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Tight export controls out of the Democratic Republic of Congo (DRC) added tailwinds to cobalt prices in Q3, prompting market watchers to anticipate a shift from oversupply to balance in the coming months.

After starting the year at lows unseen since 2016 (US$21,502 per metric ton), cobalt began to rebound in Q2.

Prices for the metal then flatlined in the US$33,300 to US$37,000 range from the end of March through September, but a sharp rally in late October sent values to US$47,110, a level last reached in January 2023.

Cobalt price, October 25, 2024, to October 23, 2025.

Chart via Trading Economics.

Much of the cobalt story this year has been dominated by the February export suspension out of the DRC, which supplies roughly three-quarters of the world’s cobalt. The initial curtailment was expected to last four months in an effort to rein in oversupply and stem a price plunge below US$10 per pound, the lowest point in over 20 years.

The supply glut has been attributed to a surge in output driven largely by China’s CMOC Group (OTC Pink:CMCLF, SHA:603993), which has rapidly expanded production at two major DRC mines.

Cobalt supply expected to swing from surplus to balance

Cobalt supply has surged over the past five years, with global mine production more than doubling from 140,000 metric tons in 2020 to 290,000 metric tons in 2024. The bulk of this growth has come out of DRC, with annual output rising from 175,000 metric tons in 2023 to 220,000 metric tons in 2024. This rapid growth has far outpaced demand from the electric vehicle (EV) sector and other end-use industries, resulting in significant market oversupply.

In June, the DRC extended its export halt through September, a move that supported higher price levels.

“Trade statistics for cobalt hydroxide imports into China in June showed the first drop in material following the export ban enforcement in late February,” wrote Fastmarkets’ Rob Searle in a June market update.

“With a typical lead time of around three months, we expected June to be the first month of lower volumes. Cobalt hydroxide imports fell 62 percent in June and are expected to remain at low levels through to the end of December or early 2026. Should the export ban end as planned on September 22, the end of the year is the earliest we can expect to see new feed into the Chinese market from the DRC,’ the battery metals expert continued.

As the deadline for the export halt extension drew near, prices began to climb amid rumors that officials in Kinshashe would implement quotas to continue curbing the market saturation.

After eight months of restricted trade, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS), announced it was enacting a quota system aimed at stabilizing global supply and prices.

The output cap will permit the export of 18,125 metric tons of DRC cobalt for the remainder of 2025.

“In 2026, the annual quota is set at 96,600t, of which 87,000t will be distributed to producers on a pro rata basis, with 9,600t retained under ARECOMS’ discretionary control,” a September Benchmark Mineral Intelligence report notes. “The framework will run through 2027, with adjustments possible if officials deem the market ‘imbalanced.”

The restrictions lifted cobalt prices to a 32 month high of US$48,570 on October 23.

Strong cobalt demand projected for next two years

Although the cobalt market remains oversupplied, demand has steadily increased alongside ballooning output, reaching record levels of more than 200,000 metric tons in 2024.

“The primary growth driver of this (growth) is the electric vehicle market, combined with portables, which is the second biggest battery market,” explained Benchmark’s William Talbot during a July Cobalt Institute webinar.

The alloy and military applications segment also experienced growth.

Talbot went on to note that despite reports that EV demand is waning in some regions, broad demand remains robust, and EVs that utilize cobalt battery chemistries “are still growing at pace.”

“If we look at the EV picture year-to-date in 2025, we’ve had more than 30 percent growth compared to the same period last year in unit terms,” he explained.

Cobalt price growth to continue into 2026

The cobalt market is entering a phase of continued volatility and structural change, shaped by shifting supply sources, evolving policy frameworks and growing geopolitical tension, as per Benchmark’s Talbot and the Cobalt Institute.

Looking ahead, Benchmark expects Indonesia to overtake the DRC as the key source of new supply by the late 2020s, as projects such as Kalimantan Ferro Nickel ramp up and few new developments emerge in the DRC.

On the demand side, Talbot said the outlook remains “fairly robust,” with EV growth driving consumption, despite some policy headwinds in the US. He pointed to China’s planned ban on lithium iron phosphate (LFP) battery technology, which he said “is supportive of cobalt-containing chemistries” such as nickel cobalt manganese (NCM).

Rising geopolitical tensions are also reshaping the cobalt supply chain.

“Major players are increasingly cognizant of where their materials come from,” Talbot said, citing new US and European investment in strategic and ESG-compliant cobalt projects.

Talbot added that the cobalt value chain has made “leaps and bounds” in sustainability, with roughly 80 percent of refined cobalt now assessed under the Responsible Minerals Initiative — a key factor for automakers and original equipment manufacturers under tightening compliance requirements.

