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Short Lines Despite National Staffing

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In this file photo a United Airlines plane taxis at Los Angeles International Airport on September 27, 2019

LOS ANGELES — Travelers at Los Angeles International Airport (LAX) encountered relatively short TSA security wait times on Monday, March 30, 2026, with official data showing general boarding lines as low as 0 to 3 minutes in the Tom Bradley International Terminal (TBIT) during early morning hours, even as a federal funding lapse continues to cause longer delays at other major U.S. hubs.

In this file photo a United Airlines plane taxis at Los Angeles International Airport on September 27, 2019
In this file photo a United Airlines plane taxis at Los Angeles International Airport on September 27, 2019

According to the official flyLAX.com security wait times page, updated as recently as early Monday, general boarding at TBIT stood at 0–3 minutes while TSA PreCheck lanes reported 0 minutes. Similar low figures appeared across multiple checkpoints in recent days, contrasting sharply with reports of multi-hour lines at airports such as Atlanta, Houston and New York’s JFK amid nationwide TSA staffing shortages triggered by the ongoing Department of Homeland Security funding lapse.

Third-party trackers and traveler reports largely aligned with the official data Monday. Sites like OnAirParking and TakeoffTimer indicated average standard security waits fluctuating between 1 and 25 minutes depending on the hour, with PreCheck lanes consistently clearing in under 5–10 minutes. Early morning peaks occasionally reached 28–36 minutes in some estimates, but most real-time observations described quick processing across LAX’s nine terminals.

The relatively smooth experience at LAX on March 30 comes despite broader challenges facing the Transportation Security Administration. TSA officers have worked without pay since mid-February, leading to elevated call-out rates — sometimes exceeding 30–40% at affected facilities — and hundreds of resignations nationwide. Acting TSA leadership has warned Congress of the highest wait times in agency history at some airports, with lines stretching beyond four hours in extreme cases.

LAX appears to have avoided the worst of the disruptions so far. Airport officials and Delta’s wait-time dashboard reported minimal delays in terminals including T1 North/South and T2, with checkpoints often moving passengers through in 5–10 minutes during mid-morning. Social media posts and Reddit threads from recent days, including March 25–28, frequently noted sub-5-minute experiences in various terminals, with some travelers describing “empty” lines even during typical rush periods.

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LAX, one of the world’s busiest airports handling more than 60 million passengers annually, operates a complex security setup across multiple terminals serving domestic and international carriers. The Tom Bradley International Terminal, which processes the heaviest long-haul traffic, has shown the shortest reported waits in recent updates. Other terminals, such as those used by Delta, United and American, reported similarly manageable lines Monday according to airline-affiliated trackers.

Travelers and aviation experts attributed LAX’s better performance to several factors. The airport’s large physical footprint allows for more checkpoint lanes when staffed. Southern California’s spring travel patterns may not yet match the intense spring break surges hitting other regions. Additionally, high enrollment in TSA PreCheck and CLEAR programs — popular among frequent West Coast flyers — helps divert eligible passengers into faster lanes.

Still, officials caution that conditions can change rapidly. The flyLAX website notes that wait times are “subject to rapid change based on passenger volumes and TSA staffing.” Some national reports indicate LAX has occasionally removed or limited real-time wait time displays due to unpredictability caused by the funding situation. USA Today and other outlets reported that several major airports, including LAX at times, have urged passengers to build in extra buffer time rather than relying solely on posted estimates.

The federal funding lapse, now in its sixth week, has strained TSA operations coast to coast. Deputy Administrator Ha Nguyen McNeill told lawmakers that officer absenteeism has climbed significantly, with nearly 500 TSA employees resigning since the lapse began. High call-out rates at hubs like Atlanta (approaching 41%) have forced some facilities to consolidate lanes or operate with reduced capacity, directly contributing to backups.

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At LAX, the impact appears milder but not entirely absent. Third-party hourly forecasts from sites like TakeoffTimer projected potential peaks of 27–32 minutes during typical morning and evening rushes (7–10 a.m. and 6–7 p.m.), though actual Monday observations remained lower. Travelers without PreCheck or CLEAR are still advised to arrive at least two to three hours before domestic flights and three to four hours for international departures to account for any sudden surges or additional screening.

