wrote to Uzbekistan’s president and ambassador retracting the August 2024 letter and report. According to the complaint, Akard said the material had been sent at UCG’s request, that the report had been prepared for UCG by Straife, and that neither he nor his firm had independently verified or could substantiate the allegations.

The allegations concerning Payne also come against the backdrop of a separate arbitration involving NRCO Engineering S.A., a company owned by Mkrtchyan, Payne and Linden Energy. In a May 1, 2026 Final Award, an ICDR arbitrator found in NRCO’s favour, and NRCO has petitioned the Southern District of Texas to confirm the award and enter judgment for more than $2.19 million.

In the award, the arbitrator examined Payne’s August 2024 letter to the President of Uzbekistan, in which Payne retracted his earlier letter supporting Mkrtchyan. The award states that the August letter included allegations against Mkrtchyan and Aripov, including alleged ties to Russian organised crime, threats and extortion. The arbitrator found that Payne and Logan Somera, who the award says assisted in drafting the letter, did not produce credible evidence supporting the assertions in the August retraction letter. The award also found that Payne actively attempted to conceal the existence of the letter from Mkrtchyan and Aripov.

The allegations in the D.C. complaint remain unproven. The defendants will have the opportunity to contest the complaint, challenge the plaintiffs’ account, and present their own evidence. The separate NRCO arbitration award has already made findings against Payne and Linden in a different dispute, but it does not determine the defendants’ liability in the D.C. proceedings.

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Disney’s ABC files early FCC broadcast licenses renewal

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FCC launches review of Disney broadcast licenses

Brendan Carr, commissioner at the Federal Communications Commission (FCC), during a Senate Commerce, Science, and Transportation Committee oversight hearing in Washington, DC, US, on Wednesday, Dec. 17, 2025.

Kent Nishimura | Bloomberg | Getty Images

Disney shot back at the Federal Communications Commission on Thursday as part of an early renewal process for broadcast licenses for eight of the company’s stations.

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Disney said in filings it was submitting the applications “under protest in response to an unlawful, arbitrary, and unconstitutional order” from the FCC.

In late April the FCC said it was launching an early review of the Disney-owned ABC stations years ahead of schedule following concerns around the company’s diversity, equity and inclusion efforts. The licenses of the eight stations were originally up for renewal between 2028 and 2031.

Last year the FCC, the federal entity that regulates the media and telecommunications industry, began an investigation into the DEI efforts of Disney and other media companies.

The agency said it began investigating Disney last March for possible violations of the Communications Act of 1934 and the FCC’s rules regarding its prohibition on unlawful discrimination.

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In April, the FCC said it had determined further action was needed. Disney had until Thursday to file the renewals.

The FCC’s early review came shortly after ABC faced renewed political backlash from President Donald Trump following comments made by comedian Jimmy Kimmel during his late night TV show that airs on the broadcast network.

The timing raised eyebrows from critics of the Trump administration — as well as from a sitting FCC commissioner — who said the scrutiny was politically motivated.

In Thursday’s filing, Disney said it objected to the process and added that the FCC hadn’t called for an early renewal in more than five decades.

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“The order has no legitimate purpose,” Disney said in the filing. “There is no information that the application will reveal that the Commission could not obtain through other means. The order is inconsistent with a legitimate exercise of investigative authority and is plainly incompatible with the First Amendment.”

In a statement Thursday, FCC Chairman Brendan Carr defended the agency’s actions and said they stemmed from the agency’s probe into Disney’s DEI practices that started last year. He said Disney “only filed these applications to renew their ABC broadcast licenses after the FCC informed the company that their responses to the agency’s investigation had been disingenuous, deficient, and improper.”

He added the FCC will “follow the facts and law wherever they may lead.”

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Zscaler: Golden Buying Opportunity

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Zscaler: Golden Buying Opportunity

Zscaler: Golden Buying Opportunity

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Trump officials preparing for $250 note featuring Trump’s face

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Trump officials preparing for $250 note featuring Trump's face

“As Americans struggle with the rising cost of gas, groceries, housing, and health care, President Trump’s priorities for taxpayer dollars are completely detached from the challenges families face every day,” Warner, a Democrat from Virginia, said in a statement.

