US Approves $3.5 Billion Weapons Sale to Saudi Arabia
The State Department said it has notified Congress of the possible sale of 1,000 AIM-120C-8 advanced medium-range air-to-air missiles to Saudi Arabia and 50 guidance sections, as well as logistics and program support. Arizona-based RTX Corp. is the principal contractor.
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CNBC
29 minutes ago
- CNBC
How tourists are weathering geopolitical uncertainty, currency moves and extreme heat
Geopolitics, currency moves and extreme weather are increasingly playing into tourists' considerations for their next vacation and affecting classic holiday destinations. Staple European spots France, Spain and Croatia, for example, have been facing record-breaking heat in recent weeks, which triggered wildfires in some locations. Conflict in the Middle East has meanwhile meant that tourists in nearby Cyprus were able to see missiles and smoke in the sky from the beach. Sluggish economic growth and inflationary fears, largely linked to U.S. President Donald Trump's tariff policies, appear to be making consumers more cautious with their spending. A weaker U.S. dollar has also diminished the currency's purchasing power abroad, with a June report from the European Travel Commission showing that high travel costs, alongside the current global perception of the U.S., have been weighing on voyage plans. "For American travellers, a weaker dollar has fuelled demand for countries where their purchasing power goes further, from parts of Latin America to Southeast Asia. Many are opting for package deals that lock in rates upfront, effectively turning travel planning into a smart financial strategy," Nicholas Smith, holidays digital director at Thomas Cook and the eSky Group online travel agency, told CNBC by email. Travelers also appear to be thinking twice before picking the U.S. as a destination amid political tensions and an increase in reports of tourists being detained or interrogated as they enter or leave the country. Linda Jonczyk, a spokesperson for Europe's largest tour operator TUI, said that there has been "some decline" in bookings for travel to the U.S. Earlier this month, TUI CEO Sebastian Ebel reportedly attributed the pullback to factors including reports of tourists facing border control issues. Elsewhere, Europe remains a key destination, despite challenges. Smith said the British pound to euro conversion rate has remained relatively stable, and the familiarity many tourists have with mainland Europe works in the region's favor. "Greece and Turkey also remain firm favourites, even with seasonal wildfire headlines, thanks to their compelling mix of history, hospitality, and value for money," he said. But, Smith also noted that "Turkey has found itself in a slightly tricky predicament. Inflation has pushed up prices, however as most people book all inclusive, it is somewhat mitigated." Still, there has been a growing trend of consumers swapping heat for cooler destinations as part of so-called "coolcations," Smith said. This includes travelers now turning to countries such as Iceland, Norway and Poland. TUI's Jonczyk meanwhile noted that the company's business is becoming less seasonally focused as it responds to "more of our customers preferring to travel outside the peak summer season as weather patterns especially around the Mediterranean change." According to Thomas Cook's Smith, "holidaymakers in 2025 are factoring in more elements than ever when choosing where to go - from currency movements and visa rules to climate patterns and unique cultural draws." "Travellers are becoming more intentional," he added, noting that tourists are seeking out spots that suit them and their priorities, rather than simply avoiding certain locations. Europe's wildfires are an especially big concern among travelers right now, travel experts said, after heatwaves triggered outbreaks in tourist hotspots including Spain, Portugal and Greece. Flames are still spreading in some locations. Over the weekend, Spanish infrastructure such as roads and train services was impacted, as Madrid deployed military emergency troops to try and constrain the fires, Reuters reported. Fires are also continuing to rage in neighboring Portugal, which last week requested assistance from the European Union and was forced to evacuate residents in some regions. In emailed comments, Portugal's tourism office meanwhile told CNBC that the country "remains a safe, welcoming, and fully operational destination for travelers," and that visitors were being hosted "as planned." Local tourism infrastructure was prepared for challenges like wildfires, they added. Rhys Jones, a travel insurance specialist at GoCompare, told CNBC that the price comparison website has increasingly been receiving inquiries about what how to handle traveling in an area were wildfires raged at one point, or if there's a risk of blazes. "The first thing we recommend doing is checking whether the Foreign Office has deemed your destination safe to travel to," Jones told CNBC by email. "If the Foreign Office says it isn't safe, then it's important you take this advice seriously. If you decide to travel regardless of the warnings and need to claim for something that happens during the trip, your travel insurer could refuse your claim," Jones said. On the flipside, insurers might not pay out if you choose to stay at home despite the Foreign Office saying it is safe to travel and there are no reported issues with flights or accommodation, he added. Jo Rhodes, a travel specialist at U.K. consumer group Which?, echoed this advice. "Holidaymakers should wait until closer to the departure date to see if the holiday can go ahead or what flexible booking options are offered from the tour operator or airline. Travel companies will be prioritising anyone due to depart in the next couple of days," Rhodes told CNBC by email.
