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All but one of the 260 victims of Air India crash have been identified by authorities
The authorities in Gujarat said that on Tuesday, they had identified 260 of the bodies found in Ahmedabad after an Air India flight crashed earlier this month. A Boeing 787-8 Dreamliner carrying 242 passengers bound for London Gatwick Airport lost height after takeoff from Ahmedabad, India, on June 12. It exploded in a fiery fireball when it struck a medical school hostel. The crash killed 19 people, including one survivor on the ground. Officials remained cautious about the final death toll, despite the fact that the number of deaths was lower than the earlier estimate by the authorities. "We have identified 259. There are 240 passengers, and 19 others. Rakesh Joshi said that the DNA test results of one passenger are still awaited. The crash site is still being cleaned. We cannot announce the final death count until we know that there are no more victims to be found," Joshi said. In a press release, the local administration said that the remains of 256 victims had been returned to their families. It added that 253 victims' identities were confirmed through DNA matching, and the six remaining victims through facial recognition. (Reporting and editing by Bernadettebaum)
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Gulf markets surge after Israel-Iran truce
The major Gulf stock markets advanced early on Tuesday, with risk appetite increasing after U.S. president Donald Trump announced that Iran and Israel agreed to a truce. Trump declared a ceasefire that could end the 12-day conflict which saw millions of people flee Tehran, and raised fears about further escalation. Saudi Arabia's benchmark stock index rose by 2.1%. The biggest contributors to this increase were Al Rajhi Bank, which saw a 1.9% gain and Saudi National Bank, the largest lender in Saudi Arabia. Flynas, a company recently listed on the stock exchange, soared by more than 7% and reached 79.80 Riyals. Saudi Aramco, the oil giant, fell 1.7% while SABIC Agri-Nutrients Company, a fertilizers company, declined by 1.1%. After Israel accepted Trump's offer, oil prices fell to their lowest level in two weeks, as fears of supply disruptions were eased in the Middle East - a region that produces a lot of oil. Brent crude futures fell $3.82 or 5.3% to $67.66 per barrel at 0645 GMT. Dubai's main stock index rose 3.1%, its largest intraday gain since mid-December. The gains were boosted by a 4.7% increase in blue-chip developer Emaar Properties. Air Arabia, a budget airliner, is among the winners. Its share price jumped 7.2% in one day - its highest single-day gain in more than three years. Benjamin Netanyahu, the Prime Minister of Israel, said that Israel had agreed to Trump’s proposal for a truce with Iran once it achieved its objective of eliminating Tehran's ballistic missile and nuclear threat. Aldar Properties, a property developer in Abu Dhabi, grew by 8.3%, leading the index to gain 2.2%. The benchmark index in Qatar rose more than 2%. Qatar Islamic Bank rose 2.2%. Qatar has reopened its skies after a short suspension, the civil aviation authority announced early on Tuesday. This follows a missile strike by Iran against an American base in Qatar that was carried out on Monday, but which caused no injuries. (Reporting from Ateeq Sharif in Bengaluru, editing by Andrew Cawthorne.)
