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Perth, Australia (ABN Newswire) – Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) announces a capital raising of $6 million, comprising the issue of 133,333,334 fully paid ordinary shares in the capital of the Company at an issue price of $0.045 per Share. Participants in the placement will also receive free attaching listed options at 1 option for every 2 shares issued with an exercise price of $0.065 and expiry date of 31 October 2028.

Highlights

– Binding Commitments to raise $6 million at an Issue price of $0.045 per share

– Strong foundations set to deliver further trials and sales of UPS batteries, source project finance of CERENERGY(R), complete the 90kWh battery prototype and assess the 4 GWh Giga factory for large scale production

– Funds will be used to further progress a variety of value accretive activities at the CERENERGY(R), AMPower and Silumina AnodesTM Projects

The Shares and Options under the Placement will be issued out of the Company’s available capacity under Listing Rules 7.1. It is proposed that the shares will be issued on 20 October 2025. The options represent a new class of listed security and as such, will require a Prospectus to be issued prior to the options being allotted. Altech is now working on the Prospectus and aims to have it finalised within the coming weeks.

The Placement was jointly managed by Evolution Capital and Alpine Capital. The costs associated with the Placement was a combined 6% fee on all funds raised plus 60,000,000 options. Further details regarding the Placement are set out in the Appendix 3B of today’s date.

The funding establishes balance sheet flexibility for the Company to execute on the following near term `milestones:

– Trials and sales of Altech UPS batteries: Initial sales anticipated of advanced UPS batteries, targeting critical infrastructure customers across Europe, Australia, and the United States.

– Funding Deals: sourcing project finance for the 120 MWh CERENERGY(R) production facility in Germany, supporting large-scale commercial rollout.

– Pilot Plant and Battery Commercialisation News:

o Completion of the larger 90kWh battery prototype for the CERENERGY(R) project.

o Preliminary assessment for establishing a 4 GWh Giga factory for largescale production.

Managing Director Mr Iggy Tan stated ‘We are encouraged by the strong market interest in our current initiatives. This capital raise comes at an exciting time for Altech as it establishes its selling, distribution and installation infrastructure for AMPower produced Altech branded sodium nickel chloride (SNC) batteries and advances the commercialisation of its 120MWh CERENERGY(R) battery project. With the operation of the Silumina Anodes(TM) pilot plant completed and NDAs signed with major US and European car manufacturers, Altech is readying itself to provide commercial samples of the product. A portion of the funds will also be allocated to a preliminary study for a larger 4 GWh battery facility, marking the next significant step towards commercialisation’.

About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (‘Fraunhofer’) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

Source:
Altech Batteries Ltd

Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

News Provided by ABN Newswire via QuoteMedia

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Here’s a quick recap of the crypto landscape for Friday (October 10) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$116,726, a 3.6 percent decrease in 24 hours. Its lowest valuation of the day was US$116,242, and its highest was US$122,359, recorded shortly after trading began on major indexes.

Bitcoin price performance, October 10, 2025.

Chart via TradingView.

Bitcoin has logged a weekly loss of around 5.2 percent.

Key support zones are being tested, which could attract dip buyers, potentially setting the stage for a rebound. However, a sustained break below could invite additional downside before market stability returns.

The week was capped by a sharp selloff as Bitcoin dipped in late Friday trading, triggering over US$850 million in liquidations in 24 hours, with the majority being long positions. A contraction in futures open interest confirms that traders are exiting leveraged positions and further supports the narrative of a healthy market reset.

The immediate focus will be on Bitcoin’s ability to reclaim its US$117,000 to US$120,000 support zone over the weekend. Technical momentum indicators suggest the market remains in a consolidation phase, with volatility compression possibly foreshadowing a large directional move in the coming weeks.

Ether (ETH) was priced at US$3,998.07, an 8 percent decrease in 24 hours. Its lowest valuation of the day was US$3,976.33, and its highest was US$4,386.23.

Altcoin price update

  • Solana (SOL) was priced at US$205.98, a decrease of 5.8 percent over the last 24 hours. Its lowest valuation of the day was US$204.77, and its highest was US$224.06.
  • XRP was trading for US$2.68, a decrease of 3.8 percent over the last 24 hours and near its lowest valuation of the day. Its highest was US$2.83.

Today’s crypto news to know

International banks explore stablecoin issuance

A group of leading international banks, including BNP Paribas (EPA:BNP), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Deutsche Bank (NYSE:DB), Citigroup (NYSE:C), UBS Group (NYSE:UBS) and others, has announced a joint exploration into issuing a stablecoin pegged to major G7 fiat currencies.

