A U.S. Navy submarine fired a torpedo that sank an Iranian warship in the Indian Ocean on Tuesday night, Defense Secretary Pete Hegseth announced Wednesday, marking the first sinking of an enemy combatant vessel by an American submarine since World War II and dramatically widening the naval dimension of the ongoing U.S.-Israel campaign against Iran.
The ship at the launch ceremony in 2021
Hegseth, speaking at a Pentagon briefing, described the strike as targeting “an Iranian warship that thought it was safe in international waters.” He said the vessel was hit with a single torpedo, resulting in a “quiet death” for the ship. “Instead, it was sunk by a torpedo,” Hegseth stated, emphasizing the precision and reach of U.S. forces. The Pentagon released declassified footage showing the underwater explosion and the ship’s rapid sinking, though details on the specific submarine or torpedo model remained classified.
The targeted vessel was identified as the IRIS Dena, a Moudge-class frigate of the Iranian Navy’s Southern Fleet. The ship, with a crew of approximately 180, had been returning to Iran after participating in the MILAN 2026 multinational naval exercise in Visakhapatnam, India. Sri Lankan authorities reported the frigate issued a distress call early Wednesday off the southern coast near Galle. The Sri Lankan navy rescued 32 survivors, many seriously injured, and transported them to local hospitals. Reports varied on casualties: Sri Lankan officials cited around 140 missing, while Reuters and other sources reported at least 80 killed, with dozens wounded. Iranian state media has not yet confirmed the loss or casualty figures.
The incident occurred in international waters in the Indian Ocean, far from the Persian Gulf theater where most naval engagements have unfolded since the conflict began Feb. 28, 2026. U.S. officials framed the strike as part of broader efforts to neutralize Iran’s naval capabilities and prevent retaliatory attacks on international shipping or allied forces. Hegseth declared the Iranian navy “ineffective, decimated, destroyed,” adding that it “rests at the bottom of the Persian Gulf” after earlier U.S. strikes sank multiple vessels, including frigates like Jamaran-class ships and the drone carrier Shahid Bagheri.
The sinking represents a significant escalation. It is the first U.S. submarine torpedo kill against an enemy warship in 81 years, last occurring during World War II against Japanese and German vessels. The attack extends U.S. operations beyond the Middle East, targeting Iranian assets in distant waters amid Iran’s attempts to project power and disrupt global trade routes.
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The conflict, now in its sixth day, has seen intense joint U.S.-Israeli airstrikes on Iranian military infrastructure, missile sites, command centers, and symbols of regime power in Tehran and elsewhere. Iran has responded with missile and drone barrages targeting U.S. bases in Qatar, Bahrain, Kuwait, and the UAE, as well as Israel and allies. Tehran has vowed to destroy regional military and economic infrastructure, while disrupting shipping through the Strait of Hormuz with threats, drone attacks, and unmanned surface vessels.
U.S. Central Command reported sinking 17 Iranian vessels overall, including corvettes, frigates, and support ships, in the Gulf of Oman and Persian Gulf since operations began. President Donald Trump announced “major combat operations” on Feb. 28, with more than 1,000 targets struck in the opening days. The campaign aims to degrade Iran’s retaliatory capabilities, including ballistic missiles and naval forces.
Sri Lanka’s foreign minister confirmed the rescue operation but provided no comment on responsibility for the sinking. Maritime security sources noted the area sees regular Iranian naval transits, but the strike’s location surprised analysts given its distance from primary conflict zones.
The incident has intensified global concerns over oil supply routes and shipping safety. Oil prices remained elevated Wednesday, with Brent crude near $84 per barrel amid fears of further disruptions. Markets reacted to the widening naval theater, though some analysts viewed the strike as targeted rather than a prelude to broader Indian Ocean operations.
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Iran has not issued an official response to the sinking as of Wednesday afternoon, but state media focused on domestic resilience and vows of retaliation. The loss of the IRIS Dena, a relatively modern frigate equipped for anti-ship and air defense roles, further weakens Iran’s surface fleet, already battered by strikes on bases like Bandar Abbas.
Hegseth’s announcement underscored U.S. resolve. “The Iranian navy is no more,” he said, framing the action as evidence of America’s ability to project power globally. No U.S. casualties were reported in the operation.
