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    Spirit Airlines appears closer to shutdown as time dwindles for government bailout
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May 2, 2026
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Bankruptcy and bailout pressure left Spirit Airlines facing shutdown risk amid mounting debt and repeated insolvency filings.
Spirit Airlines faced an acute shutdown risk after the expected government bailout did not materialise, leaving its future uncertain amid a reported final proposal for a taxpayer-funded takeover. The airline's financial distress arose against the backdrop of repeated bankruptcy proceedings, rising operating costs, mounting debt and higher jet fuel prices, with prior Chapter 11 protection and later bankruptcy filings reflecting continuing balance-sheet strain.
May 2, 2026
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Financial market development reforms deepen liquidity, expand participation, and strengthen transparency across India's money, bond, and derivatives markets.
Indian financial markets are described as having matured through policy support, with stronger liquidity management in money markets, deeper and more liquid government securities markets, and an evolved derivatives framework for wider participation and easier risk management. Market infrastructure reforms include electronic trading platforms, expanded central clearing, initial margin rules for non-centrally cleared derivatives, and enhanced reporting of OTC foreign exchange, interest rate derivative, and gold transactions. Ease of investment for foreign investors has also been improved through relaxed norms, expanded retention routes, permitted investments from Special Rupee Vostro Accounts, and connectivity between domestic and global bond platforms.
May 2, 2026
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Industrial corridor development gains focus as DPIIT reviews infrastructure progress, stakeholder concerns and investor facilitation needs.
DPIIT reviewed progress of industrial corridor projects in Haryana and Rajasthan under the National Industrial Corridor Programme and held stakeholder consultations on implementation issues, infrastructure needs and investor facilitation. The review covered logistics hub development, industrial area infrastructure, a solar power project for industrial use and coordinated action by DPIIT, NICDC and State Governments to address bottlenecks, support industry requirements and strengthen investor confidence.
May 1, 2026
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Tariffs on EU autos rise amid dispute over trade deal compliance and shifting trade authority.
Higher tariffs on cars and trucks imported from the European Union are set to be imposed, on the stated ground that the EU is not complying with the trade deal previously reached between the parties. The trade framework had set a tariff ceiling on most goods, but the legal basis originally used to impose those charges was later rejected, prompting the use of alternative authorities and interim duties tied to trade imbalance and national security inquiries.
May 1, 2026
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War powers and tariff authority shape the administration's latest moves on Iran, EU trade, and pipeline approvals.
The Trump administration is arguing that the war in Iran ended with an early-April ceasefire, so the War Powers Resolution deadline for congressional authorization does not apply. The administration is also reshaping tariff policy after a Supreme Court ruling limited emergency-based tariffs on EU goods, while a new Canada-to-U.S. oil pipeline has received a key federal approval but still needs further state and environmental clearances.
May 1, 2026
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Money laundering through benami accounts alleged as ED seeks production warrant in extortion and fraud probe.
Enforcement Directorate sought a production warrant before a special PMLA court for a self-styled godman-cum-astrologer already in custody in separate rape and cheating cases, to proceed in a money-laundering investigation. The agency alleged an extortion racket, laundering through benami bank accounts, and acquisition of properties from proceeds of alleged victim exploitation and financial fraud, and said custody was needed to trace the money trail and identify beneficiaries.
May 1, 2026
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Money laundering risk assessment now targets digital and cross-border frauds, cyber scams, and emerging PMLA threats.
Risk assessment vetting within the Enforcement Directorate has been used to screen and record PMLA matters involving emerging money-laundering threats. The committee, chaired by a Special Director-rank officer, identifies new risk categories such as cyber and crypto-related fraud, digital arrest, fake loan scams, foreign interference, lobbying against national interest, immigration scams, intellectual property fraud, human trafficking and drug trafficking. The reported trend has shifted from cash-based corruption allegations to complex digital and globally connected financial crimes.
May 1, 2026
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EU auto tariffs and trade deal compliance take center stage as proposed tariff hikes unsettle bilateral trade terms.
The United States President announced an intention to raise tariffs on cars and trucks imported from the European Union to 25%, asserting that the EU was not complying with the parties' trade deal. The trade arrangement previously fixed a 15% tariff on most goods and was identified as the Turnberry Agreement, which both sides had earlier said they would preserve. The report notes that the status of the 2025 deal had already been unsettled after a Supreme Court ruling said the President lacked authority to declare an economic emergency and impose tariffs on EU goods.
May 1, 2026
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GST collections rise on compliance drives, AI-based scrutiny and expanded tax administration across Andhra Pradesh
