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Frontier Airlines is going after customers of Spirit Airlines, whose financial footing has gotten so shaky in recent weeks that it warned earlier this month it might not be able to survive another year without more cash.

Frontier on Tuesday announced 20 routes it plans to start this winter, many of them in major Spirit markets like its base at Fort Lauderdale International Airport in Florida. Frontier overlaps with Spirit on 35% of its capacity, more than any other airline, according to a Monday note from Deutsche Bank airline analyst Michael Linenberg.

Some of Frontier’s new routes from Fort Lauderdale include flights to Detroit, Houston, Chicago and Charlotte, North Carolina. It’s also rolling out routes from Houston to New Orleans; San Pedro Sula, Honduras; and Guatemala City.

Frontier had tried and failed to merge with its budget airline rival several times since 2022.

“I’m not here to talk about M&A,” Frontier CEO Barry Biffle said in an interview with CNBC on Tuesday when asked whether Frontier would buy Spirit. Biffle said he expects that Frontier would pick up the majority of Spirit’s market share if Spirit collapsed.

Both carriers have struggled from changing customer tastes for more upmarket seats and trips abroad, an oversupply of domestic capacity, and higher labor and other costs. Spirit’s situation has become more dire however, after it emerged from four months of bankruptcy protection in March facing many of the same problems.

Ultra-low-cost airlines are also challenged by larger rivals like United Airlines, American Airline and Delta Air Lines that have rolled out their own no-frills basic economy tickets but also offer customers bigger choices of destinations and other perks onboard like snacks and beverages.

Stock prices of rival airlines surged after Spirit’s warning earlier this month.

Biffle said the carrier wants to become the country’s largest budget airline and has rolled out loyalty matching programs to grab more customers. Frontier’s capacity was slightly smaller than Spirit’s in the second quarter, through the latter had slashed its flying by nearly 24% from a year earlier, while Frontier was down only 2%.

Spirit last week said it drew down the entire $275 million of its revolver and while it reached a two-year extension on its credit card processing agreement with U.S. Bank N.A., it agreed that it would hold back up to $3 million a day from the carrier.

The airline lost $245.8 million in the second quarter. Frontier lost $70 million.

Spirit has been looking for ways to slash costs, including furloughing and demoting hundreds more pilots and cutting unprofitable routes. Hundreds of flight attendants are on unpaid leaves of absence.

Spirit CEO Dave Davis said in an Aug. 12 staff memo after its “going concern” warning that “the team and I are confident that we can build a Spirit that will continue to provide consumers the unmatched value that they have come to expect for many years to come.”

The carrier reached a deal with bondholders who agreed to convert debt to equity in its Chapter 11 bankruptcy, but it didn’t cut other costs like renegotiating aircraft leases. Leasing firms have been reaching out to rivals in recent weeks to gauge whether competitors would take any of the Airbus planes that are in Spirit’s hands, according to people familiar with the matter, who asked to speak anonymously because the talks were private.

— CNBC’s Phil LeBeau contributed to this report.

This post appeared first on NBC NEWS

U.S. taxpayers are now the largest shareholders in Intel. What comes next isn’t so clear.

The Trump administration announced Friday that the government had taken a 10% stake in the California-based computer chipmaker, which has fallen behind rivals Nvidia and AMD in the artificial intelligence race. Over the past five years, Intel’s share price has declined more than 50%.

The administration has not provided any details about when or under what circumstances it would sell the Intel shares — or whether it would sell them at all. Nor did it say whether the United States would benefit from any dividends, although Intel has not paid out any since last year. The administration does not plan to take any board seats and has said it will vote against the company only in “limited” circumstances.

While Commerce Secretary Howard Lutnick suggested Friday that national security was a key motivator for taking the stake, President Donald Trump focused Monday more on the prospect of financial gains.

“I will make deals like that for our Country all day long,” Trump said on Truth Social. “I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!” he added.

Intel’s shares have climbed about 4% since the transaction was announced. Some experts said that while there is a potential upside to the agreement, it represents another norm-shattering expansion of presidential authority by Trump into the business world — and most likely not the last.

Already, the Trump administration has taken a “golden share” in Japan’s Nippon Steel as part of a deal granting approval to that company’s bid for U.S. Steel and giving the government a say in future Nippon transactions. Last month, the Defense Department announced it had purchased $400 million in rare earth miner MP Materials, making it the company’s largest shareholder. The White House also plans to take a cut of the sales that chipmakers Nvidia and AMD make to China.

Trump told reporters Monday that he hopes to see “many more” deals like Intel’s, adding that nobody “realizes how great it will be.” Kevin Hassett, director of Trump’s National Economic Council, said similar deals could help form the basis of a sovereign wealth fund, an idea that the administration had floated earlier as a way of giving U.S. taxpayers direct stakes in companies but had yet to fully develop.

