On September 18, 2025, New York City Comptroller Brad Lander and a group of state and local officials were arrested during a protest at 26 Federal Plaza in Manhattan, where U.S. Immigration and Customs Enforcement (ICE) operates detention facilities. The officials sought to inspect the conditions of the 10th-floor holding cells, which a federal judge had recently condemned as inhumane. The protest was organized to ensure compliance with a court order mandating improvements to the facility. Despite their efforts, the group was denied entry and subsequently detained by NYPD and federal agents. The incident marked the latest clash between federal authorities and Democratic politicians critical of the Trump administration’s immigration policies. Earlier in the year, Lander had been arrested in the same building while assisting an individual targeted by ICE. The protest also included a separate demonstration led by New York City Public Advocate Jumaane Williams, where dozens of activists blocked the building’s garage entrance, chanting in support of immigrants. Organizers reported that over 75 people were detained across both gatherings. A federal court order issued the previous day had detailed appalling conditions in the detention facility, including overcrowding, unsanitary environments, and a lack of basic hygiene supplies. ICE’s parent agency, the Department of Homeland Security, stated that the detainees included individuals facing deportation for criminal convictions. The building was later placed under lockdown due to a bomb threat. No charges were reported to have been filed against those arrested.
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Oil little changed as demand concerns overshadow US rate cut buoyancy
Oil prices remained largely unchanged on Friday, following a decline in the previous session, as concerns over fuel demand in the United States persisted. Brent crude futures dipped slightly by 1 cent to $67.43 a barrel, while U.S. West Texas Intermediate (WTI) futures dropped 4 cents to $63.53. Despite these minor fluctuations, both benchmarks were poised to record a second consecutive weekly gain. The U.S. Federal Reserve’s decision to cut interest rates by a quarter of a percentage point on Wednesday, coupled with signals of further reductions, initially raised hopes for increased oil demand. However, a surprising 4-million-barrel rise in U.S. distillate stockpiles, far exceeding market expectations, reignited fears of weakening demand in the world’s largest oil consumer. IG analyst Tony Sycamore noted that gains in the U.S. dollar and long-end yields further undermined crude oil’s support. Economic data added to the unease, with jobless claims indicating a softening labor market and single-family home building hitting a near 2.5-year low in August. Meanwhile, Russia, the world’s second-largest crude producer, introduced new measures to protect its state budget from oil price volatility and Western sanctions, alleviating some supply concerns. ANZ analyst Daniel Hynes highlighted that President Trump’s preference for low oil prices over sanctions on Russia also eased fears of supply disruptions.
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Zijin Gold launches $3.2 billion Hong Kong IPO, city’s largest in 2025
Zijin Gold International, a subsidiary of China’s Zijin Mining, is set to launch a landmark initial public offering (IPO) in Hong Kong, aiming to raise HK$24.98 billion ($3.21 billion). This marks the largest IPO in the city this year, according to the company’s prospectus released on Friday. The offering involves the sale of 349 million shares at HK$71.59 each, with trading scheduled to begin on September 29. The IPO will value Zijin Gold at $24.1 billion. The move comes amid a strong performance in the gold market, which has surged nearly 39% this year, benefiting from low-interest rates and global uncertainty. Zijin Gold’s IPO surpasses the recent $1.2 billion offering by Chinese automaker Chery, solidifying its position as the largest in Hong Kong for 2025. The company plans to use the proceeds over the next five years to upgrade and construct existing mines, enhancing its production capabilities. Cornerstone investors, including Singapore’s GIC and private equity firm Hillhouse, have already committed $1.6 billion to the offering. Asset managers BlackRock and Schroders are also participating, each purchasing $120 million worth of shares. Morgan Stanley and CITIC Securities are acting as joint sponsors for the IPO. The spin-off and independent listing of Zijin Gold International are expected to broaden the company’s financing channels and improve overall efficiency.
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North Korea’s Kim Jong Un oversees drone testing, KCNA says
North Korean leader Kim Jong Un personally supervised the testing of advanced unmanned drones on September 18, 2025, as reported by the state-run Korean Central News Agency (KCNA). The tests, conducted at an undisclosed location, focused on enhancing the capabilities of these drones through artificial intelligence (AI) technology. Kim expressed satisfaction with the performance of the ‘Kumsong’ tactical unmanned attack aircraft and an unmanned strategic reconnaissance aircraft, approving plans to further strengthen their operational effectiveness. This marks a continuation of North Korea’s efforts to integrate AI into its military technology, following a similar test of suicide drones equipped with AI in March 2025. In addition to the drone tests, Kim inspected the construction of a large greenhouse farm in Sinuiju, a city bordering China, highlighting the regime’s dual focus on military and agricultural advancements. The developments underscore North Korea’s commitment to leveraging cutting-edge technology to bolster its defense capabilities and self-sufficiency.