Andhra Pradesh reported its highest-ever monthly tax collections since the introduction of GST, with April 2026 revenue showing year-on-year growth despite the impact of GST rate rationalisation. The collections rose across GST, IGST settlement, petroleum VAT and professional tax, supported by administrative efficiency, compliance improvement and growth in sectors such as real estate and construction. Revenue gains were reinforced by AI-driven data analytics, automated scrutiny, anti-evasion drives, UPI-based transaction analytics and database integration.
May 1, 2026
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Goods and Services Tax collection surge in Punjab driven by enforcement, compliance gains and technology-based anti-evasion measures.
Punjab reported its highest-ever monthly Goods and Services Tax collection for April, with gross and net GST receipts at record levels and strong year-on-year growth. The increase was attributed to improved core tax administration and compliance, and adjusted growth remained positive even after neutralising an abnormal IGST adjustment from the comparable period. Intensified enforcement, data analytics, intelligence-based inspections and anti-evasion drives were cited as key contributors, alongside technology-driven enforcement and taxpayer facilitation.
May 1, 2026
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Money laundering enforcement shifts toward cyber fraud and terror financing as asset attachments, prosecutions and safeguards expand.
Financial crimes have shifted from bank frauds, corporate scams and real estate cheating toward cryptocurrency fraud, cyber-enabled offences, terror financing and narcotics trafficking, with money laundering investigations described as highly complex because they involve multiple jurisdictions, cross-border transactions, layered financial structures and evolving technologies. The agency reported increased prosecution complaints, a high conviction rate, substantial asset attachments and use of restoration provisions to return properties to victims, while also strengthening supervisory controls, summons verification and accountability mechanisms.
May 1, 2026
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GST collections hit record high as import-led revenues outpace domestic growth under the restructured tax regime.
Gross GST collections rose to a record high in April, driven by stronger import-linked revenues and moderate growth in domestic transactions. Net GST collections also increased after refunds were adjusted, indicating continued revenue expansion under the restructured GST regime. The article notes that post-GST 2.0 rate rationalisation, slab simplification, and technology-led administration have coincided with steady monthly growth, while import-led receipts have continued to outpace domestic collections.
May 1, 2026
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GST revenue collections for April 2026 show gross, refund and net figures alongside state-wise settlement and domestic collection tables.
Gross GST revenue for April 2026 is broken into domestic collections and import IGST collections, with separate reporting of refunds and net revenue under CGST, SGST and IGST. The figures are provisional and may vary slightly on finalisation. The document also presents State-wise SGST and the SGST portion of IGST settlement amounts, along with State-wise domestic collections by Central and State formations, GSTIN counts and growth figures.
May 1, 2026
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Bilateral trade and economic cooperation expand as India and Tanzania deepen sectoral collaboration across trade, energy, health, and infrastructure.
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May 1, 2026
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Anti-money laundering enforcement strengthened to curb financial crimes, protect common money, and ensure bias-free investigation.
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May 1, 2026
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Capital expenditure priority continues despite fiscal stress, as fuel duty changes and export controls aim to balance prices and supply.
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May 1, 2026
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RoDTEP schedule alignment updates customs tariff mapping to reduce classification ambiguity and streamline export benefit processing.
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May 1, 2026
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Startup ecosystem collaboration boosts innovation, global linkages, and support services for recognised startups.
A Memorandum of Understanding between the Department for Promotion of Industry and Internal Trade and Chamber India is directed toward strengthening the startup ecosystem through innovation-led growth, deeper engagement among startups, corporates, investors, and global stakeholders, and expanded international and cross-border collaboration. DPIIT-recognised startups are to receive concessional Chamber membership with a rebate, together with access to export facilitation, IPR advisory, business matchmaking, and participation in global delegations.
May 1, 2026
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Export duty on petroleum products revised as fortnightly levy review keeps petrol nil and raises diesel and ATF export charges.
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Unified Payments Interface scales India's digital payments ecosystem with massive adoption, interoperability, and financial inclusion.
Unified Payments Interface (UPI) has expanded over a decade into India's backbone digital payments infrastructure under NPCI and RBI oversight, with broad bank onboarding and wide merchant and person-to-person adoption. The system is described as a major driver of financial inclusion and high-frequency retail payments, supported by interoperability across banks and payment participants. UPI's scale is reflected in sharp growth in transaction volume and value, including daily and monthly record levels in 2025 and FY 2025-26, along with a large share of India's digital payments and nearly half of global real-time payment volume.