Airport and TSA representatives recommend several strategies for minimizing delays:

  • Enroll in TSA PreCheck or CLEAR if traveling frequently; both services have dedicated lanes at most LAX terminals and can cut wait times dramatically.
  • Use the MyTSA mobile app for crowd-sourced real-time reports, though official data availability has been inconsistent during the lapse.
  • Prepare in advance by removing liquids, electronics and outer layers before reaching the checkpoint.
  • Check your specific terminal’s status via flyLAX.com or your airline’s app, as conditions can vary between terminals.
  • Consider off-peak flight times when possible to avoid morning and evening rushes.

LAX continues to serve as a critical gateway for domestic travel to cities like New York, Chicago and Las Vegas, as well as international routes across the Pacific and to Europe and Latin America. Despite the national TSA challenges, flight operations Monday showed no widespread ground stops or major airborne delays directly tied to security processing.

The Port of Los Angeles and local tourism officials have not issued any special alerts for March 30, suggesting that passenger flow through security has not reached crisis levels at this major California hub. However, as spring travel demand builds toward summer and the 2026 FIFA World Cup preparations, concerns remain about sustained staffing issues if the funding standoff persists.

Broader context includes ongoing debates in Washington over resolving the DHS funding impasse. TSA unions have highlighted fatigue among officers working without pay and warned that prolonged uncertainty could exacerbate turnover ahead of peak summer travel. Some smaller airports have already faced temporary checkpoint closures or reduced hours due to insufficient staffing.

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For LAX specifically, the airport’s modernization efforts — including terminal improvements and technology upgrades like touchless ID verification — have helped streamline processing when staffing allows. The end of the LAX FastLane program earlier in 2026 shifted reliance back to standard PreCheck and general lanes.

Passenger sentiment on social platforms mixed cautious optimism with preparation advice. Recent posts described quick passages through terminals 2, 3, 4 and 7, with some crediting light mid-week crowds on Monday. Others warned that conditions could worsen later in the day or week as business and leisure travel volumes increase.

As of Monday afternoon Pacific time, no major disruptions were reported at LAX security checkpoints. Flight tracking services showed typical operations, with most departures proceeding close to schedule once passengers cleared screening.

Travelers planning to fly from LAX today or in coming days should monitor official sources closely. The flyLAX wait times page, airline apps and the MyTSA platform provide the most current snapshots, though experts emphasize arriving early and staying flexible.

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While LAX has fared better than many peers on March 30, the national TSA staffing strain serves as a reminder of vulnerabilities in the aviation security system during periods of fiscal uncertainty. Resolution of the funding lapse would likely stabilize operations quickly, but until then, patience and preparation remain essential for anyone passing through Los Angeles International Airport.

The situation remains fluid. Updates from TSA, LAX and individual airlines will continue to guide travelers as the day and week progress.

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Apartment rents weaken further as war and job cuts weigh on demand

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Apartment rents weaken further as war and job cuts weigh on demand

Key Points

  • March rents were down 1.7% on an annual basis, according to Apartment List.
  • That’s the largest drop since Apartment List began tracking in 2017and larger than the record set in the early months of the Covid pandemic.
  • Rents are falling because vacancies are also unusually high.

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Topps Tiles to close 23 stores as part of cost-cutting plans

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Leicestershire-based tile chain also planning head office changes

Tiles on display at the Topps Tiles HQ in Leicestershire

The Topps Tiles HQ in Leicestershire(Image: Leicester Mercury)

Retailer Topps Tiles has revealed 23 branches are set to close amid challenging conditions in the home improvement sector and mounting costs.

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The Leicestershire-headquartered tile specialist said the closures, representing 7% of its 319-strong portfolio, will help reduce expenses as part of “significant self-help measures”, which also include savings being delivered at its head office.

Topps said the branches are underperforming, with eight already shuttered since last September and the remaining sites set to close over the coming six months.

