President Donald Trump blasted New York City’s new pied-à-terre tax and said his administration is examining whether the federal government has legal authority to intervene, escalating a fight over a surcharge targeting luxury second homes.

Trump argued in a Truth Social post Tuesday that the tax could ultimately cost New York more than it raises by encouraging wealthy property owners and taxpayers to leave for lower-tax states such as Florida and Texas.

“The NYC Pied-a-Terre Tax is costing New York City and State a fortune in that the money, eventually to be gotten, is very little compared to to the TAXES PAID by the tens of thousands of people who are fleeing the City, never to return,” Trump wrote.

He added that Florida, Texas and other states are benefiting financially from people leaving New York and called the policy a dangerous political “experiment.”

NEW YORK’S WEALTHY RUSH TO AVOID MAMDANI’S SECOND-HOME TAX

The president also raised the prospect of federal action.

“I am looking to see if the Federal Government has any legal right to avert this disaster, before it is too late, for the millions of people who cherish New York and want to see it thrive, as opposed to becoming a filthy, crime ridden, decrepit place of mockery and scorn,” Trump wrote.

Trump did not identify what federal law or executive authority his administration could potentially use to challenge the city tax.

The White House did not immediately respond to FOX Business’ request for additional details about what federal authority or action the Trump administration is considering.

MAMDANI’S TAX ROLL BLUNDER WILL BACKFIRE ON EVERYDAY NEW YORKERS AS BUYERS HEAD SOUTH, DEVELOPER WARNS

Trump’s comments come one day after a New York judge temporarily restrained Mayor Zohran Mamdani’s administration from moving forward with parts of the tax rollout after three homeowners sued over how the city implemented the surcharge.

Staten Island Supreme Court Justice Wayne Ozzi ordered the city to take down a disputed property roll covering more than 900,000 homeowners and temporarily barred officials from imposing or collecting the surcharge based on the roll without first making the individualized determination and providing the notice required under state tax law.

The lawsuit challenges the administration of the tax rather than the legality of the surcharge itself.

“We disagree with today’s ruling, but we are confident in both the pied-à-terre surcharge and the City’s ability to implement it fairly and effectively,” Mamdani spokesman Matt Rauschenbach said following the ruling.

MAMDANI EXTENDS DEADLINE FOR NYC HOMEOWNERS TO SEEK EXEMPTION FROM NEW PIED-À-TERRE TAX

“This surcharge asks those who own second homes valued at $5 million or more to contribute their fair share to the city they benefit from,” he added.

Mamdani has said about 17,000 homeowners in a city of 8.5 million are potentially affected by the surcharge.

The Mamdani administration did not immediately respond to FOX Business’ request for comment on Trump’s criticism and his argument that the surcharge could drive wealthy taxpayers and property owners out of New York.

Trump also linked the surcharge to New York City’s congestion pricing program.

“Financial, and then Social, RUIN, is a 100% certainty – And then the Radical Left Jihadists charge Congestion Pricing on top of everything else,” Trump wrote.

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Whether the surcharge ultimately causes significant numbers of property owners or taxpayers to leave New York remains unclear.

Gov. Kathy Hochul’s office did not immediately respond to FOX Business’ request for comment on Trump’s criticism of the surcharge or the possibility of federal intervention.

The legal fight over the rollout is continuing as the Mamdani defends the surcharge and Trump considers whether the federal government has an avenue to intervene.

Mumbai: Shares of at least 45 recently listed companies are set to become eligible for trading over the next two months as post-IPO lock-in periods expire, potentially adding to the supply of shares. According to data compiled by Nuvama Alternative & Quantitative Research, shares worth around $7.6 billion are set to be unlocked between August 12 and September-end. The expiry of lock-ins allows promoters, anchor investors and other pre-IPO shareholders to sell their holdings, but need not translate into share sales.