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The latest: Rubio says major military operations against Iran over

May 6, 2026

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Washington, May 6 (AP) US Secretary of State Marco Rubio said Tuesday that major US military operations against Iran are over — but he stopped short of saying the conflict cannot be restarted. Rubio told reporters at the White House that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because its objectives were met.

Rubio said recent clashes with Iran related to US efforts to reopen the Strait of Hormuz were “defensive in nature.” “We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” He said Iran must agree to President Donald Trump's demands on its nuclear program and reopen the strait, a waterway vital to global oil and gas supplies.

US forces pressed ahead with an effort to guide commercial ships through the strait, but so far only two vessels are known to have passed through. Defence Secretary Pete Hegseth said the US prefers a peaceful effort to guide vessels out of the Persian Gulf but is ready to act if needs change.  It is unclear what will follow. Hegseth said the ceasefire reached nearly a month ago is not over. The United Arab Emirates, a key US ally, said it was defending against more Iranian strikes. A spokesman for Iran's joint military command denied striking the UAE “in recent days.” Here is the latest: Rubio says war with Iran is over, peace is still elusive   Rubio says the major US military operation against Iran is over but is stopping short of saying the conflict is over or cannot be restarted.

Speaking to reporters at the White House, Rubio said that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because the objectives of the mission were all successfully concluded.

“We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” In order for that to happen, Iran must agree to Trump's demands on its nuclear program and reopen the Strait of Hormuz, he said.

Rubio says he hopes Chinese officials talk to Iran about the strait   As Iranian Foreign Minister Abbas Araghchi prepares to visit China on Wednesday, Rubio says that he hopes Tehran's allies in Beijing reiterate the need for Iran to release its chokehold on the critical waterway as the fragile ceasefire continues.

“I hope the Chinese tell him what he needs to be told,” Rubio said. “And that is that what you are doing in the strait is causing you to be globally isolated. You're the bad guy in this.” The secretary went on to argue that China, more than the US, is suffering from Iran's actions in the strait, saying that China's export-driven economy depends on shipments going through Hormuz.

“It is in China's interest that Iran stop closing the strait,” he added.

Rubio says many countries want to help open Hormuz but some lack the ability to do so   Asked what the global appetite is for the US effort to reopen the strait, Rubio says the issue has not been a lack of interest, but that not many are able to provide the assets and resources needed.

“The capabilities is the issue. A lot of countries would love to do something about it. But they don't have a navy, right? Or they can't get there in time. ...” he said.

He said the onus is on the US.

“The primary responsibility for this Project Freedom is on the United States, because we're the only country that can project power in that part of the world,” he said. “This is a favour to the world because it's their ships that are stranded.” Rubio downplays rift between Trump and Pope Leo ahead of visit to Vatican   Rubio is downplaying the rift between President Donald Trump and Pope Leo XIV over Iran ahead of a key visit the top US diplomat will make to Vatican City this week.

Rubio told reporters at the White House on Tuesday that Trump's recent criticism of the first American pontiff was rooted in his opposition to Iran potentially obtaining a nuclear weapon, which could be used against millions of Catholics and other Christians around the world.

Trump “doesn't understand why anybody — leave aside the pope — the president and I, for that matter, I think most people, I cannot understand why anyone would think that it's a good idea for Iran to ever have a nuclear weapon,” Rubio said.

Rubio says Iran claims of not wanting a nuke are not backed up by actions   Rubio says Iranian claims of not wanting to develop nuclear weapons are belied by its actions.

Rubio said Tuesday that Iran must make a choice between war and peace, but that peace will require a convincing demonstration that the Iranian government won't attempt to pursue nuclear arms.

Rubio told reporters at the White House that Iran's development of advanced centrifuge technology, its enrichment of uranium and construction of underground bunkers made clear the government was not serious about its no-nukes pledge.

We're not attacking them': Rubio echoes message that Strait of Hormuz operation is defensive only   Rubio on Tuesday reiterated that US efforts to reopen the strait are not an offensive operation despite clashes with Iran in the last several days.