As the war expands, focus remains on containing escalation while degrading Iran’s offensive tools. Diplomatic channels, including indirect contacts, continue amid calls for de-escalation, but both sides show no immediate signs of backing down.
The sinking of the IRIS Dena highlights the conflict’s naval reach and the risks to Iranian forces operating far from home waters. Rescue efforts by Sri Lanka continue, with hopes fading for additional survivors as search operations persist.
The forex market remained highly volatile Wednesday as escalating conflict between the United States, Israel, and Iran continued to dominate sentiment, boosting the U.S. dollar as a safe-haven currency while pressuring risk-sensitive pairs amid surging oil prices and uncertainty over global supply chains.
AFP
The U.S. Dollar Index (DXY), which measures the greenback against a basket of major currencies, traded around 98.74 to 99.00 in early Asian and European sessions on March 4, 2026, up modestly from recent levels but off session highs near 99.33. The index extended gains from earlier in the week, reflecting flight-to-safety flows triggered by reports of Iranian retaliatory actions and temporary disruptions in the Strait of Hormuz.
Major currency pairs showed pronounced moves tied to the geopolitical backdrop. EUR/USD hovered near 1.1613 to 1.1620, down about 0.03% in recent trading, as the euro faced pressure from higher energy costs that could complicate the European Central Bank’s policy path. GBP/USD traded around 1.3364, edging up slightly by 0.05%, though the pound remained vulnerable to broader risk aversion. USD/JPY climbed toward 157.14 to 157.48, up modestly, with the yen weakening as safe-haven demand shifted toward the dollar amid rising oil prices that benefit commodity exporters but hurt Japan’s import-heavy economy.
Oil’s sharp rally amplified forex dynamics. Brent crude and WTI futures surged in recent sessions, with prices approaching or exceeding $73-75 per barrel at peaks, driven by fears of prolonged supply interruptions through the Strait of Hormuz — a chokepoint for roughly 20% of global oil flows. Analysts warned that sustained disruptions could push prices toward $80-100 per barrel, reviving inflation concerns and reducing expectations for aggressive central bank easing.
The dollar’s resilience stemmed from multiple factors. Geopolitical risk aversion traditionally favors the greenback, while higher oil prices stoke U.S. inflation expectations, lowering bets on Federal Reserve rate cuts. Money markets priced in about 37 basis points of Fed easing for 2026, down from prior levels. President Donald Trump’s assurances that the U.S. Navy would escort tankers and provide political risk insurance for maritime trade helped cap some losses late Tuesday, contributing to a partial rebound in equities and tempering dollar gains.
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In Asia, the Japanese yen faced additional pressure. USD/JPY tested levels near 157-158, with analysts noting intervention risks if the pair approaches 160. The Bank of Japan has maintained a hawkish tilt with recent rate adjustments, but escalating energy costs could weigh on growth. EUR/JPY and GBP/JPY showed similar patterns, with crosses reflecting dollar dominance.
The British pound held relatively firm despite domestic uncertainties, including trade frictions and political developments. GBP/USD’s modest uptick reflected some resilience, though analysts from Barclays and HSBC highlighted near-term dollar tailwinds from risk aversion.
Broader market themes included tariff turbulence following a U.S. Supreme Court ruling limiting broad tariff authority, forcing narrower sector-based approaches. This added complexity to global trade outlooks, supporting the dollar while pressuring emerging market currencies. China’s renminbi and other Asian units faced headwinds amid export concerns.
Upcoming economic data could influence direction. The U.S. ADP employment report and ISM services data were due mid-week, with non-farm payrolls on Friday expected to be a high-volatility event. Traders also monitored any de-escalation signals from indirect U.S.-Iran contacts or nuclear talks.
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Analysts offered cautious views. MUFG Research’s March 2026 outlook projected the DXY near 99.63 by end-Q1, with USD/JPY at 154.00 and EUR/USD around 1.1500 in coming quarters, assuming some stabilization. Convera highlighted elevated volatility from tariffs, central bank pressures, and oil on edge, driving sharper moves in majors.
The Australian dollar and New Zealand dollar showed mixed performance, with AUD/USD near 0.7042 and NZD/USD around 0.5911, reflecting commodity ties to oil but offset by risk sentiment.
As the Middle East situation evolves, forex participants remain on alert. A rapid de-escalation could unwind safe-haven premiums and pressure the dollar, while prolonged tensions might sustain strength in the greenback and volatility across pairs. For now, geopolitical headlines overshadow traditional fundamentals, keeping traders positioned defensively in an uncertain environment.
