All News (Page 317)

A growing number of billionaires, CEOs and major corporations are relocating from blue states to red states, pointing to lower taxes, fewer regulations and a friendlier business climate.

The trend has picked up in recent years and shows no clear signs of slowing.

Several well-known companies have recently moved or announced plans to move their headquarters:

The tech firm announced in February that it moved its headquarters from Denver to Miami.

The energy giant said this week it will leave New Jersey and reincorporate in Texas, pointing to the state’s pro-business legal environment after years of legal challenges.

The company announced last month that it is moving its corporate headquarters from Glendale, California, to Frisco, Texas, ending a half-century run in California.

Yamaha is relocating its U.S. headquarters from California to Georgia after nearly 50 years in the Golden State, the company announced in February.

OVER $126M IN 60 DAYS — FLORIDA REAL ESTATE TYCOONS SAY BLUE-STATE WEALTH MIGRATION IS NOW PERMANENT

The space company and social media platform relocated their headquarters from California to Texas, Elon Musk announced in 2024, citing policy concerns.

The Musk-owned electric-vehicle maker officially moved its corporate headquarters from Palo Alto, California, to its Gigafactory in Texas, in December 2021.

The energy company announced plans in 2024 for the relocation of its headquarters from San Ramon, California, to Houston, Texas.

Playboy Enterprises announced last year that it would be moving its Los Angeles headquarters to Miami Beach.

Larry Ellison’s tech firm announced in 2024 it was moving its headquarters to Nashville, Tennessee. The company previously moved its headquarters from California to Texas in 2020, according to Fortune.

PROGRESSIVE LAWMAKERS BERNIE SANDERS, RO KHANNA UNVEIL $4.4T WEALTH TAX TARGETING BILLIONAIRES

Meanwhile, some other companies are expanding instead of fully relocating.

Starbucks recently announced plans to open a new corporate office in Nashville, Tennessee. In-N-Out is also expected to open a 100,000-square-foot eastern office near Nashville later this year.

The shift also includes high-profile individuals:

The former Starbucks CEO recently moved to Florida after decades in Washington state.

Amazon’s founder announced in 2023 that he was leaving Seattle for Miami.

The Citadel CEO moved the hedge fund’s headquarters from Chicago to Miami in 2022, citing crime and failed policies in the city.

The PayPal co-founder recently established a new office for Thiel Capital in Miami, according to Business Insider.

The founder of Related Companies and owner of the Miami Dolphins, relocated from New York to Florida, according to the New York Post.

The Meta CEO and his wife, Priscilla Chan, have reportedly closed on a sprawling Miami-area estate for a bit less than the original $200 million listing price.

The co-founder of Google also reportedly closed recently on a $51 million property in northern Miami Beach.

Musk, the world’s richest person, announced in 2020 that he had moved to Texas, according to The Wall Street Journal.

FLORIDA CHAMBER CEO SAYS HIGH-TAX STATES ARE IN A ‘DEATH SPIRAL’ AS $4M-AN-HOUR WEALTH MIGRATION ACCELERATES

Florida, which has no state income tax, has become a major draw for wealthy individuals. 

California lawmakers are also considering new taxes aimed at the ultra-wealthy. A proposed 2026 ballot measure would impose a one-time 5% tax on individuals worth more than $1 billion.

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Critics argue higher taxes could push more businesses and wealthy residents to leave the state.

FOX Business’ Eric Revell, Kristen Altus, Aislinn Murphy and Michael Dorgan contributed to this report.

The latest inflation data from the Labor Department showed that price increases continued at a steady pace in February, though some items saw notable price hikes or declines.

The Bureau of Labor Statistics found that the consumer price index (CPI) rose 2.4% from a year ago in February, a figure that was in line with the expectations of economists polled by LSEG and unchanged from January’s reading.

Core CPI inflation – a figure which excludes volatile measures of food and energy prices – was up 2.5% in February, also in line with expectations and unchanged from a month ago.

The readings for both headline and core CPI were above the Federal Reserve’s long-run target of 2% annual inflation but well below the 9.1% high recorded in June 2022 amid the pandemic-era inflation surge.

INFLATION HELD STEADY IN FEBRUARY AND REMAINED ABOVE THE FED’S TARGET

Here’s a look at some popular items from the February CPI report that saw notable increases or decreases in prices.

Coffee prices were up 18.4% from a year ago in February. The U.S. imports the majority of its coffee and those imports were subject to higher tariffs for most of 2025 before an exemption was put in place to address affordability concerns.

Lettuce prices rose 15.3% on an annual basis through February, including a 12.2% monthly increase. A confluence of factors has impacted lettuce prices, including a disease affecting some lettuce grown in California, agricultural labor shortages due to immigration enforcement, as well as a seasonal transition between growing regions.

BEEF PRICES SOAR AS AMERICAN FAMILIES PAY STEEP PRICES FOR STEAKS AND BURGERS NATIONWIDE

Beef and veal prices increased 14.4% year over year, and within that category, beef steaks were up 16.3% while ground beef was up 15.2% and beef roasts rose 12.4%. Beef prices have risen as the U.S. cattle inventory is at a 70-year low due to drought and wildfires in key ranching regions, as well as higher overhead costs facing ranchers.

Audio equipment prices rose 13.5% on an annual basis through February. A combination of tariffs, rising raw material costs for inputs like copper and gold, as well as increased demand for components such as chips that are also used in artificial intelligence data centers contributed to the rise.

Utility gas service prices were up 10.9% from a year ago in February, including a 3.1% monthly increase. Natural gas prices were volatile amid geopolitical tensions prior to the outbreak of the Iran war at the end of February, as well as due to increased demand for U.S. natural gas exports to Europe and Asia.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

Egg prices plunged 42.1% in February compared with last year, including a 3.8% monthly decline. The decline is occurring as the egg supply chain normalizes after an avian flu outbreak impacted inventory levels in recent years, prompting dramatic price increases.

Smartphone prices fell 13.9% from a year ago in February, in part because the BLS index includes older smartphone models that have been discounted and also accounts for the tech improvements. That means a more capable phone at a higher price may be reflected as a price decline due to the relative capability improvement. Additionally, smartphones were generally exempt from tariffs in 2025, unlike some other electronic devices like audio equipment.

Tax return preparation and accounting fees declined 6.4% over the last year. The decline was driven by the integration of AI into tax software as well as the expansion of the IRS’ Direct File and Free File programs and more simplistic tax forms for self-filers.

WILL TAPPING OIL RESERVES CURB SOARING GAS PRICES?

Gasoline prices were down 5.6% year over year in February, inclusive of a 0.8% increase for the month. The BLS’ data was collected prior to the outbreak of the Iran war, which has pushed oil and gasoline prices significantly higher in recent weeks.

Television prices fell 4.1% in the last year through February, continuing a longstanding deflationary trend in TV prices. The BLS uses a similar model for TVs as it does for smartphones, so improved features or larger TVs can result in a reported decline in prices due to tech and capability improvements.

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A projectile hit a Thai-flagged cargo ship off the coast of Oman in the Strait of Hormuz, setting it on fire.

