emerging

World’s Safest Banks 2025: Biggest Emerging Market Banks

Our rankings reveal the 50 biggest emerging market banks amid China’s slowdown and India’s rapid rise.

China is mired in an economic slump that is expected to further worsen in 2026. Concerns over the downturn prompted Fitch to downgrade the country’s sovereign rating, citing a “continued weakening of China’s public finances and a rapidly rising public debt trajectory during the country’s economic transition.” Additionally, the agency expects that “sustained fiscal stimulus will be deployed to support growth.” Stimulus contributes to asset growth in the country’s banking sector through the financing of large infrastructure projects and incremental loan growth.

But in a show of China’s continued dominance in our ranking of the 50 Biggest Emerging Market Banks in 2025, Chinese banks take the top 15 spots and account for half of all institutions in the ranking. However, despite its 4% aggregate growth, the country’s share of total banking assets in the top 50 has declined to about 84% from 90% last year as banks in the eight other countries in the rankings are expanding more rapidly.

Most notable are the five Indian banks, which averaged 14% year-over-year asset growth. Among emerging market countries, India’s economy is leading the pack, with GDP growth of 6.5% in 2024 and a forecast of 6.6% in 2025 and 6.2% in 2026. Recognizing India’s sustained progress, S&P upgraded its sovereign rating in August, stating that its “robust economic expansion is having a constructive effect on India’s credit metrics.” The agency expects “sound economic fundamentals to underpin growth momentum over the next two to three years.” Furthermore, the agency’s view is that “continued policy stability and high infrastructure investment will support India’s long-term growth prospects.”

If China’s banks are excluded, a clearer global view of the biggest emerging market banks materializes. India adds four more for a total of nine banks in the rankings, with State Bank of India moving to the top from 16th place here. Brazil’s Banco do Brasil would then take third place, with two South Korean banks rounding out the top 5. Other countries entering the rankings would be Egypt, Mexico, and Poland.

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World’s Safest Banks 2025: Emerging Markets Top 50

Emerging markets are navigating new risks from tariffs.

Because many emerging market countries rely heavily on exports, their economies and banking systems face heightened risk from the imposition of US tariffs. With this segment representing some of the largest trading partners of the US, including China, South Korea, and Taiwan, tension surrounding trade negotiations continues to escalate—particularly with China, following the US administration’s most recent threat of 100% tariffs on Chinese imports. Notably, institutions in these three countries represent half of our 50 Safest Emerging Markets banks. South Korean banks claim the top three positions and place nine overall, while China and Taiwan place eight banks each among our rankings.

In every country impacted by US tariff policy, the banking sector must navigate the collateral damage its clients experience due to disrupted trade flows and supply chains. For emerging market economies, the declining value of the US dollar softens some of this impact through relatively cheaper import costs in these markets and eases dollar debt service for those countries and corporations with outstanding dollar-denominated debt. Not surprisingly, emerging market GDP growth expectations have fallen. In the October edition of its World Economic Outlook, the International Monetary Fund forecasts a decline for the emerging market and developing economies from 4.3% in 2024 to 4.2% in 2025 and 4% by 2026.

The GDP decline forecast for China is more pronounced, with 5% growth in 2024 falling to 4.8% in 2025, and further to 4.2% in 2026. An overall deterioration in China’s credit fundamentals prompted Fitch to downgrade the country’s sovereign rating in April to A from A+. As a rationale for the move, the agency cites “a continued weakening of China’s public finances and a rapidly rising public debt trajectory during the country’s economic transition.”


“Sustained fiscal stimulus will be deployed to support growth, amid subdued domestic demand, rising tariffs, and deflationary pressures.”

Fitch Ratings


Fitch adds that “this support, along with a structural erosion in the revenue base, will likely keep fiscal deficits high.” Following this action, the agency downgraded China Development Bank (its ranking fell to No. 13 from No. 8 last year), Agricultural Development Bank of China (to No. 14 from No. 9), and Export-Import Bank of China (to No. 15 from No. 10).

Moody’s upgraded Saudi Arabia’s sovereign ratings in November, with the view that the kingdom’s progress in economic diversification will be sustained, further reducing its exposure to oil market developments and providing a more conducive environment for sustainable development of the country’s nonhydrocarbon economy. Meanwhile, S&P recognized the country’s sustained socioeconomic and capital market reforms with a March 2025 upgrade. Bank upgrades followed, allowing Saudi National Bank to climb to No. 25 in our rankings from No. 35 last year, Al Rajhi moved up to No. 26 from No. 36, and Riyad Bank is now No. 36, up from No. 49.

