NEW YORK, United States — Gold futures soared above $4,000 per troy ounce for the first time Tuesday, as many investors sought a safe place to park their money amid the continuing U.S. government shutdown.
The price for New York spot gold had previously closed at $3,960.60 per troy ounce, which serves as the standard benchmark for gold trading.
https://business.inquirer.net/551473/gold-futures-rise-above-4000-per-ounce-for-the-first-time
Gavin Newsom lashed out at Donald Trump on Monday, holding him responsible for staffing shortages during the government shutdown that left Hollywood Burbank and other airports without air traffic controllers for hours.
Air travelers faced frustrating delays and cancellations Monday evening at Burbank and other U.S. hubs as the government shutdown left air traffic control staff levels stretched thin.
“Thanks, @realDonaldTrump! Burbank Airport has ZERO air traffic controllers from 4:15 pm to 10 pm today because of YOUR government shutdown,” the Governor of California wrote on X (formerly Twitter).
At Burbank, the control tower was unstaffed for almost six hours, with flight operations instead handled remotely by Southern California TRACON, an approach and departure facility based in San Diego. However, no one in the tower had direct eyes on planes landing and taking off, causing concern among already delayed passengers.
It has been six days since the government shutdown began after the Senate failed to pass a bill to fund federal agencies. On Monday, Transportation Secretary Sean Duffy warned the shutdown would put more stress on air traffic controllers, whose jobs are already extremely demanding.
In addition to the delays at Burbank, flights out of Newark Liberty International Airport were delayed Monday evening, and Denver International Airport also experienced delays.
The Republican and Democrat camps have each blamed one another for the crippling shutdown. The standoff centers around a demand by the Democrats regarding the extension of health care subsidies. If these subsidies are cut, it may result in sharply increased costs for millions of low-income Americans.
Trump has blamed the Democrats for blocking his resolution and stated that Republicans will hold out in the stalemate. Democratic members of Congress, in turn, accused Trump and Republicans of blatantly lying about Democratic opposition to a GOP-led government funding plan, particularly concerning claims that Democrats are pushing for healthcare benefits for undocumented immigrants, who cannot legally access federal healthcare programs.
When asked for comment on the shutdown causing travel chaos at airports, the White House press office sent The Independent an automated response reading:
“Please note that responses may be delayed due to the government shutdown caused by congressional Democrats.”
The White House website also features a banner stating “Democrats have shut down the government,” accompanied by a live count of the days and hours since the closure began.
Newsom has been particularly vocal in his efforts to lay the blame for the shutdown at the feet of the Trump administration. Last week, he trolled Trump over news that work will continue on the presidential ballroom despite the government shutdown, comparing him to the historical French queen Marie Antoinette.
“TRUMP MARIE ANTOINETTE SAYS, NO HEALTH CARE FOR YOU PEASANTS, BUT A BALLROOM FOR THE QUEEN!” the California governor’s press office wrote on X, mimicking Trump’s penchant for all-caps social media rants.
During previous U.S. government shutdowns under Barack Obama’s administration, Donald Trump was a vocal critic of the president, saying the situation was “pretty sad” and that “the whole world was laughing at us.”
“Problems start from the top and they have to get solved from the top,” he said during a 2013 shutdown. “The president’s the leader and he’s got to get everybody in a room and he’s got to lead.”
https://www.the-independent.com/b2840770.html
MANILA, Philippines – Debt or “utang” is not just a financial tool anymore. It has become the lifeline that keeps many Filipino families afloat.
With consumer spending making up about 70 percent of the economy, every peso that is spent helps keep the economy moving. When households continue to buy, businesses thrive. However, when they cut back, the effects ripple throughout the economy.
https://business.inquirer.net/551330/why-the-psychology-of-utang-matters-for-the-economy
MANILA, Philippines — The Philippines’ gross international reserves rose to $108.8 billion in September, marking the highest level in 11 months. This increase was primarily driven by higher gold prices, which boosted the value of the central bank’s holdings.
The figure climbed from $107.1 billion in August, reflecting gains from global gold prices, investment income, and foreign currency deposits by the national government.
https://business.inquirer.net/551297/gold-rally-lifts-ph-dollar-reserves-to-11-month-high
**Karan Johar Sells 50% Stake in Dharma Productions to Adar Poonawalla for ₹1,000 Crore**
*By Shreya Mukherjee | Oct 06, 2025, 05:17 PM*
Filmmaker Karan Johar recently sold a 50% stake in his production company, Dharma Productions, to billionaire Adar Poonawalla for ₹1,000 crore. The deal was made through Poonawalla’s company, Serene Productions, giving him equal ownership of the studio.
