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BREAKING NEWS
Spirit Airlines Shuts Down After Rescue Efforts Fall Short
By Tom Ozimek Budget carrier Spirit Airlines said Saturday it will halt all operations immediately, canceling all flights and beginning an orderly wind-down after a last-minute rescue plan failed to get traction. “It is with great disappointment that on May 2, 2026, Spirit Airlines started an orderly wind-down of our operations,” the company said in…
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Chevron, Exxon Decline to Boost Oil Production Despite Trump Admin Requests
By Guy Birchall ExxonMobil and Chevron have said they won’t boost oil production despite the Trump administration’s calls for them to do so to help address the energy shortage caused by the war with Iran. Exxon’s chief financial officer Neil Hansen told the Financial Times in an article published on May 1 that there had…
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Trump Signs Order Targeting ‘Bloated Overhead’ in Federal Contracts
By Tom Gantert President Donald Trump signed an executive order Thursday that seeks to address longstanding problems in the federal government’s contracting system, citing “unpredictable costs,” “bloated overhead,” and weak performance incentives that have driven up spending and reduced accountability. In a new policy directive, officials said the current model has too often failed to…
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Trump Tells Germany’s Merz to Stop Interfering Over Iran
By Victoria Friedman U.S. President Donald Trump has again criticized German Chancellor Friedrich Merz over Iran, telling Merz to stop interfering in the Middle East conflict and focus on domestic issues. Trump said in an April 30 Truth Social post that Merz should “spend more time on ending the war with Russia/Ukraine” and on “fixing…
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Top US General Signals Russia Is Helping Iran in War
By Jack Phillips The highest-ranking U.S. general on Thursday signaled that the Russian government is assisting the Iranian regime in its war with the United States. In comments before Senate Armed Services Committee, Gen. Dan Caine, the head of the Joint Chiefs of Staff, responded in an affirmative manner to a question from the panel’s…
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FCC Orders Early Review of Disney’s ABC Station Licenses
By Jill McLaughlin The Federal Communications Commission (FCC) has ordered an early review of license renewals for Disney’s ABC television stations. The April 28 order is part of the FCC’s ongoing investigation into whether the company and its television stations are following the federal Communications Act of 1934 and the FCC’s rules, including a prohibition…
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What to Know About UAE Leaving OPEC
By Owen Evans The United Arab Emirates’ decision to leave the Organization of the Petroleum Exporting Countries (OPEC) next month marks one of the biggest ruptures inside the oil cartel in years. For decades, OPEC has relied on its heavyweight producers to share oil quotas, manage supply, and influence prices. The UAE’s departure could be…
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US Sanctions 35 Individuals, Entities to Dismantle Iran’s Shadow Banking
By Kimberly Hayek The U.S. Treasury Department on April 28 imposed sanctions on 35 individuals and entities accused of running Iran’s secret shadow banking network. Treasury has accused the network of transferring tens of billions of dollars to help Iran dodge U.S. sanctions and finance terrorism. The Department of the Treasury’s Office of Foreign Assets…
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Iran War Pushes Gulf Allies to Request Dollar Help—What to Know
By Andrew Moran Treasury Secretary Scott Bessent confirmed last week that several U.S. allies in the Gulf region and Asia have requested currency swap lines with the United States. The war in Iran—now in its ninth week—has adversely affected economies, from energy shocks to currency volatility, prompting foreign exchange swaps to address dollar liquidity challenges.…
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United Arab Emirates to Leave OPEC Next Month
By Andrew Moran The United Arab Emirates said it is leaving OPEC and the broader alliance. “This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” the UAE energy…
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