The kingdom doubled its representation in our rankings to six banks, as Saudi Awwal Bank (No. 41), Banque Saudi Fransi (No. 43), and Arab National Bank (No. 45) are new to the Top 50 this year. Consequently, these moves pushed Ahli Bank, China Merchants Bank, and Banco de Credito e Inversiones from our rankings. Moody’s upgrades provided the catalyst for upward shifts in our rankings. Better credit fundamentals at Emirates NBD Bank, based in the United Arab Emirates (UAE), allowed the bank to rise eight places to No. 17; while Taiwan’s E.SUN Commercial Bank’s improving business franchise, robust risk management, and corporate governance helped move the bank up nine places to No. 30.

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This Disruptive Emerging Technology Stock Is Up Nearly 4,000% Since 2024. Is It Overheated or Is It a Screaming Buy?

Shares of AST SpaceMobile have climbed into the stratosphere.

Artificial intelligence (AI) stocks may have gotten most of the attention from investors over the last few years, but some of the period’s top-performing stocks don’t hail from the AI space — at least, not directly.

Instead, they represent emerging technologies like quantum computing, electric vertical takeoff and landing (eVTOL) aircraft, small modular nuclear reactors, and rockets and satellites. The artificial intelligence boom has provided a halo effect to other emerging technologies, as growth investors have become particularly keen to find those that might power the next breakout trend. Investing early in the company that may launch the next ChatGPT would produce huge returns, the thinking seems to go.

Thanks to the speculative optimism about their potential, many of these tech stocks have delivered returns of more than 1,000%, outperforming even Nvidia. However, few hot growth stocks have beaten AST SpaceMobile (ASTS -5.49%), which is building a satellite-based broadband network.

While it has yet to generate meaningful revenue, excitement around the business and its potential have surged recently as it has forged new agreements with customers. 

ASTS Chart

ASTS data by YCharts.

Over just the last 18 months, a $1,000 investment in AST SpaceMobile would have grown into a stake worth more than $35,000. But with that climb behind it, is it too late to buy the stock? 

What is AST SpaceMobile?

AST SpaceMobile is sometimes lumped together with other space and rocket companies like Rocket Lab, Planet Labs, and SpaceX and its Starlink subsidiary, but the company says its technology can be used with existing unmodified smartphones and operates within the low- and mid-band spectrum used by mobile network operators. That contrasts with existing space-based telecom services that are intended for low-data-rate applications, such as emergency service.

The company is building the first global cellular broadband network to connect with everyday smartphones. It intends for the technology to be used for commercial and government purposes, and is designed to reach places that are not covered by terrestrial cell towers.

It is deploying a constellation of low-Earth-orbit satellites and partnering with other telecoms to provide service to users. Founded in 2017, AST SpaceMobile launched its first test satellite in 2019 and now has a total of six satellites in orbit. It aims to have 45 to 60 satellites in orbit by 2026, serving the U.S., Europe, Japan, and other markets.

AST SpaceMobile has signed partnership deals with several global telecom companies, including AT&T, Vodafone, and Rakuten, and the stock just jumped on news that it had its expanded partnership with Verizon, adding to an earlier $100 million commitment from the telecom giant. According to the new agreement, Verizon will integrate AST SpaceMobile’s satellite network with Verizon’s 850 MHz spectrum across the country, allowing Verizon’s service to reach remote areas it doesn’t currently cover.

An AST satellite in space.

Image source: AST SpaceMobile.

Is AST SpaceMobile a buy?

The company expects to start booking meaningful revenues in the second half of the year. Management forecasts $50 million to $75 million in sales in the second half of 2025 as it deploys intermittent service in the U.S. That will soon be followed by service coming online in other markets like the U.K., Japan, and Canada.

Management hasn’t given a forecast for 2026, but investors expect its financial momentum to continue to build as new satellites go into service. The Wall Street consensus now predicts $254.9 million in revenue in 2026.

The company’s momentum, partnerships, and satellite deployments all sound promising, but much of its expected future success is already baked into the stock price.

AST SpaceMobile’s market cap has already soared to $31 billion, a huge number for a company that has yet to generate significant revenues. Notably, it also competes in an industry — internet connectivity — with notoriously low valuations. Verizon has a market cap of $172 billion, even though it generated nearly $20 billion in profits over its last four quarters. Internet service providers carry similarly underwhelming valuations. For example, broadband and cable service provider Charter Communications has a market cap of $36 billion, and it brought in $5 billion in net income over the last year.