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What’s Behind the Remarkable Rise of Aroma Therapy Products

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What's Behind the Remarkable Rise of Aroma Therapy Products

Something is in the air – quite literally. Across the UK and beyond, sales of aroma therapy and scent-based wellness products have been climbing steadily for the better part of a decade, accelerating sharply in the years following the global disruption of the early 2020s.

Diffusers, essential oils, room sprays, scented candles, and inhalable aroma compounds have moved from the margins of the wellness market to its mainstream centre, and the momentum shows no sign of slowing.

The numbers reflect a genuine cultural shift. The global aromatherapy market was valued at over five billion dollars in the mid-2020s and is projected to continue growing at a compound annual rate that outpaces most comparable wellness categories. In the UK specifically, consumer interest in scent-based products has expanded well beyond the traditional spa and relaxation context into everyday home environments, workplace wellness, fitness recovery, and intimate settings.

What is driving this? The answer involves a confluence of science, lifestyle change, commercial innovation, and a growing consumer appetite for products that engage the body directly rather than through the intermediary of a screen or a pill.

The Science That Legitimised the Category

Aroma therapy has a credibility problem that it has been slowly but steadily resolving. For much of the twentieth century, the idea that inhaled scents could produce meaningful physiological or psychological effects sat uncomfortably between established medicine and the fuzzier edges of wellness culture. Enthusiasts were convinced; sceptics were unconvinced; and the research base was thin enough that neither side had to work very hard to maintain their position.

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That has changed considerably. A growing body of peer-reviewed research has begun to map the mechanisms through which olfactory stimulation produces real, measurable effects on the body and mind. The olfactory system’s direct connection to the limbic region of the brain – the area governing emotion, memory, and stress response – provides a plausible and increasingly well-evidenced pathway through which scent-based compounds can influence mood, anxiety, and physiological state.

Lavender has accumulated perhaps the strongest evidence base. Multiple clinical studies have found that lavender inhalation produces statistically significant reductions in anxiety markers, heart rate, and cortisol levels. Peppermint has been studied for its effects on alertness and cognitive performance. Citrus compounds have shown promise in mood elevation research. The NHS acknowledges that while aromatherapy does not constitute medical treatment, the evidence for its role in supporting general wellbeing and stress management is sufficient to warrant serious consideration.

This gradual scientific legitimisation has had a significant commercial effect. Products that were once marketed almost entirely on lifestyle aspiration can now point to a growing body of research, and retailers have been quick to incorporate that credibility into how they present their ranges.

Lifestyle Change as a Market Driver

Science alone does not explain the scale of the growth. The timing of the aromatherapy boom aligns closely with broader shifts in how people relate to their home environments, their health, and their stress levels.

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The disruption of normal routines during the early 2020s accelerated trends that were already in motion. With more people spending more time at home, the quality of the domestic sensory environment became a live concern rather than a background consideration. Investing in how a space smells – and how that scent makes its occupants feel – moved from an indulgence to a priority for a significant portion of the population.

At the same time, a wider cultural shift toward what might loosely be called embodied wellness has been gathering pace. The dominant wellness conversation of the previous decade had centred heavily on nutrition, fitness, and digital self-tracking. The limitations of that approach – its tendency toward abstraction, its reliance on willpower and data rather than sensation and experience – have prompted a countermovement toward products and practices that work through direct physical engagement.

Aroma therapy sits squarely in this countermovement. It requires no app, no subscription, no performance. It works through the oldest and most direct of the human senses, and it produces effects that are felt immediately rather than inferred from a graph.

Beyond Essential Oils: The Full Spectrum of the Category

Public discussion of aroma therapy tends to default to essential oils and diffusers, but the category is considerably broader than that framing suggests. Understanding its full scope helps explain both the scale of the market and the diversity of the people it serves.

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At the gentler end sit the familiar products – reed diffusers, pillow sprays, bath oils, and scented candles. These products work primarily through ambient olfactory stimulation, gradually altering the scent profile of a space to produce cumulative mood and atmosphere effects. They are the entry point for most consumers and account for the largest share of market volume.

