Latest News
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
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Sprayregen, a top bankruptcy lawyer in the US, joins Paul Weiss
James Sprayregen, a lawyer who has spent the last three decades building the restructuring 'practice' of Kirkland & Ellis, and made it the 'go-to firm for distressed companies, joins the law firm Paul, Weiss, Rifkind, & Wharton & Garrison, according to a statement released by the?firm on Thursday. The firm announced that Sprayregen would co-lead Paul Weiss' restructuring and debt capital solution practice. Sprayregen founded Kirkland & Ellis’ restructuring group in 1990. He left the firm in 2024 and became vice chairman of global strategies and growth at Hilco Global, a private investment firm. Kirkland, under his leadership, grew to become a leading adviser for companies that were in Chapter 11 bankruptcy, such as Caesars, Toys "R" Us and United Airlines. Chicago-based attorney, Kirkland, had retired from the firm in 2007 after a three-year stint with?Goldman Sachs. He returned to Kirkland and then left it. The Chicago-based lawyer's imminent arrival at Paul Weiss will be the latest partner hire made by the firm since Scott Barshay was appointed to replace Brad Karpas as its leader following his resignation earlier this year. The Wall Street law firm said that it hired five new partners in June alone. Barshay called Sprayregen on Thursday a "superstar attorney" and a longtime friend. As corporate restructurings can take many years and require a large number of lawyers, bankruptcy work is a significant source of revenue for law firms. Kirkland’s revenue in 2020 will surpass $10 billion, an increase of?20% from the previous year. Sprayregen called Paul Weiss in a press release "a true restructuring forcehouse." Paul Weiss announced on Thursday that Paul Basta, who has been a partner at the firm since 2017 and co-head of its restructuring practice, would step down by year's end as part of an ongoing succession plan. Basta said that he would support the transition of leadership. David Thomas reported. (Additional reporting by Mike Scarcella, Washington; editing by Sanjeev miglani.)
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UN agency halts Hormuz Ship Evacuation Initiative after Vessel Attack
After a vessel was struck in the Gulf of Oman, the?United Nations Shipping Agency halted an evacuation effort on Thursday, aimed at getting hundreds of stranded vessels and tens of thousands of seafarers through 'the Strait of Hormuz. "I was informed of a ship that had passed through the Strait of?Hormuz today being attacked in the Gulf of Oman. The vessel was not evacuated under the IMO framework", Arsenio Dominguez, Secretary General of?the U.N. International Maritime Organization said in a press release. "I've decided to temporarily pause the implementation of this plan in order to confirm that all the necessary safety measures are still in place for the ships listed on our list and those in the region." The initiative was launched Tuesday and was an option that ships and crews could choose to use. One route would take them through Iranian waters and the other, via Omani waters under U.S. supervision. Initial IMO data revealed earlier Thursday that 57 ships with an estimated 1,100 seafarers transited through the Strait of Hormuz during the 'evacuation plan' from June 23 to the morning of 'June 25. The IMO did not provide any details about the vessel that was attacked. UKMTO, the British?navy agency, reported earlier that a container?ship had reported a suspected incident as it attempted to pass through strait near the coast of Oman. A?maritime source stated that a drone was probably responsible for the attack, but it is not yet known who was behind it. (Reporting and Editing by William Maclean, Edmund Klamann and Jonathan Saul)
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SpaceX will build the 'Starpipe’ natural gas pipeline for Starship rockets
SpaceX is planning to start building a 13-km (8-mile) natural gas pipeline, called "Starpipe", to its Texas launch sites next month, according to county filings. Elon Musk's firm wants to increase launches of its next-generation Starship rocket. Starpipe is expected to be in service by the 26th of January, according to documents filed with the Texas Railroad Commission last month by SpaceX affiliate Lone Star Mineral Development. Rio Grande Valley Business Journal reported the pipeline plan earlier this year. It signals Musk's intention to accelerate Starship development and lay down the foundation for a higher flight rate. The 40-story rocket will be a key part of SpaceX's efforts to expand the Starlink broadband network and deploy AI data center satellites in orbit. It could also eventually transport astronauts to Mars and the Moon. Starship, which is designed to be fully recyclable, uses approximately 630,000 gallons (2,4?million liters), of liquid methane, per launch. This amount of liquid gas must currently be delivered by hundreds tanker trucks, a process that takes hours and is incompatible with Musk’s plans for expansion. Starship has successfully completed 12 tests since?2023, and Musk hopes to increase the number of launches to hundreds, if not thousands per year. SpaceX has not responded to a comment request. SPACEX's BIG GAS PLANS According to Cameron County land records, it's unusual for a space company to build their own natural gas pipeline to fuel launchpads. However, Starpipe could be just the first step in a much longer-term strategy for SpaceX. The company has been exploring its drilling operations for years near Starbase as well as?all over Texas. SpaceX President Gwynne Shotwell said to CNBC, on June 12, the day the company went public:?that SpaceX planned to build pipelines, process its own propellant and look into drilling natural gas. Stan Lindsey is an oil and natural gas consultant from Texas. He said that extracting natural gas could be challenging for a new company without any oil and gas