Latest News
-
FAA lifts ground stops at Ottawa and Montreal Airports
A spokesperson for the U.S. Federal Aviation Administration said that ground stops had been lifted at international airports of Ottawa and Montreal following a bomb threat which briefly stopped departing flights on Thursday. Ottawa Macdonald-Cartier International Airport announced on X it was investigating a possible security incident. It warned that the airport's operations could be disrupted and urged travelers to check flight status. In a press release, NAV Canada, the air traffic control manager in Canada, said that they were made aware of threats to bomb several of their facilities. The company said that employees in the affected areas were evacuated safely and that there may be delays for travelers. Ottawa Police Service said that they were also investigating a security issue at Ottawa Airport on X. The Montreal airport officials were not available to comment immediately. Reporting by Brendan O'Brien, David Shephardson and Bhargav Asharya from Chicago; editing by Doina chiacu
-
Maguire: US tariff deal with Vietnam will expand trade, but there are obstacles.
The United States-Vietnam tariff agreement will lead to a rise in the trade volume between the two countries. It will also have an impact on the mix of energy sources that power the rapidly growing Vietnamese economy. In a post on social media, U.S. president Donald Trump highlighted U.S. SUVs as potential beneficiaries of the deal. Meanwhile, U.S. energy companies will hope that Vietnam will become a major growth market for LNG. In the short term, however, both sellers of bulky passenger trucks as well as expensive super-chilled gasoline may be disappointed. Vietnam's economy is still heavily reliant upon cheap coal to generate domestic electricity and on nimble motorbikes for transportation. As long as Vietnam continues to impose a 20% tariff on its main export market, the profits of corporations will be squeezed and the economy may lack the money to purchase the expensive goods that the U.S. hopes to sell. Here are some key data points about vehicle ownership, energy generation and manufacturing output that can be used to monitor the trade and energy trends following tariff agreements. 2 WHEELS BETTER THEN 4 Many Vietnamese may want to own the SUVs President Trump wants to sell, but the vast majority of vehicles are motorcycles. Motorcycles make up over 90% of all vehicles registered in Vietnam. World Bank data reveals that the motorcycle ownership rate is 518 per 1000 people while the car ownership rate is 22 per 1000. Car sales in Vietnam are expected to increase sharply as the economy grows. This is good news for global auto exporters. The narrow streets of the country and limited parking in cities make it difficult to find space for a small vehicle. The U.S. SUV market will be a tough one for U.S. automakers hoping to gain traction in Vietnam. China, the world's largest car manufacturer, as well as Japan and South Korea, already have strong presences in Vietnam. COAL CRUTCH The energy-intensive manufacturing industry of Vietnam has also encouraged U.S. LNG sellers to be optimistic about Vietnam's potential for growth. There are several reasons why Vietnam's appetite for LNG will only continue to grow modestly. First, coal is a cheaper fuel than imported natural gas, which costs more. Over half of the country's coal imports come from China, a neighbour and top coal exporter. According to the Energy Institute, the production of natural gases in the country has been steadily declining over the last decade because the gas fields are being depleted. By 2024, it will be 40% lower than in 2015. Ember data shows that the combination of a coal-based power system and declining natural gas reserves have squeezed gas out of electricity. The gas share is now between 7% and 9%, compared to 12 to 15% by 2022. According to Global Energy Monitor, the reduced gas consumption has slowed down gas infrastructure development. No gas power plants are currently being built in Vietnam. GEM data show that there are around 4 gigawatts of LNG import capacity in construction and another 17 GW under so-called "pre-construction", which is what is driving LNG exporters' optimism. There are also 53 GW in pre-construction of wind power and 5 GW utility-scale solar. These projects are driven by clean energy policy set by the government, with support from civilians who desire lower pollution. Solar panels and solar components are also produced in large quantities by the country, allowing utilities to install clean energy equipment more quickly than with any other source. It is possible that this could discourage future interest in expanding gas handling capacity in Vietnam, despite U.S. hopes of higher LNG exports. MANUFACTURING DRIVER The fast-growing sector of manufacturing in Vietnam will have a major impact on the country's power needs and mix. According to Ember, the rapid expansion of production lines in the last decade has resulted a more than doubled total electricity demand between 2014 and 2024. The need to compete with other manufacturers in China and abroad has put pressure on power companies to keep their energy prices low. This has led to a stronger grip of coal on the power sector in Vietnam, as well as a rapid adoption of low-cost home-made solar system. In the future, gas imports from China will increase as its heavy industry, including producers of chemicals, plastics, cars and other products, continues to grow. Most manufacturers rely on electricity, not gas, for their power. Future growth will be driven by coal and renewables. These are seen as being more cost-effective than building new gas stations. Since 2022, the country has increased production of cables and components for the power sector as part of a global shift to production outside China. This has helped to accelerate the drive for electrification at the lowest possible cost, but may also limit Vietnam’s demand for LNG and expensive U.S. imports. These are the opinions of the columnist, an author 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.