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Australian shares snap a five-day losing streak as Iran-Israel ceasefire lifts the sentiment
After U.S. president Donald Trump announced that Israel and Iran had agreed to a ceasefire, the Australian share market closed higher Tuesday. Financial stocks led the rally. After five sessions of consecutive declines, the S&P/ASX 200 ended up 1% higher. It had its best day of trading since early May. Trump announced late on Monday a ceasefire between Israel, Iran and possibly the end of a 12-day war. He announced the ceasefire a few hours later and asked both sides not to break it. The Australian market is sensitive to geopolitical events, as mining stocks have a direct impact on commodity prices. The ceasefire announcement was a catalyst to the strong recovery following a couple of disappointing sessions. The heavyweight financial sub index closed at a record high of 1.9%. Commonwealth Bank of Australia, Australia's largest lender, closed up by 2.1% after reaching a new high. The mining stocks gained 2%. Copper prices increased 0.4%, but iron ore prices remained stable. BHP and Rio Tinto both rose by 2.4% and 3.1% respectively. Kim stated that financial and mining stocks offer high dividend yields, which makes them attractive. Investors are likely to also stick with sectors that focus on domestic factors such as the local monetary policies. The Consumer Discretionary Stocks rose by 0.7%. Oil prices dropped sharply after the Iran-Israel ceasefire, easing concerns about disruptions in supply. Sector major Woodside Energy fell 6.5%. Virgin Australia's debut market performance saw a 11.4% increase. In response to the fall in oil prices, Qantas, a larger rival, increased 2.4%. This eased concerns about higher fuel costs. Investors in the local market will be waiting to see Wednesday's inflation figures. The benchmark S&P/NZX50 index in New Zealand ended the day 0.5% lower, at 12,467.48. (Reporting and editing by Vijay Kishore in Bengaluru, Nikita Maria Jio from Bengaluru)
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Middle East flights suspended by airlines
Israel's attacks against Iran have caused international airlines to stop flights to certain Middle East destinations because of airspace closures and safety issues. The conflict has entered a new phase after the U.S. invasion on Iranian nuclear sites Some airlines have cancelled flights to hubs such as Dubai is Qatar's Doha. Here are some airlines that have canceled flights from and to the region. AIRBALTIC AirBaltic, a Latvian airline, announced that it had cancelled all flights from and to Tel Aviv up until September 30. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM French flag carrier suspends flights to Tel Aviv and Beirut until July 14, and until June 25, respectively. Air France has also cancelled flights to and out of Dubai and Riyadh up until June 24. KLM has announced that it will cancel all flights to Tel Aviv and vice versa until July 1. AIR INDIA Air India has ceased all flights to and from Europe, the East coast of North America, and the Middle East with immediate effect. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES The airline announced that its normal flight schedules for EL AL, Sundor and other destinations had been cancelled through June 27, 2018. Flights scheduled to depart until July 22 are also closed for bookings. ETIHAD AERWAYS Etihad announced that it has cancelled flights between Abu Dhabi, Tel Aviv and Tel Aviv up until July 15, 2015. In the next few days, Etihad expects delays and disruptions to several flights. EMIRATES Emirates has temporarily suspended its flights to and out of Iran and Iraq, until June 30. FINNAIR Finnair has cancelled all flights from and to Doha until June 30th, as well as flight AY1982 for July 1. Finnair added that it would not be flying over the airspaces of Iraq, Iran or Syria. FLYDUBAI Flydubai has temporarily suspended its flights to and out of Iran, Iraq and Israel until June 30, 2018. British Airways, owned by IAG, has announced that flights to Tel Aviv will be suspended until July 31, and flights to Amman or Bahrain will also be suspended until June 30. Iberia Express, IAG's low cost airline, announced previously that it would cancel its flights to Tel Aviv up until June 30. Iberia has announced that it will not resume its flights to Doha as planned on the 24th of June after Qatar temporarily closed down its airspace. ISRAIR Israeli Airlines has announced that all flights to and from Israel have been cancelled until June 30, 2018. Israir has halted the sale of its flights up to July 7 inclusive. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. JAPAN AIRLINES The Japanese airline has cancelled all flights to Doha up until the 27th of June. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that they would not use the airspace of these countries until further notice. OMAN AIR Omani Airlines temporarily suspended flights between Manama and Dubai, and Kuwait. PAKISTAN INTERNATIONAL AIRLINES Pakistan's PIA has cancelled flights to Qatar and other destinations including Bahrain, Kuwait, and Dubai. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran and Iraq until July 30, and all flights to Lebanon, Jordan and Lebanon until June 30. QATAR AIRWAYS Qatar Airways has temporarily canceled flights to and from Iraq and Syria. RYANAIR Ryanair has announced that it will cancel flights from and to Tel Aviv up until September 30. SINGAPORE Airlines The Asian carrier has cancelled flights from Singapore to Dubai up until the 25th of June. The flag carrier of Romania has announced that all flights between Tel Aviv, Beirut, and Amman have been suspended until 30 June. TUS AIRWAYS The Cypriot Airlines cancelled all flights scheduled to depart and arrive in Israel until June 30, inclusive. The airline said that flights scheduled to depart between July 1-7 are currently sold out, pending any further developments. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1, 2018. There may be problems with flights to and from Dubai between June 18th and July 3rd. WIZZ AIR Wizz Air has announced that it will suspend its flights to and from Tel Aviv, Amman and Jordan until September 15, 2015. Hungarian Airlines will not overfly Israeli, Iraqi or Iranian airspaces until further notice. (Reporting and compilation by bureaus, compiled by Agnieszka Olesnka, Elviira Loma, and Tiago Brancao; Editing by Matt Scuffham, Alison Williams and Matt Scuffham)
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Tesla's Robotaxi Launch was Easy
Tesla has finally developed a robotaxi. The hard part is now. In a carefully controlled small-scale test, the electric-vehicle manufacturer deployed its first ever driverless cabs on Sunday in Austin, Texas. The company will then have to face the challenge of fulfilling Elon Musk's ambitious goal to improve the software and upload to millions of Teslas in a year. About a dozen experts in the field of autonomous vehicles and industry analysts said that such a rapid rollout would be extremely difficult. The observers had a variety of opinions about Tesla, but they all warned against expecting a rapid robotaxi rollout. Several pointed out that Tesla could use its advantages to beat rivals such as Alphabet Waymo, and a number of Chinese tech and auto companies. Tesla is a mass-manufacturing company and has pioneered the use of remote software updates for self-driving car upgrades. It also relies solely on artificial intelligence and cameras, and does not use radar or lidar sensors like Waymo. A rollout could happen very quickly. Seth Goldstein of Morningstar, a senior equity analyst, said that if the software worked, Tesla robotaxi would be able to drive anywhere in the world. He cautioned, however, that Tesla was still "testing" the product. Musk has been saying for years that Tesla will soon be operating its own autonomous ride hailing service. He also said any Tesla, whether new or used, could become a robotaxi, which generates cash, and would then provide it to its customers. Bryant Walker Smith is a University of South Carolina professor who specializes in autonomous-driving regulations. He said that testing will be "orders of a magnitude" more challenging than the Austin tests. Smith stated that it's "like announcing 'I am going to Mars' then going to Cleveland." Musk said Tesla would reach Mars in this metaphor very quickly. "I predict there will be millions Teslas operating completely autonomously in second half of next years," he stated in April. Musk and Tesla have not responded to any requests for comments. Tesla shares closed Monday at $348.68, up 8.2% on the back of investor excitement over the launch of robotaxis. Given Tesla's AI-dependent approach, its challenge will be machine-training robotaxis to handle complex traffic "edge cases," said Philip Koopman, a Carnegie Mellon University computer-engineering professor and autonomous-technology expert. This could take years. Koopman asked: "How long did it take Waymo?" Tesla is not going to be faster. Waymo began its self-driving project in 2009, the same year Google launched it. In 2015, an egg-shaped prototype made its public debut in Austin. Since then, Waymo has built a fleet of 1,500 robotaxis in selected cities. A spokesperson for Waymo said that the company plans to add another 2,000 vehicles by 2026. Some analysts think Tesla can expand more quickly, partly because Waymo helped pave a way for it by overcoming technical and regulatory challenges. Paul Miller, a market-research analyst with Forrester, said: "Waymo, and other pioneers, have helped drive regulatory changes and made riders, pedestrians, and other road users, aware of autonomous vehicle technology." Miller added that being a mass manufacturer also benefits Tesla. Waymo purchases Jaguar I-PACEs and equips them with expensive sensors and technologies than Tesla incorporates into its cars. Waymo refused to comment on Tesla’s potential robotaxi expansion. John Krafcik remains sceptical. Krafcik believes that the precautions Tesla took in Austin show it doesn't have confidence in its technology at large scale. He said, "And they shouldn’t." "It is not as safe and documented as Waymo's approach to safety." The road is on the 'WRONG side' Some analysts believe that Tesla's "go-fast" strategy could slow down its progress as well as the industry of autonomous vehicles if it undermines trust amongst the public. Tesla's Full Self-Driving system (FSD), which is not completely autonomous, has been the subject of legal and regulatory problems in the past. Investigators in a recent federal safety investigation into Tesla are looking at FSD's involvement in crashes, some of which were fatal, that occurred due to rain or other bad weather that interfered with the system cameras. Musk announced on his social media platform X that the robotaxis technology was similar to Tesla, apart from a small software update. "These are unmodified Teslas coming straight from factory," he wrote. The automaker invited Tesla supporters to ride its first robotaxi, and the feedback was generally positive. A robotaxi passenger posted a video on social media showing the vehicle driving through a four lane intersection at a traffic signal and then into the wrong lane for six seconds. At the time, there was no traffic in the lane. In a video narrated by Rob Maurer on X, he said, "Obviously, we're on wrong side of double-yellow lines here." He noted that he was safe, but the car behind him honked because of the "confusing move." Maurer has not responded to any requests for comment. The video's location was verified by matching street signs, buildings and businesses to the intersection of West Riverside Drive in Austin. A witness also measured the speed of another Tesla robotaxi as it travelled between 40-45 mph on First Street adjacent to the Texas School for the Deaf. Signage warned drivers to be alert for deaf pedestrians.