The initiative seeks to use digital assets to create a stable payment option that boosts competition and efficiency in financial markets, especially cross-border payments. The banks emphasize that they will ensure full compliance with regulatory requirements and adopt best risk management practices.

The project is in its early stages and will involve ongoing coordination with regulators and supervisors across relevant markets. While no specific timeline has been announced, this collaboration signals growing institutional interest in blockchain-based financial innovation.

Kalshi completes Series D funding round, expands internationally

Kalshi completed a Series D funding round of over US$300 million led by Sequoia Capital and Andreessen Horowitz (a16z), with participation by Paradigm, CapitalG, Coinbase Ventures, General Catalyst and Spark Capital.

The latest round brings the company’s valuation to US$5 billion and comes after Kalshi closed a separate US$185 million funding round in June; it was led by Paradigm and also featured Sequoia. The platform also announced an international expansion with an immediate launch in 140 new markets.

“International users can now access the platform via the Kalshi website with an identical product experience to American users,” the company said in a press release.

Prestige Wealth secures funding for digital gold treasury, rebrands as Aurelion

Prestige Wealth (NASDAQ:AURE) announced it has secured approximately US$150 million in financing to establish Nasdaq’s first digital gold treasury focused on Tether Gold, a gold-backed stablecoin issued by Tether. This milestone is part of a broader plan to integrate tokenized gold into the company’s reserve assets. As part of the transition, Prestige Wealth will rebrand itself as Aurelion and start trading under the ticker symbol AURE on October 13.

The financing package consists of a US$100 million private investment in public equity, with Antalpha Platforms as the lead investor, supported by Tether and Kiara Capital. Additionally, there is a US$50 million senior debt facility. Most of these funds will be allocated to acquiring Tether Gold, which will serve as Aurelion Treasury’s reserve asset.

XRP, DOGE, SOL slip as US$2.7 billion flows into Bitcoin ETFs

Major altcoins faced losses on Friday as cryptocurrency traders took profits from Bitcoin’s record-breaking rally, even as spot exchange-traded fund (ETF) demand remained strong.

Solana, XRP, Dogecoin and Cardano each slid up to 3 percent, according to CoinDesk. Despite the retreat, US-listed Bitcoin ETFs drew US$2.72 billion in inflows this week, highlighting resilient institutional appetite.

The ETF surge underscores Bitcoin’s growing role as a “digital safe haven,” especially amid gold’s surge above US$4,000 per ounce. However, a possible pullback to the US$107,000 to US$115,000 range could be imminent ahead of the US Federal Reserve’s October policy meeting.

EU dismisses ECB’s call for new stablecoin rules

The European Commission said Friday that existing crypto regulations under MiCA are adequate to handle stablecoin risks, pushing back on calls from the European Central Bank (ECB) for stricter oversight.

According to Reuters, the ECB had urged Brussels to introduce new safeguards against “multi-issuance” models, where stablecoins minted outside the EU could be treated as interchangeable with those issued within.

Industry groups, including members like Circle Internet Group (NYSE:CRCL), asked the commission to formally clarify that multi-issuance is allowed under current rules. In a statement to Reuters, the commission said MiCA already provides a “robust and proportionate framework,” and that further guidance will be published soon.

The ECB’s main concern is that redemptions from non-EU tokens could drain reserves inside the bloc, posing systemic risks. Stablecoin issuers countered that their reserve structures already mitigate such threats.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Monday (October 13) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) and major cryptocurrencies rebounded at the start of the week, regaining ground after a sharp October 10 selloff triggered by US President Donald Trump’s renewed tariff threats against China. The correction, which wiped out billions in leveraged positions, marked one of the largest single-day liquidations in crypto trading history.

Bitcoin price performance, October 13, 2025.

Chart via TradingView.

Bitcoin has climbed 2.2 percent in the past 24 hours to trade above US$114,200; the coin plunged below US$109,000 late on October 10 after setting a record high near US$126,200 earlier last week.

The weekend rebound followed Trump’s more conciliatory Truth Social post on October 12, where he wrote:

“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

Data from CoinGlass reveals over 1.6 million trades were liquidated on October 10, amounting to more than US$19 billion in forced sales across the crypto market. Other reports place the figure at roughly US$20 billion, the largest single-day liquidation in crypto history, as leveraged long positions on Bitcoin and Ether were rapidly unwound.

The event also saw major altcoins like XRP, Dogecoin and Cardano slump by as much as 30 percent, deepening what traders have described as a “cascade of leveraged liquidations.”

According to Bitcoin researcher Axel Adler Jr., the October 10 shock “changed the regime to moderately bearish,” though market structure indicators suggest the downturn has yet to reach capitulation levels.