However, the prospect of a sale could weigh on stock prices in the near term. From August 12 to the end of August, additional shares of 19 companies are scheduled to become eligible for trading: The largest unlocks by value include JSW Cement ($848 million), Fractal Analytics ($745 m), Shreeji Shipping Global ($ 731 m), Hexaware Technologies ($718 m), Clean Max Enviro

Energy Solutions ($470 m), Aye Finance ($260 m), Vikram Solar ($211 m), SBI Funds Management ($139 m) among others. Other companies schedule for unlocked are Ajax Engineering, Indo-MIM, All Time Plastics, Mangal Electrical Industries, Gem Aromatics. In September, 26 more companies will see their lock-ins expire. The largest unlock is JSW Infrasturcutre ($1.48 billion), SEDEMAC Mechatronics ($489 m), Saatvik Green Energy ($254 m), Manipal Health Enterprises ($250 m), GSP Crop Science ($155 m) among others.

Other firms such as Rajputana Stainless, Rishabh Instruments, Omnitech Engineering, Upiter Lifeline Hospital among others will also unloked. Other companies scheduled for unlocks in September include VMS TMT, Shree Ram Twister, Anlon Healthcare, Sedemac Mechatronics, Dev Accelerator and Jupiter Lifeline Hospital. “I particularly like stocks with over 6-month lock-in openings,” said Abhilash Pagaria, Head -Nuvama Alternative & Quant Research. “That is where the PE and early-investor overhang starts to ease, public float rises, and the probability of global index inclusion also improves.”

“He was immensely proud of what John Pye & Sons has become, which is thanks to his determination, vision and every single one of the extended John Pye family – his colleagues over all the years,” the statement added.

“He founded John Pye & Sons in 1968 with just a horse and cart, and lived to see a small business grow into a British industry leading company.

“Those of you who knew him or met him will know of his larger than life character, and the positive and playful impact he had on those around him.

“A true local legend.”

For the first two decades, the firm specialised in managing probate house clearances, cessation of business asset disposals and private chattels.

In 1990, the company was incorporated as ‘John Pye & Sons Limited’ and relocated to larger premises at Banton House in Meadow Lane, near Notts County’s stadium, to expand its client base in the East Midlands.

It later acquired the former Shipstone’s ‘Star’ Brewery site in New Basford in 1995 as the business grew in the 1990s, the company said.

The company added it first moved from live traditional auctions to 24-hour timed auctions in 2007.

In addition to the company’s head office in Nottingham, it now has auction hubs across the country, including in Derby, Birmingham, Bo’ness and Margam, with a further site in Zaragoza, Spain.

“On behalf of the Pye family, we would like to thank everyone for their kind words and support at this incredibly sad time.

“He will be greatly missed by all of us,” the statement from the firm added.

Supermarkets including Sainsbury’s, Tesco, Morrisons and Waitrose already have dedicated lines for wonky vegetables.

Calum Kelly, Waitrose’s produce technical manager, said in demanding weather conditions “we relax size and shape guidelines for key veg to avoid waste and provide more income to our growers and farmers”.

“Baking potatoes might be a little smaller than usual this harvest if the drought continues. All these veg still taste great, but like many of us in a heatwave, they might just look a little less than perfect.”

Not every gap can be filled this way though. Andrew Opie, the director of food and sustainability at the British Retail Consortium, said supermarkets are also importing more food from abroad as UK supplies run short.

“Retailers face the dilemma of supporting British farmers, but also making sure that we, as customers, have what we expect to buy when we go in the shop,” he said.

“It’s going to be a challenging period right through into the autumn. We’re hearing potentially it could affect things like cherries as well.”

Approximately 80p a year will be added to all energy bills to fund the discount scheme.

Most households that qualify will receive the discount automatically on their electricity bill every six months although some, such as those on commercial meters, may need to apply.

The first payments will start early next year, when eligible customers will receive more information from their supplier or the energy regulator Ofgem.

An assessment earlier this year estimated that between 120,000 and 160,000 households could eventually receive the discounts as more projects are rolled out.

Rural campaign groups argue it is impossible to put a price on the loss of landscapes, and some residents living close to proposed projects say the money being offered is an insult.

Kate Matthews of the Save Our Mearns campaign group, fighting plans for upgraded pylons in north-east Scotland including the Kintore to Tealing project, said the discount scheme was an insult.

She said: “£2,500 off electricity bills over 10 years is a slap in the face for residents facing ruined businesses and unsellable homes.

“This government is either massively out of touch or is showing their contempt for affected residents and energy consumers.”