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Maguire: US battery storage sector keeps accelerating its momentum
Battery-deployed electric volumes are breaking records almost every month, as the rapid growth of battery installation is affecting power systems in the United States. Battery storage is now more efficient than other energy sources during key times in certain electricity markets. Batteries also stabilize electricity networks, by controlling frequency and voltage levels and by preventing overloads on the grid by storing excess solar energy output and then releasing that power during peak usage periods. The following key trends will help you track the continued growth of battery systems in U.S. utilities networks. WIDENING REACH Battery systems have played a small role in the U.S. electric grids until recently. Utilities focused on increasing capacity through natural gas plants and solar and wind farms, among other sources. According to the energy data portal Cleanview, in 2020 there will be 30 times more solar and 74 times as much wind farm capacity in the U.S. than battery capacity. The dramatic drop in battery system costs - as much as 40 percent a year, according to industry consultants since 2022 - has helped spur the uptake of large solar farms across many U.S. states. Battery capacity is increasing and solar and wind power will be 5 times less in April 2025 than they are today. Batteries are primarily used by utility networks to store excess power generated from solar farms in the middle of the night, when power prices and system demand are at their lowest. They then discharge the batteries when prices and demand rise. The combination of solar and batteries allows utilities to avoid having to reduce output across their network at the height of the solar period, as well as capture higher power prices overall by preventing mid-day price drops. According to Cleanview, the U.S. had a utility battery capacity of just over 30,000 megawatts in April 2025. This total is over 28,000MW higher than what was available in 2020. Solar power grew by 84,200MW, while wind power grew by 37,000MW during the same period. Batteries are expected to be the main focus of future development for utilities. GROWING IMPACT There are 19 states that have 100 MW of battery storage or more. California has the largest battery storage system in the country, at around 13,000 MW, or 42%. California Independent System Operator, or CAISO, is the largest user of batteries among the major U.S. electric networks. It uses them to maximize the impact and uptake of its solar system. According to the California Energy Commission, CAISO has a solar power capacity of 21,000 MW and a battery capacity of 12,400 MW. This large battery capacity allows CAISO use batteries to provide power during periods of high demand, especially during early evenings when solar output drops and household electricity demands increase. According to the electricity portal GridStatus.io, between 7 p.m. - 9 p.m. June 19, batteries accounted for 26% of all electricity supplied during that time. CAISO's second largest energy source was natural gas, which accounted for 23% of its supply. Wind and hydro were the next two sources. Electric Reliability Council of Texas is the primary electricity market in Texas. It has been a recent adopter of batteries, adding more battery capacity to its system than any other state. GridStatus.io shows that Texas installed around 8,200MW of battery capacity in April. This helped to supply around 7-8% of ERCOT’s total power on the evening of 19th June. Arizona, Nevada, and New Mexico are also rapidly expanding their battery footprints. These states have a growing amount of utility-scale capacity that can be harnessed better when combined with battery systems. Battery systems are expected to be more widely adopted as battery prices continue to fall due in part to the competition between vendors and the commercialization of new products. According to a recent report from asset management firm Lazard, the levelized cost of electricity generated by utility-scale solar farms coupled with batteries ranges between $50 and $131 for each megawatt-hour (MWh), depending upon system size. This compares with $47 to $170 for new natural-gas peaking plants and $24 to $39 per MWh combined cycle gas plants. New coal-fired power plants can cost up to $114 a MWh. The cost of batteries will continue to decrease, and this should help solar power to penetrate areas that are less sunny. This should lead to a gradual expansion of battery systems in U.S. electric networks over the next few years. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Sources say that India's aviation watchdog has cancelled a planned audit of Air India.