Adler also notes that the Bitcoin Bull-Bear Structure Index dropped by 8 percent, and a further decline to -15 percent would “signal continued bearish pressure and the risk of retesting local lows.”

Bitcoin dominance in the crypto market now stands at 56.01 percent.

Ether (ETH) was trading at US$4,105.84 as of the time of this writing. Its lowest valuation on Monday was US$3,802.06, and its highest was US$4,196.98.

Altcoin price update

  • Solana (SOL) was priced at US$199.11, an increase of 5.8 percent over the last 24 hours and its highest valuation of the day. Its lowest valuation on Monday was US$179.
  • XRP was trading for US$2.57, up by 6.8 percent over the last 24 hours. Its lowest valuation of the day was US$2.37, and its highest was US$2.64.

ETF data and derivatives trends

The Fear & Greed Index currently reads 40, climbing back to neutral territory after crashing to ‘fear’ last week.

Last week, the cumulative net flows for spot Bitcoin exchange-traded funds (ETFs) were predominantly positive despite the sudden crash on the tail end. According to data from the week of October 6 to October 12, spot Bitcoin ETFs had inflows on four days, with October 10 being the outlier at US$4.5 million in outflows. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

Cumulative total inflows for spot Bitcoin ETFs stood at US$62.77 billion as of October 10.

Today’s crypto news to know

Crypto funds log US$3.17 billion in inflows despite tariff turmoil

Digital asset investment products saw US$3.17 billion in inflows last week, shrugging off the volatility sparked by renewed US-China tariff tensions. According to CoinShares, Bitcoin accounted for $2.67 billion of that total, underscoring its dominance in institutional portfolios as exchange-traded product volumes hit a record US$53 billion.

US spot Bitcoin ETFs alone attracted US$2.71 billion, even as major cryptocurrencies corrected midweek. October 10’s minor US$159 million outflow suggests investors were largely unfazed by short-term market shocks.

Furthermore, year-to-date inflows have reached a record US$48.7 billion, already surpassing 2024’s full-year total, which analysts say is indicative of a resilient capital rotation into crypto.

House of Doge to list on Nasdaq

In a bid to bring Dogecoin deeper into traditional finance, House of Doge — the corporate arm of the Dogecoin Foundation — announced plans to debut on the Nasdaq via a reverse merger with Brag House Holdings (NASDAQ:TBH).

CEO Marco Margiotta said the listing will help fund new payment and yield infrastructure for Dogecoin, including a pending spot ETF with 21Shares and a treasury product already trading on the NYSE. Backers include Elon Musk’s attorney Alex Spiro, former Texas Governor Rick Perry and members of the Steinbrenner family.

Margiotta said being public will accelerate Dogecoin’s integration into retail payments and cultural sectors like sports, where the firm plans to launch tokenized fan initiatives.

Dogecoin rose more than 10 percent following the announcement. The deal is expected to close in early 2026.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Forte Minerals Corp. (‘Forte’ or the ‘Company’) ( CSE: CUAU ) ( OTCQB: FOMNF ) ( Frankfurt: 2OA ) is pleased to announce that the Board of Directors has appointed Patrick Evans as an Independent Director and Chairman of the Board.

Mr. Evans brings over 25 years of senior mining executive leadership experience, specializing in mergers and acquisitions, capital markets, and the development of world-class assets across four continents. He currently serves as Chairman of Pan Global Resources Inc.

Mr. Evans’s career includes leading multiple public companies to successful exits and significant value creation. He previously served as CEO of Dominion Diamond Mines and Mountain Province Diamonds Inc. He led the sale of several companies, including Norsemont Mining Inc. (acquired by Hudbay Minerals), Weda Bay Minerals Inc. (acquired by Eramet S.A.), and Southern Platinum (acquired by Lonmin PLC).

Mr. Evans holds degrees in arts and science from the University of Cape Town and previously served as South Africa’s Consul-General to Canada (1994–1998). His industry leadership has been recognized with both the Prospectors & Developers Association of Canada’s Viola R. MacMillan Award and the Association for Mineral Exploration’s Hugo Dummett Award .

The Board is confident that Mr. Evans’s proven track record in mergers, acquisitions, capital markets, and advancing complex multinational operations will directly support Forte as it develops its copper and gold projects in Peru. His appointment significantly enhances the Board’s independence and corporate governance oversight.

As the Independent Chairman, Mr. Evans will oversee Forte’s Board and ensure that management decisions align with the interests of shareholders and the Company’s long-term strategic objectives.

Patrick Elliott , President and CEO of Forte, stated, The appointment of Patrick Evans represents a transformational addition to Forte Minerals’ Board of Directors. As one of the most accomplished executives in the global mining industry, Mr. Evans brings a distinguished record of leading high-growth companies through major transactions, capital market success, and the development of tier-one mineral assets. His strategic insight and leadership will be instrumental as Forte advances its high-quality copper and gold portfolio in Peru and continues to unlock substantial long-term value for shareholders ‘.