Communities across several Midwestern and Southern states participated in statewide tornado drills Wednesday, March 4, 2026, sounding outdoor warning sirens, activating NOAA Weather Radio alerts, and urging residents to practice sheltering procedures as part of annual Severe Weather Preparedness Week efforts.
Vehicles stop on the side of a road as a tornado rips through a residential area after touching down south of Wynnewood, Oklahoma on May 9, 2016
The coordinated exercises, organized by the National Weather Service (NWS) in partnership with state emergency management agencies, aimed to test communication systems, reinforce safety protocols, and build readiness ahead of the peak tornado season that typically ramps up in spring and summer.
In **Missouri**, the statewide drill occurred at 11 a.m. local time, with outdoor sirens sounding in participating counties and NOAA Weather Radios broadcasting a Routine Weekly Test (RWT) code to signal the start. Missouri State Emergency Management Agency officials emphasized practicing sheltering plans at home, work, or school. The drill replaced regularly scheduled siren tests in some areas, such as Boone County, where sirens activated as part of the exercise. Residents were encouraged to move to interior rooms on the lowest level, away from windows, treating the alert as a real tornado warning.
**Kansas** held its drill at 10 a.m. CST (11 a.m. in far eastern parts), with sirens blaring across counties including Riley, Sedgwick, and Shawnee. The NWS issued an RWT via NOAA radios, and local emergency managers activated outdoor warning systems. Officials stressed reviewing severe weather plans during the week of March 2-6, designated Severe Weather Preparedness Week, with Wednesday focused on tornado safety. Residents, schools, and businesses were asked to practice “Duck and Cover” or move to designated safe spots as if an actual warning were in effect.
**Kentucky** conducted its annual statewide tornado drill at 10:07 a.m. EST (9:07 a.m. CST), with Lexington Emergency Management and other local agencies participating. Sirens sounded in participating communities, and the NWS broadcast test messages. The exercise fell during Kentucky’s Severe Weather Awareness Week (March 1-7), highlighting the state’s vulnerability to tornadoes, particularly in spring. Officials urged families and workplaces to practice immediate sheltering actions.
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**North Carolina** joined with a drill at 9:30 a.m., activating the State Emergency Alert System and broadcasting via local radio stations and NOAA Weather Radio. Cumberland County and Raleigh-area officials encouraged participation, advising people to head to interior lowest-level rooms away from windows when the alert sounded.
**Illinois** held its drill March 3 around 10 a.m. CST, with a focus on communication testing through RWT codes rather than full siren activation in some areas, though many local systems participated.
Other states scheduled similar events in coming weeks or months. South Carolina’s statewide drill is set for March 11 at 9 a.m., Indiana for March 10 at about 10:15 a.m. Eastern, and Virginia for March 10 at 9:45 a.m.
The drills come amid growing emphasis on preparedness as climate patterns contribute to more frequent and intense severe weather events. The NWS notes that tornadoes can strike with little warning, making advance practice critical. Key safety messages repeated across states include:
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– Seek shelter in a basement or interior room on the lowest floor. – Avoid windows, doors, and exterior walls. – Use helmets or protective headgear if available. – Have a family plan, including multiple ways to receive alerts (NOAA radio, apps, TV/radio). – Distinguish between a watch (conditions favorable for tornadoes) and a warning (tornado sighted or indicated by radar — take action immediately).
Participation was voluntary but strongly encouraged for schools, businesses, and households. Many agencies provided resources like printable preparedness packets, safety checklists, and online guides to help residents develop or refine plans.
In Missouri and Kansas, the drills aligned with broader Severe Weather Preparedness Week themes: Monday for planning and alerts, Tuesday for lightning and flood safety, Thursday for hail and wind, and Friday for recovery. Officials noted that practicing during controlled drills builds muscle memory, potentially saving lives when real threats emerge.
No major disruptions were reported from the exercises, though some areas postponed regular monthly siren tests to coincide with the statewide events. Weather permitting was a common caveat, with agencies ready to reschedule if actual severe weather threatened.
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As spring approaches, meteorologists warn that tornado activity often peaks from April through June in the central U.S. The drills serve as a timely reminder to review emergency kits, designate safe rooms, and stay informed through multiple channels.
