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As US President Donald Trump announced a $15bn steel megaplant while seated at his Oval Office desk on Monday, he had a lineup of mostly US politicians standing behind him – from cabinet members to elected representatives from Iowa, where the mill is to be built. There was one exception: an Indian man with a receding hairline and a lilac pocket handkerchief, standing behind the US president’s right shoulder.

Ravi Ruia is a cofounder of the Essar Group, which owns Mesabi Metallics, the Minnesota-based firm that’s building the steel mill, which is expected to be the United States’s largest once it is complete. A decade earlier, in October 2016, his brother Shashi was in the photo frame with a different president during the signing of another major deal: Russian leader Vladimir Putin.

Steel and metallics aren’t Essar’s only association with minerals and natural resources. The conglomerate had been involved for years with oil, before it sold one of India’s largest private oil refineries to a Russian-led consortium in 2016 for nearly $13bn. Essar Oil was rebranded as Nayara Energy.

Today, Nayara Energy is half-owned by Russian gas major Rosneft, which is under heavy US and European sanctions over Moscow’s war on Ukraine. Nayara has also emerged as a supplier of petroleum products to Russia at a time when the country is facing a fuel crisis following multiple Ukrainian attacks on its oil and gas depots.

And as part of a 99-year deal, Nayara is continuing to use Essar’s branding in India, where the company runs thousands of petrol stations. Nayara is under European Union sanctions.

The White House is touting the Iowa steel project, unveiled just before the US midterm elections, as a major economic win for Americans, promising hundreds of jobs and billions of dollars in revenue. And there is no evidence that the steel project is in violation of any Russia-specific US sanctions.

But Trump’s announcement of a mega project with an Indian firm closely tied to Russian investments under Western sanctions underscores how the US has struggled to isolate Moscow economically despite an unprecedented economic pressure campaign.

And the timing of the steel mill announcement raises questions, because it comes days after Trump signed a law that empowers him to punish countries that buy Russian oil with up to 100 percent tariffs. India is Russia’s second-largest oil buyer. But the legacy Indian conglomerate that best epitomises the country’s links to Russian energy is now also behind the US’s biggest steel factory.

What’s the steel factory project about?

The new project would integrate its iron ore mining operations in Minnesota’s Mesabi Iron Range with the upcoming steel complex in Iowa.

The White House and the company’s announcements said that the Iowa steel plant is expected to create at least 1,750 permanent jobs – “while continuing to work with suppliers and businesses throughout Iowa and the Midwest” – and support up to 6,000 construction jobs.

Washington also noted that the mill will produce 7.5 million tonnes of steel per year in its first phase, expected to rise to 10 million tonnes. First steel production is expected in 2030.

The first phase of the project is expected to generate $95bn in total economic impact during construction and its first 10 years of operation, according to the White House.

Trump’s commerce secretary, Howard Lutnick, told the reporters that “these are your 232 tariffs, the steel tariffs at work.” He added: “Without those tariffs, this mine and steel plant doesn’t get built.”

Trump chipped in, too. “Soon after my inauguration, I imposed powerful 50 percent tariffs on all foreign steel, and now our steel industry is roaring back to life,” Trump said. “Everyone’s building their plant here because they don’t want to pay tariffs.”

But the steel project is also evidence of how countries and companies have skirted US economic pressure – and how it gives them leverage to continue to do so.

What are Essar’s ties to Russia?

Essar Oil, the group’s energy arm, began refining crude in 2008 at its refinery in Vadinar on the coast of the western Indian state of Gujarat.

But by 2016, the company was in deep debt, listed as a defaulter by the Reserve Bank of India, the country’s central bank, and desperately looking for a buyer who would take over its oil operations. The timing was opportune. President Putin in Russia was at the time trying to get Rosneft, his country’s energy giant, to offload some stakes in exchange for foreign capital.

Indian Prime Minister Narendra Modi played matchmaker, helping stitch together a series of deals between 2014 and 2016 that helped Rosneft and Essar. First, Indian public sector oil majors bought stakes in Rosneft, giving it the cash it needed. Rosneft, in turn, joined hands with other investors to buy the Vadinar refinery, freeing Essar from its debts.