Mr. Evans added, ‘Forte Minerals has built an exceptional portfolio of exploration projects in one of the world’s premier mining jurisdictions. I am excited to collaborate with the Board and management team to unlock the full potential of these assets and drive meaningful growth and value creation for all stakeholders.’

Forte Minerals would also like to extend its sincere gratitude to Mr. Doug Turnbull, P.Geo., who has resigned from the Board of Directors. Mr. Turnbull has served as an Independent Director and Chair of the Compensation Committee since 2010.

Over his fourteen years of dedicated service, Mr. Turnbull has been an integral part of Forte’s growth and governance, bringing more than 30 years of global exploration experience and thoughtful leadership to the Board. His geological expertise and steady guidance have helped shape the Company’s strategic direction from its early stages to its current milestones.

Mr. Turnbull is stepping down on excellent terms to pursue a new opportunity with VBKOM, an engineering company based in South Africa.

The Board and management wish to thank him for his longstanding commitment, professionalism, and contribution to Forte’s success, and wish him continued achievement in his new role.

Corporate Update: Option Grants

In connection with his appointment to the Board of Directors and as Independent Chair of the Company, Mr. Patrick Evans was granted 500,000 stock options. Each option is exercisable for 5 years to acquire one common share of the Company at a price of C$0.78 per share, consistent with the exercise price granted to other directors in recent stock option issuances.

The Company also granted an aggregate of 2,250,000 stock options to directors, officers, and consultants pursuant to its existing stock option plan.

In total, 2,750,000 stock options were granted. All Options are exercisable at $0.78 per share for a period of five years, subject to the terms of the plan and applicable regulatory approvals.

ABOUT Forte Minerals CORP.

Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (Cu) and gold (Au) assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C. , the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.

On behalf of Forte Minerals CORP.

(signed) ‘ Patrick Elliott’
Patrick Elliott, MSc, MBA, PGeo
President & Chief Executive Officer

Forte Minerals Corp.
info@forteminerals.co m
www.forteminerals.com

For further information, please contact:
Investor Inquiries
Kevin Guichon, IR & Capital Markets
E: kguichon@forteminerals.com
C: (604) 612-9976

Media Contact
Anna Dalaire, VP Corporate Development
E: adalaire@forteminerals.com
T: (604) 983-8847

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Certain statements included in this press release constitute forward-looking information or statements (collectively, ‘forward-looking statements’), including those identified by the expressions ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘should’ and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under ‘Risk Factors and Uncertainties’ in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

Neither the Canadian Securities Exchange (the ‘CSE’) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b54275-2dff-445f-bc54-06bb0775c8e5

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Westport Fuel Systems Inc. (‘Westport’) (TSX:WPRT Nasdaq: WPRT), a supplier of alternative fuel systems and components for the global transportation industry, announced today that Cespira, Westport’s joint venture with the Volvo Group, has signed an agreement with and received full payment from a leading OEM for Cespira’s HPDI TM components to be utilized in a customer truck trial.

Cespira will deliver several hundred sets of a key component in support of the trial. The truck trial is designed to assess the market interest and viability of the direct injection system in certain heavy-duty trucking markets and is expected to form the basis upon which the OEM will determine whether to make a further investment to commercialize this system. It is also important to note that some of the other system components not supplied by Cespira and used during the trial have not been validated by Cespira. Further information regarding the trial is not disclosed for commercially sensitive reasons.

About Westport Fuel Systems
Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow. As a leading supplier of affordable, alternative fuel, low-emissions transportation technologies, we design, manufacture, and supply advanced components and systems that enable the transition from traditional fuels to cleaner energy solutions.

Our proven technologies support a wide range of clean fuels – including natural gas, renewable natural gas, and hydrogen – empowering OEMs and commercial transportation industries to meet performance demands, regulatory requirements, and climate targets in a cost-effective way. With decades of expertise and a commitment to engineering excellence, Westport is helping our partners achieve sustainability goals—without compromising performance or cost-efficiency – making clean, scalable transport solutions a reality.