“At some point there’ll be more transactions, if not in this industry, in other industries,” Hassett said on CNBC.

The U.S. stake in Intel does not amount to a complete government takeover. While the federal government has assumed total control of private corporations before, such incidents have usually happened during times of crisis — and not with the direct intention of trying to play the markets.

“He’s doing all this in a spooky, controversial way,” said Clyde Wayne Marks, a fellow in regulatory studies at the Competitive Enterprise Institute, a libertarian think tank. “Right now there is no crisis.”

President Woodrow Wilson nationalized railroads, as well as the telegraph, telephone, radio and wireless stations, during World War I. Nearly two decades ago, the government bailed out a host of private firms during the 2008-09 global financial crisis.

While the bailout involved holding corporate assets on the U.S. government’s books with the goal of returning earnings to taxpayers, there was never any serious intention to own them over the long term. And a Government Accountability Office study concluded in 2023 that the program ultimately came at a net cost of about $31 billion.

The U.S. government has long provided subsidies to private corporations in the form of loans and grants, to varying degrees of success. Two high-profile examples came during the Obama administration, when the Energy Department provided loans to a solar power company called Solyndra and to electric vehicle maker Tesla. Solyndra ultimately went bankrupt, while today Tesla is worth $1.2 trillion on the stock market.

Some have argued that the United States would have benefited from having taken a stake in Tesla. Yet at the time Tesla received the loan, in 2010, beliefs about the free market and the need to limit the government’s role in it prevailed not just among Republicans, but among Democrats, as well, experts say.

“Our system has not typically been built that way — it’s not how free enterprise is typically run,” said Dan Reicher, a former Energy Department official under Presidents Bill Clinton and Barack Obama. “History has proven that the more free-market approach, making the bottom line the bottom line for the companies running these operations, is a smarter way to go.”

Intel’s fortunes have sagged. Its manufacturing segment lost $3.2 billion in the second quarter, and last month it said it would lay off 15% of its workforce by year’s end while canceling billions in planned investments and delaying the completion date for a $28 billion chip plant near Columbus, Ohio.

In a securities filing Monday, Intel warned investors of the potential risks involved in the U.S. investment, among them that the arrangement may actually limit its ability to secure grants down the road, depending on its future performance. It could also harm international sales and make Intel subject to additional regulations and restrictions, both at home and abroad, it said.

On Monday, Trump was asked whether the Intel investment represented a new way of doing industrial policy.

“Yeah. Sure it is,” Trump said. “I want to try to get as much as I can.”

This post appeared first on NBC NEWS

Silver surged past US$100 per ounce for the first time in January before retreating below the US$80 level, marking a volatile start to 2026 as the precious metal faces renewed investor appeal.

In its latest annual outlook, published on February 10, the Silver Institute notes that the rally comes after a year when silver saw its strongest annual performance since 1979. Investor interest accelerated into early 2026 and pushed the price to multiple record highs, driving the gold-silver ratio below 50 for the first time since 2012.

Looking forward, global silver investment is expected to remain strong this year as the market posts its sixth consecutive annual deficit. The Institute’s forecast, based on analysis by London-based consultancy Metals Focus, points to a 67 million ounce shortfall in 2026, with total demand once again outstripping total supply.

Silver supply in 2026

On the supply side, total global silver output is forecast to increase by 1.5 percent in 2026 to 1.05 billion ounces, the highest level in a decade. Mine production is expected to edge up 1 percent to 820 million ounces, supported by stronger output from existing operations and newly commissioned projects.

Mexico is forecast to deliver much of the growth from primary silver mines. In China, higher output is expected from China Gold International Resources’ (TSX:CGG,OTCPL:JINFF) Jiama polymetallic mine as expansion continues.

Canada is projected to see gains from projects such as Hecla Mining’s (NYSE:HL) Keno Hill and New Gold’s (TSX:NGD,NYSEAMERICAN:NGD) New Afton, which is being acquired by Coeur Mining (NYSE:CDE). Morocco’s Zgounder mine is also ramping up production, while Peru is expected to record declines at certain operations.

By-product silver from primary gold mines is forecast to increase. Contributions are expected from Barrick Mining’s (TSX:ABX,NYSE:B) Pueblo Viejo in the Dominican Republic, Gold Fields’ (NYSE:GFI) Salares Norte in Chile and the Nezhda project in Russia, owned by SolidCore (formerly Polymetal International).

Output from primary silver mines is expected to remain largely flat, accounting for 28 percent of total mine supply.

Silver recycling supply is projected to rise 7 percent, exceeding 200 million ounces for the first time since 2012, as elevated price levels encourage scrap flows, particularly from silverware.

