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In this video, Frank dives into some of his favorite features on StockCharts.com. He then dissects the S&P 500 and Bitcoin price action, before exploring the the XLK Technology ETF’s explosive move off the lows. He also highlights a few recent trade ideas and setups worth watching. Get trade ideas and chart setups worth watching in today’s technical review.

This video originally premiered on May 20, 2025.

You can view previously recorded videos from Frank and other industry experts at this link.

In the absence of unified federal legislation on cryptocurrencies, New York is establishing its own comprehensive regulations for the sector as it looks to become the world’s crypto capital.

Adrienne Harris, superintendent of the New York Department of Financial Services (DFS), is playing a key role in this endeavor, and she says her approach is grounded in experience, not ideology.

“I have never been a believer that you should have ideology in financial regulation,” Harris said during a discussion at last week’s Consensus conference, held from May 14 to 16 in Toronto.

“I really am a firm believer that you can protect consumers and markets, look after the safety and soundness of companies and be good for business all at the same time. And we really seek to prove that out every day at DFS.”

Appointed in 2021, Harris described her stints in big law, the US Department of the Treasury, the Obama White House, Silicon Valley and academia. Her influence as a regulator has arguably been most deeply felt in crypto, where New York’s licensing regime — particularly its much-discussed BitLicense — has served as both a gatekeeper and a benchmark.

“There is unnecessarily tough, and then there’s necessarily tough,” Harris explained. “I think prior to me and my team coming in, things were probably unnecessarily tough … the team was under-resourced. There were maybe 30 people in the crypto unit. Now we have 60 people that are dedicated to virtual currency every day, all day.”

Under Harris’ leadership, the DFS has implemented an applications manual, instituted pre-application meetings and issued nine pieces of regulatory guidance. These reforms aim to demystify a process long criticized as opaque.

And while the BitLicense remains difficult to obtain, Harris believes the outcome justifies the rigor: “FTX, Voyager and Celsius didn’t pass our test, and therefore couldn’t do business in New York.”

This tough-but-fair regulatory stance has elevated New York’s position not only domestically, but also globally.

Even with various international counterparts, Harris told the Consensus audience that New York has become “the gold standard” in how virtual currencies are regulated. That international recognition is becoming increasingly formalized through initiatives like the DFS’ transatlantic regulatory exchange program with the Bank of England.

“They’ve sent us some senior staff. We’ve sent them some senior staff. It was really an arm-wrestling match to see who was going to get to move to London for six months to a year,” Harris joked. The program, which focuses on payments and cryptocurrencies, is already expanding to include other regulators in Europe and Asia.

Closer to home, Harris said the DFS is also working closely with Congress on stablecoin legislation.

“There isn’t a version of any of those bills — be it House or Senate, Rs or Ds — that don’t come to me and to the team to say, ‘Give us your feedback, give us your technical assistance, your insights,’” she said.

The DFS has already pioneered its own stablecoin guidelines, which require that any licensed stablecoin in New York be fully backed by a reserve of assets. That initiative, like much of DFS’ crypto framework, has been driven by a regulatory unit that Harris described as perhaps the largest of its kind anywhere in the world.

“We have folks that came from the (US Federal Reserve), we have cryptographers, we have financial crime experts … we have some real sort of crypto bros on the team. So it’s a great mix of expertise.”

Despite building out that workforce to 60 full-time crypto regulators, Harris admitted that resource constraints remain.

She noted that the DFS has hired more than 600 people across the department during her tenure and continues to recruit — especially amid talent shifts from federal agencies.

The result of all this work, Harris argued, is a regulatory environment that fosters innovation rather than hinders it.

“It used to be that people would say the regulations stifled that ecosystem, that innovation. But what we’ve learned over time is that that clarity, that certainty, that transparency really provides a fertile ground for that innovation,’ she said.

