Latest news with #JFKAirTrain
Yahoo
an hour ago
- Business
- Yahoo
South Korea Plans $22 Billion Extra Budget as Tariffs Hit Growth
(Bloomberg) -- South Korea unveiled an extra budget worth billions of dollars, in a bid to support an economy struggling with sluggish consumption and mounting trade headwinds from Donald Trump's tariffs. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown How E-Scooters Conquered (Most of) Europe NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The 30.5 trillion won ($22.2 billion) proposal includes 15.2 trillion won for economic stimulus and 5 trillion won for supporting livelihoods like small businesses, the finance ministry said in a statement. Another 10.3 trillion won is set aside to cover revenue shortfall for this year's existing budget, as taxation income fell due to weaker corporate performance and consumer spending. The proposal comes after President Lee Jae Myung took office earlier this month, vowing to boost growth and improve livelihoods. He had pledged over 30 trillion won in fresh spending through extra budgets to support small businesses and offset trade shocks. Before the election, 13.8 trillion won had already been approved as part of the first supplementary budget. Lee has inherited an economy already under pressure from weakening demand, compounded by months of political turmoil triggered by former President Yoon Suk Yeol's failed martial law bid. The country's gross domestic product shrank in the first quarter, prompting the Bank of Korea to slash its 2025 growth forecast to 0.8% from 1.5%. The central bank also cut its key interest rate to 2.5% and signaled more easing may follow. Of the 10.3 trillion won tax revenue shortfall, nearly 9 trillion won stemmed from declines in corporate and value-added taxation income. The figures point to deepening economic strain, and help explain why policymakers are leaning more heavily on fiscal stimulus. As a leading semiconductor manufacturer and a key player in global supply chains, South Korea remains particularly vulnerable to trade risks from US tariffs. Exports are equivalent to more than 40% of the country's GDP, and are a key driver of the the country's growth rate. Trump's across-the-board tariffs for South Korea, which are set to jump to 25% in early July from a baseline 10%, are among the highest imposed on US allies. Other sector-specific levies by the Trump administration threaten key South Korean industries, including semiconductors, cars, steel, and aluminum. 'Bold and timely fiscal support is essential for the economy to return to a solid upward trajectory,' second Vice Minister of Finance Lim KiKeun said in a briefing Wednesday. 'While the supplementary budget cannot solve all challenges at once, it represents the first crucial step forward.' The government plans to fund the extra budget through a mix of spending cuts and debt issuance. About 5.3 trillion won will come from restructuring existing outlays, while 2.5 trillion won will be drawn from surplus balances in public funds. Another 3 trillion won will come from changes to foreign exchange stabilization bonds, while the bulk — 19.8 trillion won — will be financed through new sovereign bond sales. The fiscal push will raise the nation's debt-to-GDP ratio to 49% this year, from 47.4% in 2024, as total government spending climbs 6.9%, the ministry said. Even before the election, the need for more fiscal stimulus was clear. BOK Governor Rhee Chang-yong warned that additional measures would likely be required in 2025, underscoring the challenges facing Asia's fourth-largest economy. As part of the stimulus package, the government plans to distribute vouchers worth between 150,000 and 500,000 won per person. The payments will be provided to the general population rather than targeted groups. The issuance of regional gift certificates will also be expanded to encourage spending, with policymakers hoping the combined measures will deliver a swift injection of cash into the real economy. The proposal still needs parliamentary approval, and opposition lawmakers have raised concerns about the rapid debt buildup and potential inefficiencies in spending. Song Eon-seog, a lawmaker from the People Power Party, warned that 'reckless extra budgets' could actually harm both livelihoods and the broader economy. Earlier this month, the central bank stressed the importance of swiftly drafting and implementing an extra budget to boost domestic demand, saying the stimulus would have only a limited impact on inflation. --With assistance from Seyoon Kim and Shinhye Kang. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
4 hours ago
- Business
- Yahoo
Shell CEO Warns of ‘Huge Impact' If Strait of Hormuz Blocked