Essar Oil became Nayara Energy – a company in which Rosneft owns a 49 percent stake, and United Capital Partners, a Russian asset management company, owns another 49 percent. The buyers paid Essar $12.9bn for the deal. As part of the agreement, Nayara got to use Essar’s branding – including on thousands of petrol stations across India – for 99 years.

Is Nayara under Western sanctions?

Yes. The European Union imposed sanctions on Nayara in July last year as part of the broader 18th package of sanctions against Russian oil.

The sanctions banned the import of petroleum products processed using Russian crude oil and restricted the refinery’s access to EU shipping insurance, as well as financial and other services.

Nayara’s Vadinar refinery in western India has been processing only Russian oil since other suppliers backed out following the sanctions. Since then, Nayara has relied on international traders to import crude and export refined fuels.

In July this year, Nayara Energy sold petroleum to Russia as Ukrainian attacks targeted oil refineries across the country, triggering a fuel crisis.

In recent months, Ukrainian forces have targeted Russian oil facilities, setting them ablaze and causing long lines for fuel across the country, including in the capital, Moscow. The fuel crisis, unprecedented for Russia, a country that is one of the world’s biggest energy producers, has led to rationing in many regions.

These Russian links have brought Nayara Energy under wider scrutiny, prompting companies, including SAP, to suspend services to the refiner, citing sanctions and obligations under EU law.

Nayara challenged the move in the Delhi High Court, which ordered SAP India to restore its services earlier this month.

Are Essar or the steel plant violating any sanctions?

While Nayara is under EU sanctions, Essar does not face any US or EU sanctions.

In October 2016, after Essar struck its deal with Rosneft and United Capital Partners to sell the Vadinar refinery, the US – at the time under the Barack Obama administration – said that the agreement was not in violation of any sanctions.

“I don’t think we see any violation of any US-EU sanctions stemming from this deal,” State Department spokesperson Mark Toner said at the time. Essar also said that the deal was compliant with US sanctions.

There is no evidence of any sanctions breach in Essar’s investment in Mesabi, or in the planned investment to set up the steel factory in Iowa.

But Essar’s relations with Russia have nevertheless attracted scrutiny, including in the United Kingdom, where the Ruia brothers have long had major investments.

At the time of the sale of the Vadinar refinery to Russian buyers, the Russian bank VTB also gave Essar a $3.9bn loan for debt reconstruction.

The bank was hit by major US and EU sanctions in February 2022, right after Russia’s full-fledged invasion of Ukraine. Essar, reporting published in April 2026 by The Guardian and investigative journalism platform SourceMaterial, showed, moved the VTB loan to Mauritius, a tax haven, allegedly to avoid the sanctions. Essar owns the Stanlow oil refinery in the UK.

Why is the timing of the steel plant announcement significant?

Trump’s Republican Party is heading for crucial midterm congressional elections in November, while his approval rating has been plumbing all-time lows in the face of voter concerns about inflation, the cost of living, and the war on Iran.

In his second term, Trump has made tariffs and a revival of US manufacturing a cornerstone of his economic vision, claiming that higher barriers to imports will drive investment back to the US.

Moreover, Washington introduced legislation that would allow the president to impose tariffs of up to 100 percent on imports from countries that continue economic engagement with Russia or Iran, aiming to put pressure on countries that continue buying Russian energy.

New Delhi is particularly exposed since it became one of the largest buyers of discounted Russian crude after the invasion of Ukraine in 2022. Trump imposed an additional 25 percent tariff on Indian imports in 2025 over the issue, before removing it in February 2026 after India committed to stop buying Russian crude.

Russia has remained India’s largest source of crude, although purchases have declined as the threat of US penalties has grown. The news agency Reuters reported that India imported approximately 2.1 million barrels per day of Russian crude in August.

There is also a recent parallel to underscore the incentives for investment in Trump’s US. In May this year, Washington moved to dismiss the criminal fraud and bribery charges against Indian billionaire Gautam Adani, while his lawyers had told the Justice Department that Adani was prepared to invest $10bn in the United States. A federal judge subsequently dismissed the criminal case in August.