Although the silver price has cooled since this year’s highs, the Institute notes that it’s established technical support and remains underpinned by tight physical supply and ongoing macroeconomic uncertainty.

Many forces that drove silver in 2025 remain in place. Constrained physical availability in London, geopolitical tensions, US policy uncertainty and concerns about the US Federal Reserve’s independence continue to provide support.

Silver demand in 2026

On the demand side, total global silver consumption is forecast to remain broadly flat in 2026. Gains in physical investment are expected to offset weakness in jewelry, silverware and some industrial segments.

Meanwhile, industrial fabrication, the largest component of silver demand, is projected to decline by 2 percent to around 650 million ounces, marking a four year low.

As in 2025, the drag is seen coming primarily from the photovoltaic (PV) sector.

Although solar installations worldwide are expected to continue expanding, manufacturers are reducing silver use per panel through thrifting and substitution, resulting in lower silver demand from PV applications.

Other industrial uses offer partial relief. Growth in data centers, artificial intelligence technologies and automotive electronics is expected to sustain silver consumption across several end uses, mitigating some of the PV losses.

Consumer demand, however, remains under pressure from record-high prices. Jewelry demand is forecast to fall more than 9 percent to 178 million ounces, marking the lowest level since 2020.

In contrast, physical investment demand is set to strengthen considerably.

The Institute projects a 20 percent rise to a three year high in physical investment to 227 million ounces.

After three consecutive annual declines, western retail demand is expected to rebound as investors respond to silver’s price momentum and persistent macroeconomic risks.

Exchange-traded product holdings currently stand at an estimated 1.31 billion ounces, and coin and bar demand has firmed in recent months. As of February 9, the silver price was up 11 percent year-to-date.

Silver deficit to persist

Even with higher supply and recycling, the silver deficit is set to persist. The Institute notes that the global silver market will continue to rely on the drawdown of aboveground bullion inventories to bridge the gap.

While volatility is likely to continue, the Institute forecasts that strength in gold and sustained physical tightness may help cushion risks for silver as it navigates another year defined by deficit and demand.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Fresh satellite images give a rare aerial view of the damage across Iran after U.S.-Israeli strikes and what Tehran’s retaliation left behind across the region.

Planet Labs satellite imagery captured burning ships and damaged facilities at the Konarak base in southern Iran, as well as significant destruction at Iran’s naval headquarters in Bandar Abbas on the Persian Gulf, reflecting the scale of the strikes on military infrastructure.

Imagery from Vantor shows damage to facilities and vessels located in Iran’s Bushehr port in the Persian Gulf.

In addition to naval assets, satellite photos show a bunker at Bushehr air base hit by a strike, leaving a large crater and destroying several nearby small buildings.

More strikes targeted the Choqa Balk drone facility in western Iran.

Radar systems at the Zahedan air base in eastern Iran — near the country’s borders with Pakistan and Afghanistan — were also struck.

The two facilities are about 800 to 900 miles apart, underscoring the broad reach of the coordinated strikes.

Satellite imagery also reveals damage to aircraft on the tarmac at Shiraz air base, including scorch marks and debris around several parking areas.

Satellite imagery from Planet Labs shows thick smoke plumes rising above Tehran, signaling explosions and fires inside the Iranian capital.

The smoke underscores how the conflict has moved beyond isolated military sites and into the heart of Iran’s political center.

Iran has since responded with missile and drone strikes of its own, expanding the conflict across the region. 

Satellite images reveal damage to the port city of Sharjah in the United Arab Emirates. Sharjah is the third most populous after Dubai and Abu Dhabi.

The Jebel Ali Port, the region’s largest maritime hub, was also targeted, underscoring how the retaliation extended beyond military sites to key infrastructure.

The new satellite imagery comes on the heels of U.S.-Israeli strikes that killed Iran’s supreme leader, Ayatollah Ali Khamenei, and several top members of the regime, triggering a succession crisis.

President Donald Trump warned on Sunday that Iran’s new leader is ‘not going to last long’ without U.S. approval as Operation Epic Fury marches into a third week. 

Related Article

Watch shipping through the Strait of Hormuz grind to a halt amid Iran conflict
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The U.S. government could take equity stakes in more companies, potentially through an American sovereign wealth fund, according to one of President Donald Trump’s top economic advisers.

National Economic Council Director Kevin Hassett made the comments Monday, days after the United States took a nearly 10% stake in Intel. The government secured a piece of the semiconductor maker with money intended for grants as part of the CHIPS and Science Act, passed during the Biden administration.

Speaking about the new Intel position, Hassett told CNBC: “It’s like a down payment on a sovereign wealth fund, which many countries have.” Governments throughout Europe, Asia and the Middle East use such funds to invest in companies and other financial assets.

