Latest News
-
Spirit Airlines receives up to $475 Million in financing during bankruptcy process
Spirit Airlines' parent company announced on Tuesday that it had negotiated funding up to $475m with existing bondholders in order to continue normal business operations throughout its Chapter 11 restructuring. Spirit anticipates that $200 million in debtor-in possession financing will be available immediately, if the court approves. The next hearing will be held on October 10. It said that the company also has interim access to liquidity of $120 million. The U.S. pioneer of no-frills filed for bankruptcy for the second year in a row after its previous reorganization had failed to give it a more stable financial foundation. Spirit announced on Tuesday that AerCap Holdings, a lessor of aircraft, has agreed to cancel leases for 27 aircraft. AerCap will pay Spirit 150 million dollars as part of this deal. This agreement settles their dispute regarding a deal involving 36 Airbus aircraft due to be delivered between 2027-2028. The company said that it had also received approval from the U.S. Bankruptcy Court of the Southern District of New York to reject 12 airport leasing agreements and 19 ground handling contracts. Last week, Sprit announced that it would be halting 40 routes. (Reporting and editing by Aatreyee dasgupta, Bengaluru)
-
FAA to lay off 11,000 workers during US Government shutdown
Transportation Department of the United States announced on Tuesday that more than 11,000 Federal Aviation Administration employees will be furloughed in case government funding fails at midnight. U.S. Airlines have warned that an American partial government shutdown would strain American aviation, slowing flights as air traffic control and security officers will be forced to work for free and other functions will be stopped. The Transportation Department stated that the FAA will continue to hire air-traffic controllers and continue field training for controllers. The FAA had suspended most air traffic control training and hiring during previous government shutdowns. The FAA announced that more than 13,000 controllers will be required to work, but they won't be paid until shutdown ends. About 45,000 people work for the FAA. The Transportation Department will lay off 12,200 workers, out of 53 717 employees, including those at the FAA. The FAA said that certification activities for commercial aircrafts' operational safety will continue. Engines, commercial space launch licensing and oversight.
-
Yemen's Houthis have said they will target US oil exporters near seas
The Houthis, a militia backed by Iran, said that they will continue to target U.S. oil companies including Exxon Mobil & Chevron in spite of an earlier truce reached with the administration of President Donald Trump not to attack U.S. ships sailing on the Red Sea or the Gulf of Aden. Sanaa's Humanitarian Operations Coordination Center, which is affiliated with the Houthi Military and liaises among Houthi forces, commercial shipping operators, and other parties, sanctioned thirteen U.S. firms, nine executives, and two vessels. HOCC's website explains that it will deal with entities designated by the Houthis in accordance to the principle of confrontation. The announcement serves as a warning that these companies, including ConocoPhillips are hostile and open to attack. Requests for comments were not immediately responded to by the companies. Mohammed Albasha, an independent Middle East analyst, said on LinkedIn that it was unclear whether the sanctions would signal the Houthis to begin targeting vessels that are linked to sanctioned companies, organizations, and individuals. This move could violate the ceasefire agreement reached with the Trump Administration, which Oman facilitated. Since 2023, the Houthis have repeatedly attacked vessels in Red Sea they believe to be connected with Israel. They claim this is in solidarity with Palestinians in response to Israel's Gaza war. According to the U.S. Energy Information Administration, this campaign had little impact on the vital oil tanker traffic that passes through the Strait of Hormuz between Oman, Iran, and the Gulf of Oman, connecting the Persian Gulf, Gulf of Oman, and Arabian Sea. Houthis sometimes attack ships in the Gulf of Aden which flows into Arabian Sea. A Houthi-style assault on a Dutch cargo vessel in the Gulf of Aden this week injured two crew members and left the vessel adrift and ablaze. Rebels have not claimed responsibility. According to the EIA, the U.S. imported 500,000 barrels of crude oil and condensate per day from countries in the Persian Gulf through the Strait of Hormuz last year. This represents 7% of the total U.S. imports of crude oil and condensate. The agency stated that this is the lowest level for nearly 40 years, due to the increase in domestic production and Canadian imports. "Why now? "The Houthis claim that this action was taken in response to U.S. sanction, as a result of the principle of reciprocity -- despite Oman announcing a ceasefire and de-escalation between the U.S. Albasha said that the Houthi statement also stated "the ultimate purpose of these sanctions are not punishments for their own sake but to bring about positive changes in behavior." Reporting by Lisa Baertlein, Jonathan Saul and Liz Hampton from Los Angeles; editing by Leslie Adler & Daniel Wallis
-
The third quarter of 2018 was a record-breaking period for global M&A.