Further along the spectrum sit more targeted inhalable compounds, including room aromas based on alkyl nitrite formulations. These products operate through a more direct physiological mechanism – rapid vasodilation producing an immediate sensation of warmth and physical relaxation – and appeal to users seeking a fast-acting, intense, and short-lived effect rather than a gradual ambient one. Specialist retailers in this space, including long-established operations like Prowler Poppers, have seen sustained demand for alkyl nitrite-based room aromas over several decades, reflecting the enduring appeal of products that deliver an immediate and clearly felt physical response.

The breadth of the category is itself part of what has driven its growth. There is an aroma therapy product for virtually every use case, budget, and preference – from the three-pound supermarket reed diffuser to the premium essential oil blend from a specialist supplier. That accessibility at every price point has allowed the category to recruit consumers who might not have considered themselves wellness shoppers at all.

The Ritual Dimension

One of the most frequently underestimated factors in the appeal of aroma therapy products is the role of ritual. Research into the psychology of habit and behaviour consistently shows that deliberate, sensory-rich rituals are among the most effective mechanisms for signalling a shift in mental state – from stressed to calm, from distracted to focused, from fatigued to alert.

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Aromatherapy products lend themselves to ritual in a way that few other wellness categories can match. The act of lighting a candle, filling a diffuser, or opening a bottle of room aroma is brief, tactile, and immediately rewarding. It requires no preparation, no equipment, and no expertise. And because scent is so powerfully linked to memory and association, a ritual repeated consistently with the same product begins to acquire a conditioned effect – the scent itself becomes a trigger for the mental state it has previously accompanied.

According to research highlighted by the Mental Health Foundation, sensory rituals and environmental cues play a meaningful role in supporting psychological wellbeing, particularly in managing the transition between different modes of daily life. The growing popularity of aroma therapy products reflects, in part, a widespread and intuitive understanding of this dynamic – one that consumers have reached through experience rather than instruction.

What Comes Next for the Category

The aroma therapy market is not simply growing – it is maturing. Early growth was driven largely by novelty and lifestyle aspiration. The next phase of growth is being driven by something more durable: a consumer base that has tried these products, experienced their effects, and built them into daily life.

That shift from novelty to habit is the most bullish possible signal for a product category. Habitual purchasers are more loyal, less price-sensitive, and more likely to expand their use into new product lines within the same category. They are also more likely to recommend products to others, generating the kind of organic word-of-mouth growth that marketing budgets cannot easily replicate.

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The innovation pipeline reflects this maturity. Formulators are developing more targeted compounds, retailers are building more sophisticated product ranges, and the conversation around aroma therapy is becoming more nuanced – distinguishing between different mechanisms, different use cases, and different user needs with a precision that the early market lacked entirely.

What began as a niche interest has become a mainstream behaviour. Science has caught up, the lifestyle context has aligned, and the products have diversified to meet a demand that turns out to be both broad and deep. The rise of aroma therapy is not a trend in the pejorative sense – a passing enthusiasm that will fade as attention moves elsewhere. It is a genuine and durable shift in how people think about their sensory environment and what they are willing to invest in shaping it.

The air, it turns out, matters quite a lot.

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Moody’s Corporation (MCO) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Moody’s Corporation (MCO) Bernstein 42nd Annual Strategic Decisions Conference May 28, 2026 4:30 PM EDT

Company Participants

Robert Fauber – President, CEO & Director

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Conference Call Participants

Chinedu Bolu – Autonomous Research US LP

Presentation

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Chinedu Bolu
Autonomous Research US LP

Good afternoon, everyone, and thanks for being at this far to the last the day. Very, very pleased to have our next slide side chat Moody’s Corporation. Pleased to welcome back again once again, Moody’s President and CEO, Rob Fauber. Rob, thank you very much for coming back to the conference. And thank you today. I know you’ve been in meetings all day, so I appreciate you making it all the way here.

Robert Fauber
President, CEO & Director

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Christian, first of all, thanks. I’ve been in a windowless room in the basement all day. So it’s great to be above ground. But I did get the 4:00 slot. So I know we’ve got to be exciting here. But I just want to say thanks. This is a really high-quality conference and some great investor discussions. So thanks for inviting us.