The federal government has taken ownership stakes in private companies before, but only under extraordinary circumstances, such as during the global financial crisis of 2008.

Hassett said the Intel investment was a ‘very, very special circumstance because of the massive amount of CHIPS Act spending that was coming Intel’s way.’

He added: “So I’m sure that at some point there’ll be more transactions, if not in this industry, in other industries.’

The CHIPS Act was established as a way for the government to provide financing and capital to foreign and domestic companies that manufactured semiconductors and related products in the United States.

Americans and the American economy received the benefit of more than $200 billion in private capital investments since the act was signed into law, according to the Council on Foreign Relations. Many companies also announced plans to create new U.S. manufacturing and construction jobs.

Hassett has said the money was ‘going out and disappearing into the ether.’

He has also said, ‘We’re absolutely not in the business of picking winners and losers.’ However, the United States is now Intel’s largest single shareholder. The administration has also taken a ‘golden share’ in U.S. Steel as part of approving its merger with Japan’s Nippon Steel. Trump also said he negotiated with Nvidia CEO Jensen Huang to take a 15% cut of the chipmaker’s revenue from some chips sold in China. He also has a similar deal with rival chipmaker AMD.

Later Monday, Trump said, ‘I want them to do well anyway, but I want them to do well in particular now.’

He added, ‘I hope I’m going to have many more cases like’ the Intel stake. Asked whether taking equity stakes in private companies was the new way of doing business in the United States, Trump responded: ‘So are tariffs.’

After Hassett’s interview, Trump said on Truth Social: ‘I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA.’ He also said he would ‘help those companies that make such lucrative deals with the United States.’

It was unclear why Trump said the United States did not pay anything for the stake. The government purchased 433.3 million Intel shares at $20.47 each, which equates to $8.9 billion.

Trump has also pushed companies to change course on key products, such as when he pre-emptively announced that Coca-Cola would add cane sugar to an American version of its namesake product.

Trump has also threatened firms such as Amazon, Mattel, Hasbro and Walmart with retaliation for hiking prices as a result of his sweeping global tariff regime.

Trump intervention in private industry has sparked widespread criticism, some of it from Republicans. Trump’s former U.N. ambassador Nikki Haley, a former Boeing board member, said on X: ‘Intel will become a test case of what not to do.’

After the CNBC interview, NBC News asked Hassett about setting up a sovereign wealth fund.

‘As we acquire things like Intel, then there’s sort of a question of where it goes and it’s held by the U.S. Treasury. And if the U.S. Treasury has more of that stuff, that is starting to look like [a] sovereign wealth fund, whether an official sovereign wealth fund is established is another question,’ he said.

‘But it’s not unprecedented for the U.S. to own equity’ in private companies, he added.

The United States took equity stakes in private companies during the global financial meltdown of 2008 and 2009.

Then, it bought troubled assets and took equity stakes in the likes of JPMorgan, Wells Fargo, Citigroup, Bank of America, AIG and other systemically important firms to stabilize the global financial system.

Trump has expanded his power over the business world, fueled by his view that the U.S. economy is like ‘a department store, and we set the price.’

‘I meet with the companies, and then I set a fair price, what I consider to be a fair price, and they can pay it, or they don’t have to pay it,’ Trump said in an April interview.

This post appeared first on NBC NEWS

Bragason has held senior leadership roles in 650 mW+ of Geothermal Energy Infrastructure Deployment Totalling ~$3.3b, Including the World’s Largest Geothermal Power Plant, Hellisheidi in Iceland.

Syntholene Energy CORP (TSXV: ESAF,OTC:SYNTF) (FSE: 3DD0) (OTCQB: SYNTF) (‘Syntholene’), announces the appointment of Eirikur Bragason as Lead Project Manager for Syntholene’s planned synthetic fuel demonstration facility and future commercial scale-up at its cornerstone production footprint in Iceland. Mr. Bragason will support Syntholene’s infrastructure development strategy, project governance, technical risk management, and expansion efforts.

Mr. Bragason brings more than 25 years of experience in geothermal energy development, large-scale power infrastructure, and complex project execution across Europe, Asia, and the Americas, strengthening the Company’s depth in geothermal energy, power plant construction, and large-scale energy infrastructure delivery.

Mr. Bragason has acted as Chief Project Manager or Senior Technical Lead on some of the world’s most significant geothermal and renewable energy projects. These include the Hellisheidi Geothermal Power Plant in Iceland, a combined 300 megawatt electric and 400 megawatt thermal facility recognized as the largest geothermal power plant on Earth. He also served as the Deputy General Manager of Sinopec Green Energy, overseeing a total of 4.2 gigawatts of thermal energy in operation encompassing a total investment of approximately $6 billion. Mr. Bragarson has further overseen major geothermal project development across Indonesia, the Philippines, Hungary, China, and Central Europe.