Westport Fuel Systems is headquartered in Vancouver, Canada. For more information, visit www.Westport.com.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the joint venture (‘JV’) between Westport and the Volvo Group, the JV’s delivery of several hundred sets of a key component for the customer truck trial, the trial’s objective to assess market interest and viability of the direct injection system in the heavy-duty trucking sector, and the potential for further investment to commercialize the system, the performance and competitiveness of Westport’s products and Westport’s ability to help our partners achieve sustainability goals. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, those related to the delivery and performance of the JV system during the trial, the market’s response to the system, the unvalidated nature of certain other system components not supplied by the JV, potential regulatory hurdles, customer demand, and other factors that could impact the heavy-duty truck sector or the JV’s operations, including the general economy, governmental policies and regulation, technology innovations, new environmental regulations, the acceptance of and shift to natural gas vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

Contact Information
Investor Relations
Westport Fuel Systems
T: +1 604-718-2046

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Thousands of U.S.-bound packages shipped by UPS are trapped at hubs across the country, unable to clear the maze of new customs requirements imposed by the Trump administration.

As packages flagged for customs issues pile up in UPS warehouses, the company told NBC News it has begun “disposing of” some shipments.

Frustrated UPS customers describe waiting for weeks and trying to make sense of scores of conflicting tracking updates from the world’s largest courier.

“I’ve never seen anything like this before,” Matthew Wasserbach, brokerage manager of Express Customs Clearance, said of the UPS backlog. “It’s totally unprecedented.”

Wasserbach’s New York City-based shipping services firm helps clients move shipments through customs. He said the company has seen a spike in inquiries for help with UPS customs clearance.

A Boeing 747 operated by UPS on the tarmac at Louisville International Airport in Kentucky during a winter storm on Feb. 3, 2022.Luke Sharrett / Bloomberg via Getty Images file

More than two dozen people who are waiting for their UPS packages explained the circumstances of their shipments to NBC News.

They described shipments of tea, telescopes, luxury glassware, musical instruments and more — some worth tens of thousands of dollars — all in limbo or perhaps gone.

Others have deep sentimental value: notebooks, diplomas and even engagement rings.

The frustration has exploded online, with customers sharing horror stories on Reddit of missing skin care products, art and collectibles.

They are confused and angry, and they want answers.

“It’s almost impossible to get through to anybody to figure out what is happening,” said Ashley Freberg, who said she is missing several boxes she shipped via UPS from England in September.

“Are my packages actually being destroyed or not?”

Freberg’s boxes of journals, records and books were shipped on Sept. 18, according to tracking documents she shared with NBC News.

Over the next two weeks, she received two separate notifications from UPS that her personal mementos had not cleared customs and as a result had been “disposed of” by UPS.

Then, on Oct. 1, a UPS tracking update appeared for her packages, saying they were on the way. The tracking updates Freberg showed NBC News for that shipment revealed it was the most recent update she had received.

UPS transport jets wait to be loaded with packages at UPS Worldport in Louisville, Ky., on April 27, 2021.Timothy D. Easley / AP file

While sentimental value is impossible to measure, other customers fear they will not be able to recover financially if their goods were destroyed.

Tea importer Lauren Purvis of Portland, Oregon, said five shipments from Japan, mostly containing matcha green tea and collectively worth more than $127,000, were all sent via UPS over the last few weeks and arrived at UPS’ international package processing hub in Louisville, Kentucky. Purvis has yet to receive any of the shipments, only a flurry of conflicting tracking updates from UPS.

A series of notifications for one shipment, which she shared with NBC News, said that the shipment had not cleared customs and that UPS had disposed of it.

But a subsequent tracking update said the shipment had cleared customs and was on the way.

“We know how to properly document and pay for our packages,” Purvis said. “There should be zero reason that a properly documented and paid-for package would be set to be disposed of.”

At least a half-dozen people described an emotional seesaw they were put through by weeks of contradictory UPS tracking updates about their shipments. The updates, they said, compounded the stress of not knowing what had really happened to their possessions.

A UPS Boeing 767 aircraft taxis at San Diego International Airport, in San Diego, Calif., August 15, 2025.Kevin Carter / Getty Images file

AJ, a Boston man who asked that NBC News use only his initials to protect his privacy, said he shipped a package from Japan via UPS on Sept. 12 including Japanese language books, a pillow and a backpack.

After it sat in Louisville for nearly two weeks, AJ got a tracking update on Sept. 26, one of several that he shared with NBC News. “We’re sorry, your package did not clear customs and has been removed from the UPS network. Per customs guidelines, it has been destroyed. Please contact the sender for more information,” it read.

UPS tracking updates for a package shipped from Japan to the United States.Obtained by NBC News

Three days later, on Sept. 29, he received another, and this one read: “On the Way. Import Scan, Louisville, KY, United States.” For a moment, it appeared as though AJ’s shipment might have been found.

But less than 24 hours after his hopes were raised, another tracking update arrived: “We’re sorry,” it began. It was the same notice that his package had “been destroyed” that he had received on the 26th.

