Europe
BBC Business

Heathrow's 'critical' expansion blueprint released

The government has published its blueprint for a third runway at Heathrow, describing expansion of the airport as "critical to national growth". Transport Secretary Heidi Alexander launched a consultation on the renamed Heathrow expansion national policy statement (HENPS), setting out the conditions needed if the project is to be given the go-ahead. Two proposals to expand Heathrow have previously been presented to the government. The airport's owners, Heathrow Airport Limited (HAL), want to build a full-length, 3,500-metre runway, which would require the M25 motorway being moved. HAL's scheme is estimated to cost £33bn, including £1.5bn to move the M25, and is expected to be fully privately financed. It would see Heathrow's capacity increase to 756,000 flights and 150 million passengers a year. Tycoon Surinder Arora, who makes a speciality of providing rooms for aircrew near airports, wants his company to install a 2,800-metre runway which would not involve moving the motorway. In November last year, Alexander announced her preference was for a full-length runway. She said the government considered the development covered by the HENPS was critical to national growth. "This is a signal of the importance the government places on the need for expansion and will be an important additional factor in the planning balance." The draft HENPS requires applicants to demonstrate how the transport network would accommodate increased passenger numbers, including how any necessary road and rail improvements would be delivered. Expansion must be compatible with the UK's legally binding climate targets, not cause new breaches of air quality limits and ensure noise emissions are not worse than 2024 levels, with reductions where possible.

Heathrow's 'critical' expansion blueprint released
Asia
The Hindu BusinessLine

US oil reserve hits 43-year low as emergency releases continue during Iran conflict

The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level since 1983 after the Trump administration continued releasing emergency oil supplies to limit the economic impact of the Iran conflict. | Photo Credit: RICHARD CARSON The US Strategic Petroleum Reserve tumbled last week to its lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize economic damage from the war with Iran. Citing federal data released on Monday, a CNN news report highlighted that US officials released another 8.9 million barrels from the emergency stockpile last week alone. The news report mentioned that the Strategic Petroleum Reserve (SPR) held 340.3 million barrels of crude oil as of June 12, 2026, dropping below the prior historic low set in July 2023 under President Joe Biden following Russia’s invasion of Ukraine. The last time the reserve held less oil than its current level was July 1983, a period when the 40th US President, Ronald Reagan administration was still filling the reserve for the first time, and the United States operated a significantly smaller economy. The SPR has emerged as a key tool Trump officials use to mitigate the harm of high energy prices to consumers, businesses, and the wider economy. Back-to-back global conflicts wiped out a large chunk of the stockpile, which is down 75 million barrels, or 18 per cent, since the war with Iran started in late February. At current levels, the emergency reserve stands at a little less than half full. “The Strategic Petroleum Reserve releases, combined with releases by other governments and China reducing its exports, have prevented the Armageddon scenario of $150 oil from happening to date,” the news report quoted Andy Lipow, president of Lipow Oil Associates. “If we were to get a major hurricane in the Gulf of Mexico that shuts production down for several weeks, that buffer would no longer be there,” Lipow said. Lipow added that SPR releases may have to slow once the Trump administration finishes releasing the 172 million barrels it pledged to deploy back in March. The rapid drawdown also marks a political shift. When launching his third run for the White House in 2022, President Donald Trump criticized Biden for draining the reserve ahead of that year’s midterm elections. However, Trump officials are now draining the SPR at a faster pace ahead of this year’s midterms. Production officials warned that the stockpile faces operational limits if the current trajectory continues. “The SPR must be at least 20% full to be operational,” warned Mike Sommers, CEO of the American Petroleum Reserve, during an interview last week on CNN’s The Lead. “We’re raising alarm bells right now.” The emergency oil released since the conflict with Iran began will require replacement over time. However, the report mentioned that this replenishment will not occur in time for the peak of the hurricane season, leaving the domestic energy supply vulnerable to immediate weather disruptions.

