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FT reports that Pakistan is courting the US for a new Arabian Sea port.
Financial Times, citing an alleged plan, reported that Field Marshal Asim Muniz's advisers had approached U.S. officials to offer to build and operate a port in the Arabian Sea. According to the Financial Times, the plan involves American investors building and running a terminal in Pasni to access Pakistan's vital minerals. Pasni lies in Gwadar District, in the province Balochistan which borders Afghanistan, Iran and Pakistan. Munir and Pakistan's prime minister Shehbaz Shariff met with Donald Trump, the U.S. president, at the White House back in September. Sharif requested investment in the U.S. mining, energy, agriculture and technology sectors during that meeting. According to the FT the offer was made with some U.S. government officials and shared with Munir before a meeting at the White House with Trump late last month. The FT reported that the blueprint does not include the use of the port as a base for U.S. bases. Instead, it aims to attract funding for a railway network connecting the port with mineral-rich provinces in the west. Could not verify the report immediately. A request for comment was not immediately responded to by the U.S. State Department or White House. The Pakistani Army was not immediately available. Reporting by Abu Sultan from Bengaluru, edited by Chris Reese & Shri Navaratnam
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Key Democrat blasts a 'rapid' end to popular US tariff exemptions for package shipments
The top Democrat of the U.S. Senate Finance Committee has accused the Trump Administration of inadequate customs procedures. This is because the administration ended the "de minimis", or U.S. exemption from tariffs for packages below $800. This led to major disruptions to mail shipments sent to U.S. consumers and small businesses. In a letter sent to Commerce Secretary Howard Lutnick, Senator Ron Wyden asked for answers about how the department determined that it had adequate systems in place to collect duty on low-value packages since the exemption expired on August 29, 2009. Wyden, a member of the Democratic Party who is influential in Congress on tax and trade issues, tried to cast a negative light on the claim by the administration that it had closed a dangerous loophole. The de minimis exception allowed nearly 1.4 million packages to enter the U.S. without paying duty in 2024. This fueled an explosion in direct-to consumer ecommerce shipments by Chinese ecommerce firms Shein, and Temu. Wyden called the change "hurried" and said it would lead to "massive disruptions of international shipments and confusion, as well as increased costs for American small businesses and consumers." Wyden cited UPU data showing that total postal shipments into the U.S. fell 81% on August 29, when the de minimis exemption was lifted. In a letter to Lutnick, Wyden said: "I am concerned about your judgement and would like to know more information regarding your involvement in the decision that was made to end de minimis so abruptly without the proper systems to manage the change." The U.S. Customs and Border Protection agency which is responsible for collecting import duties did not respond immediately to a comment request, and neither did the Commerce Department. In the coming weeks, a spokesperson for UPU stated that the agency will update its U.S. shipping figures. These numbers do not include commercial express shipments, such as those sent by FedEx and United Parcel Service. The U.S. The U.S. De minimis has also been exploited by shippers of illicit drugs, including fentanyl and precursor chemicals. This is due to the limited inspections that are conducted on many packages that claim exemption. (Reporting and editing by Diane Craft; Lisa Baertlein, David Lawder)
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Union Pacific locomotive technicians ratify a new five-year agreement
BLET-Teamsters, a union representing locomotive engineers at Union Pacific, announced on Friday that the locomotive engineers ratified a five-year contract. The new contract will see nearly 6,000 members of the Brotherhood of Locomotive Engineers and Trainmen (BLET), a division of International Brotherhood of Teamsters' rail conference, receive raises of 18,8% over the course of the agreement. Union members said that the contract includes enhanced health and welfare benefits. Last week, the largest U.S. railway union, SMART-TD approved Union Pacific’s $85 billion purchase of Norfolk Southern. This deal was expected to be met with resistance by unions and regulators. The deal will establish the first coast-tocoast freight railroad operator in the United States and transform the movement of goods across the country, from grains to automobiles. By late October or January 2026, the Surface Transportation Board (which oversees rail service and competition) will receive a formal application from both companies.