That sentiment is reflected in how regulated firms market themselves abroad. “Our regulated crypto companies market the fact that they are regulated by DFS,” Harris continued. “When they go overseas, they are telling those other regulators, ‘We have a license from DFS.’ And it goes a long way toward growing the ecosystem in New York.”

She also credited state leadership for supporting a dual agenda of consumer protection and economic development, citing New York Governor Kathy Hochul’s ‘steadfast commitment’ to making sure New York is a hub for responsible innovation. This growth aligns with Mayor Eric Adams’ ambition to make New York City the crypto capital not just of the US, but also the world — an aspiration Harris sees as within reach, if not already reality.

“When we think about crypto — having the fastest-growing sector in New York — put that together with the fact that New York is really the financial capital of the world. That is an environment, I think, perfect for the crypto ecosystem.”

Looking ahead, Harris said the DFS will continue on its current path, even as it hopes for stronger federal engagement.

“Hopefully we have federal legislation done, and some of those federal rules will be coming into place,” she said.

“We’re thinking about, of course, (artificial intelligence) and crypto. We’re thinking about deepfakes and market manipulation and crypto, and how those things overlap.”

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

This post appeared first on investingnews.com

Despite economic and geopolitical upheaval, 2024 was relatively calm for platinum-group metals (PGMs).

In its new PGMs report, research firm Metals Focus notes that all five PGMs — platinum, palladium, rhodium, iridium and ruthenium — ended 2024 in physical deficit, marking a pivotal year of stabilization and supply strain.

With tightening mine output, rising hybrid vehicle demand and industrial shifts driving ruthenium and iridium gains, 2025 is set to test the sector’s resilience amid constrained supply and cautious investor sentiment.

As the sector looks to 2025, the outlook remains constrained but cautiously optimistic.

PGM supply constraints widen deficits

While all five PGMs were in physical deficit last year, overall mine supply did edge on 2 percent year-on-year.

However, Metals Focus notes that this figure masks underlying weaknesses.

Much of the gain stemmed from temporary factors, such as the release of work-in-process stockpiles, particularly in South Africa, which accounted for a significant portion of the PGMs inventory processed during the year.

Platinum mine supply rose 3 percent to 5.77 million ounces, mainly due to output from South Africa, whose production exceeded 4 million ounces for the first time since 2021. Yet stripping out the one-time work-in-process boost, global production was more than 1 million ounces below the 2010 to 2021 average of 14.95 million ounces.

For palladium, mine supply rose less than 1 percent, bolstered by modest gains in Russia and stock drawdowns in South Africa, even as Canadian output dropped 10 percent due to price pressure.

The report notes that production cuts in high-cost regions were inevitable, owing to closures like Sibanye-Stillwater’s (NYSE:SBSW) shutdown of Stillwater West and curtailed operations at East Boulder.

In total, platinum ended the year with a second consecutive shortfall. Palladium was short by 407,000 ounces, continuing a near-decade trend of tightness. Rhodium, ruthenium and iridium also closed the year with deficits of 178,000 ounces, 219,000 ounces and 49,000 ounces, respectively — an across-the-board supply squeeze not seen in years.

Demand for PGMs shifts under electrification and industrial dynamics

On the demand side, the automotive sector — the dominant consumer of PGMs — saw a 4 percent contraction in fabrication demand to 12.14 million ounces, the first such drop since the pandemic year of 2020.

The continued rise of battery electric vehicles (BEVs), which do not use PGMs in their drivetrains, contributed to a 2 percent decline in catalyzed vehicle output. Although BEV growth slowed to 9 percent — its weakest since the technology gained mainstream traction — its market share still rose from 12 percent to 13 percent.

Hybrids, however, offered a bright spot for PGMs, with production jumping 28 percent and often requiring heavier PGM loadings than traditional internal combustion engine (ICE) vehicles. This helped cushion demand for autocatalysts, particularly platinum, which saw slower rates of palladium substitution as the price gap narrowed.