The Iranian regime reportedly claimed responsibility for striking the ship, the Mayuree Naree. The Omani navy was assisting in rescuing crew members amid the blaze, according to Thailand’s Marine Department. Iran has been targeting commercial shipping vessels through the strategic passageway amid tensions surrounding the global energy sector. 

U.S. Central Command later issued a warning to civilians “that the Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping.” CENTCOM stressed that, “This dangerous action risks the lives of innocent people. Civilian ports used for military purposes lose protected status and become legitimate military targets under international law.”

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

The United Kingdom Maritime Trade Operations (UKMTO) Centre had issued reports earlier Wednesday of ships being struck in the region, including one about a cargo ship reportedly being struck in the Strait of Hormuz.

“UKMTO has received a report of an incident 11NM north of Oman in the Straits of Hormuz. It has been reported that a cargo vessel has been hit by an unknown projectile in the Straits of Hormuz which has resulted in a fire onboard,” the warning stated, with an update noting that the fire was “extinguished.”

PANAMA CANAL CHIEF TOUTS LOGISTICAL CAPABILITIES AS IRAN CRISIS CHOKES OFF STRAIT OF HORMUZ SHIPPING ROUTE

One of the other warnings stated, “UKMTO has received a report of an incident 25NM northwest of Ra’s al Khaymah, UAE. The Master of a container vessel has reported that the vessel has sustained damage from a suspected but unknown projectile.” It also noted that “The Master additionally reports that all crew members are safe and accounted for.”

“UKMTO has received a report of an incident 50NM northwest of Dubai, United Arab Emirates. The Master of a Bulk Carrier has reported their vessel being hit by an unknown projectile,” another warning stated. “The crew are reported safe and well.”

In a Monday Truth Social, President Donald Trump warned of consequences if Iran acts to stop the transport of oil in the Strait of Hormuz.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” Trump warned in the post.

Iran’s Revolutionary Guard has said that it “will not allow the export of even a single liter of oil from the region to the hostile side and its partners until further notice,” according to the Associated Press.

Gas prices have been surging in the U.S. as Trump prosecutes the controversial war effort against the Islamic Republic along with the nation of Israel, a close U.S. ally.

The AAA national average price for a gallon of regular gas is currently $3.578.

Fox News’ Rebekah Castor and The Associated Press contributed to this report.

Small Business Administrator (SBA) Kelly Loeffler unveiled a sweeping fraud crackdown on Wednesday, announcing an audit of a decades-old $50 billion program she said has “never been looked at” and barring 112,000 borrowers from future aid over COVID-era loan fraud.

“There are dozens of programs across this government that need to be reviewed,” Loeffler told “Mornings with Maria.”

“I found a program that we had in our agency about 50 years old, [that has] never been looked at, $50 billion, so what we’re doing is auditing each participant in the program, and we’re looking back at COVID-era loans.”

GOP SENATORS LAUNCH TASK FORCE TO CRACK DOWN ON FRAUD TIED TO MINNESOTA SCANDAL

The SBA chief said 112,000 borrowers in California are banned from ever getting SBA assistance again for allegedly defrauding COVID-era loan programs and expressed gratitude to Vice President JD Vance for leading the charge in the fight against fraud.

President Trump tapped Vance to spearhead the administration’s “war on fraud” during his State of the Union address last month, a task the vice president accepted with a promise to root out “stolen” taxpayer money on a systematic level.

PHILADELPHIA MEN REPEATEDLY TRAVELED TO MINNEAPOLIS TO CARRY OUT $3.5M HOUSING FRAUD SCHEME: DOJ

“The American people want accountability. They want to make sure their hard-earned tax dollars are not going to fraudsters,” Loeffler said.

“People that have come here and built businesses on defrauding the government… we’re going to see results on that and make sure that we change it for good. These changes need to be durable and sustainable for the American taxpayer.”

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Loeffler has already paused some SBA loans to Minnesota amid a widespread fraud investigation in the state.

She vowed to go “state by state” to weed out offenders, telling the New York Post that the push is part of a greater effort to “contribute meaningfully” to Vance’s fraud task force.

As the U.S. enters its fifth year of inflation running above the Federal Reserve’s 2% target, major retailers are responding to softer demand and increased competitive pressure.

With consumer sentiment in 2026 divided and the cost of living remaining a top concern among Americans, Target announced Wednesday that it will reduce prices on more than 3,000 items.

“Busy families are thinking about value as they begin to update their homes and wardrobes for spring,” , Cara Sylvester, Target’s executive vice president and chief merchandising officer, said in a press release.

“We’re delivering by lowering prices on 3,000 spring favorites across apparel, essentials and home,” she continued. “We’re committed to making it easier than ever for guests to have the fresh style and incredible value they love, with lower prices on the items we know they want.”

BELOVED BUC-EE’S CONVENIENCE STORE CHAIN FACES CUSTOMER SERVICE CRISIS AFTER DEVASTATING ‘F’ RATING

The discounted categories include women’s and children’s apparel, footwear such as flats, sandals and sneakers, bedding and blankets, baby products, household essentials and pantry staples.

Most reductions range from 5% to 20% off original prices and will begin rolling out in stores this month through the spring.

However, the price reduction program excludes stores in Alaska and Hawaii.

Inflation remained above the Federal Reserve’s 2% target in February as policymakers continue to weigh affordability concerns. The Bureau of Labor Statistics said Wednesday that the consumer price index (CPI) — a broad measure of the cost of goods and services, including gasoline, groceries and rent — rose 0.3% in February and increased 2.4% from a year earlier. The annual rate was unchanged from January, while the monthly gain was slightly higher than January’s 0.2% increase.

The price cuts appear to be part of a broader strategy aimed at restoring sales growth. Target CEO Michael Fiddelke outlined the company’s plan to return to growth during a financial community meeting last week, citing investments in key categories such as women’s apparel, home and baby.

“This new chapter of growth at Target is defined by clear choices and rooted in a deeper understanding of our unique lane in retail, the guests we serve and the areas where we’re distinctly positioned to win,” Fiddelke said.

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“This work is underway, and by putting style, design and value at the center of every decision,” he continued, “we’re making big changes to lead with a trend-forward assortment, elevate the guest experience, accelerate with technology and equip our teams to deliver the most delightful experience in retail, for today and over the long term.”

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FOX Business’ Eric Revell contributed to this report.

Former Starbucks CEO Howard Schultz and his wife announced they’ve moved to Florida for their “retirement phase,” leaving Washington state after nearly half a century.

Schultz shared the news in a post on LinkedIn, recounting how he, his wife Sheri, and their golden retriever Jonas, made the move from New York City to Seattle 44 years ago.

“We were starting a new life,” Shultz wrote, recalling how Sheri would be their primary income earner as he started a new job “at a place called Starbucks” in September 1982.

Schultz would later become the coffee company’s CEO, serving in the position from 1986 to 2000, from 2008 to 2017, and as its interim CEO from 2022 to 2023.

STARBUCKS TO OPEN NEW OFFICE IN NASHVILLE, MOVE SOME JOBS FROM SEATTLE

“The spirit of continuing forward has long underpinned our approach to life—in business, in philanthropy and most importantly, as a family,” Schultz wrote. “For those of you who know us well, we have entered the ‘retirement’ phase of our lives. (A term we are both just getting used to.)”