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Trump targets Democratic areas with Chicago transit funding freeze
The U.S. administration of President Donald Trump froze $2.1 Billion in Chicago transit funding Friday, starving yet another Democratic city as the government shutdown enters its third day. Budget director Russ Vought stated that the money, which was earmarked to build elevated train lines, has been placed on hold in order to prevent it from "flowing through race-based contracts." Trump has escalated his campaign to use extraordinary powers of the U.S. Government to punish political opponents. Later in the day, The White House announced that it would identify funds that could be held back from Portland, Oregon. Portland is a left-leaning town that hosted high-profile protests under Trump's first tenure. Trump has threatened to dismiss more federal employees, in addition to the 300,000 that he will be letting go this year. A White House source, speaking under condition of anonymity, said dozens of agencies had submitted plans to reduce their workforce. The Republican President has used Chicago, the third largest city in the United States, as a punching bag for his rhetoric and has even threatened to send National Guard troops. Illinois Governor JB Pratt, a prominent Trump critic who is seen as a potential Democratic presidential candidate in 2028, said that the funding freeze was tantamount to hostage taking. He said that the move was a political stunt, but it actually hurts our economy and hardworking people who depend on public transportation. The Illinois funding freeze comes after moves made on Wednesday to stop transit projects in New York - home of the two top Democrats in Congress - and green energy projects in Democratic states such as California and Colorado. Kathy Hochul, Democratic Governor of New York, said that the Trump Administration reversed its decision to reduce $187 million from security funds in New York. SWIFT SOLUTION WITHOUT SIGN The Washington shutdown impasse showed no sign of a resolution. On Friday, the U.S. Senate will vote on two competing plans to end this shutdown. However, neither plan is likely to pass. The shutdown will become the longest in U.S. History if it continues through Saturday. Democrats and Republicans blamed each other over the last few days for failing to fund the government beyond October 1, which is the beginning of the fiscal year. They did not seem to make any progress toward a deal to allow money to flow once again. The standoff between Congress and the agencies has frozen approximately $1.7 trillion of funds, which is roughly one quarter of all federal spending. The remainder is devoted to retirement and health programs, as well as interest payments on the $37.5 trillion growing debt. Democrats insist that any funding package should also extend the pandemic-era health care subsidies, which are due to expire by the end of December. Republicans disagree and say this issue should be addressed separately. According to a Kaiser Family Foundation survey, nearly 8 out of 10 Americans are in favor of keeping these subsidies in place. House of Representatives speaker Mike Johnson, a Republican from the House, said that he was not concerned by Trump's campaign of pressure, which undermines Congress' constitutional power over spending issues. He told reporters that "President Trump wants the government to be open as much as we do." "Is President Trump trying to put pressure on that to happen?" He's probably doing it, yes. "I applaud you for that." Services Interrupted The 15th shutdown since 1981 has affected scientific research, financial regulations, and many other activities. The pay of approximately 2 million federal employees has been suspended, but troops, airport security screens, and other "essential workers" are still required to report to work. Wall Street was left guessing Friday about the state of the largest economy in the world, as the government failed to release its monthly report on unemployment. A prolonged shutdown would disrupt air travel for millions of Americans and could also cause federal courts to shut down. If the standoff continues, federal workers will miss their first pay in mid-October. The longest shutdown was 35 days, which occurred in 2018-2019 during Trump's first year in office. The Senate has already rejected three Republican plans, one of which funded the government until November 21. Another Democratic plan would have also supported expiring health subsidies. Both plans will be voted on again by the chamber on Friday. Republicans control both chambers, but need at least 7 Democratic votes in the Senate to pass spending legislation. Senators from both sides have said they are exploring a possible compromise. Some Democrats, however, say that they don't trust Republicans to adhere to any agreement which would first reopen government and then address the healthcare subsidies. These subsidies were approved as part of the Democratic COVID relief package in 2021 and help 24,000,000 Americans pay for insurance.
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CFO of Spirit Airlines says that the airline will reduce its fleet by nearly 100 aircrafts as a result of bankruptcy restructuring.