Question-and-Answer Session

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Chinedu Bolu
Autonomous Research US LP

Good stuff. No better place to start than AI strategy. How did I know that was going to be the first question. I would say is from my observation, your AI offering is involved. It’s gone from stand-alone assistant tool. Now you’re doing more MCP based API models, more integrating into developer workflows like Microsoft 365. Maybe talk us through what you see as the evolution of your thinking around AI, what did you learn from what you’ve done so far? And then sort of what’s the next step from what ties in Moody’s Woods Intelligence?

Robert Fauber
President, CEO & Director

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Yes. So Christian, over the last, let’s call it, 8 years or

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Untouched Cash Prompts Major New Theory on Kidnapping Motive

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Savannah Guthrie & Nancy Guthrie

TUCSON, Ariz. — Nearly four months after Nancy Guthrie vanished from her Catalina Foothills home, investigators are confronting fresh questions about the motive behind what they believe was her abduction, as new public analysis highlights more than $1 million in untouched cash and challenges the assumption of a straightforward ransom plot.

The 84-year-old mother of NBC “Today” show co-anchor Savannah Guthrie was last seen on January 31, 2026. She was reported missing the following day. Blood evidence believed to be hers and a removed doorbell camera fueled immediate concerns of foul play. As of May 27, marking the 118th day since her disappearance, no arrests have been made and her whereabouts remain unknown.

A new public theory introduced this week by former law enforcement officer Charles Brewer has shifted some focus away from the celebrity-adjacent ransom narrative that dominated early speculation. In a 21-minute YouTube video posted on May 24, Brewer questioned whether financial gain was ever the primary driver.

“If this truly was a celebrity-targeted kidnapping connected directly to Savannah Guthrie, why has there been no meaningful ransom communication?” Brewer asked in the video. He pointed to reports that substantial cash remained untouched and that the few ransom-style messages reportedly made little sense. “Why leave over a million dollars untouched?” he continued. “Why create ransom-style messages that reportedly make little sense? Why no sustained negotiations or proof of life, no sophisticated extortion strategy?”

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Brewer suggested the behavior surrounding the case appeared “chaotic, disconnected, even emotionally driven, or possibly connected to something far more personal than the public originally believed.” He was careful not to directly accuse any family members, instead raising the possibility of someone in the family’s broader circle — a friend, associate or acquaintance — potentially being involved.

Pima County Sheriff Chris Nanos has acknowledged progress in the investigation but has not publicly endorsed Brewer’s theory. In recent comments, Nanos expressed confidence that the case was advancing. When asked by reporters whether authorities were getting closer to a resolution, he replied simply, “We are.”

FBI and Local Police Tensions

The case has also exposed underlying tensions between local authorities and the FBI over early evidence handling. In a May 5 podcast interview, FBI Director Kash Patel stated that the bureau was “kept out” of the first four days of the investigation. He suggested that sending DNA evidence to a private laboratory in Florida rather than the FBI’s facility in Quantico may have slowed progress.

Sheriff Nanos responded in a written statement, insisting the FBI was promptly notified and that coordination began without delay. He defended the decision to use a private lab based on operational needs and noted ongoing collaboration with the FBI’s Quantico facility.

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Forensic analysis of mixed DNA recovered from the scene continues. Detectives maintain that a masked man captured on Nancy Guthrie’s Nest doorbell camera was responsible for the abduction.

Online Speculation and Family Strain

The high-profile nature of the case, tied to Savannah Guthrie’s national television role, has fueled intense online interest. Amateur investigators and true-crime content creators have scrutinized family members, including daughter Annie and son-in-law Tommaso Cioni, sometimes crossing into harassment.

Sheriff Nanos has pushed back against such activity. “We appreciate their concern, and we all want to find Nancy — but this work is best left to professionals,” he told The New York Times.

Brewer’s video reflects growing frustration with the lack of public breakthroughs. While his claims remain unverified by law enforcement, they have resonated with some observers who question the ransom motive after more than 100 days without clear demands or proof-of-life communications.

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Savannah Guthrie has continued balancing her professional duties with private advocacy for her mother. The family has offered a $1 million reward for information leading to Nancy Guthrie’s safe return, in addition to the FBI’s $50,000 reward.