The company did not reveal what effect the moves would have on its workforce or specify cost-saving targets, though it confirmed affected employees would be offered positions elsewhere within the business where feasible.

The group currently has approximately 1,850 staff members.

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Topps Tiles chief executive Alex Jensen said: “In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half.

“These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.”

The business reported sales declined 0.1% to £142.7 million in the six months to 28 March, though it noted revenues were affected by a “lengthy” competition process and disposal programme required to address competition concerns following its acquisition of CTD from administration in 2024. Excluding the CTD business, sales climbed 2.1%, although the company noted growth decelerated sharply to 0.6% in the second quarter.

The group said it outperformed the broader DIY and home improvement market, yet shares still slipped 3% following the update.

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The ongoing cost-cutting measures are expected to weigh on sales while strengthening profitability, the group added.

Ms Jensen assumed the role of chief executive on December 8, succeeding longstanding former boss Rob Parker upon his retirement.

Topps’ acquisition of CTD out of administration came under scrutiny from the Competition and Markets Authority (CMA), which ordered the company to divest a number of CTD stores to address its concerns.

The retailer retained 22 CTD stores, reduced from an initial 31.

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In December, it also acquired the brand of collapsed rival Fired Earth in a £3 million rescue deal, after the Oxfordshire-based competitor fell into administration in October, leading to the closure of its 20 UK showrooms and 133 redundancies.

Topps confirmed the group remains on course to return the CTD arm to profitability in 2025-26, having recorded like-for-like sales growth of 1% across the division in the first half to March 28.

The company posted a statutory pre-tax profit of £8.3 million in the year to September, a marked turnaround from a £16.2 million pre-tax loss the previous year. Half-year figures are due to be published on May 19.

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Shares surge on hopes of US Iran exit but risks remain

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Shares surge on hopes of US Iran exit but risks remain

Australia’s share market has bounced sharply on optimism the US will wind down its military campaign against Iran, but doubts remain and aftershocks from the conflict are likely to linger.

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Oil slides 4% to below $100/bbl as Middle East uncertainty keeps markets on edge

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Oil slides 4% to below $100/bbl as Middle East uncertainty keeps markets on edge
Oil fell over 4% on Wednesday, reversing earlier gains as ongoing Middle East tensions rattled markets, even amid reports that the U.S.-Israeli conflict with Iran could be easing.

The June Brent contract dropped 4.35% to $99.45 per barrel by 7:05 am GMT, while May U.S. WTI crude slipped 3.99% to $97.34 per barrel.

Prices rose earlier on Wednesday but turned lower as uncertainty over the Middle East conflict ‌prompted investors to ⁠lock in ⁠gains.

“The dip is likely due to a lull during Asian hours with profit taking amid signals from the U.S. that the war may come to a conclusion in the near term,” said Emril Jamil, senior analyst at LSEG.

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Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran’s president was ready to end the war.


President Donald Trump told reporters on Tuesday that the U.S. could end the military campaign within two to three weeks and that Iran does not ⁠have to ‌make a deal to end the conflict, his clearest declaration yet that he wants to wind down the month-long war.
Still, even if the conflict ends, infrastructure damage is likely ⁠to keep supplies tight, analysts say. Oil prices will depend on how quickly supply chains normalize afterwards, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Even if it starts to de-escalate, the flow of tankers won’t resume right away … shipping costs and insurance, tanker movement will take time to return to normal,” Sachdeva said, adding that the actual damage to oil infrastructure could only be assessed afterwards.

Trump has indicated he could end the war before reopening the Strait of Hormuz, a key route through which 20% of global oil and liquefied natural ‌gas trade flows, according to a Wall Street Journal report.

“Even with diplomatic channels reportedly still active and intermittent comments from the U.S. administration predicting a short end to the conflict, the combination of limited tangible ⁠diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply risks skewed to the upside,” LSEG analysts said in a note.

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OPEC oil output dropped 7.3 million barrels per day in March compared with the previous month, a Reuters survey showed on Tuesday, illustrating the impact of forced export cuts because of the closure of the strait.