Platinum demand, in contrast, overall fell by 2 percent to 7.79 million ounces. Automotive and industrial usage were also dragged down by a 27 percent plunge in chemical applications, particularly in China’s paraxylene sector.

But jewelry demand surged 9 percent — its strongest growth since 2019 — driven by India’s booming export orders and Japanese consumers shifting from gold due to its soaring price.

Ruthenium and iridium, the lesser-known PGMs, also saw rising industrial relevance.

Ruthenium demand surged by 20 percent — reaching its highest level since 2006 — fueled by China’s caprolactam chemical sector and artificial intelligence-driven growth in hard disk drive production.

Meanwhile, iridium demand jumped 15 percent to a record 298,000 ounces, driven by ballast water treatment systems, acetic acid output, and early stage copper foil applications.

Palladium, long buoyed by ICE reliance, saw total demand fall 4 percent to 9.75 million ounces.

Automotive fabrication dropped 5 percent, with thrifting and substitution playing an increasing role, though the latter slowed due to narrowing discounts with platinum. Industrial use remained stable, down less than 1 percent, with electronics up 1 percent amid recovering consumer tech and AI hardware growth.

Recycling gains traction, but can’t fill supply gap

Secondary supply helped offset falling mine output, with autocatalyst recycling up 9 percent year-on-year.

Metals Focus largely attributes this gain to higher vehicle scrappage rates, improved new car sales and aggressive recycling incentives in China. Still, recycling fell short of restoring equilibrium.

Platinum secondary supply rose just 1 percent as jewelry recycling remained weak, with Chinese and Japanese flows down due to sustained low prices and reduced scrap availability.

Palladium fared better with a 9 percent increase — its strongest growth in five years — again led by China, where palladium dominates catalytic converter formulations.

Yet, even with these gains, total recycling volumes were insufficient to offset underlying shortfalls. Jewelry scrap fell by 29 percent for platinum and 45 percent for palladium compared to 2021, underscoring a structural shift in the recycling base amid changing consumer behavior and metal substitution.

PGMs prices stabilize, but caution prevails

PGMs prices stayed fairly in 2024, with volatility restrained.

Platinum traded within a tight US$850 to US$1,100 per ounce band, hovering mostly from US$900 to US$1,000.

Palladium, despite ongoing bearish sentiment, found support at US$900 per ounce, while rhodium stabilized around US$4,400 per ounce after collapsing from highs above US$29,000 in 2021. Meanwhile, iridium fell 12 percent in price over the year, though bargain hunters helped maintain a floor around US$4,000 per ounce.

Ruthenium rebounded 24 percent from September lows, ending the year supported by robust Chinese demand.

While the PGMs markets appear to be finding their bottom, the Metals Focus report emphasizes that the risk of supply squeezes and price spikes remains.

Indeed, short positioning on the CME contributed to sporadic rallies, especially for palladium. Net managed money positions averaged 1.05 million ounces short for the year, peaking at 1.63 million ounces in August.

Metals Focus’ 2025 PGMs outlook

Looking ahead, 2025 is expected to continue many of 2024’s trends.

Physical deficits will persist, particularly in rhodium, ruthenium, and platinum. Above-ground stocks (AGS) remain elevated for platinum and palladium, muting potential price rallies, but continued mine cutbacks could shift this balance over time.

Forecasts suggest platinum will average US$970/oz, up slightly from 2024. Palladium is expected to average US$930, down 5 percent year-on-year, while rhodium may rise 8 percent to US$5,000, supported by its deficit and scarce above-ground reserves.

Ruthenium is forecast to jump 26 percent to US$550, with iridium expected to average US$4,100, a 14 percent drop driven largely by 2024’s elevated base.

In sum, 2024 marked a transitional year for the PGMs—one of normalization rather than expansion. Supply remains tight, demand is recalibrating in the face of technological shifts, and investors are returning cautiously.

Whether 2025 brings further recovery or renewed disruption for the collective will depend not just on markets—but on mines, metals, and momentum-shifting market sentiment.