While Benchmark remains cautious with projections, analysts at Project Blue say cobalt prices could rebound sharply in 2026 and 2027 as the DRC enforces its new export cap of 96,600 metric tons per year.

“Such constraints could lift cobalt prices toward historical real levels of over US$20 per pound,” reads a Project Blue report, noting that the quota “came in lower than many expected,” but aligns with its call for a rebalanced market.

According to Project Blue, at least 100,000 metric tons of exports would be needed next year to maintain equilibrium. Accounting for shipping delays and processing losses, only 85,000 to 90,000 metric tons are expected to reach end users — creating a structural deficit that should continue to support prices. The quota framework could also spur domestic refining as export restrictions make long-term storage of cobalt hydroxide costly.

Industry observers warn that producers — especially copper-cobalt miners such as CMOC — may need to adopt financial hedging and adjust production plans to navigate the added bureaucracy and potential export delays.

Similarly, Fastmarkets expects the DRC’s new rules to support cobalt prices, which have already soared more than 240 percent since February, Alexander Cook wrote in an LME Week recap. Fastmarkets assessed cobalt hydroxide prices at US$19.50 to US$20.20 on October 14, up from just US$5.65 in February.

The restrictions have sharply curtailed available volumes — much of which are already locked into long-term contracts — leaving the spot market increasingly constrained, wrote Cook.

Market participants expect further gains, though analysts caution that such elevated prices could push some battery makers to accelerate the shift toward cobalt-free chemistries such as LFP.

While the quota system has bolstered prices in the short term, the long-term outlook remains uncertain.

Analysts note that cobalt’s fate is increasingly tied to copper market dynamics and the pace of EV demand recovery, with downstream buyers and automakers reassessing cobalt’s role in next-generation batteries.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Friday (October 24) as of 5:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$110,645, a 0.3 percent increase in 24 hours. Its lowest valuation of the day was US$109,873, and its highest was US$111,266.

Bitcoin price performance, October 24, 2025.

Chart via TradingView.

Bitcoin’s medium-sized investors are continuing to buy even after the US$19 billion liquidation event earlier this month, preserving the market’s long-term bullish structure, according to CryptoQuant.

Entities holding between 100 and 1,000 BTC have added roughly 907,000 BTC over the past year, which analysts say represents a strong accumulation trend that historically aligns with upward price momentum.

Recent price action reflects this institutional backing, with Bitcoin reclaiming levels above US$110,000 amid softer inflation data and improved market sentiment. However, CryptoQuant warned that short-term demand is softening as the cohort’s 30-day balance has fallen below its moving average, suggesting potential near-term caution until a catalyst, such as renewed exchange-traded fund (ETF) inflows, emerges.

Ether (ETH) was priced at US$3,928.56, a 1.8 percent increase in 24 hours. Its lowest valuation of the day was US$3,872.67, and its highest was US$3,968.61.

Altcoin price update

  • Solana (SOL) was priced at US$193.09, at its highest valuation of the day, up by 0.9 percent over the last 24 hours. Its lowest valuation of the day was US$189.23.
  • XRP was trading for US$2.51, an increase of 4.2 percent over the last 24 hours and its highest valuation of the day. Its lowest was US$2.46.

Crypto derivatives and market indicators

The cryptocurrency market has experienced some fluctuations with a mixed but generally cautious outlook. The crypto derivatives market has shown some signs of recovery and increased activity after the earlier October volatility.

Liquidations for contracts tracking Bitcoin have totaled approximately US$5.89 million in the last four hours, the majority of which have been short positions, indicating a possible short squeeze or short-covering rally.

This aligns with Bitcoin’s price rebound and trader repositioning after recent dips.

Ether liquidations showed a different pattern; its US$7.01 million liquidations were fairly evenly split between long and short positions, suggesting balanced market dynamics and some ongoing indecision or consolidation.

Futures open interest for Bitcoin was up by 0.4 percent to US$71.27 billion over four hours, indicating growing trader interest and increasing liquidity, with a slight decrease in the final hour of trading. Ether futures open interest moved by +0.86 percent to US$45.94 billion, also showing a modest pullback as markets closed.

The funding rate remains positive, with both Bitcoin and Ether showing it at 0.005, a sign of modest bullish sentiment but not extreme leverage. Bitcoin’s relative strength index stood at 55.4, in a neutral to slightly bullish momentum phase, further supporting a stable recovery rather than a parabolic move.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index has slightly trended upwards into 32, but remains in fear territory, an improvement from this week’s lowest score (25).