Meanwhile, U.S. crude oil output fell by the most in two years in January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration showed on Tuesday.

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UBS reiterates Chevron stock Buy rating on Microsoft power deal

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UBS reiterates Chevron stock Buy rating on Microsoft power deal

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HOLT Architects Transforms Lavery Library Into a Modern Student Success Center

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HOLT Architects Transforms Lavery Library Into a Modern Student Success Center

When HOLT Architects began reimagining Lavery Library at St. John Fisher University, the assignment was not to refresh a dated academic building. It was to redefine what that building meant to campus life.

Constructed in 1975, the Lavery Library represents the characteristics of that period. As it was mostly concrete and constructed to keep the books stored (and not experience the students) there was an inward look at how the building was constructed which led it to having an internal nickname as a “book fort.” Students would enter the building to get their books and leave; The services were during their stay and spread throughout the building and days. Very little natural light was allowed inside. No circulation was promoted between the major campus areas.

The next 50 years of leadership from the university asked a completely different question: What type of project will allow the students to have the support to perform at their highest level? From this question we were able to change the idea of working on the library to the creation of a Student Success Center and demonstrate access to the services; visibility for all incoming students; the inclusion of all students.

Repositioning a Campus Landmark

The renovation of Lavery transforms the structure’s role in relation to the campus fabric as it now connects key areas of campus rather than serve as a barrier. HOLT Architects incorporated two primary entrances: one facing LeChase Commons and an elevated entrance facing the South Quad to work as throughways rather than dead ends.

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The new universally accessible exterior route replaces previously risky 20-foot staircases with a direct link between Upper Quad and Commons, creating a fully accessible connection for the first-time creating dignified, equitable access to the entire property.

Internally, the renovation optimises vertical circulation through a strong social staircase with an intuitive orientation throughout the building, creating continuous movement throughout the various levels. Rather than appearing as a series of disconnected spaces, the renovation creates an open, clear connection to what a student will see on their way to what they want.

Adaptive Reuse as Strategy, Not Compromise

Rather than demolish the 1975 structure, HOLT embraced adaptive reuse. The building’s robust concrete frame was preserved, conserving significant embodied carbon and minimizing construction waste. The decision reflects a growing recognition within higher education design: sustainability is often most effective when it begins with what already exists.

Preserving the structure required strategic intervention. Mechanical chases that once occupied the perimeter walls were relocated inward, freeing the building’s edges for glazing and daylight. High-performance envelope upgrades and new glazing systems enhance energy efficiency while transforming the interior experience.

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This approach allowed the design team to respect the building’s permanence while redefining its purpose. The heavy concrete frame remains, but its character has shifted. Transparency replaces opacity. Light replaces enclosure. The architecture acknowledges its past without being constrained by it.

The project serves as an example of how to incorporate modern solutions and designs with existing historical elements through adaptive reuse. This project shows that preservation and innovation can co-exist, and adaptive reuse can now be seen as an innovative approach instead of just looking back at the past.

From Repository to Academic Hub

The most visible transformation is programmatic. Lavery no longer functions primarily as a repository for books. Through the consolidation and right-sizing of collections, prime perimeter zones were freed for student use. Seating increased by approximately 20 percent without expanding the building’s footprint.

That increase is not simply quantitative. The renovation diversifies how students can inhabit the building. Open collaboration areas coexist with enclosed group rooms. Technology-rich classrooms sit alongside a dedicated silent reading room. Lounge seating, carrels, group tables, and social stair seating support different learning modes, durations, and comfort levels.

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The design combines both “we” areas for collaboration and “me” areas for study – providing areas for engaging in group conversation or areas that allow for quieter concentration. Individual students can select the environments that align with their energy levels and work styles throughout their day. The spaces are meant to accommodate different methods of studying, so there isn’t just one way to be successful academically within this building.

Daylight is central to this shift. Once scarce, it now defines the interior character. New entrances and expanded glazing draw light deep into the floor plates. Transparent tutoring rooms and visible circulation paths allow students to see activity and support in motion. The building communicates openness before a word is spoken.