The size of AST SpaceMobile’s total addressable market isn’t fully clear, though management says the global wireless services market produces over $1.1 trillion in annual revenue.

AST SpaceMobile is competing globally, which differentiates it from domestic services like Verizon. However, as it’s currently structured, the satellite company essentially aims to be a subcontractor for larger telecoms, and the telecom industry is decidedly unexciting, according to investors. As long as it’s beholden to that low-valuation ecosystem, it’s difficult to picture how the company could deliver the kind of blockbuster returns that investors seem to expect, especially considering that telecom is a mature industry.

At $31 billion, AST SpaceMobile’s market cap seems to have gotten well ahead of the reality of the business, especially as commercialization could present unforeseen challenges. In the near term, the stock could move higher if it signs more partnerships or announces other promising news, but given the sky-high valuation, the stock now looks overheated.

With AST SpaceMobile, investors are playing with fire at this point. Eventually, they’ll get burned.

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Massive Change In Trump’s Stance On Russia Emerging

There are growing signs of a tectonic shift in U.S. President Donald Trump’s publicly expressed attitude toward Russia over the conduct of its war in Ukraine and its increasing belligerence toward the rest of Europe. Following his meeting with Russian President Vladimir Putin in Alaska last month, Trump seemed far more amenable to Moscow’s point of view. However, the American leader’s messaging appears to be moving strongly in favor of Kyiv, calling Russia a “paper tiger,” and massive policy shifts could come very soon as a result.

Trump now says that with the proper support, Ukraine can win back the territory Russia has gained. He also appears more willing to provide Kyiv with long-range cruise missiles and has called for NATO to shoot down Russian aircraft intruding into alliance airspace. Whether all this represents a real change of heart or merely a negotiating tactic remains unclear, but either way, Trump has altered his public stance about the conflict dramatically.

WASHINGTON, DC - AUGUST 22: U.S. President Donald Trump holds a photograph he said was given to him as a gift by Russian President Vladimir Putin in the Oval Office at the White House August 22, 2025 in Washington, DC. Trump announced the FIFA World Cup 2026 draw will take place at The Kennedy Center. (Photo by Chip Somodevilla/Getty Images)
U.S. President Donald Trump holds a photograph he said was given to him as a gift by Russian President Vladimir Putin in the Oval Office at the White House, August 22, 2025, in Washington, DC. (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla

Many wonder what to make out of Trump’s paper tiger rhetoric on Putin. Is this a permanent shift? Policy? No!

White House says Trump’s anti-Russia blasts are a negotiating tactic, not a policy shift, Washington Post

Rubio says: War ends at negotiating table, not battlefield. 1/ pic.twitter.com/Zt6bTTcVgL

— Tymofiy Mylovanov (@Mylovanov) September 26, 2025

The latest indication of a reversal in Trump’s position came on Friday after reports emerged that Ukrainian President Volodymyr Zelensky asked Trump for Tomahawk Land Attack Cruise Missiles (TLAMs) during a meeting Tuesday between the two on the sidelines of the U.N. General Assembly meeting. Axios reported that Zelensky said Trump had a positive reaction to his request for an unnamed long-range cruise missile.

Obtaining the TLAMs, with a range of about 1,000 miles and packing a 1,000-pound warhead, would give Ukraine a munition that can strike major targets deep into Russia, putting major cities like Moscow and St. Petersburg at risk. Providing these weapons would be in stark contrast to the Trump administration’s previous stance on denying Ukraine long-range cruise missiles. In addition, Trump has in the past also throttled the flow of armaments to Kyiv, though more recently the U.S. president worked out a plan to sell NATO weapons that it could then turn over to Ukraine.

Tomahawk Netherlands
An R/UGM-109 Tomahawk Land Attack Cruise Missile. (USN) USN

The meeting with Zelensky seems to have had a large impact on Trump’s worldview. So too has a recent incursion into Estonian airspace by Russian MiG-31 Foxhound interceptors and a wave of drones into Poland, some of which were shot down. After spending time with Zelensky, Trump made a surprising post on his social media site, indicating a major change, at least publicly, in his attitude about the Russia-Ukraine war.

“After getting to know and fully understand the Ukraine/Russia Military and Economic situation and, after seeing the Economic trouble it is causing Russia, I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form,” Trump exclaimed on Truth Social. “Russia has been fighting aimlessly for three and a half years a War that should have taken a Real Military Power less than a week to win. This is not distinguishing Russia. In fact, it is very much making them look like ‘a paper tiger.’” 