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Japan PM contender Takaichi to call for income tax cuts, cash payout, Nikkei says
In a significant development in Japan’s political landscape, veteran lawmaker Sanae Takaichi has announced her candidacy for the leadership of the ruling Liberal Democratic Party (LDP). Takaichi, widely regarded as a fiscal dove, revealed her campaign pledge on September 19, 2025, in Tokyo. Her platform includes a combination of income tax cuts and direct cash payouts to households, aimed at stimulating Japan’s fragile economy. Additionally, Takaichi advocates for a gradual reduction in the government’s debt-to-GDP ratio, signaling a balanced approach to fiscal management. Takaichi, who aspires to become Japan’s first female prime minister, is considered a frontrunner in the race, alongside Agriculture, Forestry, and Fisheries Minister Shinjiro Koizumi. She has consistently opposed the Bank of Japan’s (BOJ) interest rate hikes and has called for increased government spending to reflate the economy. Her press conference, scheduled for Friday, coincides with the conclusion of the BOJ’s two-day meeting, where the central bank is expected to maintain interest rates at 0.5% but indicate its readiness to raise borrowing costs in the future. Analysts at Mizuho Securities noted that Takaichi’s campaign pledge could alleviate market concerns over Japan’s worsening finances, particularly if it avoids prioritizing the abolition of the consumption tax on food, maintaining monetary easing, and pursuing weak-yen policies—stances she has previously endorsed. The outcome of the LDP leadership race, set for October 4, will determine the successor to outgoing Prime Minister Shigeru Ishiba and could have significant implications for Japan’s economic and fiscal policies.
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Japan’s core inflation slows in August, stays above BOJ target
Japan’s core consumer price index (CPI) increased by 2.7% year-on-year in August, according to data released on Friday. This figure, which aligns with market forecasts, represents the slowest pace of growth in nine months, offering a slight reprieve to households grappling with rising living costs. The core CPI excludes volatile fresh food but includes fuel costs. Additionally, an index that strips away both fresh food and fuel costs, closely monitored by the Bank of Japan (BOJ) as a more accurate measure of underlying price trends, rose by 3.3% in August, slightly down from 3.4% in July. These data points will be critical for the BOJ as it concludes its two-day policy meeting on Friday, where it is widely anticipated to maintain interest rates at 0.5%. The BOJ, which ended a decade-long radical stimulus program last year and raised short-term interest rates in January, has been cautious about further rate hikes due to uncertainties surrounding the impact of U.S. tariffs on Japan’s economy. Despite consumer inflation exceeding the BOJ’s 2% target for over three years, Governor Kazuo Ueda has emphasized the need for prudence in monetary policy adjustments. The BOJ’s July forecasts suggest that price pressures from rising rice and import costs will ease, giving way to more sustainable price increases driven by robust consumption and wage growth.
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FedEx results top targets on cost-cutting, shares jump 5.5% after the bell
FedEx Corporation (FDX.N) has demonstrated resilience in the face of shifting trade policies, reporting better-than-expected quarterly profits and revenue despite significant headwinds. The Memphis-based logistics giant saw its shares surge by 5.5% in extended trading on Thursday, defying Wall Street’s expectations of a decline. This performance was bolstered by robust domestic delivery growth and aggressive cost-cutting initiatives, which helped offset a 3% drop in international export volumes. The U.S. government’s decision to end the ‘de minimis’ exemption for low-value shipments from China and Hong Kong, effective May 2, 2024, has been a major challenge. This policy change alone reduced FedEx’s first-quarter revenue by $150 million, with similar impacts anticipated in subsequent quarters. Chief Customer Officer Brie Carere highlighted that trade policies, including the de minimis exemption’s termination, represent a $1 billion revenue ‘headwind’ for the fiscal year. Despite these pressures, FedEx achieved a 4% increase in overall average daily package volume, driven by a 5% rise in domestic deliveries. The company’s operating margin also improved to 6%, up from 5.2% in the previous quarter, reflecting the success of its $1 billion cost-saving plan. FedEx reported an adjusted profit of $912 million, or $3.83 per share, for the quarter ending August 31, surpassing analysts’ estimates of $3.59 per share. Quarterly revenue reached $22.24 billion, exceeding the projected $21.66 billion. Looking ahead, FedEx forecasts full-year adjusted earnings between $17.20 and $19.00 per share, slightly below the midpoint of analysts’ average estimate of $18.21. The company remains committed to its strategic initiatives, including $500 million in share repurchases and the planned spin-off of its freight segment by June 2026.