Schultz added that he and Sheri moved to Miami, where they were enjoying the sunshine and being close to their kids on the East Coast as they raised their own families.

“We will be forever grateful for the memories made in Seattle and the relationships built along the way,” Schultz wrote. “To the family, friends and partners who made Seattle our home for so many years, thank you.”

STARBUCKS’ TURNAROUND PLAN SHOWS PROMISE IN US AS SALES GROWTH RETURNS FOR FIRST TIME IN 2 YEARS

Schultz has an estimated net worth of $3.5 billion, according to Forbes.

The news of Schultz’s move to Florida comes a week after Starbucks said it will be opening a new corporate office in Nashville.

Both announcements come as Washington state has been working to pass what has been dubbed the “millionaires tax,” which would impose a 9.9% income tax on households earning more than $1 million annually.

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The Washington State House of Representatives passed the controversial bill in a 51-46 vote. The bill must now be confirmed by the State Senate before Democratic Gov. Bob Ferguson can sign it into law.

Yamaha Motor Co. is relocating its U.S. headquarters from California to Georgia after nearly a half century of operations in the Golden State.

The company announced late last month that it will move the corporate headquarters of its U.S. entity from Cypress, California, to Kennesaw, Georgia. It added that the relocation will occur incrementally by business function, starting in late 2026, and is expected to conclude in late 2028.

Yamaha said in its announcement the move is “undertaking structural reforms aimed at improving the profitability of its U.S. operations in response to cost increases resulting from U.S. tariffs and changes in the market environment.”

CALIFORNIA TECH LEADERS CHALLENGE PROGRESSIVE POLICIES AS BILLIONAIRES, BUSINESSES FLEE

The company manufactures ATVs, boat engines, personal watercraft and other motorized products. It is also known for its motorcycles, though they are not produced in North America.

PUBLIC STORAGE RELOCATES HEADQUARTERS FROM CALIFORNIA TO TEXAS

Yamaha established its office in Cypress in 1979, a year after acquiring the land. It relocated its marine business to Kennesaw in 1999 and its motorsports business there in 2019. The California office houses mostly corporate functions and the financial services business, Yamaha said.

“After many years of great partnership, we are honored and proud to welcome Yamaha’s American headquarters to the No. 1 state for business,” said Georgia Gov. Brian Kemp. “This is another loud and clear testament to what we offer job creators from around the world. To any other California-based companies looking for a better home, we’ll give you plenty of reasons to keep Georgia on your mind.”

RICH CALIFORNIANS FLOCK TO LAS VEGAS HOUSING MARKET AS LAWMAKERS CONSIDER WEALTH TAX

Yamaha employs more than 2,300 workers in Georgia, according to Kemp’s office.

The move adds to a broader trend of relocations out of California by both corporations and individuals, as the high cost of doing business and a proposed wealth tax on the state’s highest earners weighs.

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This is a developing story about the February 2026 consumer price index. Please check back for updates.

Inflation remained elevated in February as the pace of consumer price growth stayed above the Federal Reserve’s target rate as policymakers weigh affordability concerns.

The Bureau of Labor Statistics on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% on a monthly basis in February and held steady at 2.4% on a year-over-year basis. The annual figure was unchanged from January, while the monthly gain was slightly higher than last month’s 0.2% reading.

Both figures were in line with the expectations of economists polled by LSEG.

So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and rose 2.5% from a year ago. Those figures were in line with economists’ expectations.

The monthly core CPI figure was slightly cooler than January’s 0.3% reading, while the annual figure was unchanged from last month.

FED OFFICIALS CLOSELY MONITOR IRAN CONFLICT FOR POTENTIAL INFLATION IMPACT

Economists have noted that inflation data from December 2025 through April 2026 will be affected due to data collection interruptions resulting from last fall’s 43-day government shutdown.

During the shutdown, the BLS wasn’t able to gather data and used a carry-forward methodology to make up for the lack of an October CPI report and missing data in November’s report. Economists say that going forward this is likely to impart a downward bias on inflation data until this spring, when fresh data will negate the discrepancy.

High inflation has created severe financial pressures in recent years for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paychecks on necessities and have less flexibility to save.

Food prices increased 0.4% in February and were up 3.1% from a year ago. The food at home index was up 0.4% for the month and 2.4% from last year, while the food away from home index rose 0.3% on a monthly basis and is 3.9% higher than a year ago. Monthly price increases for each category rose from 0.2% in January.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

Meats, poultry and fish prices increased 0.2% in February and are up 6.8% from a year ago. Beef and veal prices jumped 1.5% for the month and are up 14.4% on an annual basis. Egg prices continued to decline following an avian flu outbreak that impacted supply, with prices down 3.8% for the month and 42.1% from a year ago. The fruits and vegetables index increased 1.4% in February and is 2.7% higher than a year ago.

Energy prices were up 0.6% in February but are up just 0.5% from last year. Gasoline prices increased 0.8% in February but were down 5.6% compared with the same month a year ago. Utility gas service prices rose 3.1% in February and are up 10.9% from a year ago. Electricity prices declined 0.7% in February and are 4.8% higher than a year ago.

Housing prices rose 0.2% in February and are up 3% from last year, as the BLS noted the shelter index was the largest factor in the overall monthly CPI increase. Tenants’ and household insurance prices were little changed and up just 0.1% in February, but have risen 6.2% in the last year.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

Transportation services prices were up 0.2% for the month and 2.2% in the last year. Motor vehicle maintenance and repair prices increased 0.9% in February and were up 5.6% from last year. Auto insurance prices declined 0.3% for the month and are up 0.2% over the past year. Airline fares rose 1.4% in February and have increased 7.1% from a year ago.

Medical care services rose 0.6% in February and are up 4.1% over the past 12 months. Prices for personal care services were up 0.3% on a monthly basis and 4.9% on an annual basis.

Household furnishings increased 0.2% for the month and 3.9% in the last year. Furniture and bedding prices were flat for the month but have risen 4.2% from a year ago. Prices for appliances rose 3.1% in February but are up 2.9% from a year ago.

“Before the war in Iran sent gas prices spiking, inflation was starting to look a bit better. February’s inflation reading of 2.4% is one of the lowest in the past five years, but it won’t stay that way with gas prices surging above $3.50 a gallon,” said Heather Long, chief economist at Navy Federal Credit Union.

“A steady inflation reading would probably be a welcome data point on any other day, but against the current backdrop of geopolitical uncertainty and surging oil prices, it may not carry as much weight in the markets – or with the Fed,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. 

“Despite the prospect of releasing oil reserves, continued uncertainty translates into continued upside risk for oil prices, and that translates into a Fed that will remain cautious about cutting interest rates,” Zentner added.

The Federal Reserve is set to hold its next monetary policy meeting next week on March 17-18, when it will announce its latest interest rate decision.

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The market’s expectations that the Fed will leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75% were reinforced by the February CPI inflation report.