expertise. Lindsey added, "I don't say it's impossible... they could have a very nice prospect." He added that if the drilling plans fail, they have a "fallback position" in Starpipe. Land records indicate that SpaceX has signed more than 100 oil and gas leases in Texas with property owners who have paid up since 2023. Starpipe will begin on an 83 acre (34 hectare) parcel of land in the Port of Brownsville, which SpaceX has been in negotiations to lease for 50 years. A port official confirmed this, but only on the condition of anonymity, as the negotiations were private. SpaceX's engineering plans, which were included in an?public notification issued last August by the U.S. Army Corps of Engineers (USACE), show that the company wants to build a Starbase liquefaction plant to convert the natural gas piped into liquid?methane. William Farrar is a geoscientist and oil and gas lawyer who has been practicing in Texas for many years. Lindsey stated that the company could take advantage of Enbridge's Valley Crossing Pipeline Expansion Project, which would run near Starpipe's starting point. Enbridge didn't immediately respond to our request for a comment. SPACEX WANT TO OWN SUPPLY CHAINS SpaceX's entry into the gas infrastructure market, which is usually the domain of energy and pipeline companies, highlights its long-standing strategy to control as much of the supply chain as it can. This capital-intensive strategy has allowed the company to outpace its rivals in rockets and spacecraft design. Musk's ambitious goal of using lunar material to produce AI-focused satellites is a big challenge. The 16-inch (406 mm) diameter of the pipeline suggests that fuel demand is greater than what Starship will require to launch 25 times per year, which is the current Federal Aviation Administration approved cadence. According to the prospectus for its initial public offer, SpaceX aims to eventually deploy thousands of AI-focused, solar-powered satellites, whose combined output could be as much as one-fifth the U.S. electricity grid. (Reporting and editing by Joey Roulette, Rod Nickel and Joe Brock)
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UN agency says it has paused its initiative to evacuate ships from the Hormuz Strait after vessel attack
After a vessel in the Gulf of Oman was attacked, the United Nations' shipping agency paused an evacuation effort on Thursday to move hundreds of stranded vessels?and thousands of seafarers through the Strait of Hormuz. "I was informed of an attack on a vessel that passed through the Strait of Hormuz today, in the Gulf of Oman." The vessel was not evacuated under the IMO framework," Arsenio?Dominguez, Secretary General of?the U.N. International Maritime Organizatio (IMO), stated in a press release. "I've decided to temporarily pause the implementation of this plan in order to confirm that the necessary safety measures continue to be in place for all ships in the area and those on our list of evacuation." The initiative was launched on Tuesday and offered ships and crews the option to leave the Gulf via two different routes - via Iranian waters and Omani waters - under U.S. supervision. (Reporting and Editing by William Maclean, Jonathan Saul)
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The US FCC tightens rules on submarine cable communication
The Federal Communications Commission voted on Thursday to tighten the oversight of submarine cables that carry?99% international internet traffic. They proposed rules that would make it more difficult for Chinese companies to supply equipment, and to 'fast-track' approvals for trusted U.S. technology firms. The 'FCC' said it planned to require licenses to operate submarine line terminal equipment. This equipment performs the most important function of a subsea cable system, connecting with U.S. terrestial facilities. U.S. firms such as Facebook parent Meta, and Alphabet's Google unit will benefit from the approval process for additional?undersea cables systems to handle increasing internet traffic. Brendan Carr, FCC chairperson, said: "We will presumptively exclude cable applications from lengthy and intensive reviews if they can demonstrate that they adhere to strict security standards and accept ongoing monitoring and oversight." The message is "simple": adopt national security standards and enjoy a smooth path to approval. Fast-track means that companies operating cables must be vigilant against espionage and other security incidents, and monitor compliance with national and data security. Operators will also have to agree to not use foreign equipment which could pose security threats. The FCC banned the use of undersea cable equipment and services from companies that it had listed as being a threat to U.S. National Security. The companies that were banned included Huawei, ZTE, China Telecom, and China Mobile. But the new rules will likely expand the ban to include equipment from China, or any other country the U.S. considers to be a foreign enemy, in its submarine cable systems. Since more than a decade, the?U.S. Officials have expressed concern over the network of 400 subsea cable that 'handles nearly all international internet traffic,' claiming that China and Russia pose a threat. The Justice Department stated that in 2021 it would be necessary to enter into national security agreements with Google and Meta on submarine cables, given China's "sustained attempts" to obtain the sensitive data of millions of U.S. persons." China has said that the U.S. must treat Chinese firms fairly. In a?statement in June, the Commerce Ministry said that China was "strongly dissatisfied" and firmly opposed?this. "China urges the U.S. immediately to stop their erroneous practice, withdraw the relevant measures, and return to the right track in building a constructive and stable China-U.S. relationship." relationship." The Chinese Embassy did not respond immediately to a comment request.
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Healthcare stocks lead the rally in European shares.