In a recent interview with Komal Nahta on the YouTube channel *Game Changers*, Johar opened up about this decision and its implications for his future projects.
### Expansion Plans: Funding Issues Led to the Decision
Johar revealed that many of his unfulfilled dreams were due to funding constraints. “I was very clear that I am okay to sell 50% of my company or to sell equity, only because I want to expand,” he said.
He emphasized the importance of having the right partner for expansion — a role he found in Poonawalla.
### Personal Ties: Friendship with Poonawalla Played a Crucial Role
The filmmaker shared that his close friendship with Adar Poonawalla and his wife, Natasha, was a key factor in the deal. “Adar and Natasha have been my close friends, very dear to me,” Johar stated.
Although he initially hesitated when Poonawalla expressed interest in investing, feeling that it wasn’t his area, Johar soon realized they shared the same vision for growth.
### Management Praise: Applauding Apoorva Mehta’s Leadership
Johar also lauded Apoorva Mehta, the Executive Chairman and CEO of Dharma Productions, for expertly managing the business side of the company.
“Apoorva is the most correct human. Our accounts are perfect down to the last rupee,” Johar said. He added that Mehta runs Dharma like a well-oiled machine and has been instrumental to the company’s success.
### New Focus: Accountability and Profitability
“The deal has forced me to think about profitability,” Johar admitted. “There was never accountability before this, I just learned the term quarter.”
He shared that Mehta often keeps him in check by reminding him not to pursue projects that aren’t financially viable. Despite this shift towards profitability, Johar emphasized that his commitment to artistic integrity and creating films for creative satisfaction remains unchanged.
### Future Plans: Uncertainty Looms
Regarding his upcoming projects, Johar expressed uncertainty, especially after the critical acclaim of *Homebound*. “I made *Homebound*, worldwide critically acclaimed, but I can’t say if I’ll take such decisions in the future or not,” he revealed.
As Johar embarks on this new chapter with a strong partner by his side, industry watchers eagerly await the exciting developments at Dharma Productions.
https://www.newsbytesapp.com/news/entertainment/kjo-describes-changes-after-adar-poonawalla-takeover/story
The government’s debt service burden more than tripled in August, driven by higher amortization payments following a mammoth settlement of maturing bonds.
Debt payments surged by 257 percent year-on-year to P664.7 billion, according to the latest cash operation report from the Bureau of the Treasury.
This increase brought the total debt service payments for the first eight months of the year to P1.54 trillion, remaining nearly flat compared to the previous period.
https://business.inquirer.net/550897/govt-debt-service-surged-by-257-in-aug-to-p664-7b
If you have heard reports of a rather sweaty woman in gym gear running around the streets of Saffron Walden brandishing a crisp £50 note and cursing under her breath, that was me.
After the gym, I had stopped off at the health food shop to stock up on a few things, giving the assistant the £50 tucked into my leggings. The assistant refused my money.
“But surely it’s legal tender,” I cried, “you can’t refuse it!”
She didn’t budge, saying that head office had told them not to take £50 notes because of fakes.
Off I went to the butcher’s shop opposite, where I know the staff, asking if they could break the note. Same again—no £50 notes accepted. But they suggested I try a bank.
Not such a bad idea. However, my bank, Barclays, closed long ago and now there are only two banks left in town.
So, I ran to Nationwide, where there was a long queue. Explaining the problem, I asked the waiting customers if I could ask the cashier to change the note. They all said yes, of course.
One gentleman took one look at my Queen’s-headed note and said with great confidence that it wasn’t a fake. That felt like a small victory.
There was so much chatter that the cashier stepped out to take a look at the offending note. He agreed it was genuine. Yeah, another victory.
“But are you a Nationwide customer?” he asked.
It felt like a trick question — and it was. Nationwide does not change money if you are not a customer.
As you can imagine, by then I was ready to raise an Essex peasants’ revolt against shops that don’t take money and banks that don’t change banknotes.
As luck would have it, one of the kind ladies in the queue opened her wallet, checked her cash, and offered to change my £50.
My first call is to the Bank of England.
**Can vendors refuse to take cash?**
Yes, says the press officer, they can. Even though cash is legal tender, it’s a concept with a narrow technical definition in law related to contracts, and no one is obliged to accept it in exchange for goods.
But why is cash usage shrinking so fast?
Is it because vendors find cash messy to deal with? Are business owners being forced by payment giants to go digital so they can be charged more? Or do people simply prefer using cards or, increasingly, mobile payment apps?
Probably a bit of each — chicken and egg.
Whatever the reason, cash is under the kibosh.
It made up just 9 per cent of payments last year, compared to being used for half of all transactions a decade ago. It is predicted to fall to 4 per cent over the next ten years.