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap

Today’s crypto news to know

Trump pardons Binance founder

US President Donald Trump has granted a full pardon to Binance founder Changpeng Zhao, wiping away his 2024 conviction for violating US anti-money laundering laws. Zhao, better known as “CZ,” served four months in prison and had been barred from running financial ventures under the plea deal.

The move follows months of lobbying by Binance, which paid a record US$4.3 billion fine as part of its own settlement with federal prosecutors. White House Press Secretary Karoline Leavitt called the case “a politically motivated overreach by the Biden administration,” insisting the pardon was meant to correct an injustice.

Critics argue the decision reflects Trump’s growing financial ties to the crypto industry, citing his personal investments and recent push for a “national cryptocurrency reserve.” Zhao thanked Trump on social media, saying he is “deeply grateful” for the decision and eager to “continue supporting innovation responsibly.”

Bitfarms surges on Jane Street investment

Crypto miner Bitfarms (TSX:BITF) saw its shares surge on Friday after trading firm Jane Street said it has acquired a 5.4 percent ownership stake in the company, as well as a 5 percent stake in Cipher Mining (NASDAQ:CIFR).

This move from a major institutional market maker, known for its strategic investments in the digital asset space, highlights the growing institutional involvement in cryptocurrency mining businesses and their expanding role within the tech sector’s market rally.

Polymarket confirms POLY token launch

Prediction platform Polymarket has confirmed plans to launch its long-awaited POLY token following a US$2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

Speaking on the Degenz Live podcast, Chief Marketing Officer Matthew Modabber said both the token and airdrop are “officially in motion,” confirming rumors that have swirled for months.

Modabber emphasized that the launch will prioritize real utility and “long-term viability,” aligning with Polymarket’s push to relaunch its US app after receiving fresh regulatory clearance.

Sygnum Bank, Debifi partner for multiSYG Bitcoin lending product

Sygnum Bank has partnered with Debifi, a Bitcoin-backed lending platform, to introduce MultiSYG, a new multisignature Bitcoin lending product slated for launch in the first half of 2026.

MultiSYG allows clients to borrow fiat currencies against their Bitcoin holdings. These Bitcoin assets are held in a 3-of-5 multisig escrow wallet, with keys distributed to the borrower, Sygnum and independent signers. This structure ensures borrowers maintain partial control and on-chain cryptographic proof of their collateral for the loan term.

The product is designed to enhance transparency and security in lending by preventing rehypothecation and eliminating the need for blind trust in custodians, which are common issues in traditional lending practices. MultiSYG is specifically tailored for institutional and high-net-worth clients seeking bank-grade terms and flexible loan services.

JPMorgan to let institutions borrow against Bitcoin, Ether holdings

JPMorgan Chase (NYSE:JPM) is preparing to let its institutional clients borrow cash using Bitcoin and Ether as collateral. Set to launch by the end of 2025, the initiative will allow the firm’s clients to pledge cryptocurrencies directly rather than through ETFs, using a third-party custodian to safeguard tokens.

The pilot follows successful internal testing involving BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) earlier this year. JPMorgan already accepts crypto-linked ETFs as loan collateral.

Crypto.com applies for national trust bank charter

Crypto.com has applied to the US Office of the Comptroller of the Currency for a National Trust Bank Charter.

This federal charter would enable Crypto.com to provide regulated crypto financial services across the US, including custody and staking. The company plans to focus on institutional clients, offering solutions such as digital asset treasuries, ETFs and corporate custody. This move signifies Crypto.com’s progression towards compliance with traditional financial regulations and the expansion of its regulated presence in the US.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Former New York Gov. Andrew Cuomo slammed democratic socialist mayoral candidate Zohran Mamdani for painting himself as a victim because he is a Muslim, saying the rival mayoral candidate has spent his campaign offending 9/11 families, Jews and various other groups of New Yorkers. 

‘He claims that he is the victim of attacks because he is a Muslim. Nothing could be further from the truth. He is not a victim, he is the offender,’ Cuomo said Saturday. ‘This entire campaign, he has been dividing and attacking and offending different New York groups.’

While speaking at an event in which he received the endorsements of several faith leaders, Cuomo lambasted Mamdani, who he called his ‘main opponent.’ Cuomo listed a number of groups he says have been hurt by Mamdani, including Jews, Blacks, Italians, members of the LGBTQ community and even some Muslims.

Cuomo first addressed the Jewish community, saying Mamdani had hurt it ‘in a truly painful way.’ The former governor recounted a recent interaction with a Jewish New Yorker who said he was afraid of wearing a Star of David in the city. In 2023, the UJA-Federation of New York said in a report there were just over 1.3 million Jews living in New York City. 