“Putin and Russia are in BIG Economic trouble, and this is the time for Ukraine to act,” Trump added. “In any event, I wish both Countries well. We will continue to supply weapons to NATO for NATO to do what they want with them. Good luck to all!”

This is pretty remarkable. Trump has completely shifted his position on Ukraine-Russia and now has basically taken the same position as Zelenskyy – that Ukraine can “win all of Ukraine back in its original form.” pic.twitter.com/V6lHYdl4I7

— Aaron Astor (@AstorAaron) September 23, 2025

Not surprisingly, the Kremlin pushed back on Trump’s paper tiger claim.

“Russia is in no way a tiger,” spokesman Dmitry Peskov, with a degree of levity, told a local radio station. “Still, Russia is more compared with a bear. There are no paper bears.”

After Trump said Russia’s economy was a “paper tiger,” Peskov insists it is “in no way a tiger, but more associated with a bear […] Putin has described our bear many times, and there is nothing paper about it.” pic.twitter.com/94DcfXYKq3

— max seddon (@maxseddon) September 24, 2025

Following Trump’s “paper tiger” comment, Russian Foreign Minister Sergei Lavrov met with U.S. Secretary of State Marco Rubio.

“The meeting lasted roughly 50 minutes,” ABC News reported. “Lavrov didn’t respond to questions as he left, including whether he was concerned about the shift in tone from Trump or whether the U.S. president had turned his back on Russia.”

A spokesperson for Rubio released a short statement after the meeting, only saying that Rubio “reiterated President Trump’s call for the killing to stop and the need for Moscow to take meaningful steps toward a durable resolution of the Russia-Ukraine war,” the network noted.

Meanwhile, the Kremlin on Friday lashed out at suggestions that Russian planes would be shot down for violating NATO airspace.

“You know, I don’t even want to talk about this,” Peskov said. “It’s a very irresponsible statement.”

“It’s very irresponsible,” he added, “because accusations against Russia that its military aircraft violated someone’s airspace and intruded into someone’s skies are groundless. No convincing evidence has been presented.”

Peskov’s comments came in the wake of a report that European diplomats told their Russian counterparts that shooting down aircraft is on the table for further airspace violations.

“At a tense meeting in Moscow, British, French and German envoys addressed their concerns about an incursion by three MiG-31 fighter jets over Estonia last week, Bloomberg News reported on Thursday, citing anonymous officials. “Following the conversation, they concluded that the violation had been a deliberate tactic ordered by Russian commanders.”

Also on Thursday, NATO Secretary General Mark Rutte concurred with Trump that Russian aircraft should be fired upon when entering alliance skies.

“If so necessary. So I totally agree here with President Trump: if so necessary,” Rutte said in an interview on Fox & Friends. The NATO leader added that alliance militaries are trained to assess such threats and determine whether they can escort Russian planes out of allied territory or take further action.

Amid this growing tension, Swedish authorities reported that a mystery drone flew near a military base late Thursday night, the latest in a wave of such incidents in the region where a Russian connection has not been ruled out, according to Danish officials.

The most recent drone sighting took place a few kilometers from the Naval Base in Karlskrona, according to the Swedish SVT news outlet. While not mentioning Russia specifically, local police say there is a “clear connection” in this case to the drones recently spotted over Norway and Denmark that caused airport shutdowns and were considered an “attack” by Danish authorities.

While Trump seems to be publicly moving away from Putin and toward Zelensky, the mercurial American leader’s positions have shifted before. Given that, both Kyiv and Moscow are no doubt waiting to see if these stark changes in attitude result in real action or are merely just another move in Trump’s ‘art of the deal.’

Contact the author: [email protected]

Howard is a Senior Staff Writer for The War Zone, and a former Senior Managing Editor for Military Times. Prior to this, he covered military affairs for the Tampa Bay Times as a Senior Writer. Howard’s work has appeared in various publications including Yahoo News, RealClearDefense, and Air Force Times.




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Emerging Multipolar World, China Leads its Evolutionary Pathways

The Shanghai Cooperation Organization (SCO) 25th summit, held early September in Tianjin, China, unprecedentedly redefined its diverse future ambitions; global governance, sustainable development, and security are emerging as the cornerstones—and China is at the forefront of this transition. With strategic alliances in the background, India and Russia, together with SCO’s regional members and the Global South, are unwaveringly playing complementary roles towards establishing a more inclusive, participatory, and fairer world. In other words, the SCO summit served as a space for dialogue and multilateral cooperation, working to strengthen regional security, economic development, and political collaboration.

