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DHS purchase of business jets during shutdown draws Democrats’ ire
By David Shepardson WASHINGTON (Reuters) -Democrats in Congress on Saturday criticized the Trump administration’s decision to buy two Gulfstream G700 jets for $172 million during the ongoing government shutdown that are to be used by Homeland Security Secretary Kristi Noem and other senior leaders. The U.S. Coast Guard entered into a sole-source contract on Friday, according to a government contracting website. The jets will be used for the Coast Guard’s Long Range Command Control fleet of aircraft. DHS said in a statement late Friday that the new jets are needed because it currently relies on a Gulfstream CG-101 G550 jet that is over 20 years old, outside of the aircraft’s service life "and well beyond operational usage hours for a corporate aircraft." The department said it would not allow the federal shutdown "to slow down this process" of replacing the jet, but Democrats want to know where the money is coming from. "Your first priority should be to organize, train and equip a Coast Guard that is strong enough to meet today’s mission requirements. Instead, it appears your first priority is your own comfort," Democratic Representatives Rosa DeLauro and Lauren Underwood wrote in a letter to Noem. This week, DHS said it would pay more than 70,000 sworn police officers, including TSA air marshals but not the 50,000 TSA security personnel that operate airport checkpoints. Representative Bennie Thompson, the top Democrat on the Homeland Security Committee, called for a probe of the purchase. "Such spending is blatantly immoral — and probably illegal — and Congress must investigate," Thompson said in a statement on Saturday. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Thompson said Congress rejected a DHS request for a $50 million jet earlier this year. He noted Coast Guard service members are using some mission-critical aircraft dating back to the 1980s. Bloomberg Government first reported the planned purchases earlier. AI computing powers are changing the stock market. Investing.com's ProPicks AI includes dozens of winning stock portfolios chosen by our advanced AI. Year to date, 3 out of 4 global portfolios are beating their benchmark indexes, with 98% in the green. Our flagship Tech Titans strategy doubled the S&P 500 within 18 months, including notable winners like Super Micro Computer (+185%) and AppLovin (+157%). Which stock will be the next to soar?
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Arrow Electronics says that US trade curbs on its Chinese affiliates are being reversed
By Karen Freifeld (Reuters) -U.S.-based electronic components distributor Arrow Electronics said on Saturday the U.S. government was reversing trade restrictions placed on Arrow’s China-based affiliates for facilitating the sale of U.S. components found in weaponized drones used by Iran-backed groups like the Houthis. Arrow (China) Electronics Trading Co and another Arrow entity with six aliases in Hong Kong were added to the Commerce Department’s Entity List on October 8 in a Federal Register posting. Licenses are required to export goods and technology to companies on the list and are likely to be denied. Firms are placed on the list over U.S. national security or foreign policy interests. On October 8, Commerce said that drones operated by Iran-backed groups and their debris recovered in the Middle East since 2017 had U.S. components traced to sales tied to these Arrow-related entities. Arrow said on Saturday the Commerce Department told it the department would soon publish the reversal in the U.S. Federal Register and sent a letter Friday removing the restrictions in the meantime. "We have received official communication from the U.S. Commerce Department," Arrow spokesman John Hourigan said in an email. "Arrow is authorized to resume shipping to and from these entities under the same conditions that applied prior to October 8." Asked about the matter, a spokesperson for the U.S. Department of Commerce’s Bureau of Industry and Security said in an email: "BIS is committed to ensuring that export restrictions are appropriately targeted to protect national security." 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Hourigan said the company operates in compliance with all laws and regulations. Centennial, Colorado-based Arrow Electronics had global 2024 sales of $28 billion. However, the six aliases tied to the Hong Kong company in the Federal Register posting are affiliated with Arrow and, the company said, would be removed from the Entity List. Should you invest $2,000 in ARW right now? First, check if it's included in one of this month's AI-powered stock strategies for ProPicks AI. Investing.com created these strategies to identify the most exciting trading opportunities currently in the market. The stocks that made the cut could produce monster returns in the coming years, like ViaSat and Sapiens, both up over 60%+ each in Q2 of 2025 alone. Is ARW one of them?