(Bloomberg) -- Shell Plc, one of the biggest traders of oil and natural gas, has contingency plans in case the conflict between Israel and Iran disrupts flows from the region, warning that a potential blockage of the Strait of Hormuz could deliver a substantial shock. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown How E-Scooters Conquered (Most of) Europe NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' Chief Executive Officer Wael Sawan said at the Japan Energy Summit & Exhibition in Tokyo. 'We have plans in the eventuality that things deteriorate.' The global energy market has been transfixed by the conflict between Israel and Iran, including the possibility the US may decide to join the assault. So far, while crude has spiked due to the tensions, there's been no major interruption to flows of energy, although traders are on high alert for the possibility. About a quarter of the world's oil trade passes through the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean. In the past, Iran has targeted ships traversing the chokepoint, and has threatened to block the waterway. In recent days, ships' signals have been jammed. 'What is particularly challenging right now is some of the jamming that's happening,' said Sawan, referring to the interference in navigation signals in and around the Persian Gulf. Shell is 'being very careful' with shipping in the Middle East due to the conflict, he said. In recent days, Qatar asked tankers to wait outside the strait until they're ready to load, while Japanese shipper Nippon Yusen KK instructed its vessels to maintain a safe distance from the shore while navigating Iranian waters. (Updates to add detail in third, fourth paragraphs) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Out
12 hours ago
- Time Out
The AirTrain to JFK will be joyfully 50% cheaper all summer long
If there's one thing New Yorkers love more than complaining about the AirTrain, it's a good deal. This summer, they'll get both. Starting June 30 and running through Labor Day, the fare for the JFK AirTrain will be slashed in half—from $8.50 to a far more palatable $4.25—as part of the Port Authority's attempt to keep travelers off the gridlocked airport roadways and firmly on the rails. The timing isn't coincidental. JFK is bracing for a record-smashing summer with 18.3 million passengers expected to shuffle through its terminals, while the airport simultaneously undergoes the most ambitious (read: disruptive) construction project in its history. The $19 billion redevelopment includes expansions to Terminals 4 and 8, construction of the new Terminal 1 and Terminal 6, and a total overhaul of the airport's notoriously confusing road network. 'We are once again asking travelers to leave their cars at home and take public transit to the airport,' said Kevin O'Toole, chairman of the Port Authority, in a statement that sounds a little like pleading and a lot like solid advice. The half-price fare applies to both the Jamaica and Howard Beach AirTrain stations, which are easily accessible via subway (A/E/J/Z) or the Long Island Rail Road from Grand Central, Penn Station or Atlantic Terminal. For drivers who still insist on braving the congestion, the Port Authority recommends drop-offs at the Lefferts Boulevard AirTrain station, where a free eight-minute ride will take travelers to their terminal. Parking is limited, so either book in advance, or risk being That Person crying in the overflow lot. And if you're relying on a ride-share to Terminal 4, 5 or 7, prepare to hoof it: Uber and Lyft pickups have been relocated to off-site lots to help ease terminal frontage chaos. Free shuttles will run, but airport officials still recommend leaving an extra hour—or three. The summer's travel forecast is crowded with a 100% chance of construction dust. But at least now, getting to JFK won't cost quite as much as your carry-on.
Yahoo
13 hours ago
- Politics
- Yahoo
Trump's Iran War Talk Testing His Ties With MAGA Loyalists
(Bloomberg) -- Donald Trump's hints that he may dispatch the US military to help Israel destroy Iran's nuclear program has spurred a revolt from his typically faithful America First base, further dividing a party already struggling to unite around the president's second-term agenda. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Trump continues to be non-committal on what he'll ultimately decide, but his rhetoric toward Iran has grown more belligerent in the six days since Israel launched its offensive — pushing the US closer to involvement in a foreign war. That's firmly at odds with a central tenet of Trump's own 'Make America Great Again' movement, fashioned during his political ascent amid voter frustration with decades of US military involvement in Iraq and Afghanistan. Trump sharpened his anti-war stance during the 2024 election as he hit President Joe Biden over the haphazard US withdrawal from Afghanistan and pledged to avoid conflicts overseas. As recently as last month — and speaking in the Middle East, where he's currently building up US forces for potential engagement — Trump lambasted the US 'neocons' for the wars they fought in the region. He said he wants the Mideast to be a place 'where people of different nations, religions and creeds are building cities together, not bombing each other out of existence.' Now, as Trump agitates on Iran, the intra-MAGA fault lines are deepening. Trump and conservative media personality Tucker Carlson have traded barbs over the 'America First' doctrine as the former Fox News host calls for the US to steer clear of the Israel-Iran conflict. Laura Loomer, a right-wing social media influencer and staunch Trump supporter, jumped into the fray in Trump's defense. Republican Senator Lindsey Graham, who has long pushed for a US attack on Iran, said that he's