He then took issue with Mamdani’s refusal to condemn the phrase ‘globalize the intifada,’ which many see as a call for violence against Jewish people. Mamdani has faced criticism for his refusal to condemn the phrase early in the mayoral race.

The former governor also said his opponent, who could become New York City’s first Muslim mayor, hurt the Sunni Muslim community by advocating for the decriminalization of prostitution. Cuomo added that, according to the Quran, prostitution is haram, which means ‘forbidden’ in Arabic.

After condemning Mamdani’s gesture toward the Columbus statue and invoking its offense to Italian Americans, Cuomo broadened his criticism. He pointed to a photo of Mamdani with a Ugandan official who backs harsh anti-gay laws, framing it as an affront to the LGBTQ community.

He didn’t stop there. Mamdani’s friendship with controversial Twitch streamer Hasan Piker, who once said ‘America deserved 9/11,’ also drew scrutiny from the former governor.

‘You offend 9/11 families. You offend every New Yorker because 9/11 was an attack on all New Yorkers, and it traumatized all New Yorkers. So, no, he’s not the victim. He is the offender, and he has done a great deal of damage,’ Cuomo said.

On Friday, Mamdani accused Cuomo of using ‘Islamophobic rhetoric’ after the former governor joined a radio show in which the host said Mamdani would be ‘cheering’ if New York City faced another 9/11-style attack.

‘While my opponents in this race have brought hatred to the forefront, this is just a glimpse of what so many have to endure every day across the city,’ Mamdani said. ‘And while it would be easy for us to say that this is not who we are as a city, we know the truth. This is who we have allowed ourselves to become.’

Cuomo and Mamdani also took several jabs at each other on Wednesday night during the final debate of the NYC mayoral race. Mamdani focused on Cuomo’s past scandals, such as the sexual harassment allegations that led to his abrupt exit from office. Cuomo, on the other hand, blasted self-proclaimed socialist Mamdani over his lack of experience and past anti-law enforcement statements.

New Yorkers began casting their ballots Saturday and have until Nov. 4 at 9 p.m. to decide which of the three candidates — Cuomo, Mamdani or Republican Curtis Sliwa — will be the next to lead America’s most populous city.

Fox News Digital reached out to Mamdani’s campaign for comment.

Fox News Digital’s Deirdre Heavey contributed to this report.

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Serbian Foreign Minister Marko Djuric told Fox News Digital in an exclusive interview that Belgrade is willing to host peace talks between Ukraine and Russia.

‘Serbia is also among the countries that are offering their good services, given our background, given the fact that we are friends with all the parties involved, to try and, if needed or if there’s an interest, host any kind of talks … on how to bring this horrible tragedy which has resulted in so many deaths and so much destruction to an end,’ the foreign minister said.

He said the war in Ukraine needs to come to an immediate end. 

‘Serbia is, in principle, supportive of territorial integrity and sovereignty of all states in line with their U.N. borders,’ including Ukraine, he added.

The foreign minister’s offer to host peace talks between Ukraine and Russia comes after a proposed summit between President Donald Trump and Russian President Vladimir Putin in Hungary was shelved.

Some analysts say Serbia would be a surprising choice to host the next round of ceasefire talks between Russia and Ukraine given the historic ties Russia and Serbia share, rooted in cultural and religious connections through the Serbian Orthodox Church.

While Serbia joined U.N. resolutions condemning Russia’s invasion of Ukraine and the referenda annexing parts of Ukrainian territory, Belgrade has refused to join Western sanctions targeting Russia over the invasion. Yet Djuric points out that both Ukraine and Russia support Serbia’s territorial integrity regarding Kosovo.

Djuric was in New York for a United Nations Security Council meeting on Kosovo. In 1999, a nearly three-month NATO bombing campaign ended a war between Serbian government forces and ethnic Albanian separatists in Kosovo. Serbian forces were pushed out, but Belgrade still considers Kosovo a Serbian province.

Some European officials have questioned Serbia’s commitment to European unity. Foreign Minister Djuric countered that Serbia values its place in Europe between East and West, while also noting the country’s close relationship with the U.S.

‘Serbia is very proud of its independent foreign and security policy, which has been deeply rooted in the history of our nation and has enabled us to remain independent for centuries, although we are small,’ he said. ‘We value very much our strategic partnership growing with the United States for which there is bipartisan consensus in this country.