The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, a drop of 16% compared to last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump. Trump's punishing Tariffs, which were unveiled on Liberation Day, and a continuing antitrust crackdown against Big Tech sent the markets soaring in the second quarter. This led many corporations to postpone M&A plans and IPOs while trade negotiations took place. In recent months, a combination of pent-up demand from companies and new stock market highs have sparked a flurry big deals and IPOs that have saved an otherwise dormant year for the industry. Data show that although fewer deals are being signed, the average deal size increased to $141.4m in the third quarter. This is up from $85.5m at the same time last. Liberation Day occurred right at the start of what was going to be an exciting second quarter. In an interview, Naveen Nataraj said that people, "understandably," took their foot off of the pedal as they tried to grasp the implications. As the year progressed, people have become more confident that the tariff landscape will be a place they can navigate. The IPO market was revived earlier this month by several big initial public offerings, such as StubHub’s $800m IPO, and the $1.37bn trading debut of fintech company Klarna, which offers buy-now, pay-later. Approximately 987 companies around the world have raised $115 billion through their IPOs this year. This is down by 24% and 9% from the same time last year. Some IPOs in Europe are being done again. Martin Thorneycroft is the global co-head for equity capital markets at Morgan Stanley. He said that the relatively low IPO issuance since September of last year was primarily because we had not seen large-cap, high-quality companies come to market. But now, we are beginning to see this. CHINA DELISTING THREATENS IN THE US IPOs in Asia and second listings were especially hot. This was particularly true on the Hong Stock Exchange, where on Tuesday the Chinese company Zijin Gold International raised $3.2 billion in its debut. Data from Dealogic shows that companies have raised $23 billion so far in Hong Kong this year. This is more than three-times the amount of money raised in the same period of 2024. Dealmakers report that the pipeline of IPOs remains robust. However, a glitch could arise for new listings as U.S. Congress is at loggerheads with the Trump Administration over federal budget negotiations, and the United States faces a possible government shutdown on Wednesday. This would lead to a halt in IPOs, as federal regulators who are responsible for approving new listings will be furloughed. David Bauer, JPMorgan's co-head of equity markets for the Americas, said that "the IPO backlog is strong and we expect a steady stream of IPOs to come to market until year-end." Investors have profited from IPOs so far this year, but as the market becomes more volatile it is important to price equity accordingly. M&A deals and IPOs were dominated by anything related to AI, be it software, infrastructure, or chips. Dealogic didn't include the $100 billion investment by Nvidia in OpenAI in its league tables. However, other deals, such as CyberArk Software’s $24.5 billion purchase of Palo Alto Networks in July, were included. This Israeli software company uses AI for network and cloud security. Camila Panama, an M&A partner at Mayer Brown, said that almost every client - regardless of their industry - is considering AI as part of their M&A strategies. She said that there is a "robust pipeline" for Q4, and they are expecting a good quarter. They expect to see a lot of activity in the financial sector, insurance deals, as well inbound/outbound Japan deals. M&A GOING FOR SCALE Cross-border deals are also on the rise, with a 44% increase to $931 billion. This is the largest jump since 2021, and represents a new peak. Dealmakers claim that companies are aiming for scale. Dealmakers say that smaller deals below $500 million aren't resonating with investors anymore. Data show that 49 deals have been done over $10 billion this year, up 75% compared to the first nine month of last year. The $55 billion leveraged purchase of Electronic Arts on Monday was the largest deal in the third quarter. But it wasn't the only one. According to Dealogic, the largest deal of the quarter was Union Pacific's $88.18 Billion acquisition of Norfolk Southern in July.