Islamabad, Pakistan – On September 16, a delegation from Powerus, a year-old United States drone company backed by two sons of President Donald Trump, was received by Pakistan’s military chief, Field Marshal Asim Munir, at military headquarters in Rawalpindi.

A day later, the company announced it had received a “limited procurement order” from Pakistan’s Ministry of Defence for unmanned aerial systems. It also said it had signed a separate memorandum of understanding (MoU) with senior Pakistani defence officials.

Neither the value of the order nor the systems involved have been disclosed. But for analysts studying Pakistan’s venture in drone technology, even bigger concerns have arisen from information that has since emerged.

Less than three months earlier, the same company had given an Indian defence manufacturer the exclusive right to make and sell its drone interceptor technology in India. And one of the cofounders of Powerus is an Israeli military veteran. Pakistan does not recognise Israel and accuses it of carrying out a genocide in Gaza.

Analysts are questioning why a country that already builds its own drones and buys others from China and Turkiye would turn to a company that was founded only last year – and has links to Israel and sells drones to India too.

“Pakistan technically already makes or is capable of making each of the drones shown by Powerus,” Bilal Khan, founder of the Quwa Group, a Toronto-based defence news and market intelligence platform, told Al Jazeera. “It’s unclear where Powerus fits in the long term [from Pakistan’s perspective].”

What did Pakistan sign?

In its statement on the meeting, Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, said the two sides discussed cooperation in defence procurement, production and capacity building.

The statement did not mention the MoU.

But Powerus told Al Jazeera which institutions were involved. “The MoU was signed with the Pakistan army. The related procurement order was placed by Pakistan’s Ministry of Defence,” a company spokesperson said.

In its own statement, Powerus said the memorandum was not a definitive agreement, created no purchase obligation and would be subject to US laws and government approvals.

“We are proud to support Pakistan’s Ministry of Defence, and the memorandum gives both sides a strategic framework to build upon,” Brett Velicovich, the company’s cofounder, said in the statement.

According to media reports, Velicovich has also said the company is exploring ways to build technology in Pakistan.

The ISPR, the Ministry of Foreign Affairs and the Ministry of Information and Broadcasting did not respond to Al Jazeera’s requests for comment.

Founded in 2025 and based in Florida, Powerus is set to merge with Aureus Greenway Holdings, a Nasdaq-listed company that owns golf courses in the US state, in a deal expected to close in the final quarter of this year.

Donald Trump Jr and Eric Trump, President Trump’s oldest sons, are investors in Powerus through a vehicle called American Ventures, which is expected to hold a 9.9 percent beneficial stake in the combined company, according to US regulatory filings.

A spokesperson for Donald Trump Jr has told media outlets that he is a passive investor with no role in the company’s operations or contracts and had no prior knowledge of the Pakistan deals.

The White House has said there are no conflicts of interest.

The company makes about 3,000 interceptor drones a month, according to media reports, and last month won a US Air Force contract with a ceiling of up to $90m.

Asked how it addresses conflict of interest questions while pursuing government defence work in the US and abroad, Powerus said the Trump brothers played no part in its operations.

“Trump’s sons are not advisers to Powerus and have no involvement in how the company runs its business or structures its defence relationships, domestically or internationally. They hold no corporate-governance role. Our government relationships are pursued on their own merits,” the company told Al Jazeera.

The India question

Powerus’s first deal in South Asia, however, was not in Pakistan.

It was in India, Pakistan’s archrival, with which Pakistan fought a brief but intense conflict in May last year, one in which drones were used by both sides.

In a June 30 filing to India’s stock exchanges, Paras Defence and Space Technologies said Powerus had granted it an exclusive licence to manufacture and sell its Guardian-1 interceptor technology in India.

Mansoor Ahmed, an honorary lecturer at the Australian National University’s Strategic and Defence Studies Centre, said Washington has long armed rival states.

“The US has previously sold F-16s to Greece and Turkiye and Egypt and Israel and is now selling F-35s to Saudi Arabia, which Israel already operates,” he told Al Jazeera.

A former Pakistani government defence analyst who spoke on condition of anonymity said Pakistani planners had probably known about the Indian deal.