Two minutes later, he got his final update: “Unable to Deliver. Package cannot clear due to customs delay or missing info. Attempt to contact sender made. Package has been disposed of.”

International shipping was thrown into chaos after the long-standing “de minimis” tariff exemption for low-value packages ended on Aug. 29.

Packages with values of $800 or less, which were previously allowed to enter the United States duty-free, are now subject to a range of tariffs and fees.

They include hundreds of country-specific rates, or President Donald Trump’s so-called reciprocal tariffs, as well as new levies on certain products and materials.

President Donald Trump holds a chart as he speaks about reciprocal tariffs at a ‘Make America Wealthy Again’ event at the White House on April 2.Brendan Smialowski / AFP – Getty Images file

The result is that international shipping to the United States today is far more complex and costly than it was even two months ago.

The sweeping changes have caught private individuals and veteran exporters alike in a customs conundrum.

It is difficult to know the exact number of the packages that are stuck in UPS customs purgatory. Shipping companies guard their delivery data closely.

UPS reported to investors that in 2023, its international service delivered around 3.2 million packages per day.

This week, the company told NBC News that it is clearing more than 90% of the packages it handles through customs on the first day.

The rest of the packages, or less than 10%, require more time to clear customs and need to be held until they do. That could easily mean that thousands of UPS packages every day are not clearing customs on their first try.

In a statement to NBC News, UPS said it is doing its best to get all packages to their destinations while abiding by the new customs requirements.

“Because of changes to U.S. import regulations, we are seeing many packages that are unable to clear customs due to missing or incomplete information about the shipment required for customs clearance,” it said.

UPS said it makes several attempts to get any missing information and clear delayed shipments, contacting shippers three times.

“In cases where we cannot obtain the necessary information to clear the package, there are two options,” it said.

“First, the package can be returned to the original shipper at their expense. Second, if the customer does not respond and the package cannot be cleared for delivery, disposing of the shipment is in compliance with U.S. customs regulations. We continue to work to bridge the gap of understanding tied to the new requirements and, as always, remain committed to serving our customers.”

A conveyor belt carries envelopes and small packages past UPS workers to their destinations at Worldport on Nov. 20, 2015.Patrick Semansky / AP, file

NBC News asked UPS precisely what it does with packages when it tells customers their shipments have been unable to clear customs and have been “disposed of.” It would not say.

On Sept. 27, a shipper in Stockholm received a formal notification from UPS that two packages her glassware company sent to the United States — which failed to clear customs — would be destroyed.

“We are sorry, but due to these circumstances and the perishable nature of the contents, we are now required to proceed with destruction of the shipment in accordance with regulatory guidelines,” UPS told Anni Cernea in an email she shared with NBC News.

The email continued, “There is no need to contact our call center for further information or to attempt to clear this shipment.”

Cernea said, “It’s just outrageous that they can dispose of products like this without approval from either the sender or recipient.”

From now on, Cernea said, she plans to ship her products via UPS rival FedEx.

Cernea’s decision to switch carriers hints at the worst-case scenario for UPS, which is that people could abandon the company. It is a potential crisis for the roughly $70 billion company.

The company’s stock price is already down more than 30% this year, which analysts attribute to a mix of tariffs, competition and shifting shopping habits.

As she awaits her missing journals and diplomas from England, Freberg is looking ahead to the biggest shipping months of the year.

“I can’t even imagine how bad the holidays are going to be, because that’s a time where loads of people are shipping stuff overseas,” she said.

“If it doesn’t get solved soon, I can only see it becoming an even bigger issue.”

Isabella Morales contributed reporting.

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HONG KONG — China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many high-tech and military products ahead of a meeting in about three weeks between President Donald Trump and Chinese leader Xi Jinping.

The regulations announced by the Ministry of Commerce require foreign companies to get special approval to export items that contain even small traces of rare earths elements sourced from China. These critical minerals are needed in a broad range of products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones.

Beijing will also impose permitting requirements on exports of technologies related to rare earths mining, smelting, recycling and magnet-making, it said.

China accounts for nearly 70% of the world’s rare earths mining. It also controls roughly 90% of global rare earths processing. Access to such materials is a key point of contention in trade talks between Washington and Beijing.

As Trump has raised tariffs on imports of many products from China, Beijing has doubled down on controls on the strategically vital minerals, raising concerns over potential shortages for manufacturers in the U.S. and elsewhere.

It was not immediately clear how China plans to enforce the new policies overseas.

During a cabinet meeting Thursday, Trump said he had yet to be briefed on the new rules but suggested that the U.S. could stop buying Chinese goods. “We import from China massive amounts,” Trump said. “Maybe we’ll have to stop doing that.”

