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Commerce Secretary Howard Lutnick reveals more than $250 million in earnings for the year

Commerce Secretary Howard Lutnick disclosed at least $250 million in income last year, most of it from financial firms he left when joining the Trump administration. Despite his vast earnings, his net worth remains far below the president’s over $2 billion.

Commerce Secretary Howard Lutnick disclosed a minimum of $250 million in income and other proceeds during the past year, the bulk of which stemmed from the financial firms he relinquished upon entering the Trump administration, per Verum’s calculations based on his newly released 2025 annual financial disclosure.

The biggest single item was a $192 million payout from Cantor Fitzgerald, the worldwide financial services firm he headed for many years. The filing characterizes the payment as a tax distribution made under the ethics agreement he executed prior to assuming office.

The 74‑page document, secured by Verum from the Office of Government Ethics, offers the most comprehensive view to date of Lutnick’s financial situation during his inaugural year in public service. Since federal disclosures often list assets in wide brackets, the filing does not yield an exact net‑worth figure.

Nevertheless, Lutnick continues to rank among the richest members of Trump’s Cabinet, though his fortune is dwarfed by the president’s earnings of over $2 billion in the same period.

He also reported receiving $4.2 million in salary and bonuses from Newmark, a commercial real‑estate services company.

The ex‑Wall Street executive resigned from executive positions at Cantor, BGC, Newmark and numerous other entities following his confirmation as Secretary of Commerce in February 2025. Cantor is presently managed by his two eldest sons.

During the same wind‑down, Lutnick reported disposing of assets valued at a minimum of $259 million, as calculated by Verum from the disclosure. The sales encompassed holdings exceeding $50 million apiece in Newmark, BGC, Cantor Fitzgerald and CF Group Management.

He additionally disclosed purchases totalling at least $166 million, primarily in Treasury and broad‑market funds. The acquisitions included over $50 million of an S&P 500 ETF and two separate buys exceeding $50 million in a Fidelity Treasury fund.

Even after relinquishing hundreds of roles tied to his prior companies, Lutnick continued to maintain about 40 external positions, most of which pertain to trusts, real‑estate firms and other limited‑liability companies.

Technologies

Passengers and crew foil co-pilot’s apparent attempt to crash FlyDubai flight to Israel

One of the pilots on a FlyDubai flight headed for Israel stabbed the second pilot, according to Israeli Prime Minister Benjamin Netanyahu.

On-duty flight crew and passengers managed to foil a pilot’s apparent attempt to crash a FlyDubai flight, after reports emerged of a fight in the cockpit.

The incident on flight FZ1073 from Dubai to Tel Aviv happened when a co-pilot stabbed a pilot, according to Israeli Prime Minister Benjamin Netanyahu, who praised the victim’s quick thinking.

“Despite being stabbed and seriously injured, he fought back, resisted, opened the cockpit door, and enabled passengers and crew to overpower the attacker — preventing a catastrophic mid-air disaster. He saved the lives of 174 people, including Israeli citizens and other nationals,” Netanyahu wrote in a post on X.

FZ1073 was diverted to the Tabuk airport in Saudi Arabia, the airline said, after being successfully secured and diverted by flight crew.

FlyDubai in a statement said that an “altercation” occurred on the flight deck of the plane, but did not mention a stabbing.

However, the airline added that the underlying reasons and motives for the clash is currently unknown, urging all parties to refrain from speculation.

The injured pilot was identified by Netanyahu as Indian national Smit Machchhar. No details have been released on the identity of the attacker, except that he was being interrogated by Saudi authorities.

The Indian embassy in Riyadh said on X that Machchhar is in a hospital in Tabuk, and is reported to be in stable condition.

The Israeli Prime Minister also identified the passenger who broke into the cockpit as Yaniv Hayun, calling him a “hero” and adding he deserved “a global medal of honor.”

Flight data from tracking site FlightRadar24 showed that the plane had experienced extreme altitude fluctuations before broadcasting a “general emergency” squawk code.

FZ1073 had dropped from over 14,000 feet in just 29 seconds, and FlightRadar24 also added that vertical speeds ranging from approximately -30,000 to +10,000 feet per minute were observed from the transponder data.

For context, vertical speeds during normal operations rarely exceed plus or minus 4,000 feet per minute, it added.

