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Oil giants rush in to help Italy's Meloni reduce energy costs by introducing fuel price caps
Kuwait's energy firm,?Q8, will cap the price of Italian petrol at the pump for a month beginning October 1. This follows similar commitments by Italy's Eni as well as?Azerbaijan SOCAR. Market analysts have interpreted the moves as an attempt to curry favor with Rome's government and discourage it from imposing windfall taxes on energy company profits. This was something that Economy Minister Giancarlo Giorgetti, and other prominent politicians had proposed. Giorgia Melons is scrambling for resources to help families, firms and businesses cope with the rising energy costs. She's preparing to present her government's budget 2027 in October. It will be her last presentation before an upcoming election next year. Q8. Italy said in a press release that its cap would generate "tangible" benefits for motorists but didn't specify the price. Meloni, in a press release, said: "I'd like to thank Kuwait as well as the group operating the Q8 stations that operate in Italy for listening to the Italian government's request to energy companies about capping fuel prices." SOCAR and Eni have capped diesel prices at EUR2.19 ($2.48) a litre since Monday, while petrol is priced at EUR1.99 per litre. Equita and Intermonte, two brokers who provide brokerage services to energy companies and their clients, wrote in client reports that this initiative would reduce the risk of new taxation on windfall profits. Germany, Spain Portugal, Italy and Poland are calling for a windfall tax to be imposed on energy companies across the EU. They warn that oil prices are rising at a rapid rate, fueling voter unrest over the cost of living. Giorgetti is not ruling out the introduction of a domestic windfall-tax rather than waiting on a joint initiative. The National?Consumers' Union of Italy welcomed Q8's decision, stating that about half of Italy’s network of fuel stations will now be imposing price caps. The consumer group stated that the challenge is to "prevent the abuse" of dominant market positions, and to ensure that independent fuel stations are not squeezed out or forced to shut down. According to data from the industry ministry, price caps have had little impact on lowering fuel prices. The self-service price for petrol was EUR2.126 per 1 litre, down from EUR2.159 the previous day. Diesel prices were also slightly lower, at EUR2.335, compared to EUR2.377. The price of petrol on the motorway network was EUR2.180 and diesel EUR2.383.
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TSA officers are not allowed to sit down during ID checks in US airports
The US Transportation Security Administration and a major US airport union announced on Tuesday that officers of the US Transportation Security Administration will not be able to'sit while checking IDs' at uS airport checkpoints. The TSA has removed chairs from checkpoints. According to the American Federation of Government Employees TSA Council 100 which represents workers, the removal is "a disregard for workers' safety and rights" and the chairs are "basic ergonomic and safety support to officers who stand and walk all day on hard surfaces." TSA announced the decision and said: "This welcome shift reinforces our security posture as well as?our commitment towards hospitality by keeping these officers alert and on their toes." To perform their vital role in national security, all officers must meet the fitness for duty requirements. In April, President Donald Trump proposed cutting 9,400 employees and just over $1.5 billion or about 20% from the budget of the TSA, which has 60,000 employees. Trump has also proposed that smaller airports use private security. This would reduce the TSA's payroll by over 4,500 jobs, and is a step towards privatizing the agency, which was created in the wake of the September 11, 2001 attacks. Since years, about 20 airports have used private security screening, including those located in San Francisco and Kansas City, as well as Sarasota (Florida) and San Francisco. The US Senate voted in August to 'confirm' David Cummins as the new head of TSA. Cummins is a senior Vice President at Serco, an international company based in UK that provides public services to governments. Trump fired TSA chief David Pekoske in 2025 on his first day in office and didn't nominate a successor for 16 months. The government shutdown forced 50,000 TSA workers to work without pay for six weeks. This caused major disruptions including four-hour or longer airport security lines. CNN announced the new security procedures on Tuesday.
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Pentagon: Boeing has won the contract for next-generation US Navy fighters.