Our latest insight into reports: Chinese President Xi Jinping affirmed in his opening speech at the Shanghai Cooperation Organization (SCO) summit in Tianjin, China, that “the SCO represents a model for a new type of international relations, and that we must advocate for equal and orderly multipolarity in the world, inclusive economic globalization, and promote the construction of a more just and equitable global governance system.”

Chinese President Xi Jinping’s speech was unanimously approved by all participating leaders, especially with UN Secretary-General António Guterres also stating emphatically that “China plays a fundamental role in supporting global multilateralism.” From a multitude of different perspectives, Jinping’s strategic position to lead the new geopolitical architecture is primarily to challenge the prevailing western-controlled unipolar order. His “peace or war” narrative signals an effort to position China as a primary actor in global decision-making processes and to position China and its partners as influential drivers.

It’s worth noting that China is leveraging current global instability to advance a multipolar framework and further pursuing an assertive shift in global power dynamics, directly challenging the longstanding dominance of Western nations. Significantly, Xi Jinping’s proposal to pursue consistently a bold commitment to world peace and sustainable development, seeking a broad representation in multilateral institutions and organizations (including the United Nations, IMF, and World Bank), is explicitly grounded in renewing primary principles that respect diversity. A concrete example is the call for UN Security Council reform, where China supports expanding representation to better reflect today’s world, including countries from Africa, Latin America, and Asia.

Why Multipolarity Matters to Russia

It is well-known and glaringly visible across the world that China has comparatively wider or broader consolidated economic clout and has displayed these past several years, indiscriminately strengthening its economic cooperation with Latin American, African, and Asian countries. On the other side, Russia seemed to be selecting its own ‘reliable partners,’ which offered some limitations despite the official position advocating for tectonic multipolarity. Russia’s world is, more or less, divided into ‘friends and enemies’ according to its definition and understanding of one world, one planet.

Following the sudden collapse of the Soviet Union in 1991, Russia has been exploring economic transformation, modernizing and upgrading its economy, as seen unfolding now. And of course, there have been challenges and obstacles. In practical terms, Russia has come a long way with its current perestroika and glasnost in the country and its relations with former Soviet neighbors and consolidating foreign policy around the world.

In conclusion of his official visit to the SCO summit in China, Vladimir Putin, at the final media conference on September 3rd, pointed out that most of the documents adopted by participants look to the SCO’s future in the emerging new world. “In this context, I would like to point out China’s global governance initiative. More importantly, this initiative is aimed at promoting positive sentiments between the countries that attended the summit in China and potential partners among the countries that are not willing today to proclaim their readiness for new partnership.”

As part of the partnership, Putin stressed that “Russia has always opposed Ukraine’s membership in the North Atlantic Treaty Organization. But we have never questioned its right to conduct its economic and business activities as it wishes, including joining the European Union.” As for whether the multipolar world has formed or not—generally, its contours have certainly taken shape. Multipolarity does not mean the emergence of new hegemons. Among many other countries with similar perspectives, Russia and China consistently advocate for a fairer world order based on the global majority. There are economic powerhouses, such as India and China, and either within the SCO or within BRICS, all participants in international affairs should have equal rights, and all should be in the same position from the standpoint of international law. 

Putin’s expressions throughout the SCO summit, interlaced with candid viewpoints on the emerging world—in fact, the current world system—should concentrate on building relations and interactions on the basis of the world’s majority. “The idea—I mentioned this earlier—is that the world should be multipolar, meaning that all participants in international communication should be equal, and more equal than others should not exist, and the unipolar world must cease to exist, including in the interests of those, at least in the interests of the peoples of those countries, whose leadership still upholds this moribund and, one might even say, already obsolete system,” underscored Putin at the media conference.

China’s Comparative Advantages as Global Leader

China is situated in the Asian region. Despite its large population of 1.5 billion, which many have considered an impediment, China’s domestic economic reforms and collaborative strategic diplomacy with external countries have made it attain superpower status over the United States. While United States influence is rapidly fading away, China has indeed taken up both the challenges and unique opportunities to strengthen its position, especially its trade, investment, and economic muscles.

Arguably, China has worked on all aspects of its economy and external investment footprints; these combined are now recorded as its grandiose achievements. Still, for example, China is engaging in a long-term competition with the U.S., and that is the challenge for the United States. China’s global investment and trade are just unimaginable and give the country global power.

It has systematically transformed its economy at the same time and maintained the political structure. Its major cities and coastal areas are far more prosperous compared to rural and interior regions. Of course, the United States has also developed its individual states, while Russia’s regions look not too far different from the typical Soviet era.