US oil reserve hits 43-year low as emergency releases continue during Iran conflict
North America
CNBC Finance

JetBlue to reduce Newark, LaGuardia footprint as it forges ahead in Fort Lauderdale

JetBlue Airways told CNBC on Wednesday that it will close its flight attendant base at Newark Liberty International Airport in New Jersey and tech operations bases there and at LaGuardia Airport in New York this fall as it seeks to reduce costs and beef up service in Fort Lauderdale, Florida, though it noted that no staff will lose their jobs. JetBlue said it is ending seasonal service between Newark and Los Angeles and Las Vegas. It said staff could bid or transfer to other bases. "We're operating in a fast-changing landscape where competitors are constantly adding, reducing and shifting flying in response to market conditions," JetBlue President Marty St. George and COO Warren Christie said in a staff note, which was seen by CNBC. "We have to be just as agile, entering markets where we see opportunity and exiting those that no longer support our long-term goals. Standing still while competitors make moves isn't an option." The airline is already the top carrier at Fort Lauderdale, though it was previously second to Spirit Airlines, the South Florida-based discounter that collapsed on May 2. Competitors have also added service to the region. JetBlue earlier Wednesday said it would expand daily, cross-country flights with its lie-flat business class, Mint, from Fort Lauderdale, Florida, to San Diego on Nov. 19 and will add more Mint-equipped flights this winter to San Francisco and Los Angeles. That will include up to eight daily Fort Lauderdale to Los Angeles flights and three a day to San Francisco. JetBlue has spent years trimming unprofitable routes and cutting costs to return to steady profitability. Its last profitable quarter was two years ago, and the Fort Lauderdale-Hollywood International Airport push is a big part of its strategy, St. George told CNBC earlier this month. The airline is scouting space for a high-end airport lounge there, too, he said. Mint-equipped planes are lucrative and those seats carry a big premium. A one-way Mint seat from Fort Lauderdale to Los Angeles on Jan. 10 topped $3,000 and went as high as $4,522 while a basic coach ticket on that route was going for as little as $244. The JetBlue executives told staff Wednesday that they know the Newark reductions raise questions about their plans at LaGuardia Airport, where JetBlue's one-time acquisition target, Spirit, operated out of the Marine Air Terminal until it shut down. "Any future opportunities that could come from the LGA slot auction process remain uncertain and would take time to develop," they said. "We must make decisions based on the operation we know we will fly, not on potential outcomes that may or may not materialize in the future." JetBlue executives have called out the high costs of operating at airports like LaGuardia. "We are much, much smaller at LaGuardia than we were four years ago because it's a $40 [enplanement fee] airport for us. And the fountain is really pretty, but ... I think people would rather have low fares than a really nice fountain," St. George said at a JPMorgan industry conference in March, referring to the 25-foot-tall water feature in the airport's Terminal B.

JetBlue to reduce Newark, LaGuardia footprint as it forges ahead in Fort Lauderdale
North America
CNBC Finance

Carvana’s new vehicle strategy turns dealership into ‘playground,’ test-drive center with sales all online

DALLAS — Carvana is aiming to bring its online strategy for selling used vehicles to sales of new cars and trucks. But don't expect the company to actually sell you a vehicle at one of its seven Stellantis franchised dealerships. Instead, the online vehicle retailer said it intends to use such dealerships as service locations, test-drive centers and potentially "playgrounds" for consumers to decide what vehicle they would like to buy through Carvana's online platforms, marking a stark contrast from how traditional franchised dealers handle new products. "Every single car that we sell, whether it's used or new, is online," Tom Taira, Carvana president of special projects who's leading the new vehicle operations, told CNBC during an interview at its franchise in Texas. "That's a very inherent difference. Even coming into the store, you're buying it online, and that's a big difference in how people think about it." Shares of Carvana fell 10% during trading Wednesday, which coincided with CarMax, the company's largest rival, beating Wall Street's quarterly expectations but reporting margin pressure and declining gross profit per retail used vehicle. Through its used vehicle sales, Carvana has become the most valuable auto retailer in the U.S. with a more than $70 billion market cap. Carvana's target with the new vehicle business is to grow its market share and customer base as well as assist used vehicle sales through trade-ins and other means, according to Taira. If the company is successful, the strategy could cause a ripple effect across the U.S. franchised dealership model, which the National Automobile Dealers Association says includes 16,990 retailers that topped $1.3 trillion in sales last year. This week marks the first time Carvana has publicly talked about its plans for new vehicles since it purchased its first Chrysler-Dodge-Jeep-Ram franchised store for Stellantis early last year in Arizona. Its network has since grown to other Carvana-popular markets in Sacramento and San Diego, California; Dallas; Atlanta; Cleveland; and Boston. "When we got into new cars, we said the only way we're going to make this happen is to ensure that it goes the Carvana way. That we actually sell cars exactly the same way that we do to used car customers," Taira said during a media event at its Dallas location. "Why break something that already works?" Carvana spent roughly $171 million on its acquisitions of new Stellantis vehicle franchised dealerships, excluding its most recent purchase of a retailer in Ohio, according to public filings. The company declined to disclose any further investments in the stores to implement its strategy. Taira and the company also declined to disclose Carvana's new vehicle sales so far or its future expansion plans for additional brands or other Stellantis dealerships. CNBC previously confirmed that the company has quickly grown its new vehicle sales, including a location in Arizona becoming the top-selling dealer in the country for Stellantis. "We believe that this was worth it to us, as long as we could go out and increase share and increase the pie," Taira said. He declined to comment on whether the new vehicle business is profitable.