“Pakistan’s defence planners were likely aware of Powerus’s engagement with India,” he told Al Jazeera.

This isn’t the first time that Pakistan and India have ended up buying military equipment from the same company, the defence analyst pointed out. He cited the build-up to the conflict over the Siachen Glacier, where India launched Operation Meghdoot in April 1984 to take control of the heights.

“In 1983, Pakistan ordered high-altitude warfare gear from a London supplier, unaware that the same firm also provided gear to the Indian army, and subsequently, India learnt of it and planned Operation Meghdoot in 1984,” he said.

The analyst said the burden now lies with the company.

“In the present case, the challenge is more for Powerus than Pakistan or India as Powerus’s management must ensure it can manage and meet the requirements of two adversaries without jeopardising either side’s operational security.”

A retired Pakistan air force air marshal who spoke on condition of anonymity because he was not authorised to speak publicly said the arrangement carries risks for Pakistan.

“Two adversary countries procuring from the same source has its pitfalls, especially when one of the adversaries has taken the lead as well as has a larger financial capacity,” he told Al Jazeera.

An Israeli link

The company’s leadership also has links to Israel, a country Pakistan does not recognise.

Powerus’s website described one of its cofounders, Ziv Marom, as a veteran of the Israeli military and said he founded Kaizen Aerospace, now a Powerus subsidiary.

Another senior executive, Justin Gans, the company’s vice president for mergers and acquisitions and a former member of the US Navy SEAL special forces, served as a vice president at Elbit Systems of America, the US arm of the Israeli defence company Elbit Systems, from 2018 to 2019.

A retired three-star army Pakistani general who served in senior roles before retiring in 2019 and requested anonymity because of the sensitivity of the subject said such a background would normally draw attention during vetting.

“So under normal circumstances, a cofounder’s service in the Israeli military would be flagged as a sensitivity marker, even if the company itself is American,” he told Al Jazeera.

“In other words, for a serious acquisition, this background would be scrutinised carefully. For a political MoU, it may not have been a decisive factor.”

Quwa’s Khan, however, said Pakistan has long accepted Israeli components inside US or European systems.

“We can see that, generally, as long as there’s a country in the middle, Pakistan does not have qualms being in close proximity to Israel,” he said. “However, the two sides very, very rarely talk to each other.”

What drone technology does Pakistan already have?

Beyond questions over who else Powerus works with, analysts said the more fundamental issue is what Pakistan actually needs from the company.

Pakistan’s air force has publicly displayed Turkish-made Bayraktar TB2 and Akinci drones, Chinese-made Wing Loong II drones and the domestically developed Shahpar-II.

China supplied 80 percent of Pakistan’s arms imports from 2021 to 2025, according to the Stockholm International Peace Research Institute.

This month, the Pakistan air force revealed in a video that it had incorporated into its forces China’s HQ-17AE air defence missile system and Turkiye’s Korkut anti-aircraft gun and Sahin counterdrone system, all built to take on drones and other low-flying threats.

Khan said the state-owned Heavy Industries Taxila was also working with private firms to develop interceptor drones.

“So as it stands, Pakistan is following all the right best practices to build its C-UAS posture,” he said, referring to counterdrone systems.

“For Pakistan, the challenge isn’t whether it can get the designs but whether it can produce or induct these in large enough numbers fast enough.”

An official at a private drone manufacturer in Rawalpindi who requested anonymity because he is not authorised to speak to the media said Pakistan’s drone market has grown well beyond state-run firms.

Dozens of private companies and more than half a dozen state-owned enterprises now make drones besides the army’s own production facilities, he said. According to him, Powerus would have to compete with all of them on the quality of its products.

The retired general offered a different reading of why Pakistan might be interested in a tie-up with a US firm.

“The gap is not drone manufacturing. It is electronics, integration and systems-level capability, which is where American firms traditionally dominate,” he said. “How far this particular company can help in this regard is a million-dollar question.”

Powerus’s Guardian interceptors are small, low-cost drones designed to knock down incoming drones. They are a weapon widely used by both sides in the war in Ukraine.

Hammad Waleed, a research associate at the Islamabad-based Strategic Vision Institute, said such systems fill a cost gap that conventional air defences cannot.