Experts vehemently argue and vividly show how useful the population (demography) has been as a factor for China’s success down the years. It is a matter of how to get the population to support the growth of the economy. With the 1.5 billion population, China has brought more people out of extreme poverty than any other country in history. China reduced extreme poverty by 800 million. The United States has a population of 380 million, two times more than Russia, which has a meager 140 million in relation to the size of the country. In one of his previous speeches, Putin declared that Russia’s population could reach 146 million by 2025, mainly as a result of immigration. Russia has been expelling foreign labor out of the country instead of deploying this labor to the regions, in industries and agricultural fields, to increase its exportable presence in the countries in need and in the external markets.

It is highly likely that Russia would be missing its opportunity, especially due to a shortage of labor. It has to develop its regions and modernize most of the Soviet-era industries to produce export goods, not only for domestic consumption. Its investment and trade in consumables is only developing at a snail’s pace compared to China. While China’s Belt and Road Initiative has expanded significantly over the previous years, Russia is more focused significantly on oil and gas as export products. In recent years, Russia has significantly strengthened bilateral ties with Asian countries such as China, India, North Korea, and Vietnam. With new agreements signed at the 25th SCO summit, China and India would be extending their economic tentacles to Russia’s Far East, producing in the special industrial zones and exporting massively across, utilizing the northern transport corridor to the European Union. 

Certainly, superpower status has to be attained by practical, multifaceted, sustainable development and maintaining appreciably positive relations with the world. In a global context dominated by diverse tensions, Beijing already presents itself as a stable and reliable alternative for international collaboration. From the analysis, China is practically up to this world’s leadership.

Background: The Shanghai Cooperation Organization (SCO), a Eurasian political, economic, and security bloc, has become a key platform for China and Russia to promote alternatives to Western-dominated institutions. Against the backdrop of strained ties with the United States and global economic turbulence, the bloc converged in Tianjin, China, with leaders from over 20 non-Western countries in attendance. 

The Shanghai Cooperation Organization is steadily increasing its influence in addressing pressing international issues. It serves as a powerful driver of global development processes and the establishment of genuine multilateralism. As of today, in addition to its ten (10) full members, the SCO also engages two observer states—Mongolia and Afghanistan—as well as 15 dialogue partners. It was established in 2001 and has actively worked to promote peace, security, trust, and cooperation across the Eurasian continent. 

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Spirit files for bankruptcy, 6 months after emerging from Chapter 11

Aug. 30 (UPI) — Spirit Airlines announced it filed for bankruptcy, less than six months after emerging from Chapter 11 reorganization.

The budget carrier said Friday it is “executing a comprehensive restructuring of the airline to position the business for long-term success.” The company filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.

After the filing, the South Florida-headquartered airline assured customers the carrier will continue service to most current locations.

“The most important thing to know is that Spirit continues to operate and offer high-value travel options,” Spirit said in a letter to all guests. “This means you can continue to book and travel with Spirit.

“Our flights continue to operate normally. You can use tickets, credits and loyalty points. You can continue to benefit from our Free Spirit loyalty program, Saver$ Club perks and credit card terms.”

Wages and benefits will continue for employees and contractors. Also, Spirit intends to pay vendors and suppliers for goods and services provided on or after the filing date.

“Our Team Members remain focused on offering you a safe journey, with excellent service and an elevated experience,” the airline told guests.

After emerging from bankruptcy the first time, Spirit said it planned to furlough about 270 pilots and downgrade some 140 captains to first officers between Oct. 1 and Nov. 1.

The total number of employees is 11,000.

Reorganization plans are focused on four areas:

  • Redesigning its network to “focus its flying on key markets to provide more destinations, frequencies and enhanced connectivity in its focus cities.” That includes ending service in certain markets.
  • Rightsizing fleet size “to match capacity with profitable demand in line with the redesigned network. This will significantly lower Spirit’s debt and lease obligations and is projected to generate hundreds of millions of dollars in annual operating savings.”
  • Addressing cost structure “to build on its industry-leading cost model by pursuing further efficiencies across the business.”
  • Offering three new travel options of Spirit First, Premium Economy and Value. “Spirit will take full advantage of its lower costs to offer consumers more of what they want — value at every price point,” the airline said.

In March, Spirit said it was “emerging as a stronger and more focused airline” after declaring bankruptcy on Nov. 18 after poor quarterly performances. Spirit had lost more than $2.5 billion since the start of 2020 with revenue severely affected by the COVID-19 pandemic.