A Concierge Model for Student Success

At the heart of the renovation is a concierge-style Student Success Desk. Advising, tutoring, accessibility services, career planning, and research support are co-located in a single, highly visible hub. Services that were once fragmented or hidden are now centralized and daylit.

An organizational move to a new space has both logistical and psychological implications. When academic support is provided at a distance (e.g., in offsite offices), there may be a perception of stigma associated with accessing that support. When academic support is provided centrally on campus in light-filled spaces and in close proximity to day-to-day activity throughout the campus, academic support is readily accepted as the norm.

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Librarians are repositioned as teaching partners, with offices distributed throughout the building rather than isolated behind closed doors. Their presence reinforces the idea that research, advising, and mentorship are integrated aspects of student life, not ancillary services.

University leadership has described the project as the physical embodiment of Fisher’s supportive culture. The architecture expresses that culture in concrete terms. Students encounter support not as a destination they must seek out, but as an ever-present resource woven into their path.

Removing Physical and Psychological Barriers

The renovation addresses inclusivity at multiple scales. The new accessible campus connection eliminates a long-standing physical obstacle. Interior circulation is intuitive, with clear sightlines and vertical links that reduce confusion.

Transparency does additional work. Glass-walled tutoring rooms and visible service points remove the ambiguity that often discourages students from asking for help. When support is visible, it signals availability. When students can see peers engaging with services, help-seeking becomes normalized.

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Even the redistribution of space reflects this philosophy. Perimeter daylight zones are prioritized for student occupancy, while deeper interior areas house support functions. The message is subtle but clear: students come first.

Native landscaping and stormwater strategies extend the ethos of care beyond the building envelope. Sustainability and equity operate as parallel commitments rather than competing priorities.

Architectural Thought Leadership in Practice

HOLT Architects has built a reputation across New York State for integrating high-design aesthetics with functional and sustainable solutions. At Lavery, that reputation translates into a project that is as strategic as it is spatial.

The firm resisted the temptation to treat the building as obsolete. Instead, it recognized the latent value in the existing structure and amplified it. Adaptive reuse preserved embodied carbon. Envelope upgrades improved performance. Reorganization unlocked space for students. The design demonstrates that thoughtful intervention can extend a building’s relevance by decades.

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The project’s impact has been recognized with the Jeffrey J. Zogg Build New York Award from the Associated General Contractors of New York State. The award underscores not only construction excellence but also the broader civic value of the transformation.

Of course, there is also an increasing recognition of the nature of the space being occupied on a daily basis. Lavery is now operating as a civic commons, or an academic hearth, where the community, connection, and learning all come together. Students walk through Lavery on their way to their respective quads. Students also hang out on the social stair and meet with advisors in the glass-fronted offices; they also study in daylight that previously did not exist.

A Model for the Next Generation of Campus Libraries

Higher education institutions across the country are grappling with similar questions. What is the role of a library in an era of digital resources? How can campus buildings embody commitments to accessibility and inclusion? How can sustainability goals align with budget realities?

The Lavery renovation offers one answer. Rather than abandoning the library typology, it expands it. The building retains its intellectual core while integrating academic and career support into a unified framework. It shifts from storage to service, from isolation to integration.

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By preserving the concrete frame, HOLT Architects demonstrated that sustainability begins with stewardship. By opening the façade and reorienting circulation, the firm reinforced that architecture shapes behavior. By centralizing student services, the design team affirmed that physical space influences institutional culture.

What was once described as a “book fort” is now a forum for learning and connection. The transformation is architectural, operational, and symbolic.

For St. John Fisher University, Lavery stands as a commitment made visible. For HOLT Architects, it represents a model of adaptive reuse that balances preservation, sustainability, and forward-thinking design. And for the students who move through its light-filled spaces each day, it serves a simpler purpose: a place where success is supported, accessible, and expected.

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Jamie Dimon says US must ‘finish’ Iran conflict to protect economy

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Jamie Dimon says US must 'finish' Iran conflict to protect economy

JPMorgan Chase CEO Jamie Dimon is calling for a decisive end to the conflict with Iran, saying the U.S. must “finish this thing” to protect the global economy and remove the threat to the region.