‘But also, we should bear in mind the fact that President Trump is by far the most popular foreign leader in our country and is the most popular leader for Serbs. I mean, in comparison to all other European countries, President Trump’s popularity in Serbia is unparalleled. More than 71% of the Serbs have a very favorable opinion of the U.S. president and of his policies, which really gives a very fertile ground for the further growth of our relationship.’

Yet Serbia’s ties with China, widely viewed as the United States’ main economic and military competitor on the world stage, have caused some concern in Washington.

The U.S. recently sanctioned Serbia’s Russian-owned oil company, Naftna Industrija Srbije (NIS), which is Serbia’s main supplier of oil and gasoline.

China conducted military exercises in Serbia in July despite stern warnings from the European Union, and Belgrade provides Beijing with a security foothold in Europe. Serbia has also purchased medium- and short-range surface-to-air missile systems from China.

Beijing’s biggest penetration into Serbia is in the economic space. It has invested more than $10 billion in infrastructure projects over the last 15 years, according to the Center for European Policy Analysis.

‘I also have to admit that we have very good economic relations with China, and China also supports our position on Kosovo in the sense that it recognizes Serbia and its U.N. borders. So, they are, as a U.N. Security Council member, also an important partner for us,’ Djuric said.

Djuric said great power competition between the U.S. and China is ‘above the pay grade of a small Balkan nation’ and that the Serbian government will continue to focus on its economic development.

Domestically, Serbia has been roiled by student-led anti-corruption protests for nearly a year, demanding justice and accountability after the deaths of 16 people in the collapse of a railway station in the Serbian city of Novi Sad. Critics across the European Union have called out Serbian security forces for a heavy-handed response against the protesters.

Djuric said he wants to establish an honest dialogue with the protesters and find a way to de-escalate tensions.

‘We treat the views of our citizens who disagree with the government with respect, and I don’t want to label any of them in any way. I believe that we are mature enough to have a dignified, decent, democratic dialogue, and we will always stand for democracy in Serbia,’ Djuric said.

‘Serbia’s government has shown accountability in the wake of the tragedy that happened in Novi Sad. Ministers have been replaced. Some of them have been called, held to account and even imprisoned. We’ve changed the government since then and included Professor [Djuro] Macut, who is our current prime minister, into the government, a university professor, and the vision of President Vucic remains to unify the people of Serbia, to overcome political divisions, and to create a society based on dialog and social cohesion rather than polarization.’

The Associated Press contributed to this article. 

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With less than two weeks before critical elections across the country, Democrats have tough questions to grapple with in terms of their messaging and whether they can navigate the growing movement in their party that is embracing or downplaying political violence, attorney and political commentator Kaitlin Puccio told Fox News Digital. 

We do hear a lot of just the Democrats are against Trump, but we don’t hear a lot of what they’re actually for, which is problematic and it kind of seems to me like they don’t really have a cohesive message,’ Puccio, adjunct professor at Fordham Law and the Director of the Art and Bioethics Initiative of the UNESCO Chair in Bioethics and Human Rights, said in an interview with Fox News Digital. 

Puccio said the ‘No Kings’ protests last week, where several examples of promoting violence went viral on social media, show a ‘fracture’ in the Democratic Party that the mainstream elected officials will have to contend with. 

Additionally, messaging at those rallies, Puccio explained, lacked substance. 

It’s mostly ‘we are against Trump.’ Okay, but, specifically, what are you against? What is the specific policy that you are against?’ Puccio said. ”No Kings’: great. But we don’t have a king. We all know that. We’re not supposed to take this phrase literally, but what about the policies that are in place right now, do you think are authoritarian? And what do you want instead? So we’re hearing a lot of slogans and phrases and kind of catch phrases. And really that leaves the message without substance.’

Questions about Democrat support for political violence have been front and center in recent weeks after Virginia Democratic attorney general candidate Jay Jones was outed for past texts fantasizing about killing a Republican colleague and wishing death on that colleague’s children.

I don’t think that it’s lost on voters that there are these horrible texts that came out recently from Jay Jones and the strange thing is that there are very few people who are condemning these texts,’ Puccio said, highlighting that prominent Democrats, particularly in Virginia, have refused to call on Jones to drop out of the race. 

‘But I think the reason for that is that the party of tolerance, right, the Democrats, is actually, it’s become a very intolerant party,’ Puccio added. 

‘So if you have people condemning these texts, this sort of violent political rhetoric and things like that, they don’t want to be alienated by their own party. Look at what they’ve done or tried to do to John Fetterman. When he tries to think for himself instead of having the party tell him what to think, they ostracize him. I think that is kind of the reason that we’re in this weird place with our leaders, because everyone is kind of being quiet.’