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SoftBank Vision Fund to lay off 20% of employees in shift to bold AI bets, source and memo say
SoftBank Group Corp is undergoing a significant transformation as it reallocates resources to prioritize founder Masayoshi Son’s ambitious artificial intelligence (AI) initiatives. The company has announced plans to lay off nearly 20% of its Vision Fund team globally, marking the third round of layoffs since 2022. This strategic pivot comes despite the fund’s recent strong quarterly performance, driven by gains in public holdings such as Nvidia and Coupang. The Vision Fund currently employs over 300 people worldwide. The restructuring signals a departure from a diversified startup investment portfolio to a more concentrated focus on AI-driven ventures. Son’s strategy includes high-risk, high-reward investments in AI infrastructure, such as the proposed $500 billion Stargate project, which aims to establish a vast network of U.S. data centers in collaboration with OpenAI. A Vision Fund spokesperson confirmed the layoffs, emphasizing the organization’s commitment to bold, high-conviction investments in AI and breakthrough technologies. This shift represents a return to Son’s hallmark approach of making massive, concentrated bets, moving away from the sprawling venture capital model that characterized the Vision Fund’s earlier phase. SoftBank’s recent investments include a $9.7 billion stake in OpenAI through Vision Fund 2, which manages approximately $65.8 billion in total. Additionally, the company is focusing on building an AI ecosystem by acquiring chip firms like Graphcore and Ampere Computing and taking stakes in Intel and Nvidia. Despite the capital-intensive nature of this strategy, execution risks remain, as evidenced by delays in the Stargate project and a similar joint venture with OpenAI in Japan. SoftBank CFO Yoshimitsu Goto assured stakeholders that the company maintains a robust cash reserve of 4 trillion yen ($27 billion), underscoring its financial stability during this transition.
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US lawmaker wants Trump to restrict Chinese flights over rare earths access
In a significant escalation of U.S.-China trade tensions, Representative John Moolenaar, chair of a U.S. House of Representatives committee on China, has called for stringent measures against Chinese airlines. On Thursday, Moolenaar urged the Trump administration to restrict or suspend Chinese airline landing rights in the U.S. unless Beijing reinstates full access to rare earths and magnets. The Republican lawmaker also advocated for a review of export control policies related to the sale of commercial aircraft, parts, and maintenance services to China. Moolenaar emphasized that such actions would convey a strong message to Beijing, highlighting that disrupting critical supplies to U.S. defense industries would not go unanswered. Rare earths, comprising 17 essential elements, are vital for manufacturing products ranging from military equipment to electric vehicles and consumer electronics. China, which dominates the global rare earths market, imposed export restrictions on these materials in April 2023 in response to U.S. tariff increases. Meanwhile, U.S. airlines are operating significantly fewer flights to China than permitted, reflecting low demand. Recent reports suggest China may purchase up to 500 Boeing aircraft as part of ongoing trade negotiations. The U.S. Transportation Department recently extended flight approvals for major U.S. carriers, allowing only 48 weekly flights to China out of 119 authorized. Chinese airlines maintain a similar number of flights to the U.S. The dispute over air travel between the two nations has been a recurring issue, exacerbated by the COVID-19 pandemic and allegations of anti-competitive practices by the Chinese government. Neither U.S. airline representatives nor the Chinese Embassy in Washington have commented on the latest developments.
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Walt Disney executives to meet with Kimmel, assess talk show future, Bloomberg News reports
Walt Disney executives are set to meet with Jimmy Kimmel, the suspended host of the late-night talk show ‘Jimmy Kimmel Live,’ to deliberate on the future of the program. This development follows the show’s recent suspension by Disney-owned ABC due to controversial remarks made by Kimmel regarding the assassination of conservative activist Charlie Kirk. Bloomberg News reported the upcoming meeting, citing three informed sources. The discussions will focus on potential strategies to bring the show back on air. Kimmel’s comments, which criticized the MAGA movement’s response to Kirk’s assassination, sparked significant backlash, including from Federal Communications Commission Chair Brendan Carr, who called for local broadcasters to cease airing the program. Carr warned of possible investigations and penalties for broadcasters if a pattern of distorted commentary is identified. Former President Donald Trump, during a state visit to Britain, commented on Kimmel’s suspension, labeling his remarks about Kirk as ‘horrible.’ Kirk, a close ally of Trump, played a pivotal role in garnering support among young conservative voters. Disney has yet to respond to requests for comment on the matter. The suspension of Kimmel’s show is part of a broader trend of actions taken against media figures and others for their statements about Kirk’s assassination.