‘Syntholene is pursuing a technically rigorous and commercially disciplined approach to synthetic fuel production, differentiated by its unique integration of geothermal energy,’ commented Mr. Bragason. ‘I look forward to supporting the company as it transitions from demonstration facility to commercial scale, showcasing its potential to materially improve the economics of clean fuels.’

‘Eirikur is one of the most experienced geothermal project leaders in the world,’ said Dan Sutton, CEO of Syntholene. ‘His direct experience delivering utility-scale geothermal infrastructure, managing multinational development teams, and executing complex energy projects is aligned with Syntholene’s commercial scale-up strategy. As we advance our thermal hybrid power-to-liquids platform and deploy geothermal-anchored synthetic fuel production, his insight and operational discipline will be invaluable.’

Mr. Bragason is a globally recognized expert in geothermal power plant project management. Most recently, he served as Chief Operating Officer of Arctic Green Energy, where he oversaw international geothermal platform development and operational execution. Prior to that, he was Chief Executive Officer and Chief Project Manager of KS Orka Renewables and Orka Energy in Singapore, leading the development and delivery of geothermal assets across multiple jurisdictions.

About Geothermal Energy in Iceland

Iceland’s unique geological position atop the Mid-Atlantic Ridge provides exceptional access to high-temperature geothermal energy, which today serves as a cornerstone of its 100% renewable electricity grid, as well as providing over 90% of the nation’s district heating. This baseload power is characterized by its high capacity factors, often exceeding 90%, providing a level of grid stability that distinguishes it from intermittent renewables like wind and solar.

According to data from the Low-Carbon Power 2025 Report, Iceland’s geothermal infrastructure currently boasts an installed capacity of approximately 799 megawatts electrical equivalent (e), contributing nearly 28% of the country’s total electricity generation. The existing infrastructure, managed by leaders such as Landsvirkjun and ON Power, includes world-class facilities like the Hellisheidi and Reykjanes plants, which are increasingly integrating carbon capture and storage (CCS) technologies to move toward carbon-negative operations.

The National Energy Authority of Iceland (Orkustofnun) identifies a massive ‘understood potential’ for future development through the Master Plan for Nature Protection and Energy Utilization. Current estimates suggest that Iceland’s total geothermal energy potential for electricity generation is approximately 20 terawatt hours per year of high-enthalpy energy available for industrial scaling.

This stable political and geological environment has positioned Iceland as a hub for long-term industrial expandability, particularly for high-energy users in the eFuel and Digital Infrastructure sectors. Reports from atNorth and Country Reports note that the ‘predictable, low-cost nature of Icelandic geothermal power’ is attracting a new wave of industrial tenants, including eFuel producers and AI-ready data centers, who require scalable, 24/7 renewable energy to meet global ESG mandates.

Iceland continues to leverage its ‘geothermal-first’ policy to foster strategic collaborations between energy producers and prospective industrial customers. This synergy bolsters confidence that industrial users can secure long-term power purchase agreements (PPAs) that are insulated from the volatility of global fossil fuel markets, solidifying Iceland’s role as an energy powerhouse of the North Atlantic.

About Syntholene

Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, manufactured at 70% lower cost than the nearest competing technology today. The company’s mission is to deliver the world’s first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Syntholene’s power-to-liquid strategy harnesses thermal energy to power proprietary integrations of hydrogen production and fuel synthesis. Syntholene has secured 20MW of dedicated energy to support the Company’s upcoming demonstration facility and commercial scale-up.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets.

For further information, please contact:
Dan Sutton, CEO
comms@syntholene.com 
www.syntholene.com
+1 608-305-4835

X: @Syntholene
Linkedin: Syntholene Energy
Youtube: Syntholene Energy

Investor Relations
KIN Communications Inc.
604-684-6730
ESAF@kincommunications.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘aims’, ‘continue’, ‘estimate’, ‘objective’, ‘may’, ‘will’, ‘project’, ‘should’, ‘believe’, ‘plans’, ‘intends’ and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of the demonstration facility, commencement commercialization efforts, potential to materially improve the economics of clean fuel, the successful implementation of the test facility, commercial scalability, technical and economic viability, anticipated geothermal power availability, anticipated benefit of eFuel, and future commercial opportunities, are forward-looking statements.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to execute its business plan, that the eFuel will have its expected benefits, that there will be market adoption, and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene’s ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms. Syntholene does not undertake any obligation to update or revise these forward-looking statements, except as required by applicable securities laws.