Carvana’s new vehicle strategy turns dealership into ‘playground,’ test-drive center with sales all online
North America
Yahoo Finance

US futures surge as Iran ceasefire deal sends oil tumbling and tech stocks flying

The content on this Site is provided for information purposes only and does not constitute investment advice, a personal recommendation, an offer or solicitation to buy or sell securities, or any other regulated activity. It should not be relied upon as the basis for any investment decision. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise. You may not recover the amount you invest, and in some cases you may be required to pay more. Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. US stock futures surged on Monday after Washington and Tehran announced a ceasefire agreement that should reopen the Strait of Hormuz, sending oil prices sharply lower and lifting risk appetite at the start of a holiday-shortened week. Nasdaq 100 futures led the advance with a gain of 2%, while S&P 500 futures rose 1.3% and Dow Jones futures climbed 1%, building on solid gains from Friday. President Trump described the ceasefire as "complete" in a Truth Social post late Sunday, with formal signing expected in Switzerland on Friday and peace talks to begin within 60 days.

US futures surge as Iran ceasefire deal sends oil tumbling and tech stocks flying
Europe
BBC Business

The US and Iran have agreed a deal. How soon could the economy go back to normal?

More than three months after the US and Israel first began their war with Iran, the White House and the Iranian regime have agreed a framework deal to bring about a more long-term end to hostilities. The Middle East crisis sent global oil prices soaring as the conflict effectively closed one of the world's key water transport routes for oil, liquid natural gas and other essential commodities, limiting global supplies. But experts warn a return to normal shipping through the Strait of Hormuz will take time, and the impact of the war will continue to affect the global economy for potentially months to come. "Let the oil flow!" US President Donald Trump said in a social media post heralding the agreement, which he said would include the reopening of the strait to commercial shipping. BBC Verify has been checking ship-tracking data which appears to show that traffic levels remain low in the Strait of Hormuz, despite the announcement. According to ship tracking website MarineTraffic, only two vessels with active location trackers have exited the waterway since Sunday - a bulk carrier and a tanker. The strait has been closed to most shipping traffic since 28 February, with only limited numbers of vessels friendly to Iran able to pass through. About 200 vessels have been stuck in the gulf, with the risk of sea mines or drone strikes driving up the danger to crews and preventing safe passage. Neil Shearing, group chief economist for Capital Economics, said it remained to be seen whether the latest deal "represents a fragile truce or a durable settlement". He added that it was likely it will "take some time for oil flows through the Strait to return to pre-war levels". "Even if ships now have safe passage, tankers are in the wrong place, oil production/refining facilities need to get up to full capacity, and questions over the cost and availability of insurance for ships traversing the Strait will remain," he said. Even before the agreement, during the ongoing ceasefire, shipping companies were largely reluctant to try to move their vessels out of the strait – and getting those vessels out will be their first focus.

The US and Iran have agreed a deal. How soon could the economy go back to normal?
Europe
BBC Business

Apple to raise prices as AI boom pushes up chip costs

Apple plans to raise the prices of its products as the cost of the memory chips it uses has surged, the technology giant's boss has said. Tim Cook, Apple's outgoing chief executive, told The Wall Street Journal (WSJ) that price increases are "unavoidable" as the situation around memory chips has become "unsustainable". He did not say when prices will rise or which products will be affected. It is also unclear whether the price hikes will affect the iPhone 18, which is expected to be launched in September. Memory chips are essential components in smart devices like mobile phones, but the boom in artificial intelligence (AI) has driven up their prices in recent months. "We're doing our best to mitigate the huge increases that are being passed to us, and we've been trying to shield our customers from the increases, but the situation has become unsustainable," Cook told the WSJ. "There's less supply at a time when consumers want devices and the memory guys are passing along huge price increases," said Cook, who is due to be replaced by John Ternus as Apple's CEO in September after 15 years in the role. "We definitely need memory pricing and supply to return to reasonable levels for consumer products. That's the bottom line." Cook's comments come after other technology giants have highlighted pressure in the chipmaking industry. In an exclusive interview with the BBC this month, Taiwan Semiconductor Manufacturing Company (TSMC) would not rule out price increases as inflation pushed up its costs. TSMC makes the most advanced chips designed by companies such as Apple, Nvidia and AMD. Earlier this year, Samsung said that it expects memory chip supply shortages to raise the prices of electronic devices. The price of Ram - typically one of the cheapest computer components - has more than doubled since October 2025.