The Pentagon announced on Tuesday that Boeing had been selected to build the US Navy’s next-generation stealth fighter. This is Boeing’s second consecutive major victory in fighter jets, and it caps months of delays over a program which is crucial to countering China’s presence in the Pacific. Boeing won the $20 billion contract for test aircraft from Northrop Grumman Corp. Over the course of its life, the program's cost could reach hundreds of billions as production ramps-up and international customers place orders. Boeing won a contract to build the Air Force’s stealthy F-47 fighter in March of last year, making it its second major sixth-generation aircraft contract in consecutive years. Boeing's long-standing history of building carrier-based fighters, such as the F/A-18E/F Super Hornet it is replacing, made the company a strong competitor throughout the competition. This pedigree was a factor in overcoming concerns raised by officials about Boeing's ability to field enough engineers and vendors to build both the F-47 fighter and Navy fighter at the same time. Boeing shares rose?2.25% on Tuesday in extended trading, while Northrop stocks fell 3.5%. ST. LOUIS BUSINESS BOOST This contract represents a significant boost for Boeing's fighter-production operations in St. Louis (Missouri), which are closing down the F/A-18E/F Super Hornet, and EA-18G Growler, production lines. Steve Parker, Boeing Defense, Space & Security's president and chief executive, stated in a press release that the company had made "investments in new facilities uniquely suited for building multiple products with next generation capabilities. Our dedicated and talented team are ready to execute this crucial program." The new jet, currently designated "F/A-XX", will be at the heart of the Navy’s Next Generation Air Dominance system family. Michael Duffey said that the jet was "a critical, non-negotiable, investment in America's long-term air combat capabilities and national security." Delays and Congressional Intervention Despite this, the program has faced delays and funding disputes over many years. Pentagon officials wanted to delay the program by three years, citing concerns about engineering and supply chain capacity. Congress intervened and allocated $750 million in the 2025 tax cut?and spending bill and $1.4 billion in fiscal 2026. Lockheed Martin Corp. was eliminated from competition in March 2025, after Navy officials determined that its design did not meet required criteria. Boeing and Northrop were the two finalists. China is rapidly developing advanced combat aircraft including what Beijing calls sixth-generation designs. The Navy was under pressure to move quickly or risk not having a modern fighter carrier in the 2030s. The new jet will feature improved stealth capabilities and range, as well as the ability to integrate with the Navy's carrier-based systems for air defense. The Navy plans to purchase?more then 270 Lockheed Martin F-35C aircraft for its carrier fleet. These will fly along with the F/A-XX when it is in service. The first production F/A-XX aircraft are expected in 2030s. Meanwhile, the Super Hornets in service since 1990s will continue to fly until 2040.
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Smoke in the cabin causes emergency landing of a Boston bound Delta flight in Portugal
Delta Airlines reported that a flight from Barcelona to Boston made an emergency landing in Porto, Portugal on Sunday afternoon. The company reported that Flight DL251 had been diverted from Barcelona to Porto due to a mechanical problem and landed safely there. Flightradar24, a tracking service, indicated that the plane left Barcelona at 3:15 pm (1315 GMT), and landed in Porto at 5 p.m. (1645 GMT). A spokesperson for Portugal's emergency and civil protection authority said that eight passengers who were on board the Airbus A330 were treated at the Francisco Sa Carneiro Airport, while three others were transported to hospital. The Portuguese spokesperson said that the forced landing was due to "smoke" in the cabin.
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Increased security at US Fairford Air Base in England
A witness said that security measures at an 'US airbase in southwest England have increased significantly in the last few days, with roadblocks and armed police blocking access, as well as emergency vehicles parked near. A spokesperson from the US Air Force confirmed that they are aware of the current reports but will not discuss specific measures to protect forces. The spokesperson stated that "the 501st combat support wing and our UK-based Wings will remain vigilant and take appropriate actions to ensure safety and security for?our US servicemen, civilians and contractors, as well as their families." "We continually assess a number of factors to determine which measures we implement?or change in order to protect our installations and our people, as well as their families." Britain declared?in July that its armed forces were ready to protect the country against any attack, after Iran's Revolutionary Guards warned not to allow US bombers fly out of Fairford. Fairford in Gloucestershire was used to launch operations against Iran during the Middle East Conflict.
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Boeing flags 737 MAX Software Bug Affecting Landing Navigation Feature, WSJ Reports
The Wall Street Journal, citing documents from the company, reported that Boeing has discovered a previously unknown software bug in its 737 MAX aircraft. This glitch could cause an automated navigation 'feature' to fail on landing. Report said that the issue was caused by a software update in the cockpit and could occur when crews change their flight plan after a missed landing. Boeing, when asked for comment, said that it had informed 'all 737 operators' last month of the software problem under which pilots could not?have access to automated flight guidance in a certain landing scenario. Our engineers are working on a software update to 'permanently address the issue. Boeing stated in an email that engineers were working on a permanent software update. The Federal Aviation Administration (FAA) said that it was aware of a possible issue with a software update to the flight computers in certain Boeing 737 MAX aircrafts, and worked closely with Boeing as well as the airlines. The FAA issued a statement saying that it would convene a Corrective Action Review Board if a safety concern was identified. Boeing has come under heavy regulatory and safety scrutiny over the past few years, following two 'fatal 737 MAX crash incidents in 2018 and 2019, which led to a 'worldwide grounding of the aircraft. Also after a cabin panel blew out mid-air on a brand new Alaska Airlines MAX 9 in 2018. Southwest Airlines and 'United Airlines' have requested that Boeing not deliver new 737 MAX aircraft with the affected software, and instead request an earlier version. The report stated that it was not immediately clear how many aircraft were operating with the flawed software. Boeing, airlines, and regulators are evaluating the issue to determine if it poses a safety concern for flight, according to the report.