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

This post appeared first on investingnews.com

Thanks to exchange-traded funds (ETFs), investors don’t have to be tied to one specific stock. When it comes to biotech ETFs, they give sector participants exposure to many biotech companies via one vehicle.

ETFs are a popular choice as they allow investors to enter the market more safely compared to investing in standalone stocks. A key advantage is that even if one company in the ETF takes a hit, the impact will be less direct.

All other figures were also current as of that date. Read on to learn more about these investment vehicles.

1. ALPS Medical Breakthroughs ETF (ARCA:SBIO)

AUM: US$80.23 million

Launched in December 2014, the ALPS Medical Breakthroughs ETF tracks small- and mid-cap biotech stocks that have one or more drugs in either Phase II or Phase III US FDA clinical trials. Its holdings must have a market cap between US$200 million and US$5 billion.

There are 100 holdings in this biotechnology fund, with about 60 percent being small- and micro-cap stocks. Its top holdings include Verona Pharma (NASDAQ:VRNA) at a weight of 5.31 percent, Alkermes (NASDAQ:ALKS) at 4.41 percent and Axsome Therapeutics (NASDAQ:AXSM) at 4.24 percent.

2. Tema Oncology ETF (NASDAQ:CANC)

AUM: US$63.67 million

The Tema Oncology ETF provides exposure to biotech companies operating in the oncology industry. It includes companies developing a range of cancer treatments, including CAR-T cell therapies and bispecific antibodies.

Launched in August 2023, there are 52 holdings in this biotechnology fund, of which about half are small- to mid-cap stocks and 4 percent are micro-cap stocks. Among its top holdings are Revolution Medicines (NASDAQ:RVMD) at a 6.05 percent weight, Roche Holding (OTCQX:RHHBF,SWX:RO) at a weight of 5.08 percent and Eli Lilly and Company (NYSE:LLY) at 4.87 percent.

3. Tema GLP-1 Obesity and Cardiometabolic ETF (NASDAQ:HRTS)

AUM: US$51.5 million

Launched in November 2023, the Tema GLP-1 Obesity and Cardiometabolic ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. The fund was renamed on March 25 from Tema Cardiovascular and Metabolic ETF. More than three-quarters of its holdings are based in the US.

There are 47 holdings in this biotechnology fund, with about 75 percent being large-cap stocks and 18 percent mid-cap. Its top holdings are Eli Lilly and Company at a 9.92 percent weight, Abbott Laboratories (NYSE:ABT) at 4.77 percent and AstraZeneca (NASDAQ:AZN) at 4.14 percent.

4. ProShares Ultra NASDAQ Biotechnology (NASDAQ:BIB)

AUM: US$44.19 million

The ProShares Ultra NASDAQ Biotechnology ETF was launched in April 2010 and is leveraged to offer twice daily long exposure to the broad-based NASDAQ Biotechnology Index, making it an ideal choice “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.” However, analysts also advise investors with a low risk tolerance or a buy-and-hold strategy against investing in this fund due to its unique nature.

Of the 268 holdings in this ETF, the top biotech stocks in the ETF are Gilead Sciences (NASDAQ:GILD) at a 6.06 percent weight, Vertex Pharmaceuticals (NASDAQ:VRTX) at 5.99 percent and Amgen (NASDAQ:AMGN) at 5.84 percent. Additionally, over a third of its holdings are in United States Treasury Bills.

5. Direxion Daily S&P Biotech Bear 3x Shares (ARCA:LABD)

AUM: US$43.42 million

The Direxion Daily S&P Biotech Bear 3x Shares ETF is designed to provide three times the daily return of the inverse of the S&P Biotechnology Select Industry Index, meaning that it rises in value when the index falls and falls in value when it rises. Leveraged inverse ETFs are designed for short-term trading and are not suitable to hold long-term. They also carry a high degree of risk as they can be significantly affected by market volatility.