spoken to Trump and urged him to act. Graham played down the GOP divide, saying 90% of Republicans support Trump helping Israel and most Americans believe stopping Iran's nuclear ambitions is 'absolutely essential,' even if it involves the use of force. Graham's numbers, however, may be overly optimistic. Even as half of Americans view Iran as an enemy of the US, some 60% say that the US shouldn't get involved militarily in the Israeli war, according to a YouGov poll conducted between June 13 and June 16. That includes 53% of of Republicans, the poll showed. In a sign of how Trump is in some ways talking himself into the war — or at least rationalizing the option to do so — he's increasingly pointing to his long-held position that Iran shouldn't have a nuclear weapon. While Trump himself during his first term pulled out of a global agreement aimed at ensuring that Iran can't get atomic bombs, he's cast the prospect that it might do so as an existential threat to the US and its allies alike. Vice President JD Vance, a Marine Corps veteran who's also advocated for a more isolationist US, has pointed to Trump's consistency on the topic as he seeks to defend his boss against the base. The president acknowledged the split among Republicans in response to reporters' questions Wednesday morning on the White House lawn. 'So I may have some people that are a little bit unhappy now, but I have some people that are very happy,' Trump said. 'And I have people outside of the base who can't believe that this is happening, they're so happy.' Later, Trump told reporters that Carlson had called him. The president said that the commentator wanted to apologize for his language and said he believed Carlson on some level accepted the argument that Iran should not be allowed to have a nuclear weapon. He also dismissed the notion the flap could divide his base. 'My supporters are for me. My supporters are America first,' Trump said. Steve Bannon, a longtime Trump ally and early disciple of Trump's populist doctrine, said there's no urgency for the US to join Israel's campaign as it already succeeded in gaining control of Iranian airspace. He said that American involvement should be determined by US intelligence and not Israel's, and he stressed several times that this is Israel's fight to finish. But even as Trump's base bristles at the notion of the president taking the US into a war, Bannon said he'll ultimately retain support. 'The MAGA movement, the Marjorie Taylor Greene's, Matt Gaetz, we will fight it up until the end to make sure he's got the full information. But if he has more intelligence and makes that case to the American people, the MAGA movement will support President Trump,' Bannon said. Tumult in the Middle East has driven oil prices higher. Under the most extreme scenario, should the US join Israel in the strikes and the Strait of Hormuz is shut, crude could surge past $130 a barrel, weigh on the global economy and drive up consumer prices, according to a Bloomberg Economics analysis. The debate between Trump allies calling for US involvement in the conflict and those urging him to steer clear was encapsulated in a recorded exchange between Carlson and Ted Cruz for Carlson's show. Carlson stumped Cruz on a question about Iran's population, saying that it's an important metric to know for anyone agitating for war with a country. Cruz, who spoke to Trump about Iran over the weekend, on Wednesday told reporters he doesn't envision US troops on the ground in Iran, but suggested a limited bombing strike to take out a nuclear weapons facility could be on the table for Trump. 'And if he does so, it will make Americans substantially safer,' Cruz said. The political ramifications will play out in Congress, either as part of the ongoing push-and-pull over executive branch powers or with the looming 2026 midterm election cycle. Only Congress has the constitutional authority to authorize war, but lawmakers have ceded that power to the president for more than two decades. The last authorization for use of military force approved by Congress was in 2002 for the Iraq war, and that came back to bite lawmakers politically. Senator Tim Kaine, a Democrat, has introduced legislation that would force a vote on any US war with Iran. He was joined in the House by Republican Thomas Massie, who has already publicly sparred with Trump over the president's legislative agenda. Senate Majority Leader John Thune acknowledged the ideological split within his party and defended Trump's war powers, signaling he doesn't intend to take up Kaine's bill anytime soon. 'We have people in our party, as you know, that have different views about America's role in the world,' Thune said. 'But I think the president is well within his authority, understands what's at stake in insuring Iran never has a nuclear weapon, and will do everything he can to protect America and American interests.' (Updates to include Trump remarks on Carlson in paragraphs 13-14. A previous version of this story corrected spelling of Marjorie Taylor Greene's name and that the Cruz-Carlson exchange took place on Carlson's platform.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? American Mid: Hampton Inn's Good-Enough Formula for World Domination ©2025 Bloomberg L.P.
