THE NEWS

MADISON, Wis. – For a second straight week, the progressive left-wing won a high-stakes Senate primary battle over the establishment in what is seen as a setback for longtime Democratic Senate Leader Sen. Chuck Schumer.But the biggest ballot-box face-off between the far left and the center in the ongoing fight for the ideological future of the Democratic Party ended with a narrow victory for the establishment, as Milwaukee County Executive David Crowley defeated democratic socialist state Rep. Francesca Hong in Wisconsin’s gubernatorial primary.Meanwhile, the Democrats’ generational showdown claimed another longtime member of Congress.And it was a split decision for President Donald Trump’s endorsements in statewide Republican nomination contests, as Minnesota, Wisconsin, Connecticut, Vermont, South Carolina and Alabama held primaries on Tuesday.DEMOCRATIC GROUP LAUNCHES $15 MILLION WAR ON DEMOCRATIC SOCIALISTS: ‘MORTAL DANGER’Upper Midwest showdowns”I know we don’t have the final results right now but I do know we are ready to keep fighting,” Democratic gubernatorial candidate state Rep. Francesca Hong told supporters at a primary night event in Wisconsin’s capital city before the race was called.Hong, a former chef and single parent who is a Democratic Socialists of America (DSA) member, narrowly lost to Milwaukee County Executive David Crowley, who consolidated support from more mainstream Democrats and was backed by retiring Democratic Gov. Tony Evers.Crowley will face Rep. Tom Tiffany, who cruised to the GOP nomination. Tiffany is a hard-right member of the conservative House Freedom Caucus who was backed by Trump in the primary. The general election winner will succeed Democratic Gov. Tony Evers, who decided against seeking a third term in office.DEMOCRACY ’26: STAY UP TO DATE WITH THE FOX NEWS ELECTION HUBHong was backed by top nationally known progressives, including Reps. Ilhan Omar of Minnesota and Ro Khanna of California, a potential 2028 Democratic presidential contender. But two champions of the left, Sen. Bernie Sanders of Vermont and Rep. Alexandria Ocasio-Cortez of New York, didn’t endorse in the race.Hong ran on a platform that includes guaranteed paid leave, boosting the state’s minimum wage from $7.25 to $20 per hour, and a one-year moratorium in Wisconsin on building AI data centers. Hong has faced scrutiny over years-old social media posts calling for defunding and abolishing the police. But she says she no longer supports cutting police budgets or abolishing police departments.She also made national headlines over the past two weeks for a resurfaced social media post from 2020 where she argued that the country should “cancel Thanksgiving” in order to “stop celebrating colonialism.”Hong walked back her Thanksgiving comments, amid backlash, and now says that Thanksgiving is her “favorite holiday.”The Democratic primary was rocked this summer, as Wisconsin Lt. Gov. Sara Rodriguez and former Lt. Gov. Mandela Barnes, two of the major contenders for the gubernatorial nomination, exited the race. And Crowley, who earlier suspended his campaign and backed Rodriguez, re-entered the contest.MEET THE FAR LEFT INSURGENTS WAGING WAR ON THE DEMOCRATIC PARTY IN THE 2026 MIDTERMSCrowley was backed by Evers, who joined him on the campaign trail in the closing stretch leading up to the primary, as they both questioned Hong’s electability and warned that a victory by her would help Tiffany in the general election. Meanwhile, pro-GOP super PACs, including one aligned with the Republican Governors Association, shelled out millions of dollars to boost Hong in the primary, because they view her as the weakest Democratic candidate.The final pre-primary polls indicated Hong with a healthy double-digit lead. But the polls were off again, as they were a week ago when left-wing Democratic Senate candidate Abdul El-Sayed narrowly edged more moderate Rep. Haley Stevens for the party’s Senate nomination in Michigan, which along with Wisconsin is a key Midwestern battleground.While his margin was razor-thin, El-Sayed’s win boosted the left. Fast-forward to this week, and progressives scored another victory, as Minnesota Lt. Gov. Peggy Flanagan downed moderate Rep. Angie Craig by roughly 20 points to capture the Democratic Senate nomination.Flanagan, who was backed by top progressives including Sanders and Sen. Elizabeth Warren of Massachusetts, will now face off with GOP nominee Michele Tafoya, a former longtime NBC Sports reporter, in the race to succeed retiring Democratic Sen. Tina Smith.SIGN UP TO GET THE POLITICS NEWSLETTERIt’s been 24 years since