Readers are advised to exercise caution and not to place undue reliance on these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284115

News Provided by TMX Newsfile via QuoteMedia

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Senate Judiciary Committee Chairman Chuck Grassley and Sen. Amy Klobuchar introduced a bipartisan measure to crack down on money laundering by increasing penalties and ensuring laws apply to systems used by drug traffickers and terrorists.

Grassley, R-Iowa, and Klobuchar, D-Minn., introduced the ‘Combating Money Laundering, Terrorist Finance and Counterfeiting Act’ Friday to enhance criminal money laundering statutes.

The bill would update counterfeiting laws to prohibit state-of-the-art counterfeiting methods and increase penalties for bulk cash smuggling.

The bill would also ensure money laundering laws apply to informal value transfer systems that are often used by drug traffickers and terrorists.

The introduction of the bill comes as Trump administration officials warn that hostile actors, like cartels and terrorists, are funding operations through complex financial channels across the U.S. border. 

Grassley and Klobuchar also said the bill would prohibit the cross-border shipment of blank checks for the purpose of evading reporting requirements.

‘Criminal enterprises and terrorist organizations depend on ill-begotten cash to carry out their dark deeds. As money laundering methods have evolved over time, so must the government’s efforts to exact justice,’ Grassley said, adding that their bill would ensure law enforcement ‘has the tools they need to track down dirty money, hold criminals accountable and prevent further crimes.’

Klobuchar added that as criminals and terrorist organizations ‘develop new methods to launder money, we must provide our law enforcement with the tools they need to keep American communities safe.’

‘This bipartisan legislation makes necessary updates to anti-money laundering statutes and counterfeiting laws, ensuring the law enforcement community can stay one step ahead of those working to undermine our nation’s safety and security,’ she said.

The bill also would establish a new money laundering violation that would prohibit the transfer of funds into or out of the United States — funds specifically being transferred with the intent to violate U.S. income tax laws.

The bill would also prohibit conspiracies to create illegal money services businesses; grant wiretapping authority to investigate currency reporting, bulk cash smuggling, illegal money services businesses and counterfeiting offenses; and grant the U.S. Secret Service the explicit authority to investigate ransomware crimes and other uses of unlicensed money transmitting; and would ensure compliance with financial institutions. 

The measure has wide support in the law enforcement community and has been endorsed by the Fraternal Order of Police, the National Association of Assistant U.S. Attorneys, the National Association of Police Organizations and the National District Attorneys Association.

‘By clarifying the law in response to recent court decisions, strengthening penalties and expanding investigative authorities, this legislation will restore critical law enforcement tools and help disrupt transnational criminal organizations,’ Patrick Yoes, president of the Fraternal Order of Police said, adding that the organization ‘strongly supports this bill, which would prevent criminals and terrorists from profiting from their crimes and protect public safety and national security.’

The National Association of Assistant U.S. Attorneys also endorsed the bill saying the ‘targeted reforms will strengthen investigations, improve prosecutorial clarity and better reflect how modern money-laundering schemes actually operate.’

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The House of Representatives’ top Democrat claimed Republicans’ election security bill was tantamount to ‘voter suppression’ on Monday.

House Majority Leader Hakeem Jeffries, D-N.Y., criticized the House GOP-led SAVE America Act during his weekly press conference ahead of an expected vote on the bill coming as early as Wednesday.

‘Republicans have adopted voter suppression as an electoral strategy. That’s what the so-called SAVE Act is all about,’ Jeffries said.

He said the bill getting a vote this week is ‘worse than’ a previous iteration simply called the Safeguarding American Voter Eligibility (SAVE) Act, which passed the House in April 2025 with support from all Republicans and four Democrats.

The main thrust of the SAVE Act was implementing a new proof of citizenship requirement in the voter registration process in all 50 states.

The new bill, led by Rep. Chip Roy, R-Texas, and Sen. Mike Lee, R-Utah, would also create a federal voter ID standard at the polls, requiring people to show a form of identification when casting a ballot in national elections.

Jeffries also pointed to a provision that would require information-sharing between state election officials and federal authorities in verifying citizenship on current voter rolls, accusing Republicans of trying to give Americans’ data to Immigration and Customs Enforcement (ICE).

‘This version, as I understand it, will actually give [the Department of Homeland Security] the power to get voting records from states across the country. Why would these extremists think that’s a good idea?’ Jeffries said.

‘Who’d want DHS and ICE, who have been brutally, viciously and violently targeting everyday Americans, to have more data about the American people? It’s outrageous. Something is really wrong with these folks. I think they’re trying to lose elections at this point.’

There is no validated evidence to date that non-citizen voting has swayed the results of any federal election.

But Republicans have argued that the influx of illegal immigrants under the Biden administration has made the problem a real possibility in coming elections.