“Traditional air defences use costly missiles against incoming cheaper drones,” he told Al Jazeera. “Interceptor drones are way cheaper and easier to operate than traditional air defences.”

Capability or signalling?

The retired Pakistani general, who has experience with defence production, said a supplier of this kind would normally face financial, technical and security checks as well as a review of its track record.

“A company less than a year old, not yet listed and without a delivery record would not usually clear these checks for a strategic defence partnership,” he said.

“Such firms are typically considered too immature unless the MoU is political signalling rather than a procurement decision.”

Khan agreed that the process has been unusual.

“Yes, the way this deal came about is not generally in line with how the procurement heads of the tri-services typically operate,” he said, referring to the three branches of Pakistan’s military.

The Powerus agreements were made as Munir has built close ties with President Trump, who has called him “my favourite field marshal” and praised him on several occasions during the past 15 months.

In September last year, weeks after Pakistan signed a $500m critical minerals agreement with a US company, Munir and Prime Minister Shehbaz Sharif met President Trump at the White House, where the Pakistani leaders presented him with samples of Pakistani minerals.

In January, Pakistan also signed an MoU with an affiliate of World Liberty Financial, the Trump family’s main cryptocurrency business.

Khan said Pakistan’s security establishment needs to ask what it is getting in return for that closeness.

“There was a time when such gains were measured in F-16s and the billions in US financial assistance, yet today, we are seeing more photo ops and supposed pacts that obligate the armed forces, but are they helping the armed forces as a fighting force?”

He also offered what he called a “less cynical take”.

Pakistan has a growing number of drone start-ups that lack the capital to build production facilities, he said, and ties with Powerus could draw US investment into them.

“So there is an argument that building rapport with Powerus and its backers can lead to that capital,” Khan said.

Ahmed said Pakistan is looking beyond a single purchase.

“Pakistan’s primary interest appears to be the acquisition of state-of-the-art drone technologies that also allow for local production and indigenisation,” he said.

What about China and Turkiye?

The retired Pakistani general said bringing in a foreign private company could overlap with Pakistan’s existing Chinese and Turkish partnerships.

“It has the potential of being seen by Turkiye and China as Pakistan hedging politically,” he said.

Khan, however, disagreed.

“There’d be no issue with the Turks as they work with US companies all the time and the drones on offer by Powerus don’t overlap with the ones NASTP is designing with Turkiye,” he said, referring to Pakistan’s National Aerospace Science and Technology Park.

He added that any Powerus designs built cheaply in Pakistan would still rely on Chinese parts.

“With the Chinese, it’d be less of an issue because, ultimately, the only way to make these Powerus designs at a low enough cost for the Pakistani armed forces to induct is to literally import the upstream subassemblies from China.”

Waleed said the deal would not dent Pakistan’s defence ties with Beijing and Ankara.

“Pakistan is prioritising China and Turkiye for the sophisticated and modern combat systems in the drone and counterdrone domain. That relationship is not only unaffected and is going upwards in trajectory,” he said.

For now, Khan said, the real test of the Powerus deal would be what follows it.

“I would not pass judgement on the Powerus deal yet, but we can track whether it’s serious by seeing if the MoD [Ministry of Defence] signs similar deals with other foreign and local vendors in the coming months,” he said.

“Basically, will we see a consistent pattern moving forward, or will this be a one-off?”

Published on
21/09/2026 – 11:46 GMT+2

Volkswagen, Europe’s largest automaker, is no longer among the eurozone’s blue chips.

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Index provider Stoxx confirmed the change in its annual review at the start of September, and it came into force before trading began on Monday, with Finnish telecoms group Nokia returning to the index and French utility Engie joining.

Dutch information-services group Wolters Kluwer was also dropped.

The removal is mechanical rather than a judgement, as the index is weighted by free-float market value, and Volkswagen’s shrinking valuation no longer cleared the threshold.

However, the consequences are real, as funds that track the benchmark must now sell their Volkswagen holdings, adding to pressure on a stock already under strain. Stellantis suffered the same fate last year.