Residents who missed the drills or want more information can visit local NWS offices, state emergency management websites, or Ready.gov for tornado safety resources. Officials stress that preparation today can make the difference in tomorrow’s storm.
O’Leary Ventures Chairman Kevin O’Leary explains why city-run grocery stores are a ‘bad idea,’ shares concerns over Zohran Mamdani’s promises, and discusses why he backs Bitzero.
American shoppers are being urged to check their freezers as nearly 37 million pounds of frozen food products are being recalled over concerns they may be contaminated with glass.
Ajinomoto Foods North America has expanded last month’s recall to include an additional 33,617,045 pounds of frozen ready-to-eat and not-ready-to-eat chicken and pork fried rice, ramen and shumai dumpling products, according to a notice issued Tuesday by the Department of Agriculture’s Food Safety and Inspection Service (FSIS).
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The Oregon-based company initially announced it was recalling 3,370,530 pounds of frozen chicken fried rice products on Feb. 20. With the expansion, the total now stands at 36,987,575 pounds.
The expanded recall includes popular frozen items sold under the brand names Ajinomoto, Kroger, Ling Ling, Tai Pei and Trader Joe’s, FSIS said.
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Among the affected products are Ajinomoto Tokyo Style Shoyu (Soy Sauce) Ramen With Chicken, Ajinomoto Fried Rice Authentic Japanese Style, Kroger Chinese Inspirations Chicken Fried Rice, Ling Ling Restaurant Style Fried Rice Yakitori Chicken, Tai Pei Chicken Fried Rice, Trader Joe’s Chicken Fried Rice and Trader Joe’s Chicken Shu Mai, and others.
The recalled items were produced between Oct. 21, 2024, and Feb. 26, 2026, and have best-by dates ranging from Feb. 28, 2026, through Aug. 19, 2027. They also have establishment numbers P-18356, P-18356B or P-47971.
The products were distributed to retail stores nationwide. Some Ajinomoto-branded items were also sent to Canada and Mexico, according to FSIS.
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The recall was triggered after the company received multiple consumer complaints reporting pieces of glass in the food.
“Upon further investigation, the establishment determined that a vegetable source ingredient, specifically carrots, was the likely source of the glass contamination, which also impacted the additional products subject to this expanded recall,” FSIS stated.
There have been no confirmed reports of injuries linked to the recalled products, a spokesperson for Ajinomoto Foods told FOX Business.
A Trader Joe’s logo is displayed on a sign outside a market in San Diego, California. (Kevin Carter/Getty Images / Getty Images)
Consumers who purchased the affected items are advised not to eat them and should instead throw the items away or return them to the store for a refund.
“Out of an abundance of caution, we have expanded on our voluntary recall for certain frozen products that may contain glass,” the spokesperson said. “… We are committed to maintaining the highest safety standards, and we continue to work closely with the USDA.”
How one entrepreneur used grit, skill, and style to build a career that keeps evolving.
A Fresh Start with $200 and a Lot of Hustle
Michael Kadoe didn’t start with a safety net. When he arrived in the United States, he had just $200 in his pocket and no big connections. What he did have was a sharp mind and a desire to build something from the ground up.
“I didn’t wait for someone to give me a shot,” he says. “I made the shot myself.”
His early training as a dental technician gave him technical precision. He then expanded his skills by learning electrical work and plumbing, a mix that later helped him bridge the gap between design and construction. That practical base would later become one of his greatest strengths.
Building a Fashion Brand from a Basement
In 1994, Michael took a big step. He launched a clothing company from his basement. He had no fancy office or big funding round—just a few sewing machines and a vision. It worked.
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Within ten years, he had a full team of 35 to 40 employees, with his fashion lines being sold in major U.S. retailers and international catalogues. He even produced private label designs for larger brands.
“I loved seeing my clothes on people I’d never met,” Michael says. “It made all the long hours feel worth it.”
But things changed after 9/11. The fashion landscape shifted. Consumer habits changed. Supply chains were disrupted. For many, this would be the end. For Michael, it was a pivot point.
Reinventing Himself Through Real Estate
Instead of staying in a shrinking industry, Michael shifted gears. He turned to real estate development in New York City. Using the same creativity and attention to detail he had in fashion, he began renovating homes and buildings.
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“I already knew how to build things,” he explains. “Now I wanted to build spaces people could live in.”