In addition to Jones, Maine Democratic Senate candidate Graham Platner has faced scrutiny over advocating for political violence in the past and a tattoo that resembles a Nazi Germany symbol.

Puccio told Fox News Digital that Platner’s apology seemed to show remorse compared to the reaction from Jones, which could serve as a blueprint going forward on how Democrats can acknowledge past mistakes.

‘The point is that every situation has to be evaluated separately, but the conversation still has to be had over what to do within our Democratic Party about this violent rhetoric, which is, it’s basically being accepted right now,’ Puccio said. ‘What we’re about to see, I don’t know how long it’s going to take, but I do think there’s going to be a shift toward the middle because I think there is going to be a realization that we are leaving out and by we, I mean, all Americans in general were forgetting from both sides of the political aisle about the middle.’

While Democrats are expected to perform strongly in next year’s midterms, given that, historically, the party not in power does well in those elections, Republicans have been closing the gap in the Virginia and New Jersey gubernatorial elections being held in early November, which could send a signal that Democrats aren’t in as strong of a position as many experts think. 

Puccio said today’s Democratic Party is ‘unrecognizable,’ which will hopefully push leaders to come out forcefully and take back control.

‘I think that there will be this realization that the loudest voices on either side of the political aisle are not necessarily representative of the entire party and I think that people are going to be forced to say no to this kind of uncivil discourse that we’re seeing, because people, we citizens, are going to get very tired of seeing our leaders behave in very childish and frankly, disrespectful ways toward each other,’ Puccio said. 

‘These are not supposed to be the way our elected leaders act. And I would hope that there emerge some actual leaders and not just politicians in the future who recognize that they need to speak to everyone and not a small niche in their party.’

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President Donald Trump kicked off the week meeting with Australian Prime Minister Anthony Albanese, and closed out the week jetsetting to Asia. And at home, the White House launched constructing its new ballroom — much to the ire of many Democrats. 

Trump said construction started Monday and that the project would be funded privately. The project is estimated to cost $300 million, up from the $200 million estimate first provided in July when the project was unveiled. 

‘For more than 150 years, every President has dreamt about having a Ballroom at the White House to accommodate people for grand parties, State Visits, etc. I am honored to be the first President to finally get this much-needed project underway — with zero cost to the American Taxpayer!’ Trump said in a social media post. ‘The White House Ballroom is being privately funded by many generous Patriots, Great American Companies, and, yours truly. This Ballroom will be happily used for Generations to come!’

Still, the project has faced criticism as the White House’s historic East Wing was completely demolished. The wing has served as the official entrance to the White House, and is designated as space for the first lady. 

On Monday, Trump signaled he wants to expedite outfitting Australia with nuclear submarines under the trilateral agreement between the U.S., Australia and the U.K. that seeks to enhance Australia’s submarine force to deter Chinese influence in the Indo-Pacific.

The agreement, known as AUKUS, stipulates the U.S. will sell up to five Virginia-class nuclear-powered submarines to Australia that are scheduled for delivery as soon as 2032. The deal also outlines that Australia and the U.K. will work to build additional attack submarines for Australia’s fleet.

However, Trump told reporters that he is looking at equipping Australia with the submarines soon, when asked if he was interested in speeding up the process.

‘Well we are doing that, yeah … we have them moving very, very quickly,’ Trump told reporters Monday.

However, Trump also said that he didn’t believe the deal was necessary to undermine China.

‘I don’t think we’re going to need it,’ Trump said about the trilateral agreement. ‘I think we’ll be just fine with China. China doesn’t want to do that. First of all, the United States is the strongest military power in the world by far. It’s not even close, not even close. We have the best equipment. We have the best of everything, and nobody’s going to mess with that. And I don’t see that at all with President Xi.’

Meanwhile, Trump departed for Asia Friday, as he is slated to meet with Xi during the Asia-Pacific Economic Cooperation (APEC) Summit.

The meeting comes amid ongoing trade negotiations between the two countries, which escalated when Beijing announced Oct. 9 it would impose export controls on rare-earth magnets. Rare earth magnets are used in products ranging from electric cars to F-35 fighter jets. 

As a result, Trump said the U.S. would impose a new 100% tariff on all Chinese goods, which is slated to take effect Nov. 1.

However, Trump has sought to neutralize tension, and has regularly spoken highly of his relationship with Xi in recent weeks. Additionally, he has said he believes a deal will be reached between the two countries.

‘I think we are going to come out very well and everyone’s going to be very happy,’ Trump said Thursday.

Trump and Xi have not met in person since Trump took office in January. Their last meeting took place in June 2019 in Japan.