Spirit Airlines will shrink its fleet of nearly 100 aircraft, and leave more than 12 U.S. markets in a bankruptcy restructuring process. CFO Fred Cromer announced this on Friday at a virtual meeting for creditors. Spirit Airlines filed for Chapter 11 protection following a long period of financial stress. Cromer, who said that the low-cost carrier currently operates 214 planes, uses bankruptcy tools to eliminate non-profitable routes and shrink its network footprint. Cromer stated that the strategy will save Spirit Airlines "hundreds and millions" of dollars in costs. Spirit announced in a press release that it had filed a court motion on Thursday to refuse 87 more aircraft leases. The court must approve the motion, and Spirit continues to work with its key stakeholders, such as our lessors, to restructure itself for the future. Cromer stated that the bankruptcy was caused by a combination of overcapacity in low-cost carriers, low passenger demand and significant downward pressure on pricing. He said that the industry had hoped for a recovery in 2025, but it never happened. "That's what led us to where we are today." He did not give a specific deadline for fleet reduction. Cromer stated that "we have 214 aircraft today." We're talking about a reduction of almost 100 planes. Spirit announced in recent weeks that it would be ending service at over a dozen U.S. Airports, including Hartford (Connecticut) and Minneapolis (Minnesota), and suspending roughly 40 routes, as part of its restructuring plans. It's not known how many of these cuts have been made. The company terminated 19 ground handling agreements and 12 airport leases, and also rejected 27 leases from the lessor AerCap. AerCap has agreed to pay Spirit $150m as part of this deal. This will resolve their dispute regarding a contract covering 36 Airbus aircraft due for delivery in 2027-2028.
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Chevron sells $2 billion Colorado pipeline assets, sources claim
People familiar with the matter say that Chevron will sell a collection pipeline assets located in the Denver-Julesburg Shale Basin, which are expected to fetch over $2 billion. Bank of America's investment bankers have been soliciting interest in the midstream infrastructure in recent weeks. The sources asked to remain anonymous because the discussions are private. Some people said that the assets collectively generate about $200 million in earnings before interest taxes, depreciation, and amortization. Chevron could expect to receive upwards of $ 2 billion based on similar asset sales. The people warned that a sale was not guaranteed and Chevron may end up keeping some or all assets. Chevron has not responded to our request for comment. Bank of America declined to comment. Chevron is a major oil and gas producer in the Denver-Julesburg Basin, which covers Colorado as well as parts of Wyoming. Chevron's $55 billion purchase of Hess after a lengthy legal battle with Exxon Mobil in July was a major win, but the company has struggled to maintain its financial performance and control costs despite an uncertain outlook for oil prices. The company is currently shedding as much as 20% of its workforce globally. Mike Wirth, Chief Executive of the company, said in an analyst call on August 1, that it would be challenging itself to divest those assets which take money from more profitable prospects. The U.S. Midstream sector has seen a robust deal activity, despite the Trump Administration's efforts to ease pipeline construction. Private equity firms are also keen buyers, but many of the deals have been driven by strategic investors who are reengaging with acquisitions following a period focusing on debt reduction. MPLX has agreed to purchase privately-owned Northwind Midstream, for $2.4 billion, and sell assets located in the Rockies region for $1 billion. Plains All American has announced a $1.6billion deal to purchase a stake in EPIC Crude, the company that owns the pipeline.