Nevertheless, voter ID provisions have proven popular in multiple public surveys.

A Pew Research Center poll released in August 2025 showed a whopping 83% of people supported government-issued photo ID requirements for showing up to vote, compared to just 16% of people who disapproved of it.

Jeffries also said the bill would die in the Senate, where at least some Democrats are needed under current rules to overcome a filibuster and advance the legislation.

‘It’s not going to pass. If it squeaks by the House, it’s dead on arrival in the Senate. They’re wasting time,’ he said.

The real possibility of the bill failing in the Senate is why a group of House conservatives are pushing for Senate Majority Leader John Thune, R-S.D., to upend the chamber’s rules on the filibuster to get rid of the 60-vote threshold needed to overcome one. Thune has not committed to any route.

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Iranian Foreign Minister Abbas Araghchi said his country would not negotiate on its ballistic missile program, rejecting a core U.S. demand and further dimming prospects for a breakthrough deal.

He again warned in an interview with Al Jazeera that Tehran, Iran, would target U.S. bases in the Middle East if provoked, calling Iran’s missile program ‘never negotiable.’

The warnings came as U.S. and Iranian negotiators met in early February in Oman, even as Washington continued to build up military forces across the region — a posture U.S. officials say is meant to deter further escalation but which analysts argue also underscores how far apart the two sides remain.

Despite the imbalance in military power, analysts say Iran believes it can withstand U.S. pressure by signaling greater resolve — and by betting that Washington’s appetite for war is limited.

While the U.S. possesses overwhelming military capabilities, Defense Priorities analyst Rosemary Kelanic said Iran is relying on the logic of asymmetric conflict.

‘One country is much stronger, but the weaker country cares more,’ Kelanic said. ‘And historically, the country that cares more often wins by outlasting the stronger one.’

‘Iran is trying to signal resolve as strongly as it can, but it likely doubts U.S. resolve — because from Tehran’s perspective, the stakes for Iran are existential, while the stakes for the United States are not,’ she added.

Behnam Taleblu, a senior fellow at the Foundation for Defense of Democracies, said Tehran’s primary leverage is its ability to threaten wider regional instability, even if it cannot win a prolonged conflict.

‘The Islamic Republic’s leverage is the threat of a region-wide war,’ Taleblu said, noting that while U.S. and Israeli defenses could intercept most attacks, ‘something will get hit.’

Iran buying time

Analysts across the spectrum agree that Iran is using negotiations less as a path to compromise than as a way to delay decisive action.

Oren Kessler, analyst at global consulting firm Wikistrat, said Iran is using talks to stabilize its position internally while avoiding concessions on core security issues.

‘Both sides want a deal, but their red lines are very hard for the other side to overcome,’ Kesler said. ‘The talks are going well in the sense that they’re happening, but they’re not really going anywhere.’

Taleblu echoed that assessment, arguing that Tehran is treating diplomacy as a shield rather than a solution.

‘The regime is treating negotiations as a lifeline rather than a way to resolve the core problem,’ he said.

Taleblu added that Iran’s leadership sees talks as a way to deter a strike in the short term, weaken domestic opposition in the medium term, and eventually secure sanctions relief to stabilize its economy.

Secretary of State Marco Rubio has insisted that limits on Iran’s ballistic missiles must be part of any agreement to avoid military action.

‘At the end of the day, the United States is prepared to engage, and has always been prepared to engage with Iran,’ Rubio said in early February. ‘In order for talks to actually lead to something meaningful, they will have to include certain things, and that includes the range of their ballistic missiles. That includes their sponsorship of terrorist organizations across the region. That includes the nuclear program. And that includes the treatment of their own people.’

Anti-government protests beginning at the start of 2026 led to a brutal crackdown in Iran. The regime has admitted to 3,117 deaths linked to the demonstrations, though human rights groups and Iranian resistance organizations peg the death toll as much higher. 

The U.S. also has demanded that Iran give up all enriched uranium stockpiles, which can be used for civilian energy at low levels but for nuclear weapons at higher concentrations.

Araghchi told Al Jazeera that Iran is willing to negotiate on nuclear issues but insisted enrichment is an ‘inalienable right’ that ‘must continue.’

‘We are ready to reach a reassuring agreement on enrichment,’ he said. ‘The Iranian nuclear case will only be resolved through negotiations.’

Iran’s atomic chief said Monday that Tehran would consider diluting its 60% enriched uranium — a level close to weapons-grade — but only in exchange for the lifting of all sanctions.

As negotiations unfolded, the U.S. continued to expand its military footprint in the Middle East.

In late January, the U.S. dispatched a carrier strike group centered on the USS Abraham Lincoln to the North Arabian Sea, accompanied by multiple destroyers and other naval assets. Additional F-15E strike aircraft and air defense systems have also been repositioned at bases across the region, alongside thousands of U.S. troops.