The probability of the Fed holding rates steady rose to 99.3%, up from 98.3% a week ago and 93.6% last month, according to the CME FedWatch tool.

A federal appeals court on Monday officially finalized the termination of the Saving on a Valuable Education (SAVE) plan, the Biden program that significantly lowered repayment rates for millions of student loan borrowers.

The judgment, issued by the U.S. Court of Appeals for the 8th Circuit, reverses a lower court’s February dismissal of a Republican-led legal challenge against the SAVE plan. That ruling was issued by Judge John Ross of the U.S. District Court for the Eastern District of Missouri.

Originally introduced in 2023 under former President Joe Biden, the SAVE plan was hailed as the “most affordable repayment plan ever created” for federal student loan borrowers. The program was the first and only plan in history that prevented the balance from ever growing by subsidizing 100% of all unpaid monthly interest.

More than 7 million student loan borrowers reportedly remain enrolled in the SAVE plan as of the fourth quarter.

TRUMP ADMINISTRATION SERVES FINAL BLOW TO END BIDEN’S SAVE STUDENT LOAN PROGRAM

Student loan borrowers enrolled in the SAVE plan have been urged to explore switching to a new repayment program.

Among alternative options, the Income-Based Repayment (IBR) plan sets monthly payments at 10% to 15% of discretionary income over a 20 to 25-year period.

TRUMP ADMINISTRATION AGREES TO SPEED UP STUDENT LOAN FORGIVENESS UNDER NEW COURT DEAL

Under the Big Beautiful Bill Act (OBBBA), passed last year under President Donald Trump, the Repayment Assistance Plan (RAP) will become available starting July 1, 2026. RAP uses a sliding scale of 1% to 10% of a borrower’s total Adjusted Gross Income (AGI) and requires 30 years of payments for all participants.

Borrowers pursuing Public Service Loan Forgiveness (PSLF), a federal program that cancels remaining student debt after 10 years of qualifying public service, should verify their eligibility and file an application to reclaim credit for the months when their SAVE plan progress was effectively frozen.

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Monday’s decision has effectively resolved a years-long legal battle between Republican-led states and the federal government. The ruling comes after nearly 8 million borrowers paused payments under “litigation forbearance” following an earlier injunction, and it follows a brief period of confusion when a lower court attempted to dismiss the case after a settlement with the Trump administration.

President Donald Trump on Tuesday announced America First Refining (AFR) is opening the first new U.S. oil refinery in nearly half a century in Brownsville, Texas.

Situated in a massive deep-water foreign trade zone, the project will leverage advanced infrastructure and strategic rail and sea connections to transport low-carbon fuels and other energy products.

“America is returning to REAL ENERGY DOMINANCE!” Trump wrote in an announcement on Truth Social. “THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!”

AFR said the refinery will generate thousands of construction and permanent jobs, while offering wages that exceed market averages. 

WILL TAPPING OIL RESERVES CURB SOARING GAS PRICES?

Partners in India and their largest privately held energy company, Reliance, made a “tremendous” investment in the project, according to Trump.

AFR also signed a binding 20-year offtake term sheet with the global supermajor.

The company plans to formally break ground on the new refinery in Q2 2026.

“It is because of our America First Agenda, streamlining Permits, and lowering Taxes, that have attracted Billions of Dollars in Deals coming back to our Nation,” Trump said. “A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD.

“It will power Global Exports, and bring THOUSANDS of long overdue Jobs and Growth to a Region that deserves it,” the president continued. “This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!”

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

Under the newly signed agreement, 1.2 billion barrels of U.S. light shale oil will be purchased and processed, a value of $125 billion; AFR will produce 50 billion gallons of refined products, a value of $175 billion; and the U.S. trade imbalance will improve by $300 billion, according to AFR.

The refinery is specifically engineered to process American light shale oil (47° API), which is cleaner, more efficient and less costly to process than heavier imported crude. 

Unlike many existing U.S. refineries that depend on foreign oil, the facility will not require imported crude, which strengthens U.S. national and economic security.

Key advantages of the refinery include the capacity to process 60 million barrels per year of 100% U.S. light shale oil, a strategic location at a deep-water U.S. port, enabling distribution to domestic and international markets and the production of some of the cleanest gasoline, diesel and jet fuel refined at scale in the U.S.

AMID IRAN WAR, PRESIDENT TRUMP SUGGESTS SHORT-TERM OIL PRICE SPIKE IS ‘SMALL PRICE TO PAY’ FOR PEACE

From 2014 to 2024, the U.S. exported nearly 10 billion barrels of crude, while still importing roughly 28 billion barrels, costing American consumers and workers more than $1.8 trillion. 

Once operational, the AFR refinery will redirect up to 60 million barrels of U.S. crude annually back into domestic refining, strengthening American industry, energy security and economic growth.

Beyond industrial growth, the company’s website notes it will drive community engagement through educational partnerships and apprenticeships designed to foster long-term social equity and economic stability in the area.

The executive management team collectively has more than a century of experience in the chemical and refining industries, having managed nearly $40 billion in complex capital projects. 

“This project represents a historic step forward for American energy production,” said John V. Calce, chairman and founder of America First Refining. “For the first time in half a century, the United States will build a new refinery designed specifically for American shale oil. Thanks to President Trump’s leadership and the resurgence of an America First energy policy, we are creating thousands of high-quality jobs while ensuring more of our nation’s energy resources are refined here at home in the cleanest, most efficient refinery on the planet.”

CEO Trey Griggs added the U.S. has a surplus of light shale oil but a shortage of refining capacity designed to process it. 

“By building this refinery at the Port of Brownsville, we’re unlocking a major expansion of American energy production while creating thousands of high-paying jobs and strengthening our domestic supply chain,” said Griggs, who previously held top leadership positions at major corporations, including Calpine and Goldman Sachs.

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Other key executives bring decades of experience from managing global operations, midstream logistics and large trading portfolios across industry heavyweights like BP, Shell Oil, ExxonMobil, Vitol and Sunoco Logistics Partners.

The strategic advisory board includes seasoned leaders who have served as CEOs and top executives for companies, including CVR Energy, YCI Methanol One and Royal Dutch Shell.

The Federal Aviation Administration (FAA) announced Monday that it selected eight proposals for a new pilot program testing new advanced air mobility and electric vertical takeoff and landing (eVTOL) aircraft in 26 states.

Transportation Secretary Sean Duffy and the FAA unveiled the pilot program, known as the Advanced Air Mobility and eVTOL Integration Pilot Program (e-IPP), which will center on eight projects in 26 states.

The futuristic aircraft can run on electric or hybrid engines and may carry people or cargo, taking off and landing in relatively confined spaces. They’re often referred to as “air taxis” or “flying cars” since they represent an alternative to traditional means of transportation.

Under the pilot program, several operational concepts will be tested, including urban air taxi services and regional passenger transportation, including with short takeoff and landing aircraft.

THE FLYING TAXI: A LOOK AT THE FUTURE OF TRAVEL

Additional concepts include cargo and logistics networks, emergency medical response operations, autonomous flight technologies and offshore and energy-sector transportation.