Yet here’s the thing: what happens in emergencies?
Imagine if a cyber hack or indeed cyber warfare brings down the banks? Or if there are blackouts, as happened in Spain and Portugal recently? Or other crises, such as another lockdown or war?
Being resilient is why countries such as Norway, Sweden, and the Netherlands have warned their citizens to always keep cash in reserve. They are also introducing new legislation ensuring vendors must accept cash.
The European Central Bank (ECB) is also alert to the dangers.
All households have been advised by the ECB to store cash at home in case digital systems fail — because they will.
In contrast, the Bank of England does not have the mandate to give such warnings; that’s up to the Government.
Interesting, though, that its Governor, Andrew Bailey, told a recent Citizens’ Panel in Wolverhampton that he always carries cash with him in case of emergencies.
Does that include any £50 notes, I wonder?
https://www.thisismoney.co.uk/money/comment/article-15164391/MAGGIE-PAGANO-Cash-king-right-Wrong.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
Rachel Reeves is facing increasing pressure to abolish stamp duty on share trading in an effort to revive the UK stock market. Concerns are growing that more companies may continue to leave London for rival financial hubs such as New York unless decisive action is taken.
The Chancellor is currently considering introducing a stamp duty break for investors purchasing newly listed shares, aiming to encourage more firms to list on the UK stock market. However, there are rising calls to eliminate the 0.5% levy on share trading entirely.
Charles Hall of Peel Hunt supports scrapping the tax but believes Labour is unlikely to take such a step given the current state of the economy. He also pointed to AstraZeneca’s plans for a full listing in New York as a “proper warning shot” about the risks facing the London market.
https://www.thisismoney.co.uk/money/markets/article-15164389/Chancellor-faces-calls-axe-stamp-duty-shares.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
At a recycling warehouse in Niiza, Saitama Prefecture, 77-year-old Januma refurbishes used washing machines. He receives a pension of around 200,000 yen a month, supplemented by about 100,000 yen from his part-time work, giving him an income of roughly 300,000 yen in total. Yet even with this, he worries about the growing burden of healthcare costs.
“So far it hasn’t been too heavy, but I know it’ll keep increasing as I get older and go to the hospital more often. It’s inevitable,” he said while continuing to work.
The higher payments affect about 3.1 million people nationwide. Until now, most people aged 75 and over paid 10% of their medical bills, but since October 2022, those with certain income levels have been required to pay 20%. A temporary relief measure capped the increase at 3,000 yen per month, but this limit was abolished on October 1st, fully implementing the 20% co-payment for outpatient visits.
For instance, someone with 50,000 yen in monthly medical costs previously paid 8,000 yen, but now pays 10,000 yen, a rise of 2,000 yen.
For Januma, whose favorite pastime is karaoke with friends, the impact feels personal.
“If medical costs keep rising, there’s a chance I might have to give up going to karaoke,” he said. “That would be really sad because singing is my main joy in life.”
At local clinics, confusion was seen on October 1st as notices were posted informing patients that consideration measures for the 20% co-payment have ended and that personal payment amounts may rise. A 75-year-old woman visiting a clinic for persistent coughing said she had just learned her fees would increase that day.
Her payment of 430 yen for a visit seemed small, but it was double what she paid before the reform.
“It may not sound like much, but I go to the hospital many times a month. It adds up to around 5,000 or 6,000 yen. It’s quite tough,” she said.
Doctors are also worried that rising costs could cause patients to avoid necessary care.
“With prices rising everywhere, patients are anxious. Some skip tests or choose cheaper medicines to cut costs. We’re already seeing diabetic or hypertensive patients who’ve run out of essential prescriptions,” said Ito, a physician.
Behind the reform lies a generational issue: roughly 40% of medical costs for those aged 75 and over are paid by the working-age population. As the baby-boom generation moves into the late-elderly bracket, this burden is increasing. To ease the strain on younger generations, a portion of seniors with higher income levels were asked to shoulder more.
Nomura, a policy analyst, said, “It’s important that we review waste in the healthcare system. We all have to share the responsibility fairly, but we also need to reduce unnecessary treatments and optimize costs.”
In Tokyo’s Itabashi Ward, at the Takashimadaira housing complex, an 83-year-old man said his total monthly spending is about 250,000 yen. Rent and service fees for his assisted living apartment cost 150,000 yen, food expenses are 40,000 yen, and social expenses total 50,000 yen. Medical costs are around 5,000 yen a month but will now rise.
“I’ll probably have to withdraw from my savings. I can’t really cut back on other things—I still want to enjoy life while I can,” he said.
Others are choosing small sacrifices.