Two people with direct knowledge of the matter said that India's aviation safety regulator has cancelled its planned Tuesday visit to Air India Headquarters for an annual regulatory review. Air India halted all operations in the Middle East, Europe, and the East Coast of North America on Monday night until further notice because of tensions between Israel and Iran. According to one source, the airline's focus on resolving the crisis was the main reason why the audit was cancelled. Air India's headquarters in New Delhi was visited by ten officials of the Directorate General of Civil Aviation on Tuesday to conduct an audit. The airline is under intense scrutiny following a 271-person plane crash. Air India and the DGCA have not responded to a request for comment.
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Due to tight tanker availability and the Middle East conflict, LNG freight rates are at an 8-month high.
The shipping costs of liquefied gas cargoes are at their highest level in eight months. This is due to the tightening of vessel availability as more ships head to Asia, while conflict in the Middle East escalates. Spark Commodities, a pricing agency, said that the Atlantic freight rate for vessels equipped with two-stroke engines and capable of transporting 174,000 cubic meters LNG, which is the most common type on the market, reached $51,750 per a day, its highest since October 3. Spark assessed the Pacific freight rate at $36,750/day, its highest level since 25 October. Qasim Afghanistan, analyst at Spark Commodities, said that the rise in LNG freight rates is largely due to tight vessel supply. This has in turn been caused by changes in pricing signals of U.S. cargoes. He said that the market's reaction to the Middle East situation had exacerbated the problem. The recent announcement by Egypt that it will buy up to 160 LNG cargoes until 2026 has also boosted demand for vessels. As the global LNG fleet expanded, and as European delivered prices increased, U.S. cargos opted to stay in the Atlantic rather than travel to Asia. The shorter journey times on average increased the availability of tankers. Afghan stated that in the last two weeks, the cost of delivering LNG to Europe and Asia has been equalized. As a result, spot cargoes have now been encouraged to travel via the Cape of Good Hope to Asia. This increases the average journey time and reduces the number of vessels available for charter. MIDEAST TENSIONS In response to the Israel-Iran war, where both countries are firing missiles in each other's direction, there is concern that Tehran could close the Strait of Hormuz as a further form of retaliation. A trade source who refused to be named because he wasn't authorized to speak with the media said that shipowners have resisted chartering vessels as a result. This has led to a reduction in tanker availability, and a rise in prices. Three sources in the trade have confirmed that insurance costs for LNG tanks traveling through the Strait of Hormuz are also increasing. One source added that war risk premiums may have increased by as much as five times since Israel and Iran began their conflict. The Strait of Hormuz is located between Iran and Oman and accounts for around 20% of the global demand for oil and gas. Qatar, which is one of the top LNG exporters in the world, ships almost all its LNG through the Strait.