Among the projects selected for participation in the pilot program was one involving the Port Authority of New York and New Jersey, which will have four industry partners participate in testing 12 operational concepts across New England.

The Texas Department of Transportation will be involved with four industry partners in supporting regional flights connecting Dallas, Austin, San Antonio and eventually Houston with air taxi networks expanding from each city.

ARCHER AVIATION TEAMS UP WITH UNITED AIRLINES TO MAKE AIR TAXIS A REALITY

Four states spanning the Pacific Northwest, the Rocky Mountains and the Plains of Oklahoma will test a range of next-generation aircraft and operational concepts under the leadership of the Utah Department of Transportation.

Florida’s Department of Transportation will work with industry partners to test three phases of operations focused on cargo delivery, passenger transportation, automation and medical response with public and private investment.

Louisiana will host operations to test cargo and personnel transportation capabilities to enable flights over the high seas into the Gulf of America and energy industry locations in Louisiana, Texas and Mississippi.

A NEW WAY OF COMMUTING IS CLOSER TO TAKING OFF IN THE US

Other projects detailed in the announcement include those led by the transportation departments of North Carolina and Pennsylvania, as well as the City of Albuquerque.

The program was created under an “Unleashing Drone Dominance” executive order signed by President Donald Trump.

“Thanks to President Trump, the future of aviation is here, and it’s going to dramatically improve how people and products move,” Duffy said. “Congratulations to the great American innovators behind each of these exciting pilot programs.

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“Working together, we will ensure America leads the way in safely leveraging next-gen aircraft to radically redefine personal travel, regional transportation, cargo logistics, emergency medicine and so much more.”

Companies named as participants in the pilot program include Archer, BETA, Electra, Joby, Wisk, Ampaire, Elroy Air, Reliable Robotics and others.

It wasn’t pixie dust in the air Tuesday when a backstage chemical reaction at Disneyland sent five cast members to hospitals.

The incident happened Tuesday afternoon when materials being used by a contractor produced a reaction in a backstage area of the Anaheim, California, theme park, a Disneyland spokesperson confirmed to Fox News Digital. 

According to the Anaheim Fire Department, firefighters responded to a report of an unknown odor in the backstage area near the Star Tours attraction in Tomorrowland around 12:30 p.m. 

The area was evaluated by first responders in hazmat suites. Aerial video from Sky Fox captured authorities responding to the theme park incident.

DISNEY LOSES $170 MILLION WITH ‘SNOW WHITE’ FLOP: REPORT

Several cast members were treated on site by paramedics and released, according to the park. Five others who experienced dizziness and shortness of breath were taken to nearby hospitals for further evaluation.

Their conditions were not immediately known.

Out of an abundance of caution, adjacent onstage areas were temporarily cleared of guests, the spokesperson said. Those areas were expected to reopen soon.

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Disneyland did not specify what materials were involved or the nature of the reaction. It was also unclear how many employees were in the area at the time.

The park remained open during the response.

Fire and emergency crews responded. The situation was contained to the backstage area, and no guests were reported to be injured, the park said.

Oil prices briefly spiked to more than $100 a barrel on Monday amid the ongoing war in Iran, before falling sharply, underscoring how initial fears of supply disruptions eased as contingency plans emerged.

Before the outbreak of war with Iran, oil was trading in the range of $60 to $70 a barrel, but prices soared after the conflict began, with crude oil futures reaching upward of $115 a barrel on Monday – the highest level since 2022 when Russia invaded Ukraine.

Early headlines suggested global benchmark Brent crude could hit $150 a barrel due to the supply shock, though trading data showed the spike was short-lived. Crude prices were down 8%, while West Texas Intermediate fell nearly 9% on Tuesday afternoon.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

Phil Flynn, senior market analyst at the Price Futures Group and a FOX Business contributor, said in an interview that panic buying ensued after reports of tankers and refineries being hit.

“But I think as the day went on into the overnight, the market realized that maybe things aren’t that bad – the U.S. is having incredible military victories, President Trump is saying, ‘hey, you know what, the war is probably not going to be going on that long.’ And even some signals that the world doesn’t have to just sit and stand and take it,” he said.

Leaders from the G7 nations and the International Energy Association (IEA) discussed potential releases from strategic oil reserves to respond to a potential price shock or shortage in the market on Monday and Tuesday, concluding that they weren’t immediately planning to do so while stating they’re prepared to take “necessary measures” to support the oil market if needed.

WILL TAPPING OIL RESERVES CURB SOARING GAS PRICES?

“We have the possibility of a coordinated release from the G7 and the IEA of oil reserves that could cool prices,” Flynn noted. “There’s many things happening that usually happen when prices go up that can cool prices off very quickly.”

He added that Saudi Arabia built its east-to-west pipeline to avoid threats in the Persian Gulf and Strait of Hormuz and also increased its capacity to 7 million barrels a day, with expectations it will operate at full capacity in days.

FED OFFICIALS CLOSELY MONITOR IRAN CONFLICT FOR POTENTIAL INFLATION IMPACT

Flynn added that the Energy Information Administration (EIA) released a short-term outlook on Tuesday that indicated the higher oil prices are likely to prompt U.S. producers to increase their output of crude oil in 2027. 

The EIA said that while “changes in oil prices take time to affect production – moving from investment decisions to rig deployment to well completion and first oil,” which is why it sees the current price rise having a bigger impact on production in 2027 and 2028.

AMID IRAN WAR, PRESIDENT TRUMP SUGGESTS SHORT-TERM OIL PRICE SPIKE IS ‘SMALL PRICE TO PAY’ FOR PEACE

As the war in Iran continues, Flynn noted that if the conflict is able to remove the longstanding threat of Iran’s regime closing the Strait of Hormuz and fomenting conflict throughout the Middle East via proxies like the Houthis in Yemen, it could result in lower long-term oil prices with that risk mitigated.

“We’ve had an Iranian risk premium in oil since Jimmy Carter… it’s never quite gone away,” Flynn said, noting that insurance costs and the perceived risk have remained embedded in oil prices despite the market’s fluctuations over the years.

The latest price spike bears some similarities to what occurred during the early stages of Russia’s invasion of Ukraine in late February 2022, though oil prices had gradually risen above $90 a barrel before the invasion itself prompted a spike above $115 a barrel. They remained around $100 a barrel into the summer before they gradually eased closer to $80 by the end of that year.

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Flynn said that conflict presented a different challenge than the latest oil spike amid the ongoing Iran war, explaining that the “situation there was different because it wasn’t a lack of supply that drove up prices – it was the desire to stop buying Russian oil that the market wasn’t prepared to replace, and a lot of that was bad energy policy, you know the green energy policies of Europe and Joe Biden.”

Ford is recalling more than 83,000 vehicles in two separate actions due to issues that could increase the risk of a crash, federal regulators said.

The first recall affects 35,772 model year 2025-2026 Explorer SUVs and the dynamic bending light feature, according to the notice filed with the National Highway Traffic Safety Administration.

The affected vehicles have an incorrect headlamp control module software calibration that results in the right headlight turning in the opposite direction of a vehicle turn.