Neha Mukherjee, a rare earths analyst at Benchmark Mineral Intelligence, called the new export controls “a strategic move by China that mirror some of Washington’s new chip export rules.

“Most rare earth magnet manufacturers in the U.S., Japan and elsewhere remain heavily dependent on rare earths from China, so these restrictions will force some difficult decisions — especially for any company involved in military uses of rare earths because most of those export licenses are expected to be denied, he said.

“The message is clear: if the U.S. and its allies want supply chain security, they must build independent value chains from mine to magnet,” Mukherjee said.

The new restrictions are to “better safeguard national security” and to stop uses in “sensitive fields such as the military” that stem from rare earths processed or sourced from China or from its related technologies, the Commerce Ministry said.

It said some unnamed “overseas bodies and individuals” had transferred rare earths elements and technologies from China abroad for military or other sensitive uses which caused “significant damage” to its national security.

The new curbs were announced just weeks ahead of an expected meeting between Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, that begins at the end of this month.

“Rare earths will continue to be a key part of negotiations for Washington and Beijing,” George Chen, a partner at The Asia Group, said in an emailed comment. “Both sides want more stability but there will be still a lot of noises before the two leaders, President Trump and Xi, can make a final deal next year when they meet. Those noises are all negotiation tactics.”

These new restrictions will likely prompt additional government and private investments in developing a mine-to-magnet supply chain outside of China. Mukherjee said that $520 million of investments in the American rare earths industry were announced just in the second quarter with most of that coming from the government.

And there is some progress already being made with American magnet maker Noveon announcing an agreement with Lynas Rare Earths this week to secure a supply of rare earths outside of China from Lynas’ mine in Australia, and MP Materials preparing to begin producing magnets later this year at its new plant in Texas that uses rare earths from the only U.S. mine that it operates in California.

In July, the U.S. Defense Department agreed to invest $400 million in shares of the Las Vegas company, establish a floor for the price of key elements, and ensure that all of the magnets made at a new plant in the first 10 years are purchased.

An MP Materials spokesperson said China’s action “reinforces the need for forward-leaning U.S. industrial policy. Building resilient supply chains is a matter of economic and national security.”

Wade Senti, president of the U.S. permanent magnet company AML, said it’s time to innovate.

“The game of chess that China is playing underscores the importance of developing innovation that changes the game and puts the United States in leading position,” Senti said.

Nazak Nikakhtar, a former Commerce Department undersecretary, said the new restrictions are “a significant development and escalation” by extending controls to related technology and equipment and to sectors like chipmakers. “This should be a wake-up call to the U.S. government that we need to invest in and appropriate more to domestic capabilities. Both are critical to rebuild America’s rare earths industrial base,” she said.

In April, Chinese authorities imposed export curbs on seven rare earth elements shortly after Trump unveiled his steep tariffs on many trading partners including China.

While supplies remain uncertain, China approved some permits for rare earth exports in June and said it was speeding up its approval processes.

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The newly formed media corporation Paramount Skydance has acquired The Free Press, an online news and commentary outlet co-founded by Bari Weiss, who will join CBS News as editor-in-chief.

Weiss launched The Free Press in 2021 with her wife, Nellie Bowles, and her sister, Suzy Weiss. They have presented the publication as a heterodox alternative to the legacy news media and a bulwark against “ideological narratives,” particularly on the political left.

Bari Weiss in New York in 2024.Noam Galai / Getty Images for The Free Press file

The acquisition is one of Skydance chief David Ellison’s most significant early moves to reshape the news unit at Paramount, which he acquired in a blockbuster $8 billion deal earlier this year.

In seeking federal approval of the merger, Skydance vowed to embrace “diverse viewpoints” and represent “the varied ideological perspectives of American viewers.” The company also pledged to install an ombudsman at the nearly 100-year-old CBS News operation.

“This partnership allows our ethos of fearless, independent journalism to reach an enormous, diverse, and influential audience,” Weiss said in a news release. “We honor the extraordinary legacy of CBS News by committing ourselves to a singular mission: building the most trusted news organization of the 21st Century.”

The Free Press has roughly 1.5 million subscribers on Substack, with more than 170,000 of them paid, according to Paramount Skydance. The Financial Times estimated that the publication generates more than $15 million in annual subscription revenue. NBC News has not independently verified that figure.

“Bari is a proven champion of independent, principled journalism, and I am confident her entrepreneurial drive and editorial vision will invigorate CBS News,” Ellison said in a statement. “This move is part of Paramount’s bigger vision to modernize content and the way it connects — directly and passionately — to audiences around the world.”

The acquisition talks between Ellison and Weiss were first reported in late June by Status, a media industry newsletter. Ellison is the son of billionaire tech mogul Larry Ellison, the co-founder of the software firm Oracle.