-
Yemen's Houthis have said they will target US oil exporters near seas
The Houthis, a militia backed by Iran, said that they will continue to target U.S. oil companies including Exxon Mobil & Chevron in spite of an earlier agreement with the administration of President Donald Trump not to attack U.S. ships sailing on the Red Sea or the Gulf of Aden. Sanaa's Humanitarian Operations Coordination Center, which is affiliated with the Houthi Military and liaises among Houthi forces, commercial shipping operators, and other parties, sanctioned thirteen U.S. firms, nine executives, and two vessels. HOCC's website explains that it will deal with those designated as being under the sanctions of the Houthis in accordance to the principle of confrontation. The announcement serves as a warning that these companies, including ConocoPhillips, Diamond S Shipping and others, are hostile entities, open to attack. Requests for comments were not immediately responded to by the companies. Since 2023, the Houthis have repeatedly attacked vessels in Red Sea they believe to be connected with Israel. They claim this is in solidarity with Palestinians in response to Israel's Gaza war. They attacked a Dutch cargo vessel in the Gulf of Aden this week, leaving it ablaze, with two crew members injured. Reporting by Lisa Baertlein and Jonathan Saul, London; editing by Leslie Adler
-
Urals diffs stable in opaque trade
The differential between Russia's Urals and Brent crude oil was little changed in Tuesday's featureless trading. However, the return of Iraqi Kurdistan Oil exports will add pressure to the market for sour crude, traders have said. Iraq wants to double the amount of crude oil flowing through the recently reopened Kirkuk - Ceyhan pipeline in Iraq by next year. This was stated by an official from Iraqi state oil marketing company SOMO. Rikan Kareem, speaking at a London conference on Tuesday, said that SOMO aims to reach 400,000-500,000 barrels of oil per day by 2026. After reopening the pipelines on September 27, flows on Monday were between 150,000 and 60,000 barrels per day. OPEC rejected reports in the media on Tuesday that suggested that a group of eight oil producing countries planned to increase output by 500,000 barrels a day during its Sunday meeting. PLATTS WINDOW On Tuesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. * On Tuesday, the French Navy said that authorities were investigating an alleged infraction committed by the Benin flagged oil tanker Boracay. The vessel is listed on European Union and British sanction lists against Russia. The Russian government announced on Tuesday that it has extended the existing gasoline export prohibition until the end the year and imposed a partial export ban on diesel. (Reporting and Editing by Matthew Lewis).
-
US officials removed over Biden's airline passenger watchlist
The Trump administration announced Tuesday that it has removed five senior officials for suspicions of targeting political opponents of former President Joe Biden with an aviation security watchlist, which is now abolished. Homeland Security Secretary Kristi Kristi Noem announced that she would refer the matter to the Justice Department Civil Rights Division as well as to Congress to conduct further investigations. The Transportation Security Administration’s “Quiet Skies” program, which was scrapped in late June, required enhanced screening of some air passengers who were deemed to pose a greater security risk. Noem's department, which includes the TSA (Transportation Security Administration), said that the program costs $200 million per year and was used to "target and benefit political allies and political opponents." Her department stated that under Biden the program would have watchedlisted and denied boarding passengers who refused to comply with COVID's mask mandates in airplanes and others connected to a mob assault on the U.S. Capitol, on January 6, 2021. This was to prevent Biden winning the 2020 election. Trump fired the TSA's head on January 20, and he hasn't named a permanent successor. The program was heavily criticized by many Republicans in Congress. TSA screens over 900,000,000 airline passengers annually and continues to perform vetting duties tied to commercial aviation safety. The executive assistant administrator of the TSA for operations support, and the assistant assistant administrator in charge of intelligence and analysis have been removed. Tulsi Gabrield, then a congresswoman and now Trump's director for national intelligence, was briefly on the TSA "Quiet Skies Watchlist". A report by the Inspector General in 2020 stated that the TSA failed to set benchmarks for demonstrating the effectiveness of the program, and software and system failures meant that passengers were not taken off the list at the appropriate time. After Umar Farouk Abdulmutallab's 2009 attempt to detonate an explosive concealed in his underwear aboard an American airliner near Detroit, the U.S. Government sought to improve screening for potential threats. (Reporting and editing by Chizu Nomiyama, Kevin Liffey and David Shepardson)
-
The third quarter of 2018 was both one of the best and worst in recent M&A history.