Trump will also visit Malaysia, Japan and South Korea as part of the trip.

Trump also met with NATO Secretary-General Mark Rutte Wednesday, just after meeting with Ukrainian President Volodymyr Zelenskyy and after calling off a meeting with Russian President Vladimir Putin.

Trump said that he didn’t want a ‘wasted meeting’ with Putin in Hungary, and White House press secretary Karoline Leavitt said that Trump didn’t see enough progress toward peace from Russia.

‘We canceled the meeting with President Putin,’ Trump told reporters in the Oval Office with Rutte Wednesday. ‘It just it didn’t feel right to me. It didn’t feel like we were going to get to the place we have to get. So I canceled it. But we’ll do it in the future.’

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Election season is in full-swing, with only days left before races in 2025’s quiet election cycle are called. 

Fox News Digital compiled key deadlines for early in-person voting as it comes to a close. 

The 2025 election season is mild compared to the whirlwind federal election cycle of 2024, but will feature major races, including statewide elections for governor in New Jersey and Virginia, and New York City’s high-profile mayoral election, the ballot proposition over congressional redistricting in California, and three state Supreme Court contests in Pennsylvania.

The races have seen a handful of political surprises in recent weeks as key races hit hot water — from Virginia attorney general candidate Jay Jones’s leaked text scandal to controversy over military records in New Jersey’s governor’s race, and backlash against Zohran Mamdani’s left-wing policies as the self-identified Democratic socialist works to secure Gracie Mansion. 

Voter enthusiasm is high across the country — and there’s still time for people to cast their ballots early.

Here’s when in-person early voting ends in each high-profile 2025 election:

New Jersey

New Jersey’s in-person early voting began Saturday and will conclude Nov. 2. Early in-person voting is held from 10:00 a.m. to 8:00 p.m. Monday through Saturday, with Sunday hours running from 10:00 a.m. to 6:00 p.m. Appointments are not necessary to vote early. 

New York City

Big Apple residents began early in-person voting Saturday and will have until Nov. 2 to cast early in-person votes. 

Virginia

Early in-person voting kicked off in the Old Dominion State Sept. 19 and will run until Nov. 1. All localities in the state offer early voting. 

California

The Golden State is holding a special election in 2025 to decide ballot proposition 50, which would redraw state congressional district maps in response to efforts in Republican states to redraw congressional districts ahead of the midterms. Early in-person voting begins Saturday and will run through Election Day. 

Pennsylvania 

Pennsylvanians can vote early and in-person by returning mail ballots to their local election offices until 8 p.m. on Election Day. Voters must apply for a mail-in ballot by Tuesday or vote on Election Day. 

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President Donald Trump on Saturday said Hamas needs to start returning the bodies of deceased hostages held captive by the terror group during the war in Gaza ‘quickly, or the other countries involved in this GREAT PEACE will take action.’

While all the living hostages have been returned from Gaza, the remains of 13 deceased hostages have not been handed over by Hamas.

‘Some of the bodies are hard to reach, but others they can return now and, for some reason, they are not,’ Trump wrote in a Truth Social post. ‘Perhaps it has to do with their disarming, but when I said, ‘Both sides would be treated fairly,’ that only applies if they comply with their obligations. Let’s see what they do over the next 48 hours. I am watching this very closely.’

Hours before Trump’s post, Secretary of State Marco Rubio and U.S. Ambassador to Israel Mike Huckabee met with the families of Itay Chen and Omer Neutra, two U.S. citizens who were killed in the Oct. 7, 2023 attacks.

Their bodies are among those still being held by Hamas.

‘We will not forget the lives of the hostages who died in the captivity of Hamas,’ Rubio wrote in an X post. ‘We will not rest until their—and all—remains are returned.’

Authorities believed Chen, a 19-year-old dual U.S.-Israeli citizen, was kidnapped by Hamas on Oct. 7, 2023, but was later declared dead by the Israel Defense Forces (IDF).

Neutra, 21, an American-Israeli from New York, was killed in battle on Oct. 7, 2023.

Huckabee noted Rubio’s visit to Israel was ‘very productive in moving forward’ the U.S.-brokered Gaza peace plan, adding the plan cannot work until all hostages, living and deceased, are released.

While traveling to Asia Saturday, Trump met with Qatari leaders aboard Air Force One while refueling at Al-Udeid Air Base.

Qatar has played a significant role in efforts to negotiate peace and ceasefires in Gaza.

After a meeting with Qatar Emir Tamim bin Hamad Al Thani and Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, Trump said ‘The Emir is one of the great rulers of the world … and the Prime Minister has been my friend.’