After the first bankruptcy, the airline received a $350 million equity investment from existing investors to support Spirit’s future initiatives. The airline emerged from its financial restructuring, completing a transaction that equitizes approximately $795 million of funded debt.

Common shares will now be traded on the over-the-counter market and delisted from the NYSE American Stock Exchange.

After emerging from the first bankruptcy, Spirit said Ted Christie would remain as chief executive but two months later, David Davis, 58, was named president and CEO. He most recently worked as the chief financial officer and a board member of Sun Country Airlines.

“Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit’s funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future,” Davis said. “After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our Board of Directors decided that a court-supervised process is the best path forward to make the changes needed to ensure our long-term success.

“We have evaluated every corner of our business and are proceeding with a comprehensive approach in which we will be far more strategic about our fleet, markets and opportunities in order to best serve our Guests, Team Members and other stakeholders.”

After the airline released its quarterly report earlier this month, Spirit revealed that it had “substantial doubt” about its ability to stay in business over the next year, citing “adverse market conditions.” It reported a net loss of $245.8 million for the second quarter of 2025. Revenue was $1.02 billion, down 20% from the previous year.

The carrier rejected repeated acquisition proposals from rival discounter Frontier Airlines and in January 2024, JetBlue’s purchase plans of the rival airline were rejected by antitrust regulators.

Spirit has 550 daily flights to 77 destinations, through the United States, the Caribbean and South America.

In terms of market share, Spirit is 4.4%. Delta Airlines is No. 1 at 17.9%, followed by American Airlines at 17.3%, Southwest Airlines at 16.3% and United Airlines at 16.2%, according to the U.S. Bureau of Transportation statistics from June 2024 to May.

Spirit’s main hub is Fort Lauderdale-Hollywood International Airport. Its two other major hubs: Orlando International Airport and Detroit Metropolitan Wayne County Airport.

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U.S., UAE agree to defensive pact, develop technologies ‘to stay ahead of emerging threats’

United Arab Emirates Deputy Prime Minister and Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan greets President Donald Trump in Abu Dhabi, United Arab Emirates, on Thursday. Photo by UAE Presidential Court/EPA-EFE

May 20 (UPI) — The United States and United Arab Emirates are deepening their commercial and defensive ties following President Donald Trump‘s recent diplomatic trip to the Middle East.

Officials with the U.S. Defense Innovation Unit and the UAE’s Tawazun Council signed a memorandum of understanding to strengthen defense cooperation between the two nations, the Department of Defense announced Tuesday in a news release.

“We are building a global network by fostering collaboration to stay ahead of emerging threats,” DIU Director Doug Beck said.

“We are accelerating the integration of commercial technologies into the defense markets,” Beck added.

He said the accelerated integration of technologies will occur by working together to develop technologies with the help of national security and private sector experts and non-traditional companies.

The MOU includes using “non-traditional practices” to develop and access “cutting-edge technologies” to improve both nations’ defensive capabilities.

The collaborative effort expands defensive investments and industrial partnerships while building a “strong international community of defense innovation entities, according to the DOD.

The Defense Department “is enhancing best practices for harnessing and sharing the best commercially derived technologies for the warfighter in defense of the free and open international system through mission-driven collaboration among the many nations that rely on that system,” the DOD release said.

Trump on Thursday also announced $200 billion in commercial agreements between the United States and the UAE.

The agreement includes forming an artificial intelligence alliance and launching a 1-gigawatt and jointly run AI technology cluster that will be located in the UAE’s capital of Abu Dhabi.

Other elements of the $200 billion deal include the UAE’s Etihad Airways spending $14.5 billion to buy 28 U.S.-built Boeing 787 and 777X aircraft powered by GE Aerospace engines.

Emirates Global Aluminum will invest another $4 billion to develop an aluminum smelter in Oklahoma and double that nation’s annual aluminum production capability.

UAE entities also will collaborate with U.S.-based oil and natural gas producers to expand production of both inside the United States and to lower energy costs in both nations.

Many other deals were secured during Trump’s visit to the Middle East last week and total $2 trillion in investment agreements, according to White House officials.

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Indonesia’s Geopolitical Position in the Prabowo Era: Between ASEAN and Emerging Global Powers

Indonesia, as the world’s largest archipelagic state, holds a highly strategic geographic position, located between two continents and two oceans. This location makes Indonesia a crucial maritime hub in the Indo-Pacific region. In the era of Prabowo Subianto’s administration that began in 2024, Indonesia’s foreign policy has garnered significant attention, given the increasingly complex and multipolar global dynamics. This article aims to analyze how Indonesia, under Prabowo’s leadership, positions itself between its regional commitment to ASEAN and engagement with new global power alignments such as the Indo-Pacific.