Dimon appeared on “Fox & Friends” Tuesday, saying American strength depends on decisive action in the Middle East and embracing the artificial intelligence revolution.

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“It’s much more important that this be successfully completed than what the market does,” Dimon said. 

Threats to Middle East oil flows have added uncertainty to markets, as the United States, Israel and Iran continue to exchange strikes. On Tuesday, Iran struck an oil tanker off the coast of Dubai and continues to block shipments in the vital Strait of Hormuz.

JAMIE DIMON WARNS OF PRE-FINANCIAL CRISIS PARALLELS, SAYS SOME PEOPLE DOING ‘DUMB THINGS’

Jamie Dimon leaves Capitol after meeting with Senate Republicans on economic policy.

Jamie Dimon, CEO of JPMorgan Chase, departed the U.S. Capitol after attending a Senate Republican policy luncheon on Sept. 17, 2025, in Washington, D.C. (Graeme Sloan/Bloomberg via Getty Images / Getty Images)

Dimon said Americans should be hoping the United States wins the latest conflict and acts to “clean up the straits,” minimizing future threats to the U.S. and its allies.

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“These people have been doing something bad for 47 years. They’ve been killing people. They’ve been killing Americans,” Dimon said. 

“I think people are surprised to find out they had a ballistic missile and go 3,000 miles. These are bad people, and they needed to be stopped,” he added. 

Dimon advocated for the country to “finish this thing,” warning that if the U.S. fails to act, the cycle of threats will continue.

TRUMP SUES JPMORGAN CHASE AND CEO JAMIE DIMON FOR $5B OVER ALLEGED ‘POLITICAL’ DEBANKING

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U.S. Navy sailor signals helicopter launch on aircraft carrier flight deck.

A U.S. Navy sailor signaled the launch of an MH-60R Sea Hawk helicopter from the flight deck of the USS Gerald R. Ford on Feb. 28, 2026, at sea, as part of Operation Epic Fury. The operation followed a joint U.S.-Israeli strike on Iran that killed Su (U.S. Navy via Getty Images / Getty Images)

Beyond the battlefield, Dimon noted that a vital part of U.S. security is embracing AI capability and fixing a lagging defense industrial base. He singled out the U.S.’s inability to double or triple its supply of rockets if needed, noting it is a major area of concern.

JAMIE DIMON SAYS US HAS ‘BECOME LIKE EUROPE’ ON DEFENSE, AND IT’S HOLDING THE COUNTRY BACK

Dimon discussed his $1.5 trillion Security and Resiliency initiative, which lends and invests money to companies researching areas tied to national security, including drones, space and rare earths. 

He also spoke about the changes he sees on the horizon as the country adapts to the introduction of artificial intelligence. Dimon compared the AI shift’s importance to that of tractors and electricity. 

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Bank executive speaks to an audience during a conference focused on business and innovation.

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

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“AI, in the long run, is [going to] be unbelievable. Just like fertilizer was and tractors and the internet and electricity, it’s [going to] cure cancers,” he said.

“My guess is our grandkids will be working three and a half days a week. They’ll live to 100. They won’t have all our diseases. That’s good,” Dimon added. 

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Thailand Tightens Data Centre Regulations Amid Rapid Market Growth

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Thailand Tightens Data Centre Regulations Amid Rapid Market Growth

Thailand is set to implement stricter licensing regulations for data centers as the industry experiences rapid growth alongside mounting concerns over potential exploitation by criminal networks.