a Republican won a U.S. Senate election in Minnesota. But Flanagan’s victory may boost the GOP hopes of flipping the seat in a left-leaning but competitive state.Craig was supported by Democratic establishment leaders including Schumer. Craig’s defeat is the second major setback for Schumer in a week, following El-Sayed’s victory in Michigan. And Flanagan has said that if elected in November, she wouldn’t support Schumer remaining as Democratic leader in the Senate.Democrats’ generational battleRep. John Larson of Connecticut became the seventh House Democrat ousted so far this primary season.Larson, who’s been in Congress for nearly three decades, was defeated by double digits in the Democratic primary in Connecticut’s solidly-blue 1st Congressional District by former Hartford Mayor Luke Bronin.With both candidates touting their progressive credentials, this race was less about ideology and more about generational change in the party, which was fueled two years ago by then-81-year-old President Joe Biden’s exit from the presidential race amid questions over his physical and mental stamina following a disastrous debate performance against Trump.The 47-year-old Bronin is three decades younger than the 78-year-old Larson, who became the latest political victim of a push by Democratic voters to sweep out older incumbents and replace them with younger leaders.”John Larson is a good man, but he’s been in Congress since the 90s. The stakes are just too high to keep doing the same thing,” Bronin, a retired Naval intelligence officer, argued in one of his campaign ads.Larson countered by touting his experience and his record as a fighter in Congress.”We are a country in absolute crisis. We need our toughest fighters. I’ve taken on Trump, DOGE, and ICE, and won,” Larson wrote in a social media post.Larson joined Reps. Al Green of Texas, Diana DeGette of Colorado, Adriano Espaillat of New York and Shri Thanedar of Michigan, who also fell to younger primary challengers.The generational battle will likely play out on a larger stage in a couple of weeks, as 47-year-old Rep. Seth Moulton challenges 80-year-old Sen. Ed Markey, a progressive leader, in the party’s Senate primary in Democrat-dominated Massachusetts.Split decision for TrumpBacked by Trump, appointed Sen. Darline Graham captured the most votes in Tuesday’s special Republican Senate primary in South Carolina, in the race to succeed her brother, the late Sen. Lindsey Graham.But with no candidate topping 50% of the vote, Graham will face off in a runoff in two weeks with Rep. Ralph Norman, who came in second. Rep. Russell Fry and former Gov. and former Rep. Mark Sanford, as well as other contenders, fell short in the special primary, which was held one month to the day after the longtime senator suddenly died at age 71.”I want to thank President Trump, his steadfast support and his complete and total endorsement means so much to me. He knows that I will stand with him and fight for his agenda, just like Lindsey did,” Graham said at her primary night event.Norman, who unsuccessfully campaigned this year for the GOP gubernatorial nomination in the race to succeed term-limited South Carolina Gov. Henry McMaster, is a Trump ally in the House and also showcased his support for the president in his Senate campaign.Trump’s sway over the GOP remains immense, and the power of his endorsements in Republican primaries faced another test in South Carolina, which the president passed.But the Trump endorsement hasn’t proven to be a sure bet this cycle in solidly-red South Carolina.Trump backed Lt. Gov. Pamela Evette for the GOP gubernatorial nomination — in the race to succeed the term-limited McMaster — ahead of the state’s early June primary.Evette was the top vote-getter in the primary but lost the ensuing runoff election against South Carolina Attorney General Alan Wilson in a landslide. And Trump, ever hungry for a victory, endorsed Wilson in addition to Evette days before the runoff.The big question going forward is whether Graham will suffer the same fate as Evette.The winner of the Senate runoff election in two weeks will be considered the clear front-runner in the solidly red state in the midterms against Democratic nominee Annie Andrews, a pediatrician.Meanwhile, Trump suffered a rare endorsement setback in Minnesota.Mike Lindell, the MyPillow founder and former CEO who is a close Trump ally who joined the president in denying former President Joe Biden’s victory in the 2020 White House race, had Trump’s backing. But Lindell lost the Minnesota Republican gubernatorial primary to state House Speaker Lisa Demuth.