The top three life science holdings in this ETF are Exact Sciences (NASDAQ:EXAS) at a weight of 2.23 percent, Alnylam Pharmaceuticals (NASDAQ:ALNY) at a weight of 2.15 percent and Neurocrine Biosciences (NASDAQ:NBIX) at 2.03 percent.

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

This post appeared first on investingnews.com

South Africa’s President Cyril Ramaphosa will hold crucial talks at the White House with US President Donald Trump on Wednesday in a high-stakes meeting that could improve or deteriorate already frosty relations between the nations.

Ramaphosa is hopeful his visit could end a diplomatic feud that sparked aid cancellations by Trump and fueled the expulsion of his nation’s ambassador to the US.

There are also fears that the African nation could now potentially lose some of its US trade privileges as relations between the two countries sour.

Ramaphosa’s trip comes just over a week after a group of 59 White South Africans arrived in the US after being granted refugee status.

Trump and his ally Elon Musk, who was born and raised in the country, claimed the South Africans were being persecuted back home. On Tuesday, US Secretary of State Marco Rubio said it was in the US national interest to prioritize White South Africans for refugee resettlement, telling a hearing that they’re “a small subset” who “are easier to vet.”

The Trump administration has sharply criticized an expropriation law, which was enacted in South Africa earlier this year. The law empowers South Africa’s government to take land and redistribute it with no obligation to pay compensation in some instances.

Trump claimed that lands belonging to South Africa’s minority Whites, who own 72% of the nation’s agricultural land, were being targeted for confiscation, and cited unverified claims that “a genocide is taking place” in South Africa. He added that “White farmers are being brutally killed” amid reports of farm attacks.

Trump also disapproves of South Africa’s genocide case before the International Court of Justice against the US ally Israel.

Ramaphosa’s office said he would “discuss bilateral, regional and global issues of interest” with the US president at the White House. Analysts say the meeting could pose a tipping point for their fraught ties.

The US is South Africa’s second-largest trading partner, and the African nation benefits the most from a US trade agreement that provides preferential duty-free access to US markets for eligible sub-Saharan African nations.

Under that agreement, South Africa is the main agricultural exporter and exports two-thirds of its agricultural goods to the US, tariff-free. But some US lawmakers want those benefits withdrawn when the trade agreement is reviewed this year.

‘A tricky place to be’

South African researcher Neo Letswalo describes the anticipated meeting as “make-or-break” and one that requires “supreme negotiation tactics” by Ramaphosa.

The South African leader is set for a tight rope walk at the White House, he added, reminiscing about a shouting match that broke out in the Oval Office between Trump, his Vice President JD Vance, and Ukrainian President Volodymyr Zelensky in late February.

He believes that “Ramaphosa would maintain his composure to iron out some of the misunderstandings that Trump’s administration officials have about South Africa.”

Other analysts, such as Christopher Afoke Isike, who is a professor of African politics and international relations at the University of Pretoria, believe that Ramaphosa can pull through, “considering the fact that he’s a businessman president like President Trump.”

Ramaphosa plans to soften the ground with a potential licensing deal for Starlink, a satellite internet service owned by Musk, Ramaphosa’s spokesman Vincent Magwenya told Reuters Monday.

What could go wrong?

For Letswalo, the crucial talks between Trump and Ramaphosa could hit a brick wall if the White House makes costly demands.

“A dealbreaker would be a request by Washington for Pretoria to retrieve the Land Expropriation Act or Gaza Case in order to continue the US-SA relationship,” he said, adding, “it would be interesting to see how President Ramaphosa maintains the sovereignty and his statement of ‘not going to be bullied by America’, without compromising the pre-existing relationship with the US.”

That task could be one of Ramaphosa’s most challenging, according to André Duvenhage, a politics professor at South Africa’s Northwest University.

“This may be his single biggest challenge in terms of anything he had to deal with in his term as president of the Republic of South Africa.”