Investigation Challenges

The prolonged search has tested resources and patience. Volunteers have assisted in organized efforts, including the recent discovery of clothing possibly linked to Nancy Guthrie along Highway 79. Forensic testing on that item and other evidence remains ongoing.

Pima County authorities have received thousands of tips. While many have been ruled out, officials say active leads persist. The mixed DNA sample is considered particularly important, though processing delays have frustrated some observers.

The case highlights broader challenges in missing persons investigations involving elderly victims. Rapid response is critical, yet initial evidence can sometimes lead investigations in multiple directions before a clearer picture emerges.

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Community and National Attention

Tucson-area residents have expressed continued concern and solidarity. Local organizations have offered support resources for the family and community members affected by the prolonged uncertainty.

Nationally, the case has maintained visibility due to Savannah Guthrie’s public platform. Her occasional on-air appeals and social media messages have kept attention focused on the need for information.

As the investigation moves largely behind the scenes, authorities continue urging anyone with relevant details to come forward. Tips can be submitted to the FBI at 1-800-CALL-FBI or the Pima County Sheriff’s Department at 520-351-4900.

Nancy Guthrie’s disappearance has become one of the most closely watched missing persons cases of 2026. The combination of an elderly victim, a prominent family member, and the absence of quick resolution has created a vacuum filled by both professional investigators and public speculation.

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While Brewer’s theory introduces new questions about motive, official efforts remain centered on forensic evidence, digital analysis, and traditional detective work. The untouched cash, if confirmed, does add a puzzling element that investigators must now reconcile with other findings.

For the Guthrie family, the wait continues. Savannah and her siblings have asked for privacy while expressing gratitude for ongoing public support and prayers. Their hope for Nancy’s safe return remains, even as the investigation explores increasingly complex possibilities.

The coming weeks may bring further forensic results or new tips spurred by sustained media coverage. Until then, the search for Nancy Guthrie stands as both a personal family ordeal and a public mystery that continues to unfold in Tucson and beyond.

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Dow Jones Falls 242 Points as Geopolitical Tensions and Inflation Worries Pressure Wall Street

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

NEW YORK — The Dow Jones Industrial Average dropped 241.85 points, or 0.48 percent, to close at 50,402.43 on Thursday, as renewed U.S.-Iran military exchanges and persistent inflation concerns linked to elevated oil prices weighed on investor sentiment and pushed bond yields higher.

The blue-chip index opened lower and remained under pressure throughout the session, reflecting broader risk-off sentiment across global markets. The S&P 500 and Nasdaq Composite also finished in negative territory, though losses were more moderate as technology shares showed some resilience.

Trading volume was above average as participants reacted to fresh developments in the Middle East and mixed signals from upcoming economic data. The decline extends a pattern of choppy trading seen throughout May, with the Dow giving back some of its earlier 2026 gains amid uncertainty over Federal Reserve policy and global growth prospects.

Key Factors Driving the Sell-Off

Analysts pointed to escalating geopolitical risks as the primary catalyst. Reports of U.S. strikes near the Strait of Hormuz and Iranian retaliation heightened fears of potential disruptions to global energy supplies. Oil prices rose more than 2 percent, with West Texas Intermediate crude climbing above $90 per barrel, adding to inflationary pressures.

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Higher energy costs have complicated the Federal Reserve’s path toward easing monetary policy. With consumer prices showing stickiness and the labor market remaining stable, expectations for aggressive rate cuts have diminished. This dynamic supported higher Treasury yields, which rose across the curve and put pressure on rate-sensitive sectors.

The 10-year Treasury yield climbed toward 4.4 percent, increasing borrowing costs for businesses and consumers. Mortgage rates recently hit a nine-month high, further weighing on housing-related stocks and consumer confidence.

Sector Performance Breakdown

Energy stocks were among the few bright spots, benefiting from higher crude prices. However, financials, industrials and consumer discretionary names led the declines. Banks faced pressure from the rise in long-term yields, while industrial companies with global supply chains expressed caution over potential shipping disruptions.

Technology shares provided some defensive support, with several large-cap names holding relatively steady amid broader weakness. Investors rotated toward perceived safe havens within the market, though overall risk appetite remained subdued.

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Smaller companies on the Russell 2000 index underperformed the major benchmarks, highlighting selective pressure on domestically focused businesses amid economic uncertainty.