MADISON, Wis — The left wing suffered a high-profile setback on Tuesday at the hands of the center-left establishment in their ongoing battle for the ideological future of the party.Seven days after far-left candidate Abdul El-Sayed narrowly edged out more moderate Rep. Haley Stevens in battleground Michigan’s Democratic Senate primary, state Rep. Francesca Hong on Tuesday was upset in her bid to capture the Democratic gubernatorial nomination in Wisconsin, another crucial swing state.Hong, a state lawmaker from Madison, Wisconsin and a Democratic Socialists of America (DSA) member, was defeated by Milwaukee County Executive David Crowley, the Associated Press reports.CONTROVERSIAL SOCIALIST CHEF FLIP-FLOPS ON ABOLISH THE POLICE, SAYS SHE’S ‘SERIOUS ABOUT PUBLIC SAFETY’Crowley will face off in the general election against likely Republican nominee Rep. Tom Tiffany, a hard-right House Freedom Caucus member who is backed by President Donald Trump. The race is considered a top flip opportunity for the GOP.Crowley was heavily backed by retiring Democratic Gov. Tony Evers, with both warning that a Hong primary victory could jeopardize Democratic control of the governor’s office.The governor’s race in Wisconsin opened after Evers announced he would not seek a third term. With Evers stepping aside, the race offered Democrats their first opportunity in 16 years to choose a nominee without an incumbent governor on the ballot.The primary was closely watched as an early test of whether Wisconsin Democrats favored the party’s progressive wing or its establishment, with the winner advancing to a high-stakes general election in one of the nation’s premier battleground states.Hong, a 37-year-old former chef and single mother, was backed by top nationally known progressives, including Reps. Ilhan Omar of Minnesota and Ro Khanna of California, a potential 2028 Democratic presidential contender. But Sen. Bernie Sanders of Vermont, a longtime champion of the left, last week said he didn’t plan on endorsing Hong, arguing that he was not familiar enough with her campaign or the race.SOCIALIST FRONTRUNNER’S TRADITION-TRASHING HOLIDAY RANTS COME BACK TO BITE HER: ‘WORST OF HUMANITY COMES OUT’Hong is running on a platform that includes guaranteed paid leave, boosting the state’s minimum wage from $7.25 to $20 per hour, and a one-year moratorium in Wisconsin on building AI data centers. Hong has faced scrutiny over years-old social media posts calling for defunding and abolishing the police. But she says she no longer supports cutting police budgets or abolishing police departments.”I’m not defunding the police, not abolishing police. I am serious about public safety,” Hong emphasized on Saturday as she took questions from voters.Hong also made national headlines over the past two weeks for a resurfaced social media post from 2020 where she argued that the country should “cancel Thanksgiving” in order to “stop celebrating colonialism.”Hong walked back her Thanksgiving comments, amid backlash, and now says that Thanksgiving is her “favorite holiday.”On her resurfaced tweets, Hong told reporters on Saturday that she has “evolved” and “learned.”Wisconsin Lt. Gov. Sara Rodriguez and former Lt. Gov. Mandela Barnes, two of the major contenders for the Democratic nomination, exited the race this summer. And Crowley, who earlier suspended his campaign and backed Rodriguez, re-entered the contest.2026 MIDTERMS: PRIMARIES, KEY RACES AND ELECTION RESULTSCrowley was backed by Evers, who joined him on the campaign trail in the closing stretch leading up to the primary.There was a growing number of more moderate Democrats concerned that if Hong captured the gubernatorial nomination, it would give Tiffany a big boost in his bid to flip the governor’s office.A Wisconsin-based Democratic strategist who asked to remain anonymous to speak more freely argued that with Hong at the top of the ticket, “it will hurt Democrats down ballot, in key congressional and legislative races” in the Midwestern battlegroundMeanwhile, pro-GOP super PACs, including one aligned with the Republican Governors Association, shelled out millions of dollars to boost Hong in the primary, because they view her as the weakest Democratic candidate.MEET THE FAR LEFT INSURGENTS WAGING WAR ON THE DEMOCRATIC PARTY IN THE 2026 MIDTERMSIn a Fox News Digital interview on the eve of the primary, Tiffany pointed to his expected general election showdown with Hong and said his state would be “the firewall… We’ll be the place that stops socialism.”Asked about electability concerns, Hong told Fox News on Sunday that “this election belongs to the voters. We let the voters decide. The candidate that’s the most electable is the one that earns the most votes. So we’re focused on meeting voters up until Election Day, until the polls close.”