This post appeared first on cnn.com

Russian President Vladimir Putin visited Kursk for the first time since Moscow claimed to have completely recaptured the region following a surprise incursion by Ukrainian forces last year, Russian state news agency TASS reported on Wednesday.

Putin met with municipal leaders in the city of Kurchatov and visited the Kursk nuclear power plant, which is currently under construction, the Kremlin said, according to TASS.

Video footage posted by Russian state media showed Putin dressed in a suit speaking with what appeared to be local volunteers.

The news agency did not report when the visit took place.

Last August Ukraine launched a shock incursion into Kursk, swiftly capturing territory in what was the first ground invasion of Russia by a foreign power since World War II.

Since then, Russia, with support from North Korean soldiers, has been fighting to oust Ukraine’s forces from its borders, while Kyiv poured precious resources into holding onto its territory there, with the view of using it as a key bargaining chip in any peace talks.

Putin claimed last month that Russian forces had recaptured Kursk and said North Korean soldiers took part in the fighting to recover territory in the region.

Kyiv has insisted its troops are fiercely battling to preserve their foothold in the territory.

Last week Ukraine said it is still pursuing the ground war inside Russia.

“We are continuing our active operations in the Kursk and Belgorod regions – we are proactively defending Ukraine’s border areas,” President Zelensky said in his nightly address last Wednesday.

This post appeared first on cnn.com

An off-the-cuff remark about never paying for rice has cost Japan’s agriculture minister his job, as pressure mounts on the government to solve the nation’s rice crisis.

Taku Eto resigned on Wednesday, telling reporters that he had concluded he was “not the right person for this role” after sparking a public backlash by saying that he had “so much rice at home that (he) could sell it.”

The cost of rice – Japan’s prime staple food – has become a major political issue, with prices surging to record highs this year and the government taking the rare steps of releasing emergency reserves and importing foreign rice.

Eto’s gaffe could not have come at a worse time for Prime Minister Shigeru Ishiba’s government, which was already suffering from low approval ratings due to spiraling cost of living, weeks ahead of an election.

“I have never bought rice myself. Frankly, my supporters give me quite a lot of rice. I have so much rice at home that I could sell it,” Eto said in a speech over the weekend, drawing the ire of the public.

He later clarified he did buy his own rice and said he “deeply regretted” his comments.

“I made an extremely inappropriate remark as the minister responsible. For that, I apologize once again to the people of Japan,” Eto said Wednesday after tendering his resignation.

He added that he “fully recognized” the hardship people are facing due to soaring rice prices.

A major threat

Frustrations over the rising cost of living in Japan is shaping up to be a major threat for Prime Minister Ishiba and his Liberal Democratic Party as the country heads to the polls for upper house elections in July.

The latest approval ratings for Ishiba’s cabinet slipped to 27.4%, a record low, according to a poll by Japanese news agency Kyodo released on Sunday. Almost one in nine of the households surveyed said the government’s efforts to rein in rice prices had been insufficient.

Ishiba’s party, which has ruled Japan for almost all of its post-war history, suffered a crushing defeat in last year’s lower house election, but he held on to power by seeking support from minor parties.

Further defeat in the coming elections could threaten his coalition’s rule and spark calls for a new leader.

Rice price stubbornly high

Despite the government’s attempts to bring them down, rice prices in Japan have remained stubbornly high – almost twice what they were a year ago.

The average retail price of rice rose to 4,268 yen ($29.4 US) per five kilograms in the second week of May, reversing a brief decline in 18 weeks recorded in the previous month, according to the Ministry of Agriculture, Forestry and Fisheries.

Earlier this year, it took the rare step of putting hundreds of thousands of tons of rice from its emergency reserves up for auction, in a bid to drive down prices. Multiple auctions have since been scheduled until July, with hundreds of thousands of tons of rice being released.

Japan, which takes deep pride in its homegrown rice, has also scaled up imports of rice from overseas, mainly from the US. In April, it also imported South Korean rice for the first time since 1999.