The Federal Aviation Administration (FAA) on Tuesday announced the deployment of a new radar at Newark Liberty International Airport that’s designed to prevent incidents from occurring on busy runways.

The new radar, known as the Surface Movement Radar Model 4, allows air traffic controllers to track aircraft and vehicles on runways and taxiways in all weather and visibility conditions and prevent runway incursions that could result in accidental collisions. The SMR-4 will represent a capability improvement over the 30-year-old radar that’s being replaced.

FAA Administrator Bryan Bedford spoke at the event and said that it was the deployment of the fifth surface movement radar in the U.S.

“We will deploy 53 of these surface movement radars across the country at our top 44 busiest airports in the U.S.,” Bedford said, adding that the radar system was built in Syracuse, New York, as onshoring production of critical infrastructure was a key component of the agency’s modernization effort.

FATAL LAGUARDIA COLLISION RENEWS FOCUS ON RUNWAY INCURSION RISKS ACROSS US

“We think of modernization not just as replacing all of this old equipment. And again, this is a 30-year-old box: we can’t maintain it, they don’t build it, they don’t supply replacement parts for it. So when these things break, they’re no longer available to us, so getting this investment is critical,” he explained.

“It’s not just that we’re purchasing and deploying new equipment, we have brought these jobs back to the U.S. which is a key focus of the secretary and the president,” Bedford said.

FAA ROLLING OUT NEW TECHNOLOGY TO REDUCE RISK OF RUNWAY ACCIDENTS

Transportation Secretary Sean Duffy, who also spoke at the unveiling, noted that the surface awareness radar will “give us better technology to see airplanes, to see vehicles on the ground at Newark Airport. It’ll see aircraft on final approach. It is a more resilient system,” he added.

“It allows controllers on a dark night, or controllers in bad weather, if they can’t see out of the tower and see what’s happening on the tarmac, they can actually use this radar to see on their screens where everything is at – airplanes, vehicles – and again, it keeps the American public safer as we use American skies,” Duffy said.

AMERICAN AIRLINES JET CANCELS TAKEOFF AFTER LAX RUNWAY INCURSION

The Department of Transportation and FAA noted in a release that they’ve installed 96 new systems around the country over the last year that are related to the agency’s surface awareness initiative.

FAA data shows that there have been 1,102 runway incursions in the agency’s fiscal year 2026 so far – down from 1,197 in the same period a year ago. The data includes operational incidents, pilot deviations, vehicle or pedestrian deviations, and other forms of incursions.

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The Securities and Exchange Board of India (SEBI) has proposed allowing Foreign Portfolio Investors (FPIs) to participate in non-cash settled, or physically settled, non-agricultural commodity derivative contracts traded on recognised domestic exchanges, subject to a set of safeguards.

The move is aimed at deepening institutional participation and liquidity in India’s commodity derivatives market.

“Based on representations received from stakeholders, deliberations of the Commodity Derivatives Advisory Committee (CDAC), and public comments received on the consultation paper on this subject, and with the objective of deepening institutional participation and liquidity in the commodity derivatives segment, it has been decided to permit FPIs to participate in non-cash (physically) settled non-agricultural commodity derivative contracts, subject to the safeguards specified in this circular,” said SEBI in its latest circular.

Currently, FPIs are permitted to participate in the commodity derivatives segment of recognised stock exchanges through cash-settled non-agricultural commodity derivative contracts and indices comprising non-agricultural commodities, except deliverable options contracts.

Under the revised framework, FPIs will be allowed to participate in deliverable non-agricultural commodity contracts up to the commencement of the tender or staggered delivery period. They will have to unwind or square off their open positions before the commencement of the tender or staggered delivery period.

On the trading day immediately preceding the commencement of the tender or staggered delivery period, no fresh positions that increase an FPI’s existing position in the expiring contract will be allowed.
Two-tier safeguard mechanismSEBI has put in place a safeguard mechanism to ensure that FPIs do not end up with delivery obligations in physically settled contracts.

The primary and preferred mode of exit will be voluntary square-off or rollover. An FPI will be free to square off or roll over its open positions up to the close of market hours on the day preceding the start of the tender period.

However, if an FPI has not voluntarily squared off or rolled over its open position by the close of market hours on T-3, the safeguard mechanism will be triggered.