Volkswagen shares have fallen almost 30% since the start of the year and are down over 6% since last Monday’s open, trading at roughly €76 at the time of writing.

A profit warning to match

The timing could hardly have been worse.

On Friday, Volkswagen flagged around €10 billion in one-off charges and cut its operating margin forecast for 2026 to no more than 1%, down from a previous range of 4% to 5.5%. Analysts had expected 4.1%.

More than €6 billion of the charges stem from a writedown at Porsche, in which Volkswagen holds a 75.4% stake, after the sports car maker lowered its medium-term expectations.

Porsche has been hit hard by American tariffs and weak Chinese demand for foreign luxury brands, and managed a margin of just 1.1% last year.

A further €2 billion or more covers expanded early retirement schemes, impairments in China and the planned sale of Volkswagen Osnabrück GmbH, a wholly owned subsidiary and automotive manufacturing plant located in the northwest German city of Osnabrück.

The company warned of “further deterioration in the market environment, especially in China, as well as an accelerated shift in demand in favour of battery-electric vehicles.”

The warning came two weeks after it agreed its largest-ever restructuring, doubling planned job cuts to 100,000 and halving its model line-up.

However, not everyone reads the numbers as a collapse.

Stripping out the one-off items, Volkswagen puts its underlying margin at around 4%, and it kept its cash flow and liquidity forecasts unchanged.

Deutsche Bank, which rates the shares a buy with a €115 price target, said it believes “the headline significantly overstates the deterioration in the underlying business.”

The bank does not expect the pain to end there as it wrote that “additional restructuring charges simply confirm that the transformation process is very expensive and complex […] we expect more to follow over the coming months.”

Volkswagen’s third-quarter results are due on 29 October.

The announcement late last year that the iconic train company would start running double-decker trains across its network from 2031 was big news for those of us who love the towering carriages found in Italy, France and Spain

Eurostar’s new-look trains will feature two-storey bars, maximizing passenger capacity and Continental drinking opportunities.

The announcement late last year that the iconic train company would start running double-decker trains across its network from 2031 was big news for those of us who love the towering carriages found in Italy, France and Spain, but never in the UK. The height of UK tunnels means we’re stuck trundling around on lower-capacity, single-storey trains.

Except that is on the high-speed line from London to mainland Europe, which is perfectly capable of taking taller trains, a la France’s TGV Duplex, Switzerland’s SBB IR Dosto and Germany’s DB IC2.

Eurostar’s double-decker announcement last year was exciting enough, but now the Belgium-headquartered firm has announced that its new Celestia trains will feature two-storey bars as its “star attraction”. A Eurostar spokesperson told Euronews Travel: “The name Celestia means ‘heavenly’, reflecting the idea behind the double-decker bar: to create a travel experience beyond the ordinary.”

Eurostar has ordered 30 Celestia trains, with the first scheduled to begin service in May 2031. As well as sporting the bar, the classic blue, grey, and yellow livery that high-speed train fans have become used to seeing whizzing through the countryside will be replaced by a new, more understated grey and green. Their capacity will also be increased.

A Eurostar spokesperson explained: “Eurostar Celestia will have a bespoke design to capture the unique, premium experience Eurostar passengers expect. It is expected that each 200-metre set will have around 540 seats. If running in 400m formation (as through the channel tunnel today), there would be around 1,080 seats per service, a 20% increase from today.

“The first trains are due to join the fleet in January 2031, with commercial services launching in May 2031. Six new trains will be operational at that time, marking the beginning of a new era for travel on board Eurostar Celestia. Once delivered, the new trains will operate alongside the current fleet of 17 e320s, bringing the total fleet to 67 trains – a 30% uplift overall versus today.”

The train company has pledged that the new trains will offer 20 to 50% energy savings compared to the current fleet.

Eurostar is upping its game ahead of the arrival of a potential competitor on the rails. In August, Virgin was granted track access by the Office of Rail and Road, having announced plans to run a rival rail service to Eurostar through the Channel Tunnel. The access will allow Virgin to run up to 20 daily return services between London and Paris, Brussels or Amsterdam, with the agreement running from 1 October 2030 to 31 December 2040.