Broader Market and Economic Context

The Dow’s performance mirrored moves in other major indices. European markets closed mostly lower, while Asian markets had opened mixed earlier in the session. U.S. futures pointed to continued caution heading into Friday’s trading.

Recent economic data has painted a mixed picture. While job growth has held up, inflation readings have been hotter than expected, partly due to energy costs tied to Middle East developments. The Federal Reserve’s new leadership under Chair Kevin Warsh faces the challenge of balancing growth risks with price stability.

Corporate earnings season has delivered mixed results. Several major companies have issued cautious guidance citing higher input costs and softer consumer demand in certain segments. However, sectors exposed to AI infrastructure and defense spending have shown resilience.

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Technical and Sentiment Analysis

From a technical perspective, the Dow broke below a recent support level around 50,600, potentially targeting the 50,000 psychological mark if selling momentum persists. Volatility measures edged higher but remained below levels seen during previous geopolitical flare-ups.

Investor sentiment has shifted toward caution. Fund managers report trimming exposure to cyclical sectors while maintaining positions in high-quality defensive names and companies with strong pricing power. Retail investor participation remained active but tilted defensive.

Outlook for U.S. Equities

Market strategists expect continued volatility in the near term. Key upcoming data releases, including employment figures and inflation updates, will help shape expectations for Federal Reserve policy. Any signs of de-escalation in the Middle East could support a rebound in risk assets.

Longer-term, analysts remain constructive on U.S. equities due to strong corporate fundamentals, technological innovation and resilient consumer spending. However, external shocks from geopolitics and commodity cycles are likely to remain dominant themes.

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Investment professionals advise diversification and a focus on companies with robust balance sheets. While near-term challenges persist, attractive valuations in certain sectors may emerge for long-term portfolios.

The current environment underscores the interconnected nature of global markets. Developments in distant regions continue to influence trading floors in New York, highlighting the challenges facing multinational corporations.

As the trading week progressed, attention turned toward U.S. economic releases and overnight news flow from diplomatic channels. The Dow’s moderate decline reflects a market balancing geopolitical risks against underlying economic resilience.

Analysts will continue monitoring oil prices, currency movements and central bank communications for directional cues. While the index faces near-term pressure, its long-term appeal as a barometer of U.S. corporate strength remains intact for many investors.

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Thursday’s 0.48 percent drop ranks as a moderate session rather than an extreme move. However, it contributes to a pattern of heightened sensitivity to international events seen throughout 2026.

Market participants will watch closely for signs of stabilization in energy prices and progress on international diplomatic fronts. Until clearer direction emerges, volatility is expected to remain a feature of equity trading.

The Dow’s performance highlights the delicate balance investors must strike between opportunity and risk in an uncertain global environment. As summer approaches, attention will shift toward corporate earnings, policy decisions and any resolution of current geopolitical tensions.

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Verisk Analytics, Inc. (VRSK) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Verisk Analytics, Inc. (VRSK) Bernstein 42nd Annual Strategic Decisions Conference May 28, 2026 2:30 PM EDT

Company Participants

Lee Shavel – CEO, President & Director

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Conference Call Participants

Kelsey Zhu – Autonomous Research US LP

Presentation

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Kelsey Zhu
Autonomous Research US LP

Good afternoon, everyone. Thanks so much for joining us today. My name is Kelsey Zhu. I’m the information services analyst at Autonomous. With me on stage today, I’m very pleased to welcome Lee Shavel, the CEO of Verisk. Thanks so much for joining us today. Lee. Really appreciate it.

Lee Shavel
CEO, President & Director

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Thanks for having us, Kelsey. It’s great to be here.

Question-and-Answer Session

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Kelsey Zhu
Autonomous Research US LP

So AI has probably been the hottest topic within the information services sector this year, and I think that’s a good place to start. And I know Lee, you recently launched your MCP server. So maybe talk us through a little bit more about the rationale behind that launch. What data is included in the MCP server? How do you protect your data? How do you protect your customers’ data and the pricing and the target audience for this MCP?