Retailers scramble to save the US summer shopping season
After Washington and Beijing agreed on a temporary tariff cut, U.S. retailers such as Walmart and several clothing companies are racing to get China-made products for the busy summer season that begins in late May. According to Portless, the logistics company that helps U.S. brands import goods via air from China, orders for sundresses as well as bathing suits, clogs, and sunscreens have increased since Monday's agreement between Washington and Beijing to temporarily lower tariffs.
Izzy Rosenzweig is the CEO of Portless. Portless counts Hapari swimwear and bug repellent manufacturer NatPat as clients. "They said, 'let's resume production and shipping.'
John Harmon, managing Director of Technology Research at Coresight Research said that U.S. companies rely heavily on ocean shipping. However, it can take up to 60 days to get goods from China to the United States, depending on their destination and the size of the ship. Orders for summer can be placed in the late winter or the early spring, to allow time for new designs to be manufactured.
Typically, U.S. retailers begin importing merchandise from China two to three months prior to Memorial Day this year. After U.S. President Donald Trump slapped Beijing with retaliatory fentanyl and tariffs totaling 155% on April 9, many U.S. firms paused orders. According to Vizion, data from brokerage TD Cowen on container bookings to the U.S. from China in the final week of April fell by nearly 50%.
Harmon says that it could take a while to restart supply chains following the April pause.
"It's been super busy the last two days," said Liu. A toy maker from Dongguan, an export hub in Southern China who declined to reveal her full name out of respect for her privacy.
"We're booking containers, and some of our products are already on their way to Shenzhen Port." "In recent months, there were fewer trucks on the road, but today, there's a traffic jam heading to the port," Liu said. Liu serves Walmart, which is the largest importer of container goods in the United States.
CONTAINER COSTS WORRIES
Freight rates are not rising despite the rush to get goods to the U.S. Freightos data shows that the spot rate for a 40-foot (12-meter) container to be sent from China to U.S. West Coast increased 3% on a week-to-week basis to $2,395 Monday. This indicates that businesses are not flooding shippers with orders.
The price is now half what it was in February when large companies were stocking up to avoid the tariffs that Trump had promised.
Companies like Bogg Bag, however, are beginning to worry about container costs going through the roof. Kim Vaccarella said that the CEO of a tote bag maker sold by retailers such as Target has accelerated production for her China-made bags to ensure they arrive in New Jersey as soon as possible. She has chosen to focus on a few products that are popular instead of launching many new items at once. This allows them to move quickly. Walmart, who reported earnings on Thursday, as well as Costco and Target, rival retailers, front-loaded their orders at the beginning of the year. CFRA research analyst Arun Sunderam wrote on May 13 in a note.
Sundaram reported that Walmart's inventory rose by about 3% during the quarter ending January 31. This was the first increase in almost two years.
In the three-month period ending in February, Costco's inventories rose by nearly 10%. Zumiez, a retailer of surf and skateboard clothing, saw their inventories rise about 14%. Target's inventory rose by 7% in the same time period.
Sundaram, a freight expert who anticipates an increase in freight prices, says that while the tariff reprieve on Monday is likely to be a boon for U.S. companies eager to stockpile summer merchandise, it may also create supply-chain congestion, although this will probably be less severe than the pandemic year of 2021-2022. On Wednesday, some Halloween decor manufacturers said they'd have to rush to make and ship hanging skeletons as well as costume props into the United States before the 90-day deadline.
Gene Seroka said that businesses might not be able prepare fully for the summer as well as back-to school in July, which is another major retail season.
Right now, we are looking at the final orders that will be sent in for back to school and perhaps some orders for summer fashion. Seroka explained that the situation was very tight.
Stephen Lamar of the American Apparel & Footwear Association (of which Adidas America is a member) warned of congestion in ports if companies rushed to import goods.
The tariff war has caused a delay of a month in the shipping back to school. Lamar said that school districts cannot delay the start of school for a whole month. (Reporting from Siddharth Cavale in New York, and Casey Hall and Jessica DiNapoli at New York; Additional reporting from Lisa Baertlein and Matthew Lewis in Los Angeles. Editing by Lisa Jucca & Matthew Lewis.
(source: Reuters)