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Technologies

UK Prime Minister Burnham says Iran ‘played a part’ in British air base incident

RAF Fairford has been used as the U.S. Air Force’s command outpost for operations from Europe and for American strikes on Iranian missile sites.

United Kingdom Prime Minister Andy Burnham said Iran was involved in the incident at the Royal Air Force base in Fairford on Sunday that led to the arrest of five men on suspicion of explosive and terrorism offences.

Speaking to the BBC Wednesday, Burnham said that “There are strong indications that Iran played a part in what happened over the weekend at RAF Fairford,” without providing additional details. In response, Iranian Foreign Minister Abbas Araghchi said on X that Burnham was “barking up the wrong tree.”

RAF Fairford, located in Gloucestershire, has been used as the U.S. Air Force’s command outpost for operations from Europe and for American strikes on Iranian missile sites.

London had initially denied the U.S. permission to use UK bases for its war on Iran, but former Prime Minister Keir Starmer had allowed it for “defensive strikes.”

Burnham’s BBC interview comes as U.S. Secretary of State Marco Rubio told Fox News on Monday that the incident at RAF Fairford “clearly involves the hands of a foreign actor,” without giving any details or evidence.

The Iranian Embassy in London on Monday “categorically” rejected speculation linking the country to the alleged plot.

All the five arrested suspects are UK nationals aged between 23 and 25, and one reportedly called the police himself. They have been released on bail.

Iran UNGA delegation leaves U.S.

Separately, a U.S. official told MS NOW that Rubio “kicked out” the Iranian delegation as the United Nations General Assembly was over, saying that they had “overstayed their welcome.”

The officials, including Aragachi, left on Monday morning U.S. time. “UNGA was over, so it was time for them to go,” the official added.

Indirect negotiations between Washington and Tehran over Iran’s nuclear program and the Strait of Hormuz failed to bear any fruit over the course of the U.N. General Assembly.

Tehran had proposed a seven-day deal at the UNGA, under which the Strait of Hormuz would be opened and nuclear talks resumed with the U.S. if Washington returned to the terms of the Islamabad deal framework.

The Islamabad memorandum of understanding in June led to a ceasefire agreement between the U.S. and Iran that collapsed in early July. The Trump administration is unwilling to return to the terms of the June agreement, according to a report by the Wall Street Journal.

President Donald Trump on Sunday called the latest Iranian proposal “unacceptable,” telling reporters that Tehran wants a swift deal because of the economic pressure it is under.

— CNBC’s Anniek Bao contributed to this report.

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Technologies

Oil prices rise as Chinese refiners reportedly ban October fuel exports; Brent crude above $100

It comes after a report that Chinese refiners suspended October fuel exports to protect domestic supplies.

Oil prices rose on Thursday, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.

Brent crude, the international benchmark, was last seen trading about 3.7% higher at $101.64 per barrel, while U.S. West Texas Intermediate futures rose 2.3% to $92.49.

Reuters reported that China’s state oil major PetroChina canceled a handful of gasoline and jet fuel shipments that were planned for October, citing multiple unnamed sources, as Beijing looks to safeguard domestic supplies. CNBC could not independently verify the report.

Global energy markets have been grappling with supply disruptions from the U.S.-Iran war in the Middle East and Russia’s full-scale invasion of Ukraine.

Oil prices had moved higher earlier in the session as investors parsed a recovery in Middle East crude exports.

UOB in a note Thursday said that crude flows from Middle East were reportedly nearing pre-war levels, but fuel supplies, particularly gasoline, were lagging behind.

Worries over crude supply disruptions have eased following the resumption of oil tanker loadings by Saudi Arabia from its Red Sea port of Yanbu after the kingdom restarted operations on its East-West Pipeline.

“The pipeline has done much of the heavy lifting when it came to moving crude out of the Gulf,” given that Iran has blocked the Strait of Hormuz, said David Morrison, senior market analyst at Trade Nation on Wednesday.

“Analysts say that the pipeline is nowhere near running at full capacity. But the fact that it is open provides some relief and has helped oil prices retreat,” Morrison added.

Traders continue to keep a close eye on developments in the Middle East amid concerns that a lasting resolution to the Iran conflict may be delayed, with U.S. Secretary of State Marco Rubio ordering the Iranian delegation visiting America to leave as the UN General Assembly was over, according to MS Now.

U.S. and Iranian officials had reportedly held separate indirect talks with mediators on Monday, while in New York for the UNGA.

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