Lee Shavel
CEO, President & Director

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So we’re just going to dive right in. So let me start, and I will get to that. Kelsey has shared that we may have some generalists in the room. And so I just want to provide a very brief overview. Verisk started out as a utility to the U.S. property and casualty insurance industry. And we were there to serve a role in collecting data, collecting regulatory filings, managing those on the part of the industry. And it gave us access to an extraordinary wealth of data, particularly loss costs and the ability to standardize forms that enabled us to help the industry understand loss experience across individual product

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LARRY KUDLOW: For Both Reagan and Trump on the Economy and a Nuclear Axis of Evil, Trust but Always Verify

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LARRY KUDLOW: Warsh is the right man for the Fed

So here we are again at the Reagan Library, Simi Valley, California. It is a fabulous, fabulous place.

Meanwhile, my first job in politics was the deputy budget director for the Gipper. And to be honest, what I learned during that time in his first term, I’m not sure my political and economic views have really changed much over the past 46 years. 

President Reagan believed in peace through strength. Trump believes in peace through strength. Reagan believed in low taxes to promote growth. Trump believes in low taxes to promote growth. 

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They were both staunch advocates of a very light government regulatory touch on the economy, and both men were against unfair trading practices that damaged working Americans. 

Here’s Reagan on peace through strength, in October 1980: “Peace is made by the fact of strength, economic, military and strategic. We must build peace upon strength. There is no other way.”

Wait a minute. There’s even more. Here’s Reagan on trust but verify, in 1987, in remarks with Mikhail Gorbachev:

“We have listened to the wisdom in an old Russian maxim. And I’m sure you’re familiar with it, Mr. General Secretary, though my pronunciation may give you difficulty. The maxim is: Dovorey no provorey — trust, but verify.” 

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Gorbachev replied: “You repeat that at every meeting,” which met with laughter. “I like it,” Reagan replied. 

I like it, too. I like it very much. Now, four or five decades later, I also worked for President Trump in his first term as one of his economic advisers. So feature what Mr. Trump said on Iran yesterday, on this whole trust but verify saga.

A reporter asked: “Mr. President, how would you characterize the current state of the talks with Iran? I guess if it were a football field, what yard line would you be on?” 

Mr. Trump replied:  “Well, I think we’re doing very well. They are starting to give us the things that they have to give us, and if they do, that’s great. And if they won’t, then the man on my left is going to finish him off.”

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That being War Secretary Pete Hegseth on his left, I’d say that’s a pretty good version of, trust, but verify. Anyway, the ceasefire news today just seems to me to be an extension of Trumpian diplomacy, as Reagan also believed in diplomacy. 

Yet as Reagan would never give in to Gorbachev on producing space based defense in those days called Star Wars, Mr. Trump will never give in to the radical Iranian Islamic regime regarding an end to nuclear weaponry of all kinds and an end to state sponsored terrorism and justice. 

Reagan would never make a bad deal. So also, I believe Mr. Trump will never make a bad deal. So on taxes and economic growth and an end to nuclear terrorism, the two men nearly 40 years apart, faced similar challenges, and both emphasized the need to trust but verify.

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(VIDEO) Former CIA Official Charged with Stealing $40 Million in Gold Bars from Agency

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Gold

WASHINGTON — A former senior CIA official has been arrested and charged with stealing more than $40 million in gold bars from the spy agency and concealing them in his Virginia home, federal prosecutors said Thursday in a case that has raised serious questions about internal controls and background vetting at one of the nation’s most sensitive institutions.

David J. Rush, described in court documents as a former Senior Executive Service employee with top-secret clearance, faces charges of theft of public funds. Authorities say he also falsified his educational and military background, including claiming degrees he never earned and receiving nearly $77,000 in improper military leave pay after his honorable discharge from the Navy in 2015.

The FBI executed a search warrant at Rush’s residence on May 18 and seized approximately 303 gold bars, each weighing about one kilogram, along with roughly $2 million in cash and 35 luxury watches, many of them Rolex brand. The estimated value of the gold alone exceeds $40 million based on current market prices.

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Rush allegedly made multiple requests for gold and foreign currency between November and March, claiming the funds were needed for “work-related expenses,” according to an FBI affidavit filed in U.S. District Court for the Eastern District of Virginia. A subsequent search of his government office found only a portion of the requested currency, prompting the agency to realize large amounts were missing.