Yahoo
33 minutes ago
- Yahoo
New Mexico's Four Corners Generating Station could see operations continue beyond 2031
Aug. 19—New Mexico's Four Corners Generating Station may see coal-based operations past 2031, potentially preserving more than 200 jobs tied to its operations. The change in direction comes as Arizona Public Service — the majority owner of the Fruitland plant — has shifted its clean energy goals from being "zero carbon" to "carbon neutral" by 2050, company officials said. The utility, whose only New Mexico operation is the Four Corners plant, made the decision based on energy market changes and customer needs, Arizona Public Service spokesperson Jill Hanks wrote to the Journal. "With Arizona's population and economy continuing to grow at record levels, so does the state's need for reliable electricity," Hanks said. "Moreover, as part of our focus on providing reliable energy at the lowest cost possible, we need to be able to integrate the most reliable and cost-effective resources available to us to meet the growing need for electricity." Hanks said APS has not made a decision to continue operating Four Corners past 2031, in particular, but that the company now expects its exit from coal to be "no later than 2038," which would still be consistent with the plant's lease. Currently, the plant employs 251 people and around 100 contractors, she said. Four Corners is the last operating coal-fired power plant in New Mexico. It was accompanied in the past by the now-decommissioned San Juan Generating Station and Escalante Generating Station. Hanks said power generated at Four Corners serves Arizona Public Service, the Salt River Project and Tucson Electric Power service territories in Arizona, as well as the Public Service Company of New Mexico's territory. APS officials have previously said they'd cease Four Corners operations by 2031. "In short, coal is an important part of our balanced energy mix today, and we will not exit it any earlier than is in the best interests of our customers to ensure reliable service at the lowest cost possible," Hanks said. The Four Corners plant, located in San Juan County, is a major economic driver for the Navajo Nation, contributing over $59 million annually. According to its website, the Navajo Transitional Energy Co. (NTEC) acquired 7% ownership in Units 4 and 5 of the plant in 2018, a first for the enterprise. The remaining ownership is split among Arizona Public Service with 63%, PNM with 13%, Salt River Project with 10%, and Tucson Electric Power with 7%. Last October, the NTEC was awarded $6.5 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations for an engineering design study to determine the feasibility of adding carbon capture to Four Corners. PNM attempted to exit from Four Corners and transfer its stake to the NTEC by 2024, but was denied by the state Public Regulation Commission. A PNM spokesperson said Tuesday the utility plans to exit from the plant by 2031. "APS remains committed to clean-energy resources that are cost-competitive and help ensure reliable service for our customers," Hanks said. "Clean-energy resources — such as solar paired with battery-energy storage — that provide a 'best-fit, least-cost' solution to serving our customers will continue to be a key part of how we provide reliable service at the lowest cost possible." Solve the daily Crossword
Yahoo
33 minutes ago
- Yahoo
Democrats push their own version of no tax on tips
Aug. 19—President Donald Trump successfully got a no tax on tips policy through Congress in July, but Democrats are serving up their own version. Trump campaigned on the idea of not taxing tipped wages, a policy that was included in the large budget and tax bill Congress passed in July. Democrats, including New Mexico's Rep. Gabe Vasquez, are pushing their own version of no federal tax on tips with a bill that would also eliminate the separate tipped minimum wage, creating one federal minimum wage. Economic experts are skeptical of offering tax breaks that incentivize paying people with tips instead of basing tax breaks on income level. "In general, lowering taxes for lower income people, middle class and below, is a good idea," said Matías Fontenla, a professor of economics at the University of New Mexico. "I just don't understand why they would do just on tips and not for the general population." About 2% of U.S. workers were in tipped jobs in 2023, according to a study from The Budget Lab at Yale University. More than a third of tipped workers already had low enough income that they had no federal income tax in 2022. Taxes can serve as an incentive for employer or consumer behavior. Eliminating tax on tips could encourage employers in tip-based industries to lower salaries, with the justification that employees are benefiting from a tip tax break, according to Fontenla. "This creates an unnecessary, weird incentive that could potentially be nonoptimal, especially if they don't change the minimum wage," Fontenla said. He is in favor of one standard minimum wage. Both Trump's policy and the policy proposed in the Democrat-led TIPS Act offer tax relief in the form of a deduction, meaning federal taxes would still be withheld from employees' paychecks. Trump's no tax on tips policy expires in 2028 and offers a deduction for up to $25,000 in tipped income. The deduction phases out for people making over $150,000. The IRS plans to publish a list of occupations eligible for the tax deduction in October. On Monday, Vasquez donned an apron at the Barelas Coffee House, taking orders for coffee and burritos smothered in green chile under the guidance of one of the restaurant's servers. His hour as a waiter was meant to promote the TIPS Act. The bill would go further than Trump's policy by not including a cap on the deductible and eliminating the separate tipped minimum wage. The federal tipped minimum wage is $2.13, while regular federal minimum wage is $7.25 an hour. New Mexico's tipped minimum wage is $3 an hour, while regular minimum wage in the state is $12 an hour. The legislation would also make no tax on tips permanent. "If we truly believe in service industry workers that help support our communities and our businesses, it should be permanent," Vasquez said. The deduction would phase out for people earning over $112,500 annually. One of the challenges of living on a tipped wage is fluctuating pay, said Alexis Campos, the server showing Vasquez the ropes. "It's just really random pay. So it's kind of hard to figure out how much you're going to make for the month for the bills," Campos said. "It could be $800, or you can make $1,000 or $400, so it really fluctuates."