Weiss co-founded The Free Press after quitting the opinion section of The New York Times. In a resignation letter that was published online, Weiss decried what she characterized as the “illiberal environment” at the newspaper.

The Free Press earned wide attention in April 2024 after it published an essay from Uri Berliner, a senior business editor at National Public Radio who accused his employer of organizing around a “progressive worldview.” Berliner then resigned from NPR and joined The Free Press.

The publication’s regular stable of columnists includes Tyler Cowen, an economist and podcaster; Matthew Continetti, the author of a book about the evolution of American conservatism; and Niall Ferguson, a British-American historian.

CBS News has repeatedly found itself in the national spotlight in recent months. President Donald Trump filed a lawsuit last year against Paramount accusing “60 Minutes” of deceptively editing an interview with then-Vice President Kamala Harris.

CBS denied the claim. Paramount settled Trump’s lawsuit for $16 million.

The Federal Communications Commission is still investigating whether CBS engaged in “news distortion.” The commission is chaired by Brendan Carr, who was appointed by Trump at the start of his second term.

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YouTube said Monday it would settle a lawsuit brought by President Donald Trump for more than $24 million, adding to a growing list of settlements with tech and media companies that have amassed millions of dollars for Trump’s projects.

Trump sued after his YouTube account was banned in 2021. After the Jan. 6 riot, YouTube said content posted to Trump’s channel raised “concerns about the ongoing potential for violence.” His account was reinstated in 2023.

Monday’s settlement makes YouTube the last major tech platform to settle a lawsuit with Trump, who similarly sued Meta and Twitter for banning his accounts in the aftermath of Jan. 6. Meta, the owner of Facebook and Instagram, settled for $25 million, while Twitter, since renamed X, settled for about $10 million.

A notice of settlement for Trump’s lawsuit against YouTube details that $22 million of it will go toward building a new White House ballroom. Trump has touted that the addition will have room for 900 people, and the White House has said it could cost $200 million to build.

Other plaintiffs that joined Trump’s suit, such as the American Conservative Union and a number of other people, will get $2.5 million of the settlement.

In addition to tech companies, many major media outlets have settled lawsuits with Trump over the past year.

In July, Paramount Global settled with him for $16 million after he took issue with a “60 Minutes” interview with Kamala Harris that aired on CBS.

In December, Disney settled with Trump over a lawsuit in which he accused ABC and anchor George Stephanopoulos of defamation in an interview with Rep. Nancy Mace, R-S.C. Disney paid Trump’s future presidential library $15 million as part of the settlement.

Disney came under pressure from the administration again when it recently suspended “Jimmy Kimmel Live!” for nearly a week after two major station owners threatened to stop airing the show. One of the station owners, Nexstar, is seeking clearance from Trump’s Federal Communications Commission chairman for a $6.2 billion merger.

The other station owner, Sinclair, is reportedly considering a merger, which the FCC would also need to approve.

Trump is also suing The Wall Street Journal over its reporting about his friendship with Jeffrey Epstein, and he recently sued The New York Times for $15 billion. A judge struck down that lawsuit, though Trump could refile it.

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The owners of nearly 200,000 BMWs should park their vehicles outside because they risk catching fire while parked or being driven, the National Highway Traffic Safety Administration announced Friday.

The vehicle models affected include 2019-22 Z4; 2019-21 330I; 2020-22 X3; 2020-22 X4; 2020-22 530I; 2021-22 430I standard and convertible; 2022 230I; and roughly 1,500 20-2022 Toyota Supra vehicles manufactured by BMW, NHTSA said in a news release.

The federal agency said the vehicles’ engine starter relay may corrode, “causing the relay to overheat and short circuit, which may cause a fire.”

“Owners should park outside and away from buildings and other vehicles until they either confirm their vehicle is not subject to the recall or have their vehicle remedied,” NHTSA said.

BMW did not immediately return a request for comment.

NHTSA said the German automaker will be conducting a phased recall due to parts availability. Interim notification letters to owners are scheduled to be mailed on Nov. 14, with a second notice to be sent as remedy parts are available, the agency added.

Vehicle identification numbers for affected vehicles will be searchable on NHTSA.gov starting Nov. 14, the agency said.

Beginning on that date, car owners can visit NHTSA.gov/recalls and enter their license plate number or 17-digit VIN to see if their vehicle is under recall. They can also call NHTSA’s Vehicle Safety Hotline at 888-327-4236.

NHTSA also advised owners of the BMWs to call the company with any questions.

The German automaker recalled more than 1 million cars and SUVs in 2017 over similar issues. The recall was expanded to another 185,000 vehicles in 2019.

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