Eurostar has held a monopoly on passenger services since the tunnel opened in 1994. Before Virgin can join it on the tracks, it needs to secure rolling stock for the services and get safety approval from UK and EU authorities. The ORR approval only covers the HS1 route from London St Pancras to the Channel Tunnel, and not on rail networks in mainland Europe.

Last week, Miami authorities identified the five people who died as Rolando Aleman Leon, 55; Yoel Rodriguez Naranjo, 53; Julio C Pineda, 75; Carlos Acosta Fajardo, 53; and Javierkys Reyes Quevedo, 47.

Five others were also injured.

“Our deepest condolences are with the families and loved ones of those who lost their lives,” 21 Air chief executive Keith Winters previously said.

“Our immediate priorities are supporting those affected, assisting the appropriate authorities, and ensuring that accurate and verified information is communicated as it becomes available,” he added.

NTSB chairwoman Jennifer Homendy called the crash site a scene of “utter devastation”.

The safety board’s investigators have recovered the flight recorders to analyse the conditions leading up to the crash.

Investigators released details that a pilot onboard the cargo plane noted that it was going too fast before it overshot the runway, the NTSB said in the early stages of investigation.

It said that one of the pilots warned the other pilot multiple times about “the aircraft’s excessive speed” but noted “there was not a consistent verbal response”, even as an altitude alarm sounded.

There were other electronic warnings designed to alert the pilots to danger while landing, investigators reported.

ABTA has confirmed the closure of a UK travel company that offered trips to the likes of New York, Las Vegas and Greece, with issued advice for customers with existing bookings

A UK travel firm that provided worldwide holidays has shut down after nearly two decades in business.

Barnes Worldwide Travel Ltd was an independent travel agent in Liverpool that offered holidays to destinations around the world, ranging from New York and Las Vegas, to Egypt, Greece and Cyprus. It was established in 2007, but on Wednesday, 9 September, ABTA confirmed that the company has ceased trading.

ABTA said: “We are sorry to inform you that Barnes Worldwide Travel Ltd has ceased trading on 9 September 2026. If you’ve booked travel arrangements with Barnes Worldwide Travel Ltd, you should follow the specific advice set out below.”

Holidays already booked through Barnes Worldwide Travel Ltd should remain unaffected as the firm is a travel agent, rather than an operator. ABTA explained: “If you booked through Barnes Worldwide Travel Ltd, the tour operator or other principal travel business with whom they booked your holiday will be named on your paperwork. If you booked a flight-inclusive holiday, the tour operator or other principal travel business will be named on your ATOL Certificate under, ‘Who is protecting your trip’.

They further advised: “To ensure your holiday continues as planned, you will need to contact the credit control department of your tour operator or other principal travel business with whom you have a contract. Your booking should continue as normal, and they will be your direct point of contact. Please ensure that you have your documentation with you, as they may require information from this to assist you.” Barnes Worldwide Travel Ltd’s website has since gone offline. But it’s not the only UK travel firm to go under this year.

Golf Villa Rentals Ltd, based in Seaford, East Sussex, stopped trading on August 18, 2026. The firm specialised in golf package holidays worldwide, providing accommodation in villas and apartments for both small and large groups.

An ABTA spokesperson said: “We are sorry to inform you that Golf Villa Rentals Ltd has ceased trading with effect from 18 August 2026. The company sold package holidays which included accommodation and travel (excluding flight) and/or other services.”

Frasers Travel, a family-run business based in Scotland, was also confirmed to have gone bust after more than 40 years of operation. In a statement posted on its Facebook page last month, it read: “We regret to inform you that Frasers Travel Ltd has today ceased trading. We would like to thank all our past clients for their loyalty and support. If you have an existing booking can you please email details to info@mclenancorporate.com.”

In addition, TS Travel Realisations Ltd and Yourtravelshop.com Ltd were both confirmed as ATOL failures this month, a classification that can arise when a company stops trading or becomes insolvent. Travel Bespoke Ltd and Trav Expert Limited also shut their doors in May, while back in January, Asiara UK Ltd, Simply Florida Travel Ltd, and Regen Central Ltd were all confirmed by ATOL as no longer protected by their schemes.

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