Dealing with the rice crisis is now the job of Shinjiro Koizumi, a former environment minister and son of a former Japanese Prime Minister, who Ishiba has appointed to head the Ministry of Agriculture, Forestry and Fisheries.

“I have instructed Mr. Koizumi to make strong efforts to supply rice to consumers at a stable price, especially in light of the current high rice prices,” Ishiba said.

This post appeared first on cnn.com

A suicide attack on a school bus in southwestern Pakistan killed three students of a military-run school on Wednesday, officials said, in the latest attack that underscores the deteriorating security situation in the region.

The explosion took place in the city of Khuzdar in restive Balochistan province and targeted a school bus carrying “a large number” of children of military officials, according to Yasir Dashti, a senior government official from the province.

38 people were wounded in the attack, Dashti said.

“The bus was carrying Army Public School children,” said Kaleem Ullah, a police official from Khuzdar.

Army Public Schools are a network of school across Pakistan for children of military staff.

At least three children and two adults were killed, according to a statement from the Pakistan military.

There has been no claim of responsibility for the attack so far.

Balochistan has been rocked for years by a separatist insurgency that seeks greater political autonomy and economic development in the strategically important and mineral-rich mountainous region.

Pakistan’s military accused “Indian proxies” of being behind the attack in a statement released shortly after the incident. It did not give evidence for its claims.

Pakistan has previously accused its neighbor and arch-rival of being behind attacks in Balochistan. New Delhi has denied the accusations.

Pakistan’s Prime Minister Shehbaz Sharif “strongly condemned the cowardly attack” in a statement and repeated the military’s accusations that India was behind the attack.

India has long accused Pakistan of sheltering militant groups that have carried out attacks across the border, including a recent massacre of tourists in India-administered Kashmir, allegations Islamabad has denied.

Tensions between the two spiraled after that massacre and resulted in a brief four-day conflict earlier this month that was the most sustained fighting between the two in decades. A fragile ceasefire has held since then.

Wednesday’s attack comes just over two months after the deadly hijacking of a train by separatist militants in Balochistan.

In that incident the Baloch Liberation Army took more than 350 people – some of whom were security personnel – hostage, killing 27 of them.

Children have also been the target of some of Pakistan’s most devastating terror attacks.

At least 145 people, mostly school children, were killed in by Pakistani Taliban militants in Khyber Pakhtunkhwa in 2014 – the worst terror attack in the country’s history.

The Pakistani Taliban’s most notable target was then 15-year-old Malala Yousafzai, who was singled out and shot on October 9, 2012 as she rode to school in a van with other girls.

This post appeared first on cnn.com

The radio crackled, but the order barked into it was clear: Capture the commander and kill the others.

The chilling exchange was part of a series of radio transmissions between Russian forces that Ukrainian officials say provide further evidence that Russian superiors are ordering soldiers to execute surrendering Ukrainian troops in violation of international law.

Morris Tidball-Binz, the UN’s special rapporteur on extrajudicial, summary or arbitrary executions, said the radio transmissions and drone footage suggest the killing of surrendered soldiers by Russian forces, as has been reported by the UN.

Tidball-Binz, who has investigated similar suspected executions, called such incidents “grave breaches” of international law, adding that he believes this conduct could only be authorized by the highest authorities in Russia.

They “would not happen with such numbers and frequency without orders – or at the very least consent – from (the) highest military commanders, which in Russia means the Presidency,” he said.

Russian officials have previously denied that Russian troops have committed war crimes and insisted that Russia treats prisoners of war in accordance with international law.

The alleged executions of prisoners of war, among other widespread charges that Russian military forces are responsible for war crimes in Ukraine, could complicate efforts by US President Donald Trump to bring a swift conclusion to the war. Trump has sought to end the fighting with an erratic approach that has often seen him side with Russian President Vladimir Putin and saw his administration briefly interrupt a State Department initiative to track alleged war crimes by Moscow.

