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The operations at the two busiest airports on the planet, Doha and Dubai, slowed down to a crawl Tuesday. Thousands of passengers faced long delays and cancellations due to the temporary closure of the airspace the day before. Qatar, Bahrain and Kuwait closed their airspace on Monday night after Iran struck a U.S. base in Doha, the capital of Qatar. This forced airlines to cancel hundreds of flights or reroute them, creating a queue of passengers stranded. Dubai airports in the United Arab Emirates temporarily halted their operations. U.S. president Donald Trump announced that a ceasefire had been reached between...

Mumbai International Airport Ltd., a subsidiary Adani Airport Holdings has received a $750m investment from a group of affiliates of Apollo managed funds and other long term backers. The U.S. private equity group announced this on Monday. Apollo announced in a press release that the four-year notes would be used to refinance current debt with an option of raising an additional $250,000,000. Adani Airports Holdings (the airport division of Adani Enterprises) secured a $750m investment from a group of international banks earlier this month. Bloomberg reported in June that the unit would be separated and listed on the stock exchange...

The estates of the three people who died in September last year when their 2024 Model S equipped Autopilot and Full Self-Driving Features crashed on New Jersey’s Garden State Parkway, Tesla was sued by the estates on Monday. The lawsuit, filed in federal court in Camden in New Jersey, blamed the deaths of David Dryerman (54), his wife Michele (54), and their daughter Brooke (17) on the "defective design and unreasonable danger" of the vehicle. Max Dryerman is Brooke's elder brother. He was not in that car and is also a defendant. The lawsuit is seeking unspecified punitive and compensatory...

Louis Dreyfus Company, based in Rotterdam, announced on Monday that it will reopen an abandoned U.S. grain terminal in Burns Harbor Indiana, at the southern end of Lake Michigan, in early 2026. This will provide the global commodities trader with export market access through the Great Lakes Seaway and St. Lawrence Seaway. The facility, built in 1979 by Cargill, a rival grain merchant, has been closed since 2023 when it ceased operating there because of difficult market conditions. Privately-held Dreyfus is the "D" in the ABCD quartet of global grains trading giants, along with Cargill, Archer-Daniels-Midland and Bunge Global. The...

A government memo revealed that ten officials from India's aviation watchdog would visit Air India headquarters for an audit on Tuesday. This comes as the airline faces intense scrutiny following a plane crash which killed 271 people. Air India is not being audited because of the crash, but it has received warnings from the aviation safety watchdog for lapses. It has also cut its routes citing the need for "operational security" after the deadly June 12 crash in India's Ahmedabad. During the visit, officials from the Directorate General of Civil Aviation will examine documents related to Air India's operations, audit...

One small company, located just 15 minutes from Chicago's O'Hare International Airport (O'Hare), helped import millions in vapes made by Chinese manufacturers last year, and was a vital link in the supply chains that feed U.S. demand. In just over four years, a customs broker named Jay Kim became the go-to agent for the Chinese vape market. According to an analysis, the firm handled 60% of the vapes and parts shipped from China to the U.S. by 2024. Kim, in an April interview at his office, said that "a lot of them" had FDA approval. He was referring to the...

Iranian TV reported on Sunday that the top security authority in Iran must decide whether or not to close the Strait of Hormuz. The measure was reportedly approved by parliament as a response to U.S. attacks on Tehran's nuclear facilities. Iran has threatened to close the Strait in the past, but never taken action. This would have restricted trade and affected global oil prices. Here are some details on the Strait. What is the STRAIT of HORMUZ? The Strait is located between Oman, Iran and the Gulf of Oman. It connects the Gulf of Oman in the north with the...

Federal Aviation Administration announced on Friday that Jacksonville Air Route Traffic Control Center, located in Florida, is experiencing a communication issue which has led to a loss in radar, frequencies and automation equipment. According to the agency's statement, the center is still operating. It also added that the redundant equipment and telecommunications have not resulted in any loss of vital air traffic services. The FAA stated that L3Harris, the local exchange providers and other agencies have been contacted and initially identified the cause of the outage to be a cut fiber in Florida. The company said that the local exchange...

The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It...

A federal judge blocked the administration of President Donald Trump from forcing 20 Democratic states to comply with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence (Rhode Island), ruled that U.S. Department of Transportation lacked the authority to demand that states cooperate with U.S. Immigration and Customs Enforcement for transportation funding and the condition was a violation of the U.S. Constitution. McConnell stated that the administration did not provide any plausible link between the cooperation with immigration enforcement and what Congress intended the funding for, which was to support highways...

A federal judge blocked the Trump administration's attempt to force 20 Democratic-led state to cooperate with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence, Rhode Island, granted the request of the states for an injunction to bar the Department of Transportation policy. He said that the states would likely succeed in some or all of the claims they made. The Trump administration didn't immediately respond to an inquiry for comment. The ruling was made in response to a lawsuit brought by a group Democratic state attorneys general, who claimed that...

Macquarie Group, Australia's largest financial services company, announced on Wednesday that it had acquired from Ontario Teachers' Pension Plan stakes in the airports of Bristol City, Birmingham City and London City for an undisclosed sum. The investment bank has purchased a 55% share in Bristol Airport, 26.5% in Birmingham Airport, and 25% in London City Airport. Sky News broke the story of this deal, which is for London City Airport - the fifth largest airport in London - earlier this month. Macquarie said that through the investment it is committed to support the airports which serve more than 25 million...