“There's no shooting unless we're shot at first, OK? We're not attacking them. We're not,” Rubio told reporters. “If they pose a threat to our forces, we'll shoot down drones, we'll shoot down missiles. But it's defensive in nature.” So far, only two merchant ships are known to have passed through the new US-guarded route, with hundreds more bottled up in the Persian Gulf. Shippers are still wary, and it's unclear whether US military action can reassure them without reigniting the conflict that began with US and Israeli strikes on Iran on Feb. 28.

US coming to aid of civilian sailors left for dead,' Rubio says   Rubio said about 23,000 civilian sailors are stranded in the Persian Gulf and “left for dead” as Iran chokes the Strait of Hormuz.

Speaking at a White House press briefing on Tuesday, he said the US military effort to guide ships through the strait aims to help those sailors.

“They're sitting ducks, they're isolated, they're starving, they're vulnerable,” Rubio said. “At least 10 sailors have already died as a result.” He said the sailors come from 87 countries and are innocent bystanders.

“It's criminal for sure, but it's desperate and destructive to block the Strait of Hormuz,” he said.

Pope Leo calls out Trump's misrepresentation of his views on Iran and nuclear weapons   Speaking to reporters Tuesday, Leo said the Catholic Church “for years has spoken out against all nuclear weapons, so there is no doubt there.” Trump again accused Leo in an interview on Tuesday of being “OK for Iran to have a nuclear weapon.” Leo has said no such thing, and Catholic Church teaching says the mere possession of nuclear weapons is “immoral.” Leo doubled down on his insistence that his call for peace and dialogue in the U.S-Israeli war in Iran is Biblically inspired.

“I've spoken from the first moment of being elected, and we're near the anniversary: I said Peace be with you,'” Leo said as he left his country house in Castel Gandolfo.

“The mission of the church is to preach the Gospel, to preach peace. If someone wants to criticise me for announcing the Gospel, let him do it with the truth,” Leo said. “And so I hope simply to be listened to about the value of the Word of God.” Italy defends Pope Leo XIV against Trump's criticism   Italy is again defending Pope Leo XIV and his call for peace and dialogue in the Iran war against President Donald Trump's latest criticism.

Foreign Minister Antonio Tajani said in a social media post on Thursday that President Donald Trump's attacks “are neither acceptable nor helpful to the cause of peace.” “I reaffirm my support for every action and word of Pope Leo; his words are a testament to dialogue, the value of human life, and freedom. This is a vision shared by our government, which is committed through diplomacy to ensuring stability and peace in all areas where conflicts exist,” Tajani wrote.

Trump on Tuesday renewed his criticism of Leo's peace message over the Iran war and warned Leo was “endangering a lot of Catholics and a lot of people.” Trump's criticism, in an interview with conservative commentator Hugh Hewitt, came even as his secretary of state, Marco Rubio, prepares to visit Italy and the Vatican ostensibly to ease tensions with Washington.

Rubio is due to meet with Leo on Thursday and is due to see Tajani and Premier Giorgia Meloni on Friday.

Trump offers an optimistic take on China's position on Iran   The president in an exchange with reporters said that China hasn't “challenged” him as he continues to press Iran, even as Beijing has repeatedly criticised the US and Israel military action against Iran.

“You know, in all fairness, he gets, like, 60 per cent of his oil from (the Strait of) Hormuz,” Trump said of President Xi Jinping.

China, in fact, imported about half its crude oil and almost one-third of its liquefied natural gas from the Middle East, according to China's General Administration of Customs.

Trump offered a more measured take than Treasury Secretary Scott Bessent, who a day earlier said the administration wants to see Beijing “step up” and pressure Iran to open the strait. Bessent in an interview with Fox News said Iran would be high on Trump's agenda when he travels to Beijing next week for a summit with Xi.

Pakistan military urges restraint as US-Iran tensions rise   Pakistan's top military leadership on Tuesday urged restraint to help ease rising tensions between the United States and Iran.

The call came during a Corps Commanders Conference chaired by Army Chief Field Marshal Asim Munir.

Munir, since last month, has been in contact with the US and Iranian officials as part of Pakistan's efforts to end the conflict.

In a statement, the military said participants reviewed the evolving security environment amid Pakistan's outreach to Washington and Tehran, adding that lasting peace depends on collective restraint, responsibility and respect for sovereignty.