Key Details:

  • Thailand’s data centre market is projected to grow from 470 billion baht (2025) to over 2.02 trillion baht by 2031, an average annual growth rate of 27.71%.
  • The NBTC (National Broadcasting and Telecommunications Commission) is proposing upgrading data centre licences to Type 3, the same category used for telecommunications operators, enabling deeper oversight of customers and infrastructure.
  • Key concerns include data centres potentially being exploited by call centre gangs, money launderers, and grey capital networks for cybercrime and cross-border fraud.
  • New measures would also introduce zoning controls to regulate electricity and water consumption.
  • Seven data centre projects worth over 96 billion baht have already received BOI approval, with major investors including True Internet Data Centre, Gulf-Singtel-AIS, and operators from Singapore, Japan, and Europe.
  • In 2025 alone, 36 investment promotion projects worth 728 billion baht were submitted, reflecting Thailand’s emergence as a regional hub.
  • The NBTC stressed the new rules are “not intended to block investment” and will be open for public consultation before finalisation.

Why It Matters:
As Thailand rapidly becomes a regional data centre hub, balancing economic growth with robust regulatory oversight is critical to preventing digital infrastructure from becoming a channel for organised crime and illicit financial flows.

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Markets are nervous, but Main Street isn't: Wells Fargo CEO flags economic disconnect

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Markets are nervous, but Main Street isn't: Wells Fargo CEO flags economic disconnect

Despite a 50% spike in oil prices and an escalating conflict involving Iran, Wells Fargo CEO Charlie Scharf reports a disconnect between market volatility and real-world economic health.

“So, separate out the pure economy from markets and what people are nervous about in terms of what the future holds. The economy is still extremely strong. When we look at it, consumers are still spending, even with the increases in oil prices. They’re spending 20, 30% more on oil, but they haven’t stopped spending on everything else,” Scharf told FOX Business’ Maria Bartiromo on Tuesday.

“When you just look at the health of the consumer and the health of the businesses that we serve, which is pretty broad across the country, things are in really good shape now,” he continued. “That’s different than the markets, right?”

U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict. Fuel markets have been particularly sensitive to disruptions tied to the Strait of Hormuz, a critical corridor for global crude shipments, where Iran has effectively restricted traffic, tightening supply expectations.

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JAMIE DIMON SAYS U.S. HAS ‘BECOME LIKE EUROPE’ ON DEFENSE, AND IT’S HOLDING THE COUNTRY BACK

Further gains at the pump are possible if crude prices continue to rise, analysts say.

Meanwhile, investors are hesitant to take on any risk as the Middle East conflict rages on, with Reuters reporting a liquidity crunch amplifying “wild” price swings and widening spreads, leaving traders struggling to find buyers.

Scharf acknowledged a sense of “fragility” in the indices, but insisted that delinquencies remain low and wages continue to grow.

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“It does feel like there is a fragility or a nervousness in the markets which you don’t yet see in the economy, which, depending on how long the war goes on, will either turn out to be OK or there could be a trigger which could make things a little bit worse,” he said.

One concern he does hold for Main Street America is the Trump administration’s proposed 10% credit card interest rate cap, which he fears could lead to a “crunch” for those who need credit most.

“I think the president is right to focus on affordability,” Scharf started. “I personally don’t think that that is the best solution… I’m much more concerned with, is it the right answer for helping Americans who are in need, and does it actually help extend more credit or extend less credit? And my fear is that it actually hurts the extension of credit.”

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Looking ahead through the rest of the year, Scharf feels “very good” about Wells Fargo’s overarching growth trajectory, also touching on opportunities in artificial intelligence (AI) infrastructure.

“It’s going to be trillions of dollars, whether it’s $3 [trillion] to $5 trillion that’s going to be needed to build out the infrastructure,” the CEO said. “The hyperscalers have a huge advantage. You know, those who control these large language models that continue to be on the forefront continue to invest. People are going to pay for that.”

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FOX Business’ Bradford Betz contributed to this report.

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Cal-Maine Foods Sales Sink on Lower Egg Prices

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Cal-Maine Foods Sales Sink on Lower Egg Prices

Cal-Maine Foods CALM 0.62%increase; green up pointing triangle logged lower profit and sales in its fiscal third quarter, hurt by materially lower egg prices compared with historic levels seen in the prior year.

Still, the declines weren’t as steep as Wall Street had expected, as Cal-Maine continues to diversify its sales mix by expanding the scale and geographic reach of its egg business and investing to support the growth of our prepared foods business.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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