Wall Street rose on Monday, as the prospect of the U.S. Federal Reserve reducing interest rates by as early as July offset concerns that Iran could disrupt crude transportation in the Middle East. All three major U.S. indexes ended the day higher. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks have ended the uncertainty about whether or not the U.S. would attack. Hatfield said, "The market is...

Wall Street gained on Monday, as fears of Iran retaliating against U.S. Airstrikes and escalating the Middle East war were offset by the prospect that the U.S. Federal Reserve would cut interest rates in July. All three major U.S. indexes rose modestly as a result of a broad rally. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks has ended the uncertainty about whether or not the U.S....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Tesla released a small fleet of self-driving cabs to pick up paying passengers in Austin, Texas on Sunday. Elon Musk announced the "robotaxi" launch and social media influencers posted videos of their initial rides. Frederick Smith, the founder of FedEx Corp. and former CEO, died at the age 80. Smith founded the global delivery conglomerate in the 1970s with over a dozen aircraft. The U.S. Judge on Sunday ordered Kilmar Garcia,...

Senate Republicans can't force the U.S. The Senate Parliamentarian stated late Sunday that the U.S. Postal Service will be forced to eliminate thousands of electric vehicles, charging equipment and other items in a massive budget and tax bill. The U.S. Postal Service currently has 7,200 electric vehicles, consisting of Ford e-Transit vehicles and specially built Next Generation Delivery Vehicles by Oshkosh Defense. The U.S. Postal Service has 7,200 electric vehicles consisting of Ford e-Transit and Next Generation Delivery Vehicles specially designed by Oshkosh Defence. USPS warned that abandoning its electric vehicles could cost $1.5 billion. This includes $1 billion for...

FedEx Corp.'s former CEO Frederick Smith has passed away, according to a memo posted by the CEO Raj Subramaniam on the company website. Smith founded the global delivery conglomerate in the 1970s with more than 12 planes. Smith, born in 1944, was the executive chairman of FedEx until recently. He focused on issues of global significance, such as sustainability, innovation, and public policy. Subramaniam succeeded Smith as FedEx CEO in 2022. Subramaniam was the operations chief at that time. "Fred was much more than the founder of a great company and a pioneer in an industry. Subramaniam wrote in a...

Sometimes the pain of China limiting exports is so severe that it can be crippling. This can cause a huge outcry to occur almost instantly. Sometimes the pain is felt immediately, while other times it can take longer. China's late-last-year restrictions on the critical mineral antimony have caused major headaches for lead-acid battery makers around the world. Their customers are also affected by these high costs, as they have to pay more. Steve Christensen is the executive director of the Responsible Battery Coalition in America, which includes battery manufacturer Clarios, Honda, and FedEx. He mentioned the importance of batteries in...

People familiar with the situation said that private equity firms such as Blackstone and Apollo Global Management are interested in buying U.S. trucker Forward Air. Signing confidentiality agreements allowed them to receive information and review documents to help shape a possible bid. Platinum Equity and Clearlake Capital can also review materials after signing agreements, according to the sources. Sources said that the initial takeover bids will be submitted in the first week of the month of July. However, they noted that there was no guarantee four buyout firms would make offers. It is possible that other bidders will emerge. Sources...

Forward Air announced on Thursday that three of its directors were leaving the board. Ancora Holdings, an activist investor, had launched a campaign against them, as it pushed the freight forwarder towards considering alternative business models. Selling itself Ancora asked shareholders to not vote for three directors during the annual shareholder meeting on Wednesday. George Mayes who was the former board chairman failed to get enough votes to be reelected. He was forced to resign by company guidelines. The company stated that the other two directors targeted, Javier Polit, and Laurie Tucker were reelected, but they chose to resign right...

U.S. importers rely on customs brokers more and more to keep up with the ever-changing policies of President Donald Trump. The industry said that the booming demand for assistance in processing foreign products has increased the cost of these services, which adds another cost to tariffs. Customs brokerages, which were until recently an unrecognized branch of the import industry, now handle all the paperwork required to process shipments, calculate tariff bills, and calculate the paperwork. Brokers interviewed by said they were raising their fees. Major logistics companies like Memphis, Tennessee based FedEx, and Germany based DHL have also added staff...

BigBasket, an Indian company, plans to launch 10-minute food delivery nationwide by the end fiscal year 2026. This is because the competition in the $7.1-billion quick-commerce market has intensified. The Tata-backed supermarket giant will compete with established players like Swiggy's Snacc and Blinkit's Bistro, which deliver coffee and snacks ready to eat in less than 15 minute. BigBasket targets existing food delivery companies such as Zomato, Swiggy and also unlocks a new customer pool. Parekh said that the company plans to use dark-stores to fuel its service. This will allow it to gain a foothold in India’s booming quick commerce...

These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL ** Canadian Prime Minister Mark Carney will announce the biggest increase in defence expenditures since the Second World War. This would allow Canada to reach NATO's target of 2% military spending this fiscal year. The Canadian clothing retailer Oak and Fort was granted court protection against its creditors. It blames its financial crisis on an ill-conceived expansion of its store and U.S. Tariffs. ** The union representing DHL...

Institutional Shareholder Services has lent their support to Ancora Holdings in its campaign to remove three long-serving Forward Air directors. The proxy advisory firm has urged investors to refrain from voting on the reappointment of the trio. Ancora's activist investor campaign, which has lasted for nearly a year, to sell Forward Air, is given a major boost by the recommendation of a report issued by ISS. This will influence how money managers, such as BlackRock, Vanguard, and others, vote at Forward Air’s annual shareholder meeting on June 11. The ISS report reviewed by Sunday comes less than a month after...