JD Vance woos Republican voters, including farmers who want the war to end   Vice President JD Vance heads to Iowa on Tuesday, his first visit since taking office, to the state where Republicans in less than two years will cast the initial votes to pick their party's next presidential nominee.

Seen as one of the GOP's strongest potential candidates for president in 2028, Vance stopped first in Cincinnati to vote in the primary, saying he picked Vivek Ramaswamy for governor. He's also holding a fundraiser in Oklahoma City as finance chair of the Republican National Committee.

Higher prices for gas and fertiliser, and Trump's tariffs have been hitting voters hard, and Vance's political prospects are complicated by the war in Iran. Vance has seemed a reluctant defender of the 9-week-old war, for which Trump has struggled to find an off-ramp.

Iowa's farmers have steadfastly supported the president, but they've been looking for assurances that the troubles won't last.

Rubio to brief at White House with press secretary on maternity leave   The secretary of state is putting on yet another Trump administration hat — White House spokesperson.

Rubio is scheduled to fill in on Tuesday for White House press secretary Karoline Leavitt, who is on leave awaiting the birth of her second child. His briefing is scheduled for 3 p.m. EDT.

The nation's top diplomat already doubles as Trump's national security adviser and for a while was the acting archivist of the United States and the acting administrator of the US Agency for International Development.

His last formal briefing for reporters was at the State Department briefing room in December.

Scuttlebutt around the White House has been that Rubio will be among a handful of high-level administration officials leading the press briefings while Leavitt is away.

Proposed UN resolution demands Iran halt attacks on ships in Strait of Hormuz and stop `illegal tolls'   The proposed Security Council resolution, co-sponsored by the United States and Gulf nations, threatens Iran with sanctions or other measures if it doesn't restore freedom of navigation and immediately disclose where sea mines have been placed in and around the vital waterway.

The draft, obtained Tuesday by The Associated Press, also demands that Iran “immediately participate in and enable the United Nations efforts to establish a humanitarian corridor in the strait” to enable vital aid, fertiliser, and other goods to transit.

The proposed resolution was drafted under Chapter 7 of the U.N. Charter, which can be enforced militarily. It threatens “effective measures that are commensurate with the gravity of the situation, including sanctions” if Iran doesn't comply.

A previous resolution aimed at opening the Strait of Hormuz, where about 20 per cent of the world's crude oil had transited, was vetoed by Russia and China.

Former military officers say reopening the strait remains a daunting task   Former military officers who have served on the Strait of Hormuz have said opening it would be dangerous and highly challenging, even with military escorts, which the US isn't providing now.

There's little room to manoeuvre in the narrow waterway, and Iran can reach all of the strait and its approaches with anti-ship cruise missiles. It also can target vessels with longer-range missiles, drones, fast attack craft and naval mines.

Experts say reducing the threat would involve targeting offensive installations on the ground inside Iran and having constant surveillance and patrols.

Insurance broker says it's too early to know how the US military effort will affect shipping through the strait  Marcus Baker, global head of marine, cargo and logistics for insurance broker and risk adviser Marsh Risk, said it would take a few days to see how the insurance market reacts.

“We just have to see what happens, whether the Iranians keep the peace, whether the Americans keep the peace, and exactly what that's going mean for shipping,” he said.

“There's rhetoric from both sides on this, and we've just got to be mindful of that,” he added. But he said, “anything that starts to increase certainty around safety has got to be a good thing.” One of the world's largest container shipping companies says Hormuz transits not yet possible   “At this point in time our risk assessment remains unchanged,” the Hamburg, Germany-based shipping company Hapag-Lloyd AG said in a statement. “Transits through the Strait of Hormuz are for the moment not possible for our ships.” UAE is under Iranian attack again, the defence ministry says   The United Arab Emirates is “actively engaging” with missile and drone attacks from Iran, the country's defence ministry said on X Tuesday evening.

It said sounds heard in parts of the Gulf federation are related to the interception of ballistic missiles, cruise missiles and drones.

Death toll in Lebanon reaches 2,702 since Israel-Hezbollah war began   The Health Ministry in Beirut said Tuesday that 8,311 people were wounded during the same period.

The latest Israel-Hezbollah war started on March 2, when Hezbollah fired rockets into Israel following the US and Israel's attacks on Iran.

A ceasefire has been in place since April 17, but both Israel and Hezbollah have been carrying out daily attacks since then. (AP) AMJ AMJ

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