The FPI’s open position will then be automatically transferred to the proprietary account of a designated Trading Member (TM) or Trading-cum-Clearing Member (TCM) after market hours on T-1, the day preceding the start of the tender period, before the start of end-of-day activities of the clearing corporation.

The Professional Clearing Member will have to inform the designated TM by the end of T-2 about the FPI’s open position that is liable to devolve under the safeguard mechanism. This is intended to enable the designated TM to arrange adequate margin ahead of the transfer.

The transfer will be executed at the closing price or daily settlement price declared by the exchange on the day of transfer. It will be treated as a normal market trade for all purposes, including exchange transaction charges, SEBI turnover fees, Commodity Transaction Tax (CTT), stamp duty and GST on turnover charges.

Once the transfer is executed, the FPI’s open position will be deemed to be closed. The FPI will cease to have any further right, title, obligation or exposure in respect of the position, including in relation to the tender or delivery process. All rights and obligations relating to the transferred position will thereafter vest solely with the designated TM or TCM.

SEBI has also clarified that such transfer of positions from an FPI to a TM under the special arrangement will not be treated as an over-the-counter derivative. Existing provisions relating to transfer of positions between client codes applicable to non-institutional transfers, error accounts or off-market transfers will also not apply to this arrangement. The transfer will instead be considered a trade with applicable statutory levies.

No fresh positions on T-1

No Clearing Member will be permitted to accept or clear any trade that results in an increase in an FPI’s open position in the near-month deliverable contract on T-1, immediately preceding the start of the tender period.

The framework also provides relief to a designated TM or TCM if the transfer of FPI positions causes its proprietary account to exceed applicable position limits.

Such a member will be permitted up to two trading days from the date of transfer to reduce its futures positions and bring them within the prescribed limits, said SEBI.

During this period, the transferred position will not, solely because of the transfer, be treated as a violation attracting penal action under Annexure J of SEBI’s Master Circular for the Commodity Derivatives Segment.

Proprietary Risk Absorption Charge

SEBI has also provided for a “Proprietary Risk Absorption Charge” that may be incorporated into the onboarding agreement between the FPI and the designated TM or TCM.

The charge may be payable by the FPI where its open position is transferred under the backstop mechanism because the FPI failed to voluntarily square off or roll over the position by T-1.

The charge is intended to compensate the TM or TCM for the proprietary risk, margin and position-limit burden it absorbs because of the involuntary transfer. It will be over and above any service fee agreed between the parties for effecting the transfer.

The exchange will prescribe the conditions under which the charge is collected. The quantum and manner of computation of the charge will have to be disclosed to and agreed upon by the FPI at the time of onboarding.

The charge will be without prejudice to any penalty leviable by the exchange or clearing corporation under the existing framework.

Onboarding Requirements

According to the circular, before enabling an FPI to trade in non-cash settled non-agricultural commodity derivative contracts, the Trading Member must put in place either a tripartite agreement among the Professional Clearing Member, Trading Member and FPI, or a bipartite agreement between the Trading-cum-Clearing Member and the FPI, depending on the membership structure through which the FPI operates.

At its discretion, an FPI may enter into an agreement with one TM or TCM across all exchanges and commodities, one TM or TCM per exchange, or one TM or TCM per commodity or group of commodities within each exchange.

The TM or CM will have to inform the relevant exchange or clearing corporation of the arrangement before permitting the FPI to trade in the relevant deliverable commodity derivative contracts. The exchange will enable trading for the FPI only upon confirmation of the arrangement.

SEBI has also asked recognised exchanges having commodity derivatives segments to standardise the format and material terms of the onboarding agreement in consultation with each other, to ensure consistency in safeguards and disclosures applicable to FPIs across exchanges.

The exchange or clearing corporation will also notify detailed schemes or guidelines for a post-closure window between the designated TM and FPI for open positions held by the FPI one day before the start of the tender period, after normal market hours, at the closing price in the commodity derivatives market segment.

SEBI said the move would deepen institutional participation and liquidity in the commodity derivatives segment.

The framework is also expected to broaden the participant base, improve market depth and price discovery, and strengthen convergence between derivatives and physical markets.