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Manchester terror attack sparks fear of further violence and division between faiths
Both Jewish and Muslim residents of Manchester, a northern English city, expressed concern about a possible rise in violence in response to the deadly attack on a synagogue. Jihad al-Shamie is a British man, 35, of Syrian descent. He drove his car into pedestrians, then started stabbing people outside Heaton Park Hebrew Congregation Synagogue in Manchester on Yom Kippur. This was the holiest of days for the Jewish calendar. The attack resulted in the deaths of two men. While the Jewish community grieved and wondered about their future in Britain the Muslim residents were concerned that they had been unfairly targeted. Feeling of increasing isolation Marc Levy of the Jewish Leadership Council, Manchester, said that yesterday, "our worst fears became reality." He said that the community felt more isolated over the past two years, as tensions related to the conflict between Israel and the Palestinian militant group Hamas on Gaza spilled into Britain's streets. He said that it was "very difficult" to express how the Jewish Community felt at the moment, and added that "Jewish People here are actively unsure if we have a place in the United Kingdom." The Community Security Trust (which provides security for Jewish organizations in Britain) recorded 1,521 incidents of antisemitism during the first six months of 2025, the second highest total. More than half of the incidents were related to the Gaza Conflict, which began on October 7, 2023 with Hamas' attacks. Separately, the Institute for Jewish Policy Research conducted a survey that found over one-third British Jews rate their own personal safety as being at the low end of the 10-point scale. This is more than three times the number before the attacks of October 7. Fear of Backlash Dawud Taj is a 28 year old British Muslim living in Manchester. It's a large and diverse city. He told us that the country is going through an extremely worrying period. He said: "I understand how it feels for the Jewish Community to be attacked. And, you know, going into their place of worship is, to me, one of the most horrific and senseless things that can happen." Taj expressed his sympathy for the Jewish community but now he is also concerned about his Muslim family. Tell MAMA, a group that monitors Islamophobia in the United States, has recorded 913 incidents between June 2025 and September 2025. This includes 17 attacks against mosques and Islamic institutions. The group reported earlier this year that Islamophobic attacks had increased sharply since the year 2022. He said, "I am afraid that someone will blame them and attack them." "I'm not sure I've ever felt worried, but I do now." The police in London have said that they will be increasing their presence both at synagogues as well as mosques this weekend. (Reporting Sam Tabahriti; additional reporting Yoruk Bahceli, Editing Aidan Lewis).
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Airbus deliveries had a record September, sources say
Airbus delivered a stronger-than-expected 73 jets in September, a record for that month of the year, as delays in engine deliveries showed signs of easing, industry sources said. Airbus refused to comment on this figure, which was higher than analyst predictions of 69-70 deliveries. Since January, the cumulative total has surpassed the running year-to date tally of 2024 for the first ever. Rob Morris, an independent analyst, said that Airbus must also pull off a record-breaking fourth quarter with 313 deliveries from October to December, an increase of 16% over the last three month of 2024. This is to meet a target of 820 deliveries for the full year. He added that the previous peak for the fourth quarter was 297 in 2018. The September figure indicates that Airbus delivered 507 planes between January and Septembre, an increase of 2% over the 497 aircraft it delivered in the first nine-month period last year. Half-year deliveries were down by 5%. Jefferies estimates 69 deliveries for September. This week, the company said that this month's figures were up significantly compared to the year before, indicating a reduction in the current gap in engine supply, mainly coming from CFM. Cirium, a firm that provides analytics data, has estimated September deliveries to be 70 aircraft. Airbus' production of the A320 single aisle has been held up by engine delays. It also struggles with plans to increase its best-selling A320 model to 75 units per month. Morris stated that the 54-year old European company was on the verge of making history, as the total A320 deliveries are expected to equal those of the Boeing 737 – or more than 12250 aircraft each – to become the most popular commercial jetliner. Airbus will release monthly data on orders and deliveries on October 8th. (Reporting and editing by Mark Potter, Bill Berkrot, and Tim Hepher)
Grupo Mexico, the mining giant, has made a new offer to Citi Banamex
Grupo Mexico, a Mexican mining and transport giant, has made a binding bid to buy Citi's retail business in the country (Banamex), more than two year after scrapping previous plans.
Grupo Mexico stated in a filing in which it said that its bid demonstrated its "unwavering faith" in the country, and that a similar purchase would make Banamex once again competitive with its peers.
It said that the firm controlled by Mexican billionaire German Larrea would buy 25% of Banamex for 0.85x its book value and the remaining 75% for 0.80x its book value.
Citi paid Banamex $12.5 billion in 2001.
The offer was made a week ago by Fernando Chico Pardo. He is the chairman of airport operator ASUR.
A deal was made for a 25 percent stake at $2.3 billion.
Banamex to be acquired by Grupo Mexico
The 2023 Fallout
Sources claim that tensions between the two parties and the then-administration of Andres Manuel Obrador caused them to cancel the agreement. (Reporting and editing by Natalia Siniawski, Kylie Madry)
(source: Reuters)