Meet the Repo Man Retrieving Spirit’s Planes Around the U.S.

SPEAKER_1 (0:00)

At Janice Henderson, we strive to deliver better outcomes through insight-led investing, innovation for clients, and a partnership approach that's core to our identity. I'm Jessica Leonsini, Head of Fixed Income Client Portfolio Management. I'm passionate about my role in investments. It allows me to partner with our clients, simplify fixed income, and support them in achieving better outcomes for their clients.

Janice Henderson, investing in a brighter future together.

Alex Ossola (0:33)

President Trump backed suspending the federal gas tax. Plus, the administration's newest attempt to tackle record beef prices. And meet the guy responsible for getting planes back to their owners after an airline shuts down.

Steve Giordano (0:46)

It's not like anybody can just go to an airport and say, I'm here to repossess a Spirit airplane.

Alex Ossola (0:51)

It's Monday, May 11th. I'm Alex Ossola for The Wall Street Journal. This is the PM Edition of What's News, the top headlines and business stories that move the world today.

We begin with the latest on the Iran War, which has been in a fragile ceasefire for more than a month. President Trump told reporters in Washington today that he had rejected Iran's response to a proposal for ending the war.

Alison Sider (1:22)

I would say the ceasefire is on massive life support.

Alex Ossola (1:26)

And in the Gulf, we're exclusively reporting that the United Arab Emirates has carried out military strikes on Iran.

Iran has targeted the UAE more than any other country. And in the Gulf, the UAE has become the country that's now most willing to confront Iran. The UAE hasn't publicly acknowledged the strikes, and the country's Ministry of Foreign Affairs declined to comment on them. For more on the strikes and their implications, I'm joined now by WSJ Senior Video and National Security Correspondent Shelby Holliday. Shelby, what do we know about these strikes? When they happened and what they hit?

Shelby Holliday (1:57)

We know that the UAE has been quietly conducting strikes. We believe for several weeks there was speculation swirling as early as mid-March because there were photographs and videos of fighter jets over Iran that were not Israeli or American.

So the UAE has a very capable, small but capable air force, highly trained, very advanced fighter jets. They have tankers that can refuel those jets. They have command and control aircraft that can support them. So when you're talking to military analysts, they say it makes a lot of sense UAE has been conducting strikes. Why would they sit there without responding when they have such strong capabilities? And they've been getting hammered by Iranian drones and missiles and attacks throughout the entire war.

Alex Ossola (2:37)

What has the reaction been in Washington to the UAE's involvement in this way?

Shelby Holliday (2:42)

The Pentagon declined to comment. Our reporting indicates that the US has quietly welcomed these attacks and would potentially welcome attacks from other neighbors in the Gulf as well.

And now that the US and Israel have completely wiped out Iran's air defenses, there's actually very low risk for these countries.

Alex Ossola (3:01)

Well, right now, between Iran and the US, we do have a ceasefire, although it is a bit fragile at the moment. How does having the UAE as a combatant affect the ceasefire and where it goes from here?

Shelby Holliday (3:13)

What we know is that the US and the UAE have a very historically strong defense partnership.

The question is, if President Trump rips up the ceasefire and says we're back to war, will the UAE get even more involved and would other Gulf countries get involved? The UAE and Kuwait and Bahrain are all countries that you could see potentially stepping in to help a little bit more and defend their territories and strike back.

Alex Ossola (3:36)

That was the Journal, Shelby Holliday. Thanks, Shelby.

Shelby Holliday (3:38)

Thank you.

Alex Ossola (3:44)

US stock prices ticked higher with the S&P and NASDAQ both climbing 0.2%.

Oil prices rose again, with US crude futures climbing nearly 3% and Brent crude moving back above $104. At the pump, the average cost of a gallon of regular gas is about $4.50. A year ago, it was $3.14.

The big jump in gas prices has Republicans worried it could hurt the GOP in November's midterm elections. And now President Trump has added his support to suspending the federal gas tax. He told reporters that the tax should be suspended until, quote, it's appropriate. To suspend the tax, which is $0.18 a gallon, you need approval from Congress. The tax began in 1932 and it's never been suspended before. Senator Josh Hawley, a Republican from Missouri, said today that he would introduce such a bill. The leadership in the Senate and House didn't respond to requests for comment.