Lightning struck a northern Ohio state prison, injuring at least 16 people, who were transported to the hospital, officials said Tuesday night.

UK Regulators To Prepare Tokenized-Gold Framework: Report

Authored by Zoltan Vardai via CoinTelegraph.com,

The UK’s Financial Conduct Authority (FCA) has reportedly held talks with banks and other industry participants over potential rules for tokenized gold.

The FCA has also sought feedback on the use of tokenized gold as collateral in wholesale markets, people familiar with the matter told the Financial Times.

The regulator is reportedly preparing to outline plans for new regulatory standards for tokenized gold.

Cointelegraph has approached the FCA for comment on the matter.

London is the world’s largest over-the-counter gold trading hub, accounting for about 70% of global notional gold trading volume, according to the World Gold Council.

“There’s huge competitive pressure from Shanghai and Hong Kong… Shanghai wants to become the wholesale hub for the gold market,” one of the people said, adding that if London does not modernize its gold market through measures including tokenization, other venues may take the lead.

The talks come amid a broader UK push to expand tokenized financial markets.

A government-backed industry task force said in July that tokenization could add as much as 33 billion British pounds ($44 billion) to the UK’s annual economic output by 2035.

The roadmap also calls for the UK’s first tokenized government bond by early 2027 and seeks to make tokenized securities usable for trading, settlement and as collateral.

The World Gold Council said this year that digital gold would mean ownership “would no longer be constrained by bar sizes, vault locations or fragmented settlement mechanisms”.

Tyler Durden
Wed, 08/12/2026 – 03:30

The fund — currently valued at around $2.34 trillion — is an investor in more than 7,000 companies across 60 countries.

On Aug. 12, 1985, in aviation’s worst single-plane disaster, a Japan Air Lines Boeing 747 slammed into a mountain in central Japan, killing 520 people. Four passengers survived.

Lebanese lawmakers on Tuesday approved a law prohibiting the death penalty, making it the first Middle Eastern country to end capital punishment.

Record-Low Rhine Levels Disrupt Raw Material Flows To Europe’s Largest Steelmaking Plant

Thyssenkrupp’s steelmaking plant in Duisburg, Germany, is facing disruptions to raw material supplies as a “persistent and worsening low-water situation” restricts barge traffic on the Rhine River. Navigable depths along parts of this critical waterway have fallen to record lows, threatening to curb German economic growth just as the country begins to show signs of recovery.

Bloomberg cited a statement from Thyssenkrupp saying, “The persistent and worsening low-water situation is now affecting the supply of raw materials” to the Duisburg facility. The company added that it has chartered external vessels capable of operating at lower water levels, after suspending its own push-barge operations.

Germany’s inland navigation agency WSV reported that the navigable depth at the Kaub chokepoint near Koblenz fell to just 15 centimeters on Tuesday, breaking the previous record low of 25 centimeters.

The river’s actual depth is roughly one meter greater than the navigable reading, but conditions have become too shallow for most commercial cargo operations.

Burg Pfalz-Grafenstein bei Kaub am Mittelrheintal am 2.8.2026.
Der #Pegel des Rheins liegt aktuell bei 16 cm und soll noch diese Woche einstellig werden.
Bild 3 Loreley Flussabwärts.
Mit der Einstellung des Schiffsverkehrs ab Köln wird fest gerechnet. pic.twitter.com/QUrYhF6EtG
— WernerH777 (@H777Werner) August 10, 2026
“Commercial sailings through Kaub have basically stopped; it is no longer possible to book cargo shipments on the Rhine past Kaub today,” one commodity trader told Reuters. “Some vessels south of Kaub face being trapped.”

The trader added, “There is no actual rule on when sailings at Kaub should stop because of low water, so you could see a couple of empty vessels risking it, but most sailings there have stopped.”

Ongoing heatwaves and limited rainfall have forced cargo vessels to operate at roughly 20% of capacity, sharply increasing transportation costs on the waterway. Freight is being diverted to trucks as analysts warn these disruptions and higher costs could dent German economic growth.

UBS analyst Felix Huefner told clients on Tuesday to expect “modest and temporary hit to growth” in the third quarter because of the Rhine disruptions to commodity flows:

Rhine water levels: Disruptions, but likely temporary

Water levels at Kaub, the Rhine’s key shipping bottleneck, recently fell to a record low.

Reportedly, cargo ships are currently only 20% full and in response several German states are now allowing trucks to drive on Sundays to ease the transport bottleneck.

While inland waterway transport accounts for just c.4% of goods transport in Germany, the Rhine is particularly important for transporting energy products, chemicals and industrial inputs. Historical evidence from 2018 suggests that low water levels can weigh on GDP.

In Q3 2018, GDP growth was dampened by 10-20bp according to estimates. While water levels are lower today compared to history, firms have increasingly adapted through alternative transport routes and lighter vessels as our equity analyst colleagues report for the chemical sector.

So far, business sentiment indicators for the most affected sectors have given conflicting signals: while the chemical and petroleum/refining sectors reported weaker current activity in the July ifo index, the freight transport component improved markedly.

Overall, we expect only a modest and temporary hit to growth, concentrated in Q3 and largely reversed once water transport normalises.

The Rhine disruption comes as Europe confronts twin diesel and natural gas crunches, a combination that Goldman commodities analyst Samantha Dart recently identified as a key risk keeping her up at night (read the full report).

Tyler Durden
Wed, 08/12/2026 – 02:45

North Korea fired a ballistic missile toward the East Sea on Wednesday, the militaries of Seoul and Tokyo said, its second such launch in less than a week.

A cargoship and containership have been hit in the Red Sea and Gulf of Oman as the war inflicts a toll on the world’s critical shipping lanes.