FORD RECALLS 1.74 MILLION VEHICLES DUE TO REARVIEW CAMERA BLACKOUTS, ISSUES

“When turning the steering wheel on a left curve, the driver’s side (LHS) bending light correctly follows the turn, while the passenger side (RHS) light bends away from the curve,” the recall report said. “Conversely, when turning on a right curve, the left-hand light follows the steering wheel and bends to the right, while the right-hand light bends inward towards the left.”

The report said a headlight that turns incorrectly could result in increased glare to other drivers and increase the risk of a crash.

FORD IN DEEP WATER AFTER SWEEPING RECALLS HIT EVERY MODEL SINCE 2020 – WITH ONE EXCEPTION

Ford said it is not aware of any accidents or injuries related to the issue.

Updates to fix the headline control module software will be available over the air (OTA) or through dealerships, at no charge. Owner notification letters are expected to be mailed on March 23.

In a separate action, Ford is recalling 47,804 vehicles due to issues with the engine gas recirculation (EGR) valve that could lead to a loss of motive power, most likely at low speeds, which Ford said increases the risk of a crash.

FORD BUILDS ONE-OF-A-KIND EXPLORER FOR POPE LEO XIV

The recall affects certain model year 2025 Ranger, Mustang, Maverick, Explorer, Escape, Bronco, Bronco Sport, Lincoln Nautilus and Corsair vehicles with 1.5-liter, 2.0-liter or 2.3-liter engines.

Ford said it is not aware of any accidents, injuries or fires related to the condition.

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The automaker said a fix is still under development. Owners will be notified by mail once a remedy is available, and will need to take their vehicle to a Ford or Lincoln dealer for the repair, free of charge.

Investors are increasingly focused on not just how they invest their money but also how they can optimize their after-tax investment outcomes. Allspring Global Investments is dedicated to helping investors navigate the evolving tax and estate planning landscapes.

Concentrated stock positions can create unwanted risk in investors’ portfolios. Despite the risk, a combination of factors—including emotional biases and fear of built-in capital gains consequences—can make investors unwilling to diversify. By understanding the many tax-efficient diversification options available to them, investors may be more willing to take some of that concentration risk off the table.

Holly Swan, Allspring’s expert on taxes, recently wrote about 10 techniques for diversifying a concentrated position in a tax-efficient manner. She thinks about tax-management diversification strategies as being in one of these three buckets: avoid, defer, or offset.

Avoid:

Tax strategies may focus on reducing or eliminating capital gains exposure altogether. The first example of this is when investors may choose to hold certain highly appreciated assets so they can pass through a taxable estate and receive a step-up in basis.

Common lifetime strategies include borrowing against their portfolios to generate liquidity without selling and triggering taxes, gifting appreciated assets to lower‑income family members who are unlikely to owe capital gains tax, and using options strategies to manage risk or monetize positions without selling. Less common strategies available to founders and early-stage investors may allow eligible shareholders to exclude substantial capital gains on investments in qualified small businesses.

Defer:

Certain tax strategies may help investors defer when taxes are recognized, often smoothing the impact over time. One example is systematic diversification, where investors, such as public company executives, sell portions of a concentrated position gradually.

Investors may also use tax loss harvesting to capture losses that offset current or future gains. Other deferral tools include exchange funds, which allow investors to contribute concentrated stock in exchange for a diversified portfolio without triggering immediate taxes, and opportunity zones, which—beginning again in 2027—will allow taxpayers to reinvest capital gains in designated areas in exchange for up to five years of capital gains deferral and, in some cases, partial basis step-up (opportunity zone investments made today are only eligible for gain deferral until December 31, 2026).

Offset:

Offset strategies reduce tax liability by pairing gains with deductions or other tax‑favored actions. A primary example of this is charitable giving, where donating appreciated securities held for more than a year can allow investors to avoid capital gains recognition while receiving a deduction for the asset’s fair market value, subject to income limits.

Investors have many options for tax-efficient diversification, each of which can be a powerful step in moving away from a concentrated position that may be adding unnecessary risk to portfolios. Allspring Global Investments can offer insights into this and more as investors prepare for their financial future.

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Allspring Global Investments does not provide accounting, legal, or tax advice or investment recommendations. Any tax or legal information in this brochure is merely a summary of our understanding and interpretations of some of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their particular situation.

Allspring does not offer options. Options involve significant risks and are not suitable for all investors.

Diversification does not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

This material is provided for informational purposes only. This content and the information within do not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so and should not be considered investment advice, an investment recommendation, or investment research in any jurisdiction.

INVESTMENT RISKS: All investments contain risk. Your capital may be at risk. The value, price, or income of investments or financial instruments can fall as well as rise and is not guaranteed.

You may not get back the amount originally invested. Past performance is not a guarantee or reliable indicator of future results.

Allspring Global Investments™ (Allspring) is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Funds Management, LLC, and Allspring Global Investments, LLC. Unless otherwise stated, Allspring is the source of all data (which is current or as of the date stated). Content is provided for informational purposes only. Views, opinions, assumptions, or estimates are not necessarily those of Allspring or their affiliates and there is no representation regarding their adequacy, accuracy, or completeness. They should not be relied upon and may be subject to change without notice.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

Oil giant ExxonMobil announced it intends to drop its New Jersey corporate registration and redomicile in Texas, citing the Lone Star State’s business-friendly legal environment and after years of shareholder and climate-related legal battles.

The company on Tuesday said its board of directors unanimously recommended shareholders approve changing the company’s legal domicile from New Jersey to Texas, saying aligning ExxonMobil’s legal home with where its leadership and core operations have been based since 1989 will benefit shareholders.

“Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value,” Darren Woods, ExxonMobil chairman and chief executive officer, said in a statement.

TRUMP MAY KEEP EXXONMOBIL OUT OF VENEZUELA AFTER CEO COMMENTS: ‘I DIDN’T LIKE THEIR RESPONSE’

“Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company’s success, is important,” Woods said.

If approved by shareholders, Exxon would become the latest high-profile company — including SpaceX, Tesla and Coinbase — to register in Texas as the state markets itself as a corporate-friendly alternative to traditional incorporation hubs.

In recommending the move, Exxon said its board considered Texas’ legal and regulatory environment, including its modernized business statutes and the Texas Business Court, which is designed to resolve complex disputes efficiently. When corporate decisions are challenged, Texas courts are required to apply clear, statute-based standards, the company said.

The move comes after years of high-profile clashes with activist investors and climate-focused shareholder campaigns.

New Jersey officials sued Exxon, Chevron and other fossil-fuel companies in 2022, alleging they contributed to climate change and forced the state to spend billions cleaning up after major natural disasters such as Superstorm Sandy and Hurricane Ida. The suit was dismissed last year.

Exxon has also faced years of high-profile clashes with activist investors and climate-focused shareholder campaigns.

EXXON TO SLASH THOUSANDS OF JOBS IN MAJOR CORPORATE OVERHAUL AND COMPREHENSIVE RESTRUCTURING PLAN

In 2021, activist hedge fund Engine No. 1 won three seats on Exxon’s board in a proxy fight centered on the company’s climate strategy. Exxon later sued activist investors in 2024 over climate-related shareholder proposals, arguing they were attempting to abuse SEC rules governing proxy resolutions. The company has repeatedly pushed back against shareholder proposals seeking stricter climate disclosures, emissions targets and changes to its long-term fossil fuel strategy.