CIA and FBI officials issued a joint statement confirming the arrest on May 19 following an internal CIA investigation. “After a CIA internal investigation identified potential violations of the law, CIA Director John Ratcliffe referred the information to the FBI for a law enforcement investigation,” the statement said. “The FBI is working closely with our partners at the CIA and the Department of Justice as we continue to investigate this matter fully.”

Rush’s attorney, Jessica N. Carmichael, declined to comment on the allegations. Rush waived his right to a preliminary hearing and is being held by the U.S. Marshals Service. A detention hearing is scheduled for June 5.

Questions Over Background Checks and Oversight

The case has sparked concern about how Rush was able to rise to a senior position within the CIA while allegedly falsifying key parts of his background. According to the affidavit, Rush claimed a bachelor’s degree from Clemson University and a master’s from Rensselaer Polytechnic Institute. FBI investigators found no record of him attending either institution. He also falsely claimed to be a U.S. Navy pilot.

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The incident has prompted internal reviews at the agency regarding vetting procedures for employees handling sensitive assets. A former U.S. official familiar with the matter said Rush worked in the CIA’s Directorate of Science and Technology, which develops advanced tools for espionage operations. That directorate often deals with classified budgets and equipment that require strict oversight.

The scale of the alleged theft — involving hundreds of kilograms of physical gold — has surprised even seasoned intelligence veterans. Gold bars are sometimes used in covert operations for their portability and universal value, but strict accounting protocols are supposed to prevent misuse.

Broader Implications for Intelligence Community

The arrest comes at a sensitive time for the U.S. intelligence community, which has faced increased scrutiny over security and financial controls. The case highlights vulnerabilities in how agencies manage high-value assets, particularly those intended for classified operations where transparency is limited for national security reasons.

Experts say the episode could lead to tighter oversight of discretionary funds and physical assets across the intelligence community. Congressional intelligence committees are expected to seek briefings on the matter in coming weeks.

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The CIA has not commented on specific internal controls related to Rush but emphasized in its joint statement with the FBI that it takes such allegations seriously and acts swiftly when potential violations are identified.

Rush’s Career and Alleged Deception

Rush joined the CIA around 2009 and rose through the ranks to a senior executive position. The affidavit alleges he continued claiming active military reserve status long after his 2015 discharge, allowing him to receive improper compensation.

The combination of alleged financial theft and background falsification paints a picture of long-term deception. Prosecutors say Rush’s actions compromised not only agency resources but also the trust essential to intelligence work.

The case is being prosecuted by the U.S. Attorney’s Office for the Eastern District of Virginia, a jurisdiction that frequently handles national security matters due to its proximity to Washington and the Pentagon.

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Public and Expert Reaction

News of the arrest has drawn widespread attention, with some commentators expressing shock that such a large-scale theft could occur within the CIA. Others have pointed to the case as evidence of the need for stronger whistleblower protections and internal auditing mechanisms.

Intelligence community veterans stressed that while this appears to be an isolated incident, it underscores the importance of rigorous, ongoing vetting for personnel with access to sensitive materials and funds.

The gold bars and luxury items seized suggest a level of personal enrichment that stands in stark contrast to the agency’s mission. The presence of Rolex watches adds a particularly conspicuous element to the allegations.

As the case proceeds, prosecutors will likely seek to trace any additional assets or expenditures by Rush that could indicate how the stolen funds were used. Defense attorneys may challenge the handling of evidence or question the agency’s internal processes.

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For now, the arrest represents a significant embarrassment for the CIA at a time when the agency is navigating complex global challenges. The swift referral to the FBI and public acknowledgment of the investigation signal an effort to demonstrate accountability.

The incident is expected to fuel broader discussions about transparency and oversight within U.S. intelligence agencies. While much of their work must remain classified, cases involving potential criminal conduct often require a balance between secrecy and public trust.

Rush’s next court appearance on June 5 will provide additional details as the legal process unfolds. Authorities have not released a full timeline of when the alleged thefts occurred or how long the scheme may have gone undetected.

The case serves as a reminder of the human element in even the most sophisticated security organizations. As investigations continue, both the CIA and Congress will likely examine what systemic changes might prevent similar breaches in the future.

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