Yahoo
16 hours ago
- Business
- Yahoo
Trump Says Iran Missed Chance of Deal, Stays Vague on US Strike
(Bloomberg) -- President Donald Trump said Iran squandered the chance to make a deal over its nuclear enrichment, but declined to say whether the US plans to join Israel's offensive aimed at destroying the program. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown 'I may do it. I may not do it,' Trump told reporters Wednesday at the White House when asked if he is moving closer to bombing Iran. 'I mean, nobody knows what I'm going to do.' Iran had been in negotiations with the US over its nuclear program for weeks, and had a further meeting scheduled, when Israel attacked Friday. The two Mideast nations have since traded missile strikes and escalating rhetoric — Israeli leaders threatening to topple the Islamic Republic, and their Iranian counterparts vowing defiance and retaliation — while the Trump administration weighs how deeply to get involved in its ally's war. Trump's ambiguous comments add a new layer of tension to the deepening Israel-Iran clash. The president, who has campaigned for a decade in opposition to American wars in the Middle East, also faces a tense divide among his supporters over whether the US should enter the fray. America has so far limited its participation to helping Israel defend itself against Iranian missile and drone launches. Trump said he encouraged Benjamin Netanyahu in a call Tuesday to 'keep going' with his offensive operations, adding that he gave the Israeli premier no indication that US forces would participate in the attacks. But the US is seen as being able to provide military firepower necessary to destroy Iran's underground enrichment facility at Fordow, which analysts say Israel is unable to do alone. Iran has warned it can hit American bases across the region, where tens of thousands of troops are stationed, if the US joins the Israeli attack. Trump didn't close the door to a resumption of nuclear talks — he said Iran had sought a meeting, a claim Tehran disputed — but downplayed the likelihood they would bear fruit. 'I said it's very late to be talking,' the president said. 'There's a big difference between now and a week ago.' The comments were Trump's first substantive remarks since meeting Tuesday with his National Security Council, where the US's options were discussed. He spoke to reporters on the South Lawn of the White House, where workers were installing a giant flagpole outside the executive mansion's diplomatic entrance. Hours earlier he'd demanded 'UNCONDITIONAL SURRENDER' from Iran in a social media post. Since Israel's strikes started, Iran has fired 400 ballistic missiles and hundreds of drones at Israel, killing 24 people and injuring more than 800, according to the Israeli government. At least 224 Iranians have been killed by Israel's attacks. Iran has hit targets including a key oil refinery in the port of Haifa that was forced to shut down. 'The Americans should know that the Iranian nation is not one to surrender,' Iran's Supreme Leader Ayatollah Ali Khamenei said in a statement published on his official website Wednesday. 'Any military incursion by the United States will undoubtedly result in irreparable damage.' Out of Patience 'Good luck,' Trump said when asked for his response. 'We cannot let Iran get a nuclear weapon. I've been saying it for a long time. I mean it more now than I ever mentioned.' Dennis Ross, who served as President Bill Clinton's Middle East envoy and just returned from a trip to the region, said the Iranian regime is likely looking for an off-ramp from the current conflict despite the bellicose comments from Khamenei. Its top priority is survival, followed by avoiding a direct conflict with the US, said Ross, who's now a fellow at the Washington Institute for Near East Policy. 'When they feel profoundly threatened, they will make concessions. They certainly feel vulnerable and threatened right now.' Iran's missile and drone launches against Israel appeared to be subsiding Wednesday evening, although the reason wasn't immediately clear. While the Israeli army earlier said it had destroyed around one-third of Iran's missile launchers, Tehran still possesses thousands of ballistic missiles that can reach Israel, National Security Adviser Tzachi Hanegbi said Monday. Trump said the Iranian government had contacted the US about the conflict and even proposed a White House meeting to settle the matter, yet he said his patience with the Islamic Republic had 'already run out.' Iran's mission to the United Nations denied that claim in an X post Wednesday, saying 'No Iranian official has ever asked to grovel at the gates of the White House.' The question of whether to strike Iran has the potential to cause domestic political headaches for Trump, whose base is split between isolationists and traditional conservative interventionists. Supporters of both political parties oppose the US joining Israel's attack on Iran by clear majorities, a YouGov survey found. Trump said his bottom line remains that 'Iran cannot have a nuclear weapon' and 'it's not a question of anything else.' During his first term, Trump withdrew from an agreement aimed at curtailing Iran's atomic program, which the US and other world powers had spent years negotiating. Republican hawks have been supportive of military action against Iran, but Trump has faced pressure from some of his isolationist supporters to take a more measured approach. 'We have all been very vocal for days now urging, 'Let's be America First. Let's stay out,' Representative Marjorie Taylor Greene said Tuesday on CNN. During a breakfast Wednesday hosted by the Christian Science Monitor, longtime Trump ally Steve Bannon said Trump's supporters want him to focus on issues most important to his base, like cracking down on immigration. But Bannon said that if the president has more information that backs the case for intervention 'and makes that case to the American people, the MAGA movement will support President Trump.' Defense Secretary Pete Hegseth, appearing before the Senate Armed Services Committee on Wednesday, declined to answer directly whether Trump had asked the Pentagon to provide options for striking Iran. Hegseth said that 'maximum force protection at all times is being maintained' for US troops stationed in the region, and said that 'the president has options and is informed of what those options might be, and what the ramifications of those options might be.' The US has continued building its military presence in the region. The USS Ford carrier strike group is set to depart next week on a regularly scheduled deployment, initially in the European theater, according to a US official. Meanwhile, the head of the International Atomic Energy Agency said the location of Iran's near-bomb-grade stockpile of enriched uranium cannot currently be verified. IAEA Director General Rafael Mariano Grossi said Wednesday the whereabouts of the material are now unclear, given Tehran warned him the stockpile could be moved in the event of an Israeli attack. The agency continues to see no indication of significant damage to Iran's Fordow nuclear site, he added. --With assistance from Skylar Woodhouse, Akayla Gardner, Courtney McBride and Eric Martin. (Updates with further details throughout.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