1. Indonesia’s Geopolitical Context in the New Global Era
The current global order is undergoing a significant transformation. Tensions between the United States and China are one of the primary drivers of this shift. Amid global geopolitical polarization, the Indo-Pacific region has received heightened attention from various global actors. Indonesia, as a major democracy in Southeast Asia and a G20 member, holds a unique position.

In this context, Indonesia is expected to play a more active role in maintaining regional stability. The Prabowo administration faces significant challenges in upholding the principles of a free and active foreign policy while also safeguarding national interests closely tied to economic, defense, and domestic stability. Therefore, Indonesia’s geopolitical strategy today is shaped not only by bilateral relations but also by its ability to engage in multilateral frameworks and international forums.

2. Indonesia’s Role in ASEAN during the Prabowo Era
ASEAN remains a central pillar of Indonesia’s foreign policy. As a founding and leading member of ASEAN, Indonesia bears both a moral and political responsibility to maintain the cohesion of this regional organization. In the Prabowo era, Indonesia’s approach to ASEAN appears pragmatic yet still committed to regional collective values.

The Prabowo administration has demonstrated its commitment to ASEAN by participating in high-level meetings and voicing regional concerns, such as the peaceful resolution of the Myanmar crisis and the development of a Code of Conduct in the South China Sea. However, with increasing external pressures from powers like the United States and China influencing ASEAN dynamics, Indonesia must enhance its regional diplomatic capacity to keep ASEAN relevant and unified.

Another challenge within ASEAN is the growing divergence of interests among member states. Prabowo faces the task of maintaining Indonesia’s leadership in ASEAN without appearing dominant. A collective diplomatic approach and strengthened intra-ASEAN cooperation, especially in defense and food security, are key to preserving regional solidarity.

3. Emerging Global Powers and the Challenge of Neutrality
With the growing influence of emerging global powers such as China, Russia, and India, as well as the rise of cooperation blocs like BRICS, Indonesia faces a foreign policy dilemma. On one hand, Indonesia maintains strong economic ties with China, particularly in infrastructure and trade. On the other hand, Indonesia also maintains robust relations with Western countries, including the United States and the European Union, especially on issues of democracy, human rights, and regional security.

Prabowo, with his military background and experience in defense, is expected to balance these global relationships effectively. One of Prabowo’s strengths lies in his ability to establish strategic communication with various international actors. Indonesia’s active neutrality must be manifested through flexible diplomacy that is not merely symbolic but also substantive in safeguarding national interests.

Amid competition among major powers, Indonesia can play the role of a mediator or ‘bridge builder’ that facilitates dialogue and cooperation across blocs. This capability would strengthen Indonesia’s position as a respected middle power on the global stage.

4. Indonesia’s Strategic Opportunities
Indonesia has numerous strategic opportunities to seize in the new global era. As a maritime nation, Indonesia possesses vast potential in maritime security, international trade, and global logistics. The Prabowo administration must strengthen maritime infrastructure, enhance naval military capacity, and develop strategic port areas as part of its foreign policy agenda.

Initiatives such as the “Global Maritime Fulcrum” can be revived with a more pragmatic and realistic approach, focusing on improving regional connectivity and engaging in economic forums like the Indo-Pacific Economic Framework (IPEF) and the Regional Comprehensive Economic Partnership (RCEP).

Additionally, Indonesia has the opportunity to expand its economic diplomacy. The Prabowo administration can synergize foreign policy with trade policy to attract foreign investment and expand export markets. In the defense sector, Indonesia can also strengthen cooperation with strategic partners for military technology development and increased domestic production capacity.

Conclusion
The Prabowo Subianto administration faces considerable challenges in navigating an increasingly complex global geopolitical map. Amid ongoing shifts in global power dynamics, Indonesia must maintain a balance between its involvement in emerging global power structures and its commitment to ASEAN. Flexible, strategic, and interest-based diplomacy is essential to the success of Indonesia’s foreign policy.

As the largest democracy in Southeast Asia and an emerging economy, Indonesia holds significant potential to play a more prominent role in the global order. Prabowo must ensure that every foreign policy decision aligns with the nation’s long-term interests, preserves regional stability, and enhances Indonesia’s position as a strategic actor in the Indo-Pacific and beyond.

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