Taleblu said the administration may be using diplomacy to buy time of its own.

‘The charitable interpretation is that the president is buying time — moving assets, strengthening missile defense, and preparing military options,’ he said. ‘The less charitable interpretation is that the United States is taking Iran’s threats as highly credible and still chasing the optics of a deal.’

In 2025, five rounds of talks similarly stalled over U.S. demands that Iran abandon enrichment entirely — talks that ultimately collapsed into Operation Midnight Hammer, a U.S.-led bombing campaign against Iranian nuclear facilities.

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The Senate is scrambling to avoid a third government shutdown under President Donald Trump, and after negotiations seemingly appeared to hit a brick wall, lawmakers are cautiously optimistic that a deal could be made. 

Senate Republicans received Senate Democrats’ ‘partisan wishlist’ of demands over the weekend, sources familiar with negotiations told Fox News Digital. The White House sent over its own counter-proposal, but several lawmakers weren’t clear what was in package as of Monday night. 

Some, including Senate Majority Leader John Thune, R-S.D., wouldn’t say, but noted that congressional Democrats and the White House were ‘trading papers,’ and signaled that the back and forth activity was a good sign of negotiations moving forward. 

But lawmakers aren’t out of the woods yet, a reality that Thune warned of since Senate Democrats demanded a two-week funding extension for the Department of Homeland Security (DHS). Congress has until Friday to avert a shutdown and little time to actually move a short-term patch from one side of the building to the other. 

Republicans are mulling another short-term extension, known as a continuing resolution (CR), to avert a partial shutdown. Thune said whether Democrats would sign off depended on how well background negotiations were going, but hinted that so far, things were moving toward a solution. 

‘I think, based on what I’m familiar with about the discussion so far, I think there is, but we’ll know more when the proposal comes back,’ Thune said. ‘Let’s have a chance to evaluate it.’ 

Thune later said that he planned to tee up another CR on Tuesday, but noted that the length would ‘have to be negotiated. But let’s see what the next day brings and we’ll go from there.’

Democrats’ prime objective is reining in Immigration and Customs Enforcement (ICE), following the fatal shootings of Alex Pretti and Renee Nicole Good. 

The proposal they submitted included items that are a bridge too far for Republicans, including requiring ICE agents to get judicial warrants, de-mask and have identification ready — some in the GOP warn doing so would lead to more agents being doxxed, or when a person’s private information is made public, like their address. 

Senate Minority Leader Chuck Schumer, D-N.Y., warned that the ‘clock is ticking’ for Republicans to respond. 

‘We have sent you our proposals, and they are exceedingly reasonable,’ Schumer said on the Senate floor. ‘I hope our colleagues on the other side, many of whom, at least here in the Senate, recognize that things need to change, show they’re ready to act in a meaningful way.’

Prior to Democrats finally handing over the legislative version of their demands on Saturday, Republicans publicly questioned if they actually wanted to have serious negotiations. That changed over the weekend. 

A White House official told Fox News that ‘President Trump has been consistent, he wants the government open and the Administration has been working with both parties to ensure the American people don’t have to endure another drawn-out, senseless, and hurtful shutdown.’

Meanwhile, the scope and scale of a possible third closure would be limited to just the DHS, but would really only have an effect on FEMA, TSA, the Coast Guard and other priorities under the agency’s umbrella. That’s because ICE and immigration operations are flush with billions from Trump’s ‘big, beautiful bill.’ 

‘To say that the security of Americans is not paramount, I think, would be a huge mistake for the Democrats, and I certainly hope that they’ll continue to operate in good faith,’ Sen. Katie Britt, R-Ala., and the chair of the Homeland Security spending panel, said.

‘Because you do realize, ICE and [Customs and Border Patrol] would continue to be funded,’ she continued. 

Things are also about to get complicated quickly in the upper chamber. Lawmakers are set to leave Washington, D.C., for a weeklong recess this Thursday, and many are headed overseas to the Munich Security Conference. 

That starts on the day of the deadline and lasts through the weekend. Thune warned that it was possible he would cancel the upcoming recess, especially if there was little progress toward avoiding a DHS shutdown. 

Still, Senate Democrats believe that the ball is in the GOP’s court and are waiting for their counterparts to act. 

‘I mean, I think they’re pretty reasonable,’ Sen. Chris Murphy, D-Conn., and the top Democrat on the Senate Homeland Security Appropriations panel, said.

‘I mean, we did not ask for the moon,’ he continued. ‘We asked for targeted but impactful changes in the way that ICE is terrorizing American cities. So obviously we’re willing to negotiate.’

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