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Russia claims it has struck Ukrainian defence industry vessels and facilities
On Friday, the Russian Defence Ministry said that 'its forces' had carried out drone strikes overnight on Ukrainian defence industry installations, logistic centres and vessels used in Ukraine by its armed forces. The 'Ministry' said that the strikes targeted a 'drone assembly and storage site, in the Kyiv region; logistics hubs in Odesa and port infrastructure in Reni along the Danube River. It was also reported that Russian forces had struck a cargo vessel carrying dual-use and military goods bound for the port of Odesa. Later, on Friday, the ministry announced that its forces had hit another cargo ship?in Odesa that was delivering a?logistics centre?to the port Chornomorsk. This centre is used by Ukraine's armed forces and security forces. It also houses a data center for the?processing of intelligence data and the transmission of it. Could not independently verify statements.
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Volkswagen recalls 4 million cars, Handelsblatt reports
The Handelsblatt reported that Volkswagen, the German automaker, will recall 4 million vehicles from four different brands. This is the largest recall since the Dieselgate scandal. According to the German KBA, there will be a recall of 2.16 million VW and 700,000 Audi vehicles. The Handelsblatt reported that Volkswagen's Czech?brand Skoda, and Seat in Spain would also be affected by the action. Seat confirmed that the number. Skoda has not yet commented on the report. Volkswagen stated in an earlier press release that customers were asked to bring their vehicles to be repaired due to a?risk of corrosion associated with a screw within the steering system. If left unchecked this could affect the steering system's function in the long run. The company said that the recall is a precautionary measure, and that replacing the screw will take less than an hour. Volkswagen refused to comment on the cost estimate of the recalls.
Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year marked by high-stakes politics and ever bigger mergers.
Goldman Sachs' No. 1 ranking was aided by the rise of $10 billion deals, which amounted to $1.5 trillion in total last year, a more than two-fold increase from the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other bank. Its total volume of advised deals was $1.48 trillion. This was the most mega-deals ever recorded by LSEG since 1980.
Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank.
Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi with $2billion, and Evercore $1.7billion.
Goldman, JPMorgan, and Morgan Stanley ranked first, second, and third in terms of the volume of transactions, followed by Bank of America, and Citi.
Goldman had a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only ever exceeded once, in 1999.
The technology sector accounted for the majority of deals last year. However, dealmakers claim that a looser regulatory environment has made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to work together on the biggest deals in railways, consumer goods, media, and technology.
Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A deals of the year, the $88.2 Billion purchase by Union Pacific of Norfolk Southern and the intense bidding war between Warner Bros Discovery and Warner Bros. Bank of America, Wells Fargo, Barclays and Bank of America also had a piece of these two mega deals. CEOs are looking to scale their operations.
The desire to scale and grow strategically is strong, and this has prompted boardrooms and executive suites to become more proactive. People?do not wait for a company's sale before they start M&A activities," Anu Ayiengar said in an interview.
JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after factoring in fees for equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 million from Goldman.
Paramount Skydance and Netflix’s dueling offers for Warner Bros, at $108 billion and $9 billion, respectively, included debt, catapulted some banks, boutiques and legal firms to the top of the M&A list, including Wells Fargo and Moelis and Allen & Co. Also, Latham and Watkins, a law firm, ranked highly. Wells, which advised on 10 $10 billion+ deals, including Netflix’s bid for WBD (and other similar deals), jumped eight spots from 2024 to the No. 1 spot. 9.
Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion.
It could depend on the winner of Warner Bros' bid if they maintain their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners, M. Klein and Co., who didn't even make the top 120 in 2014, are now contenders for the top 25 thanks to the work they did for Paramount.
LSEG stated that the Warner Bros board was leaning towards rejecting 'Paramount's latest proposal, according to people familiar with its thinking. Wells would gain two spots in the rankings if Paramount withdraws their offer. Paramount's M&A department would lose one, according to the data. Charles Ruck is the global chair of LSEG’s No. 1 corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals became more expensive in 2014 because the Nasdaq and S&P 500 both rose by 20.36 percent. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation.
In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the way to go for exits. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
(source: Reuters)