Apple to raise prices as AI boom pushes up chip costs
Europe
The Guardian

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’

A Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSView image in fullscreenA Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSUS immigration‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’The process to renew Daca immigration status used to take a few weeks – now it drags on for months It’s been six months since Claudia first applied to renew her US immigration status – a process that, for the last 14 years, would only take a few weeks. But now, the prolonged delay has put her life on hold. Claudia, who moved to the US when she was four, has maintained legal status as a “Dreamer” with the Deferred Action for Childhood Arrivals (Daca) program, which was created in 2012 to protect undocumented immigrants who came to the US as children from deportation. In December, Claudia submitted her Daca renewal, as she is required to do every two years. Under the Trump administration, a process that typically takes just a few weeks has dragged on for months. The delay has meant years of work she put into her education and starting a career are now at risk because of the lapse in her work authorization. “It feels like a personal attack,” said Claudia, who requested anonymity for fear of retaliation given her immigration status. “I renewed on time, completed my biometrics, followed every rule, but I’m still waiting to hear back.” Cesar, who requested anonymity due to his immigration status, has also been in a six-month limbo over his Daca renewal. After he lost his job in HR, he has been selling burritos on the street to make up for the lost income and has been sharing his story online. “I feel like I lose everything. We grew up here, we built a community here, and we built our lives here. I lost my dream job,” said Cesar, who moved to the US when he was four. “It’s been very hard, especially since I’m not making enough. I’m barely scraping by.” This article includes content provided by TikTok. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click 'Allow and continue'. The processing delays come at a time when Daca Dreamers are face growing hostility from the Trump administration. Hundreds of Daca holders have been arrested by federal immigration enforcement and several have been deported over the last year amid the White House’s broader immigration crackdown. Though the White House has said it is targeting immigrants with criminal records, a Guardian analysis from earlier this year found 77% of people who entered deportation proceedings in 2025 had no criminal conviction. More than 500,000 active Daca recipients reside in the US from nearly 200 different countries. To be eligible for the program, an individual must have entered and resided in the US before 15 June 2007, either in school or have a high school or equivalent degree, and no criminal record. Donald Trump attempted to eliminate the Daca program during his first term, but was ultimately blocked by the supreme court in 2020. Despite the ruling, litigation against Daca is ongoing and the administration has remained focused on targeting program recipients through new work restrictions and processing delays, immigration advocates said.

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’
Asia
The Hindu BusinessLine

TN Govt not in favour of greenfield airport at Parandur; all options to be explored: Minister

The Tamil Nadu government is unlikely to proceed with the proposed greenfield airport plan at Parandur as it involves destruction of wetlands, and will instead explore an alternative site for the project, State Minister for Energy, Resources and Law Nirmal Kumar, said on Thursday. Speaking to reporters at the Secretariat after the Governor’s address, the Minister reiterated the government’s opposition to the Parandur airport project in its current form. “Chief Minister C. Joseph Vijay’s first ground protest was against the greenfield airport at Parandur. We remain firm on our stand. We are not against development, but we will not destroy wetlands,” he said. The statement marks a significant shift from the previous government’s approach to the project. With the State government now indicating that it will look for an alternative location, the timeline and contours of Tamil Nadu’s long-term aviation infrastructure expansion are likely to be reassessed. The earlier DMK administration had accelerated land acquisition for the proposed airport in Kancheepuram district and secured over 2,500 acres of the 5,746 acres required. Compensation packages offered to landowners were substantially higher than prevailing market rates. The future of the second airport assumes importance as passenger traffic at Chennai airport continues to grow rapidly. The existing airport currently handles more than 2.2 crore passengers annually. Following the completion of ongoing modernisation and expansion works, its capacity is expected to increase to 3.5 crore passengers a year. The Parandur airport project had been envisaged as a major aviation hub with the capacity to handle up to 10 crore passengers annually. The plan includes two runways, terminal buildings, taxiways, apron facilities and a dedicated cargo terminal. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

TN Govt not in favour of greenfield airport at Parandur; all options to be explored: Minister