Referencing the peace deal, the president said, ‘What we’ve done is incredible — peace in the Middle East.’

Fox News Digital’s Rachel Wolf contributed to this report.

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The anonymous donor who gave $130 million to the Pentagon to pay troops during the government shutdown has been identified as Timothy Mellon, a reclusive billionaire and a major financial backer of President Donald Trump, according to a report.

Trump announced the donation on Thursday, but declined to reveal the donor’s identity, only describing him as a ‘patriot’ and a friend. The president again refused to name the person on Friday while talking to reporters aboard Air Force One shortly after departing Washington for Asia, calling the donor ‘a great American citizen’ and a ‘substantial man.’

‘He doesn’t want publicity,’ Trump said on Friday. ‘He prefer that his name not be mentioned, which is pretty unusual in the world I come from, and in the world of politics, you want your name mentioned.’

But the two people familiar with the matter told The New York Times that the man is Mellon, a wealthy banking heir and railroad magnate.

It remains unclear how long the donation will cover the troops’ salaries. The Trump administration’s 2025 budget asked for about $600 billion in total military compensation, according to the Congressional Budget Office.

The $130 million donation would equal about $100 a service member, according to The New York Times.

Mellon, a grandson of former Treasury Secretary Andrew W. Mellon, is a backer of Trump who gave tens of millions of dollars to groups supporting the president’s 2024 campaign. Last year, he gave $50 million to a super PAC supporting Trump, making it one of the largest single contributions ever disclosed, the newspaper noted.

The billionaire was not a prominent Republican donor until Trump was first elected but has given hundreds of millions of dollars in recent years into supporting the president and the GOP.

He is also a significant supporter of Health and Human Services Secretary Robert F. Kennedy Jr., who also ran for president in 2024, first as a Democrat and later as an independent before dropping out to endorse Trump. Mellon donated millions to Kennedy’s presidential campaign and has also given money to the secretary’s anti-vaccine nonprofit, Children’s Health Defense, according to The New York Times.

Despite his political contributions, Mellon has sought to keep a low profile.

In an autobiography published in 2015, Mellon described himself as a former liberal who moved from Connecticut to Wyoming for lower taxes and fewer people.

The Pentagon said it accepted the donation under the ‘general gift acceptance authority.’

‘The donation was made on the condition that it be used to offset the cost of service members’ salaries and benefits,’ Pentagon spokesman Sean Parnell said in a statement to The New York Times.

But the donation may be a potential violation of the Antideficiency Act, which prohibits federal agencies from spending money in excess of congressional appropriations or from accepting voluntary services.

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President Donald Trump on Saturday said he won’t waste time meeting Russian President Vladimir Putin again unless a deal on the war in Ukraine is likely.

‘I’m going to have to know that we’re going to make a deal,’ Trump told reporters aboard Air Force One after taking off from Al Udeid Air Base in Qatar, when asked about securing a meeting with Putin. ‘I’m not going to be wasting my time. I’ve always had a great relationship with Vladimir Putin, but this has been very disappointing.’

He said he thought the war in Ukraine would have been resolved ‘long before’ the peace deal between Israel and Hamas.

‘We have Azerbaijan and Armenia. That was very tough,’ Trump added, referring to the peace summit he hosted at the White House between the two countries last summer.

He continued, ‘In fact, Putin told me on the phone, he said, ‘Boy, that was amazing,’ because everybody tried to get that done, and they couldn’t. I got it done. You had others. If you look at India and Pakistan, I could say almost any one of the deals that I’ve already done, I thought would have been more difficult than Russia, than Ukraine, but it didn’t work out that way.’

‘There’s a lot of hatred between the two, between [Ukrainian President Volodymyr] Zelensky and Putin, there’s tremendous hatred.’

Earlier this week, Trump said he had called off a planned meeting with Putin in Budapest to discuss the war because he saw it as a ‘waste of time.’

Trump announced the Budapest meeting last week, saying it could happen within the next two weeks.

He also announced sanctions against Russia this week.

Trump and Putin last met in Alaska in August, but no deal was reached following the summit.

Trump met with Zelenskyy last week at the White House, where he seemingly denied Ukraine’s request for Tomahawk long-range missiles. 

The president also said that in his meeting with Chinese President Xi Jinping next week he wants a ‘complete [trade] deal.’ 

‘I want our farmers to be taken care of, and he wants things also,’ Trump said. ‘We’re going to be talking about fentanyl, of course. Fentanyl is killing a lot of people, a lot people. It comes from China, and we’ll be talking a lot about that. We’ll be talking about a lot things. I think we have a really good chance of making a very comprehensive deal.’

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