European shares closed at a record-high on Thursday. Leading the charge were 'healthcare stocks,' while a resurgent AI rallies triggered by strong "forecasts" from Micron and Qualcomm provided early support. The pan-European STOXX 600 ended the session 0.8% higher, at a new record close of 640.21. It had previously reached an intraday record of 642.09 during the session. This was the largest one-day increase in nearly two weeks. The index was boosted by 1.5% in healthcare stocks. Bayer topped the STOXX600 after a court ruling in which the U.S. Supreme Court ruled that thousands of lawsuits were dismissed accusing the pharma company of failing to warn users of the cancer-causing active ingredient in Roundup weedkiller. A rally in tech stocks pushed the STOXX to an intraday high but faded later in the day. Sector closed 0.8% higher after reaching a high of 2.5% during the session. Investors were calmed by the strong forecasts of Micron and Qualcomm, which allayed fears that the rally in AI-related stocks around world had gone too far. ASML, a supplier of semiconductor equipment, grew 2.6%, while chipmakers Infineon, STMicroelectronics, and STMicroelectronics climbed?3,1% and 5.1% respectively. Siemens Energy, a maker of AI equipment, rose by 2.3%. Martin Frandsen is a portfolio manager with Principal Asset Management. He said that while Europe lacks tech leaders, there are still companies who can benefit from the situation. The U.S. and Israel conflict with Iran pushed up energy prices in May. This allowed the Federal Reserve to consider an interest rate hike this year. The data released today reminds us that inflation is still well above the target level and that growth is solid. The 'Fed will be on hold until conditions permit a reduction, said Ellen Zentner of Morgan Stanley Wealth Management, the chief economist. After a report that Tehran intended to earn billions of dollars in fees by reopening Strait of Hormuz, oil prices reversed their declines and gained. According to LSEG data, traders continue to price in a Federal Reserve rate?hike and an European Central Bank interest rate?hike for the end of the year. 3i Group, among other stocks rose 11.4% following the like-forlike sales growth of its portfolio company,?Action. EasyJet's shares jumped 6.4% after the British budget airline rejected a fourth offer from a U.S. investment firm Castlelake. Volkswagen, the German automaker, gained 1.3% following its agreement to sell Everllence's diesel engine unit to Bain Capital. The deal generated proceeds of approximately EUR7.4billion ($8.4billion). Reporting by Utkarsh hathi, Johann M Cherian, and Purvi agarwal in Bengaluru. Editing by Sonia Cheema and Niveditarjee.
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Cargo ship reports possible attack on crossing Hormuz
The British Navy agency UKMTO reported that a cargo ship had reported a suspected attack as it attempted to cross the Strait of Hormuz near the coast of Oman. The UN's International Maritime Organization (IMO) is helping ships to escape the Gulf. Hundreds of them have been stranded in that area since the Iran war began on February 28th. UKMTO reported that the ship had been struck by a projectile on its starboard-side 7.5 nautical mile southeast of Oman's Dahit port. Iran's Revolutionary Guards announced?on Thursday? that only routes that Iran has designated will allow vessels to pass through the strait safely. They also said that they would take action if vessels did not comply. According to British maritime risk management group Vanguard, and three maritime security sources, the vessel that was hit is the Singapore-flagged container ship Ever Lovely. Ambrey, a British maritime security company, said that the incident was classified as an attack on initial assessments. The UKMTO reported that the strike damaged the bridge of the ship, but did not cause any injuries or damage to the environment. Authorities are investigating and have advised vessels to "transit with caution". Evergreen of Taiwan, the ship's owner could not be reached immediately for comment.
FedEx Freight predicts a revenue growth of up to 6% for the rest of 2026
FedEx Freight announced on Thursday that it expects its revenue to 'rise between 4% and 6% in the seven months leading up to December 31, while adjusted operating income will grow between 0.8% and 7.5%. This comes just weeks after completing a'separation? from parent FedEx Corp.
FedEx Freight, based in Memphis, is the leading provider of LTL (less-than-truckload) services. Multiple shipments, from multiple customers, are transported on one truck and then routed via a network service centers where they're transferred to other trucks that have similar destinations.
Freight trucking firms have reported?improved industrial demand, citing U.S. manufacturing activity that?grew for the past five months and reached a four-year peak in May.
As regulatory measures tightened the supply, freight rates have increased in recent months.
The company provided goals for a period of seven months to reflect the fact that the fiscal year ended in May, but now aligns with the calendar.
The company's revenue grew 4.8% in the fourth quarter ended May 31 to $2.4 billion, mainly due to higher fuel surcharges and increased weight of shipments. According to LSEG, the revenue exceeded analysts' expectations of $2.26billion.
FedEx Freight was spun-off from FedEx in June,?when the company also made its trading debut.
The quarter-adjusted operating income fell by 23.9% due to costs associated with?its separation of FedEx, lower shipments, and higher wages.
FedEx Freight expects adjusted operating income between June and the end of December 2026 to be in the range of 605 million to 645 million dollars, up from $600 million for a year ago. The company expects to earn $2.4-$2.6 per share in the period June-December. Reporting by Nandan Mandyam in Bengaluru and Apratim Sarkar; editing by Shahal Kuber and Sahal Muhammad
(source: Reuters)