Exxon said the proposed redomiciliation will not affect business operations, management, strategy, assets or employee locations.

Around 30% of ExxonMobil’s global employees are located in Texas, while approximately 75% of its U.S. workforce is based there.

ExxonMobil’s legal domicile change will also not reduce shareholder rights, the company said, noting that the board determined that shareholder rights under Texas law are largely comparable to those under New Jersey law, and in some areas, stronger.

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ExxonMobil said it has no plans to adopt elective provisions under Texas law that would diminish shareholder rights currently in place.

ExxonMobil’s connection to New Jersey is largely historical, dating back to the 1882 incorporation of Standard Oil of New Jersey. The company’s board has not held a meeting in New Jersey for more than 40 years.

Reuters contributed to this report.

It touts the cleanest restrooms in America and a brisket sandwich that built a cult following, but Buc-ee’s received the worst possible grade from the Better Business Bureau (BBB).

The BBB recently gave the Texas-based convenience store brand an “F” rating, citing a failure to respond to nearly 90 complaints filed against the business. The BBB assigns a rating between A+ and F, and although customer reviews do not impact the final grade, the company’s interaction and responsiveness to complaints are considered.

According to the BBB’s website, many recent complaints cite overpriced items, various product issues, poor or rude customer service, and the inability to return certain items.

BUC-EE’S PLANS TO OPEN THE WORLD’S LARGEST CONVENIENCE STORE

“Bought the chicken, bacon, avocado ranch wrap, it was so disgusting that I had to throw it out the window,” a complaint from Feb. 4 to the BBB reads. “There was no bacon, or ranch, and only a few pieces of chicken… [asked] my husband if he wanted some and he tried it too, and said it was the worst thing he’s ever ate. It tasted like the most flavorless mush, and on top of it it was $9.49.”

“Buc-cee’s has TERRIBLE customer service,” a January complaint says, referencing a lost or stolen gift card. “They have no phone number for you to call, only email. I have filled out their form with all of the information multiple times and have yet to hear back from them. I just want my gift card that I paid for and want them to treat their customers better.”

Buc-ee’s did not immediately respond to Fox News Digital’s request for comment.

Despite the recent failing grade, Buc-ee’s has not dampened its expansion momentum. The company currently has 54 U.S. locations across 11 states, with plans to expand into Ohio, Arizona, Arkansas, Kansas, Louisiana, Nebraska, North Carolina and Wisconsin.

Buc-ee’s large-format stores span tens of thousands of square feet, featuring 120 gas pumps on average and 700 to 1,000 parking spaces. Signature items like Beaver Nuggets and “fresh brisket on the board” have become regular road trip staples.

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The company ranked No. 5 in the 2025 American Customer Satisfaction Index for convenience stores, beating out major brands like Shell and ExxonMobil. In late 2025, Buc-ee’s earned America’s No. 1 quick-service restaurant spot in dunnhumby rankings, outperforming fast-food giants like In-N-Out and Chick-fil-A for customer preference.

The chain has also gained notoriety for its transparency in wages – starting pay can range from $16 to $20 per hour and full-time managers may earn $100,000 to $225,000, according to large hiring signs often posted at store entrances. Employee benefits include 401(k) plans with 100% company matching and three weeks of paid time off.

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The Panama Canal administrator touted the canal’s logistical capabilities and plans to improve supply chain readiness as the Strait of Hormuz reaches a near standstill due to the U.S.-Israeli strikes on Iran. 

Dr. Ricaurte Vásquez Morales, the authority administrator for the Panama Canal, sat down during an exclusive interview with Fox News Digital and noted the canal’s anticipated improvements as the world’s busiest commercial shipping route, the Strait of Hormuz, has seen little to no traffic over the past few days. 

“We have been through the years a major channel to move LNG from the U.S. to Asia,” Morales told Fox News Digital. “Qatar usually supplies Asia, and after the Ukraine war, most of the American LNG has gone to Europe to replace the Russian LNG.”

“What we see is that probably prices are going to go up for LNG, which means that the current cost of the inventory on the vessel is going to increase,” he continued. “Fuel prices are going to go up.”

HEGSETH ONCE WARNED AGAINST ENDLESS WARS. NOW HE’S LEADING TRUMP’S STRIKE-FIRST DOCTRINE

Morales predicts that transit will increase in the Panama Canal as restraints in the Strait of Hormuz have continued to hold.

“The Panama Canal should get one or two transits a day, which is, in the old days, we had about three transits per day,” Morales added. “So it’s gonna come up a little bit and moving from the East Coast of the United States to Asia.”

The Strait of Hormuz normally facilitates the transit of roughly 20–21 million barrels of oil per day. Since last Friday, only four cargo ships have successfully traveled through the strait, and one of those ships was carrying corn.

TRUMP ADMIN TURNS VENEZUELA INTO MAJOR US OIL SUPPLIER AS GLOBAL SHIPPING CRISIS EASES

By comparison, approximately 2.3 million barrels move through the Panama Canal each day. 

Roughly one-fifth of the world’s oil and a quarter of the world’s total seaborne oil trade travels through the Strait of Hormuz.

As for the Panama Canal, the administrator said that they have plenty of water and a maximum draft that will allow more vessels to pass through.

THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT

The administrator also addressed the threat of tariffs that has shocked global trade with the U.S. since President Donald Trump took office, noting an increase in traffic due to tariff threats. 

“Over the last 12 months, it increased volumes through the Panama Canal because people were anticipating tariffs, and they tried to front load the cargoes, especially for the later part of the year for Christmas demand in the states,” the administrator told Fox News Digital. “Now what we have is that essentially with the Lunar Year, they clear up all the inventories in Asia, so some of that has been moved into final destinations.”

President Donald Trump signaled his willingness to reopen the strait while speaking with reporters on Monday, pointing to Chinese reliance on the route, saying he wants to keep the passageway open.

IRANIAN DRONE STRIKES SHUT DOWN QATAR LNG PRODUCTION FACILITIES, AS ENERGY PRICES SURGE

“We’re really helping China here and other countries because they get a lot of their energy from the Straits,” Trump said. “We have a good relationship with China. It’s my honor to do it.”

“I mean, we’re doing this for the other parts of the world, including countries like China,” Trump added. “They get a lot of their oil through the straits.”

The president posted to Truth Social on Monday night that the U.S. would retaliate “TWENTY TIMES HARDER” against Iran should they take any actions that stop the flow of oil through the Strait of Hormuz. 

“Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen! This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait,” Trump posted. 

The Federal Aviation Administration (FAA) briefly grounded all JetBlue flights early Tuesday morning at the airline’s request, according to an advisory posted by the agency’s Air Traffic Control System Command Center.

The nationwide ground stop, which applied to all destinations and facilities, was in effect from 12:35 a.m. to 1:30 a.m. ET, the FAA advisory shows.

“Operations are normal after JetBlue asked the FAA to pause flights nationwide overnight because of an internal IT issue,” the FAA said in a statement.