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Russia stocks lower at close of trade; MOEX Russia Index unchanged
Investing.com – Russia stocks were lower after the close on Saturday, as in the sectors led shares . At the close in Moscow, the MOEX Russia Index unchanged 0.00%. The best performers of the session on the MOEX Russia Index were Aeroflot PJSC (MCX:AFLT), which rose 2.96% or 1.68 points to trade at 58.50 at the close. Meanwhile, Unipro PJSC (MCX:UPRO) added 2.79% or 0.04 points to end at 1.55 and PIK SHb PJSC (MCX:PIKK) was up 2.78% or 11.30 points to 417.40 in late trade. The worst performers of the session were GDR ROS AGRO PLC ORD SHS (MCX:AGRODR), which unchanged 0.00% or 0.00 points to trade at 1,083.80 at the close. ADS Ozon Holdings PLC ORD SHS (MCX:OZONDR) unchanged 0.00% or 0.00 points to end at 4,135.00 and PhosAgro PJSC (MCX:PHOR) was up 0.52% or 36.00 points to 6,984.00. Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 222 to 10 and 7 ended unchanged. Shares in GDR ROS AGRO PLC ORD SHS (MCX:AGRODR) unchanged to 52-week lows; unchanged 0.00% or 0.00 to 1,083.80. The Russian Volatility Index – RVI, which measures the implied volatility of MOEX Russia Index options, was unchanged 0.00% to 33.24. Gold Futures for December delivery was down 2.12% or 91.30 to $4,213.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 0.14% or 0.08 to hit $57.54 a barrel, while the December Brent oil contract rose 0.38% or 0.23 to trade at $61.29 a barrel. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. USD/RUB was up 1.46% to 81.18, while EUR/RUB rose 1.14% to 94.58. The US Dollar Index Futures was up 0.10% at 98.19. Which stock should you buy in your very next trade? AI computing powers are changing the stock market. Investing.com's ProPicks AI includes dozens of winning stock portfolios chosen by our advanced AI. Year to date, 3 out of 4 global portfolios are beating their benchmark indexes, with 98% in the green. Our flagship Tech Titans strategy doubled the S&P 500 within 18 months, including notable winners like Super Micro Computer (+185%) and AppLovin (+157%). Which stock will be the next to soar?
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Motor racing-Apple’s F1 broadcast deal has been years in the making
By Alan Baldwin AUSTIN, Texas (Reuters) -When Bernie Ecclestone was asked about a group of guests receiving VIP treatment at a Formula One race nine years ago, the commercial supremo said they were representatives of "a fruit company". The explanation reflected his particular sense of humour, and secretive way of working, rather than any disparagement of Apple Inc . Friday’s announcement of Apple’s five-year deal for Formula One’s U.S. broadcast rights, replacing Walt Disney’s ESPN, was seen as a logical follow-on from the box office success of Apple’s F1 movie, starring Brad Pitt. The California-based company’s interest in the sport, at a senior level, goes back much further than the last couple of years however. THINKING ABOUT THIS FOR A LONG TIME Eddy Cue, senior vice president of services with 36 years at Apple, is a long-time board member of Ferrari -- where Stefano Domenicali, now chief executive of Liberty Media-owned Formula One, was team boss from 2008-14 -- and a lifelong F1 fan. "I already knew Stefano very well... but knowing and having our team and their team working that closely together for a long period of time (with the movie) I think gave both sides confidence of the kinds of things that we could do together," he told reporters after the deal was announced. "But yes, I’ve personally thought about this for a long time." Tommy Baker, a friend and associate of Ecclestone since the 1981 Long Beach Grand Prix, told Reuters he had a meeting in London in August 2016 with Cue and the now 94-year-old. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. The American said they discussed a 12-part ’From The Grid’ show Baker had pitched after a failed previous attempt to produce an F1 lifestyle series in the 1990s, with Ecclestone supportive. "Apple was ready to go with it in 2017... they were going to buy the NBC rights for the Formula One broadcast in the States and have this as a tag-on show for a few years as they built towards their streaming," he told Reuters. NBC held the U.S. rights from 2013 to 2017, before ESPN took over. "That show was way in advance of ’Drive to Survive’," added Baker, referring to the Netflix docu-series credited with turbo-charging Formula One’s popularity with a new and younger audience. "At the (October 2016) Mexico Grand Prix... we had a bunch of people from Apple touring the event for production. They wanted to, one month later, film a pilot (for the series) in Abu Dhabi that they then wanted to air." Baker said they were guests of Red Bull but with access to Ecclestone’s office. Chase Carey, who would become Ecclestone’s replacement after Liberty’s takeover announced in September 2016, was also in attendance and asked the Briton who the six individuals were. "Bernie goes ’Oh, they’re a fruit company’," recalled Baker. "He didn’t want them immediately exposed to Chase and everyone getting confused." Ecclestone was shunted aside in January 2017 and the proposed series was never made. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. A well-informed Formula One source told Reuters "there was no near deal". Ecclestone, contacted at his home in Switzerland, told Reuters he had known Baker ’forever’ and had no problem with him talking about the episode. "He was the one that got involved with Apple and got me involved in as far as what I could do to help them," said the Briton, who later introduced Apple to former Liberty Media chief executive Greg Maffei. Ask WarrenAI, our powerful AI financial research assistant. It's just like ChatGPT for investors, but with access to 10 years of company data, a built-in screener, Wall Street analysts' reports, and earnings call transcripts for real-time, vetted insights. Get answers about DIS and thousands of other assets within seconds.
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