Michael focused on eco-friendly renovations before sustainability became a buzzword. One of his projects was even awarded the Gold Award by Good Housekeeping for being the greenest house in New York City.
He used energy-efficient materials, clean air systems, and sustainable construction practices. The goal wasn’t just beauty. It was function with a conscience.
Why Sustainable Design Still Matters
Michael isn’t just following trends. He’s helping set them. His focus on sustainability in both fashion and housing has made him a leader in ethical design. His work proves that green living doesn’t have to sacrifice style or comfort.
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“The environment matters,” he says. “But people also want their homes to feel good. I think you can have both.”
His homes are proof of concept—sleek, modern, and efficient. They’re designed with materials that last, layouts that flow, and systems that help families save on energy and live healthier lives.
Lessons in Grit, Growth, and Creativity
Michael’s career path wasn’t linear. It wasn’t easy. But it was intentional.
He learned from every challenge—shifting industries, rebuilding after business losses, and finding new markets to serve. What kept him going was a strong mix of hands-on skills and a creative mindset.
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He’s also deeply passionate about architecture, art, travel, and wellness. These interests fuel his design sensibility and push him to keep learning and evolving.
“If you’re not learning, you’re not building,” he says. “And if you’re not building, you’re falling behind.”
Leading with Passion and Purpose
Today, Michael is known for being a multi-hyphenate entrepreneur. He brings the precision of a builder, the eye of a designer, and the strategy of a business owner. His work spans fashion, real estate, and sustainable development, always guided by purpose.
His story reminds us that success doesn’t come from shortcuts. It comes from doing the work, staying flexible, and sticking to your values—even when times get tough.
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Key Takeaways for Entrepreneurs
If you’re building something from scratch, Michael’s story offers more than inspiration—it offers a roadmap.
Start where you are. Michael’s first studio was a basement.
Keep learning new skills. Technical knowledge helped him bridge industries.
Pivot when needed. Moving from fashion to real estate opened new doors.
Design with values. Sustainability isn’t a trend—it’s a commitment.
Stay hands-on. He still gets involved in the details of every project.
Whether you’re launching a product or rethinking your career, Michael Kadoe shows what it means to lead with heart, vision, and action.
Cross Country Healthcare, Inc. (CCRN) Q4 2025 Earnings Call March 4, 2026 5:00 PM EST
Company Participants
Joshua Vogel – Vice President of Investor Relations Kevin Clark – Co-Founder, Chairman, President & CEO William Burns – Executive VP & CFO Amiee Hawkins – Chief Solutions Officer Marc Krug – Group President of Delivery
Conference Call Participants
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Trevor Romeo – William Blair & Company L.L.C., Research Division Constantine Davides – Citizens JMP Securities, LLC, Research Division Tobey Sommer – Truist Securities, Inc., Research Division Kevin Steinke – Barrington Research Associates, Inc., Research Division William Sutherland – The Benchmark Company, LLC, Research Division
Presentation
Operator
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Good afternoon, everyone, and welcome to the Cross Country Healthcare’s Earnings Conference Call for the Fourth Quarter 2025. Please be advised that this call is being recorded, and a replay of the webcast will be available on the company’s website. Details for accessing the audio replay can be found in the company’s earnings release issued this afternoon. At the conclusion of the prepared remarks, I will open the lines for questions.
I would now like to turn the call over to Josh Vogel, Cross Country Healthcare’s Vice President of Investor Relations. Thank you, sir. You may go ahead.
Joshua Vogel Vice President of Investor Relations
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Thank you, and good afternoon, everyone. I’m joined today by our Chairman of the Board and Chief Executive Officer, Kevin Clark; as well as Bill Burns, our Chief Financial Officer; Marc Krug, Group President of Delivery; and Amiee Hawkins, Chief Solutions and Operations Officer.
Today’s call will include a discussion of our financial results for the fourth quarter of 2025 as well as our outlook for the first quarter of 2026. A copy of our earnings press release is available on our website at crosscountry.com. Please note that certain statements made on this call may constitute forward-looking statements. These statements reflect
The tech sector has a long history of breaking through privacy boundaries, but it has also created the fences meant to protect us. Firms have churned out hundreds, if not thousands, of online privacy tools and settings, launched with the apparent aim to help us secure our human right to privacy, in our digital lives.