“We try not to be extravagant,” said one woman. “My husband loves eel, but now it’s just for special occasions. If we have to cut somewhere, it’ll be food. There’s no other way but to save.”
Experts emphasize that the key lies in extending healthy life expectancy.
“If seniors can stay active in society and continue social connections—whether through hobbies, volunteer work, or group activities—it helps maintain health and reduce long-term medical costs,” said one gerontology specialist.
At a shopping street, an elderly woman affected by the new rule was seen buying discounted groceries during a senior sale.
“I waited an hour in line to save money. The free local bus also helps, so I’m cutting costs wherever I can,” she said.
For many like her, saving on daily necessities has become essential to offset rising medical expenses.
The discussion now extends beyond healthcare to the entire social welfare system, as Japan faces the challenge of sustaining support for a rapidly aging population while ensuring that seniors can still live with dignity and enjoyment.
https://newsonjapan.com/article/147157.php
At a recycling warehouse in Niiza, Saitama Prefecture, 77-year-old Januma refurbishes used washing machines. He receives a pension of around 200,000 yen a month, supplemented by about 100,000 yen from his part-time work, giving him an income of roughly 300,000 yen in total. Yet, even with this, he worries about the growing burden of healthcare costs.
“So far it hasn’t been too heavy, but I know it’ll keep increasing as I get older and go to the hospital more often. It’s inevitable,” he said while continuing to work.
The higher payments affect about 3.1 million people nationwide. Until now, most people aged 75 and over paid 10% of their medical bills, but since October 2022, those with certain income levels have been required to pay 20%.
A temporary relief measure capped the increase at 3,000 yen per month, but this limit was abolished on October 1st, fully implementing the 20% co-payment for outpatient visits. For instance, someone with 50,000 yen in monthly medical costs previously paid 8,000 yen, but now pays 10,000 yen—a rise of 2,000 yen.
For Januma, whose favorite pastime is karaoke with friends, the impact feels personal. “If medical costs keep rising, there’s a chance I might have to give up going to karaoke,” he said. “That would be really sad because singing is my main joy in life.”
At local clinics, confusion was seen on October 1st as notices were posted informing patients that consideration measures for the 20% co-payment have ended and that personal payment amounts may rise.
A 75-year-old woman visiting a clinic for persistent coughing said she had just learned her fees would increase that day. Her payment of 430 yen for a visit seemed small, but it was double what she paid before the reform.
“It may not sound like much, but I go to the hospital many times a month. It adds up to around 5,000 or 6,000 yen. It’s quite tough,” she said.
Doctors are also worried that rising costs could cause patients to avoid necessary care.
“With prices rising everywhere, patients are anxious. Some skip tests or choose cheaper medicines to cut costs. We’re already seeing diabetic or hypertensive patients who’ve run out of essential prescriptions,” said Ito, a physician.
Behind the reform lies a generational issue: roughly 40% of medical costs for those aged 75 and over are paid by the working-age population. As the baby-boom generation moves into the late-elderly bracket, this burden is increasing.
To ease the strain on younger generations, a portion of seniors with higher income levels were asked to shoulder more.
Nomura, a policy analyst, said, “It’s important that we review waste in the healthcare system. We all have to share the responsibility fairly, but we also need to reduce unnecessary treatments and optimize costs.”
In Tokyo’s Itabashi Ward, at the Takashimadaira housing complex, an 83-year-old man said his total monthly spending is about 250,000 yen. Rent and service fees for his assisted living apartment cost 150,000 yen, food expenses are 40,000 yen, and social expenses total 50,000 yen. Medical costs are around 5,000 yen a month but will now rise.
“I’ll probably have to withdraw from my savings. I can’t really cut back on other things—I still want to enjoy life while I can,” he said.
Others are choosing small sacrifices.
“We try not to be extravagant,” said one woman. “My husband loves eel, but now it’s just for special occasions. If we have to cut somewhere, it’ll be food. There’s no other way but to save.”
Experts emphasize that the key lies in extending healthy life expectancy.
“If seniors can stay active in society and continue social connections—whether through hobbies, volunteer work, or group activities—it helps maintain health and reduce long-term medical costs,” said one gerontology specialist.
At a shopping street, an elderly woman affected by the new rule was seen buying discounted groceries during a senior sale.
“I waited an hour in line to save money. The free local bus also helps, so I’m cutting costs wherever I can,” she said.
For many like her, saving on daily necessities has become essential to offset rising medical expenses.
The discussion now extends beyond healthcare to the entire social welfare system, as Japan faces the challenge of sustaining support for a rapidly aging population while ensuring that seniors can still live with dignity and enjoyment.
https://newsonjapan.com/article/147157.php