The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, a drop of 16% compared to last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump. Trump's punishing Tariffs, which were unveiled on Liberation Day, and a continuing antitrust crackdown against Big Tech sent the markets soaring in the second quarter. Many corporations delayed M&A plans and IPOs while trade negotiations played out. In recent months, a combination of pent-up demand from companies and new stock market highs has sparked a flurry big deals and IPOs that have saved an otherwise dormant year for the industry. Data show that fewer deals are being signed but the average deal size increased to $141.4m in the third quarter. This is up from $85.5m at the same time last. In an interview, Naveen Nataraj said that as the year progressed there was a growing confidence that the tariff landscape would be in a place where people could navigate. Several large, high-profile initial public offerings, such as StubHub’s $800m IPO, and the buy-now, pay-later fintech firm Klarna’s $1.37bn trading debut, were withdrawn in April. These IPOs helped to revive the IPO markets earlier this month. Approximately 987 companies around the world have raised $115 billion through their IPOs this year. This is down by 24% and 9% from the same time last year. Some IPOs in Europe are being done again. Martin Thorneycroft is the global co-head for equity capital markets at Morgan Stanley. He said that IPO issuance has been relatively low since September of last year because there haven't been many high-quality large-cap companies to come to market. Now we are beginning to see this. CHINA DELISTING THREATENS IN THE US IPOs in Asia and second listings were especially hot. This was particularly true on the Hong Stock Exchange, where on Tuesday the Chinese company Zijin Gold International raised $3.2 billion in its debut. Data from Dealogic shows that companies have raised $23 billion so far in Hong Kong this year. This is more than three-times the amount of money raised in the same period of 2024. David Bauer, JPMorgan's co-head for equity capital markets in the Americas, stated that the bank will launch at least a dozen IPOs before Thanksgiving. PE firms have also started to launch more IPOs. Bauer stated that "deals are working, investors make money and a backlog of deals is beginning to grow." CRYPTO AND AI BOOM Crypto companies, and anything related to them, helped fuel the IPO boom in September. The industry benefited from Trump's easing up of regulations in the U.S. In its debut on September 10, stable coin issuer, Figure, raised $787.5 in an IPO which was both oversubscribed and increased in size. M&A deals and IPOs were dominated by anything related to AI, be it software, infrastructure, or chips. Dealogic didn't include the $100 billion investment by Nvidia in OpenAI in its league tables. However, other deals, such as CyberArk Software's $24.5 Billion acquisition of Palo Alto Networks in July, were included. This Israeli software company uses AI for network and cloud security. Camila Panama, an M&A partner at Mayer Brown, said that almost every client is considering AI as part of their M&A strategies, regardless of the industry. M&A: GOING FOR SCALE The cross-border M&A market is also on the rise, with a 44% increase to $931 billion. This is the largest jump since 2021 and a record high. Dealmakers claim that companies are aiming for scale. Dealmakers say that smaller deals below $500 million aren't resonating with investors anymore. Data show that 49 deals have been done over $10 billion this year, up 75% compared to the first nine month of last year. The $55 billion leveraged purchase of Electronic Arts on Monday was the largest deal in the third quarter. But it wasn't the only one. According to Dealogic, the largest deal of the quarter was Union Pacific's $88.18 Billion acquisition of Norfolk Southern in July.
A powerful 6.9 magnitude earthquake causes power outages and damage in the Philippines
The Philippines experienced a powerful earthquake of 6.9 magnitude late Tuesday night, causing power outages in the area and destroying buildings.
The United States Geological Survey estimated the depth of this earthquake at 10 km (6 miles). Multiple aftershocks were recorded in the area following the earthquake. The strongest of these aftershocks had a magnitude 6.
A second monitoring agency confirmed that there was no tsunami risk following the earthquake.
According to the USGS, Cebu City is located in central Visayas, the Philippines. It has a population close to 1 million.
Ian Po, the police chief in Villaba, a central province of Leyte said that the earthquake lasted around 10 seconds. He said that the building of the police station was visibly shaken by this tremor.
According to Police Colonel Enrico Figueroa of the Cebu City Police, some pole-mounted Transformers exploded in the earthquake.
AFP reported on Tuesday evening that the earthquake damaged roads and buildings in some parts of the area, and rescuers were searching for any possible victims.
Could not verify immediately the report.
Phivolcs, the Philippine seismology agency, warned that there would be aftershocks from this offshore tremor. The agency also warned of "strong currents" and "rapid changes in seawater levels".
In an advisory, it stated that "the public should be alert to unusual waves."
The Philippines is located in the Pacific Ring of Fire, where earthquakes and volcanic activity are frequent. Reporting by Surbhi Misra and Gursimran K. Kaur, Editing by Gareth Jones & Lese Adler
(source: Reuters)