The official said he was examining similar material from other cases, which “strengthen the evidence of a directive from Russian commanding officers to kill Ukrainian soldiers who have surrendered or are in the process of surrendering.”

The Ukrainian Prosecutor General’s office said it has, as of May 5, opened 75 criminal investigations into the suspected executions of 268 Ukrainian prisoners of war. It said the number of alleged executions of Ukrainian prisoners of war has been rising, with eight cases involving 57 soldiers in 2022, eight cases involving 11 soldiers in 2023, 39 cases with 149 soldiers in 2024, and 20 cases so far this year, with 51 soldiers.

Yurii Bielousov, head of the war crimes department at the Ukrainian prosecutor general’s office, said the rise was attributable to “instructions being given by top leaders of the Russian Federation, both political and military. We didn’t yet see a written order, but we had several examples of oral orders.”

Bielousov noted that Putin had said in March that Ukrainian soldiers captured in Russia’s Kursk region should be treated as terrorists. “Everyone knows how Putin treats people who they call terrorists. So, it’s almost a synonym for us to execute,” he said.

Bohdan Okhrimenko, head of the secretariat at Ukraine’s Coordination Headquarters for the Treatment of Prisoners of War, said another possible explanation for the killings was that the Russian military wanted to avoid the logistical issues of capturing and managing prisoners. “It complicates military logistics, from their point of view. The Russian command made a simple decision… to shoot captured prisoners.”

‘Take the commander captive and kill everyone else’

The Ukrainian intelligence official shared a transcript of the radio transmissions, which noted they were intercepted at 12:05 p.m. local time, when the Ukrainian position was stormed, and continued until 12:31 p.m., when apparent fears over a Ukrainian drone arriving causes the Russian commander to order a retreat.

The Russian commander can be heard ordering the killings on six separate occasions. According to the transcript of the intercepted transmissions, the commander’s first order was given at 12:22 p.m.

“Ask who is the commander. Who is the commander? Ask. Take the commander captive and kill everyone else,” he can be heard saying.

Four minutes later, he repeats the order twice.

“You do it. Take the commander captive, f**k off the others.”

“That’s it. Take the senior, get rid the f**k of the others!”

The commander frequently demands updates from his combat unit, who struggle to reply. “Someone, b*tch, answer, are the f**kers surrendering or not?”

The soldier referred to by the callsign “Arta,” who appears to be the main interlocutor, says they have not found a Ukrainian commander, only a “senior.”

At 12:28 p.m., the order is given on the radio a sixth time, and a soldier wearing a mask and a dark green uniform consistent with the Russian military can be seen emerging from the foliage, moving towards the captives.

“Get the f**k out! Take the senior, get rid of the others, f**k!” the commander said.

One Ukrainian soldier is visible in the grainy footage apparently gesturing to the Russians. Moments later, the masked soldier shoots him in the head. The voice of the Russian commander captured on the transmissions then asks if the killing is complete.

“Did you take them down? A question. Did you take them down? A question.”

“Arta! Arta! I’m Beliy, roger that!”

“We killed the f**king others.”

In the footage, another Ukrainian, presumably the commander who was motionless until that point, stands up, removes his body armor and is led away. The Russian commander radios his concern as a drone is seen rising over the smoke from an explosion. A retreat is then ordered.

The killing of surrendering Ukrainian troops is alleged by Ukrainian officials and international experts to be part of an orchestrated Russian policy. The incident appears to be one of the first times that intercepted radio transmissions have been linked to drone footage of a suspected execution.

Ukrainian officials claim the alleged executions are fueled by Russia’s cultural hatred of their opponents but are also meant for psychological impact. Okhrimenko said Russian soldiers had posted videos of the beheading and castration of Ukrainian troops to affect morale.

“Violence breeds violence,” he said, adding that Ukraine had increased training of its personnel to be sure Russian prisoners were held safely for later exchanges.

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