JetBlue told FOX Business in a statement: “A brief system outage has been resolved and we have resumed operations.”

‘SECURITY-RELATED SITUATION’ GROUNDS FLIGHT TO VACATION HOT SPOT, PASSENGERS CONFINED FOR HOURS

Ground stops temporarily prevent flights from departing while an issue is addressed, though aircraft already in the air are typically allowed to continue to their destinations. 

The brief grounding comes as airlines have grappled with technology-related disruptions in recent years.

JETBLUE FLIGHT RETURNS TO NEWARK AFTER ENGINE FAILURE, SMOKE PROMPTS EVACUATION

In October, Alaska Airlines issued a systemwide ground stop for Alaska and Horizon Air flights after a failure at its primary data center triggered a significant IT outage, leading to hundreds of cancellations over two days and disrupting travel plans for tens of thousands of passengers.

The carrier later said it was bringing in outside technical experts to strengthen its systems and “diagnose our entire IT infrastructure to ensure we are as resilient as we need to be. ”

In June, American Airlines experienced a “technology issue” that disrupted operations and led to widespread delays.

SOUTHWEST FLIGHT DIVERTED AFTER PASSENGER SCARE AS SECURITY INCIDENTS RATTLE US AIRPORTS

Some travelers reported lengthy wait times on the tarmac as the carrier worked to resolve the problem.

The airline said a connectivity issue had affected certain systems but that it worked with partners to restore the impacted applications and return operations to normal.

The Food and Drug Administration on Monday announced a recall for clams and raw oysters over concerns that they may be contaminated with norovirus, a contagious infection commonly known as the stomach flu.

The recall affects Manila clams harvested by Lummi Indian Business Council that were distributed to restaurants and food retailers in nine states, including Arizona, California, Florida, Georgia, Illinois, Nevada, New York, Oregon and Washington. The FDA said the clams may have been distributed to other states as well.

The oysters were harvested by Drayton Harbor Oyster Company and distributed in Washington state.

Both food items were harvested between February 13 and March 3 in Drayton Harbor, Washington.

FRITO-LAY RECALLS MISS VICKIE’S CHIPS OVER POTENTIALLY ‘LIFE THREATENING’ ALLERGEN RISK

The Washington State Department of Health notified the FDA of the recall on Wednesday.

The FDA urged restaurants and food retailers not to serve or sell the clams or oysters and for consumers not to eat the foods.

The agency said restaurants and retailers “should dispose of any products by throwing them in the garbage or contacting their distributor to arrange for destruction.”

MAJOR FROZEN FOOD RECALL EXPANDS TO 37M POUNDS OF TRADER JOE’S, KROGER PRODUCTS OVER GLASS CONCERNS

“Restaurants and retailers should also be aware that shellfish may be a source of pathogens and should control the potential for cross-contamination of food processing equipment and the food processing environment,” the alert added.

The FDA warned that food containing norovirus may “look, smell and taste normal” but can cause serious illness if eaten. 

Consumers of these products who are experiencing symptoms of illness are urged to contact their healthcare provider and report their symptoms to their local health department.

Symptoms include diarrhea, vomiting, nausea, stomach pain, fever, headache and body ache. A person typically develops symptoms 12 to 48 hours after being exposed to Norovirus and one to three days to recover.

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People of all ages can become infected with Norovirus, although people who are immunocompromised can potentially suffer from severe illness, the FDA said.

The FDA said it is awaiting further information on distribution of the clams and oysters and will continue to monitor the investigation.

The federal budget deficit topped $1 trillion in the first five months of fiscal year 2026, as the U.S. government is on pace to record another massive deficit.

The nonpartisan Congressional Budget Office (CBO) reported that the federal budget deficit was just over $1 trillion through five months of fiscal year 2026, with the size of the deficit down $142 billion or 14% when compared with the same period in fiscal year 2025.

CBO noted that federal spending was just over $3.1 trillion in the first five months of fiscal year 2026, up $64 billion, or 2%, from the same period a year ago. Federal tax revenue collected jumped $206 billion, or 11%, when compared with last year and totaled nearly $2.1 trillion.

The rise in federal tax receipts was attributed to higher collections from individual income taxes and payroll taxes, with CBO noting those accounted for about two-thirds of the increase, while higher tariff rates also increased the amount of import taxes collected.

US DEBT SET TO CRUSH WORLD WAR II RECORD AS ANNUAL DEFICITS EXPLODE TO $3T WITHIN DECADE

CBO said that from October through February, individual income tax collections were up $99 billion, or 10%, when compared with the same period in the prior fiscal year, while payroll tax collections rose $34 billion, or 5%.

Customs duties, a category which includes tariffs, totaled $144 billion in the first five months of fiscal year 2026 – up $109 billion, or 308%, from the same period in the prior fiscal year. 

Some of those tariffs collected may ultimately be refunded to the businesses and individuals who paid them after the U.S. Supreme Court ruled that the Trump administration’s tariffs imposed under the International Economic Emergency Powers Act (IEEPA) were unconstitutional. 

Tariff refunds would lower federal tax revenue and thereby increase the deficit, and while the Trump administration has moved to implement replacement tariffs, those may face similar legal challenges and collections could face delays.

WHAT ARE THE BIGGEST BUDGET DEFICITS IN US HISTORY?

Corporate income tax collections were down $33 billion, or 23%, in the first five months of the year due to provisions in the 2025 reconciliation bill that increased the tax deductions available to companies making certain eligible investments.

Federal spending increased the most for Social Security and Medicare, the mandatory spending programs that have seen enrollment surge in recent years amid the aging of America’s population.

Spending on Social Security totaled $676 billion in the first five months of fiscal year 2026 – an increase of $48 billion, or 8%, from the same period last year. CBO noted the annual cost-of-living adjustment boosted benefit amounts, while the Social Security Fairness Act’s expansion of benefits eligibility to previously non-covered professions accounted for about $7 billion of the increase.

Medicare spending jumped $34 billion, or 9%, from a year ago to a total of $475 billion in that period, which CBO attributed to higher enrollment and increased payment rates for services.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

Another significant mandatory program saw a similar rise in spending as outlays on Medicaid also increased by $22 billion, a rise of 8%, to a total of $285 billion in the five-month period.

Interest expenses on the national debt also saw a notable jump, with net interest costs totaling $433 billion in the first five months of the fiscal year. That’s a jump of $31 billion, or 8%, from the previous year and was due to the larger national debt and higher interest rates.

While spending on the Department of War rose $14 billion, or 4%, and the Department of Veterans Affairs increased $11 billion, or 7%, in the first five months of fiscal year 2026 compared with last year, several agencies saw notable decreases.

Spending by the Environmental Protection Agency (EPA) decreased by $20 billion, or 74%, though that decrease was due to a $20 billion expenditure in November and December 2024 under a clean energy grant program and no comparable outlay was made in 2025.

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A similar dynamic played out with the Department of Homeland Security, which saw spending decline by $12 billion, or 23%, due to a relative decrease in spending on disasters when compared with the prior year despite being partially offset by higher spending on immigration enforcement.