-
Hived, a UK-based delivery startup, raises $42 Million to expand its network
Hived is a UK parcel delivery startup that uses AI to manage its network. It announced on Thursday it had raised $42 Million in funding from investors. The money will be used to expand operations throughout the UK over the next 2 years. The Series B funding round was led by Japanese venture capital firm NordicNinja, and included Wex Venture Capital and Marunouchi Innovation Partners. Hived has signed retailers such as John Lewis, Uniqlo and Zara for online deliveries. The company is among a number that use electric vehicles to meet the demand for low-emission deliveries. Murvah Iqbal, Hived CEO, said that the new funding would be used to expand Hived’s delivery network beyond London. She stated that Hived would begin serving southern UK cities later this year before rapidly expanding to the rest the country. She said, "We plan to cover 80% the UK in the next two-years." "That's where we are headed." She added that the company will also decide whether it wants to physically expand into other markets, or instead license out its technology. Hived developed its own postcode based on the volume of customers and their demand using AI. Iqbal explained that the same system collects data about deliveries, which is then used to mentor drivers. She said, "Everyday a driver receives some feedback that will help them perform better." (Reporting by Nick Carey, editing by Barbara Lewis).
-
Sources: Telecom Italia secured a 750 million euro state-backed loan
Two sources familiar with this matter said on Thursday that Telecom Italia is expected to receive a 750 million euro syndicated loan ($884 millions) backed by Italy’s export credit agency SACE. Sources who asked not to be identified said that the five-year loan provided by a group of banks would benefit from a 70 percent guarantee under SACE’s Archimede program. The finalisation is expected as soon as this month. Archimede is a programme designed to help Italian companies invest in strategic areas such as digital transformation or green transition. According to the Treasury’s multi-year budget revealed in April, it envisages an exposure maximum of 60 billion euro through 2029. Of that, 10 billion euros were already assumed by SACE. The latest data from the government showed that despite the phase-out of emergency state aid programmes in response to the COVID pandemic and the subsequent phasing-out of several guarantee schemes, Italy still helps firms obtain funding through a number of guarantee schemes totalling more than 13% GDP. EU accounting rules say that public guarantees don't increase the national debt unless they are used by banks who benefit. TIM will utilize the funds to upgrade its infrastructure and enhance digital services in accordance with EU and national digital goals. SACE and Telecom Italia declined to comment. TIM, Italy's largest telecommunications company and heir to the former phone monopoly, sold its fixed-line infrastructure last year for 18.8 billion euro to a consortium headed by the U.S. fund KKR, which included Italy's Treasury. The agreement, which aims to reduce the debt of the company and streamline its operations, helped TIM improve its credit rating. It remains below investment grade. Poste Italiane, a financial conglomerate backed by the Italian government, has replaced Vivendi as TIM's largest shareholder this year. It now holds a stake of 24.8%.
-
As the US lifts restrictions on China imports, chip design software companies are on the rise.
In premarket trading, shares of Synopsys & Cadence Design Systems surged on Thursday as the United States lifted its export restrictions for chip design software. This signals a thawing in the trade tensions between China and the United States. Both companies, as well as Siemens of Germany, announced that they would resume access to their EDA tools for Chinese clients. Siemens gained 0.9% and Synopsys rose 6.7% in Frankfurt. According to a report published by the state-run Xinhua News Agency in April, three companies together control over 70% of China's EDA Market. EDA software is essential for designing semiconductors in smartphones, cars and other computing devices. The U.S. Commerce Department has also moved to remove a licensing requirement for ethane exported to China that was imposed in the beginning of this year. The Trump administration imposed a series tit for tat of trade restrictions after China suspended rare earth exports from April. Last week, the White House announced that it had reached an accord with China regarding expedited shipments of rare-earth minerals to the U.S. Susannah Streeter is the head of money markets and currency at Hargreaves Lansdown. Streeter said that there was no indication of a relaxation of controls for ASML and Nvidia. In an attempt to limit Beijing's access, the Trump administration placed export restrictions on Nvidia H20 artificial-intelligence chip in May. (Reporting and editing by Nivedita Battacharjee in Bengaluru, and Shailesh Kuber)
-
INDIA RUPEE: Inflows push rupee to a one-month high, and optimism about trade deals boosts sentiment.
The Indian rupee reached its highest level in one month on Thursday. This was boosted by dollar sales made by foreign banks, and the reduction of bets against the local currency. Optimism surrounding a U.S. India trade agreement also helped sentiment. The rupee reached a high of 85.20 before closing the session at 85.31. This was a 0.4% increase on the day. The rupee was boosted by dollar sales from foreign banks during the second half of the session on Thursday. A rise above 85.40 triggered stop-loss orders for some bets made against the currency. The dollar index was stable ahead of an important U.S. employment report. The majority of Asian stock indices also rose on Thursday after U.S. and Vietnam trade talks raised the possibility that other countries in Asia could make breakthroughs ahead of the July 9, tariff deadline. India's benchmark stock indexes closed slightly lower, despite the fact that they were marginally lower. Sources familiar with the talks say that U.S.-India trade negotiators pushed hard on Wednesday to reach a deal to reduce tariffs before President Donald Trump's deadline of July 9, according to sources. DBS stated in a note on Thursday that "given the U.S. - Vietnam trade deal and the approaching deadline of July 9 for the reciprocal tariff suspension, markets are also aware of similar announcements regarding trade with India and the European Union." The rupee could rise above 85 if a deal is struck with India, but the amount of gains will depend on the foreign currency inflows. Also, if the central banks purchases dollars to shore up their FX reserves. Investors will be watching the U.S. Non-Farm Payrolls Report for clues about the future direction of Federal Reserve policy rates. The economists polled expect the U.S. to add 110,000 new jobs in June. Meanwhile, the unemployment rate is expected to rise from 4.3% to 4.3%. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
-
Reactions to the death of Liverpool player Jota
Here are some quotes and reactions to the death on Thursday of Diogo, a 28-year-old Liverpool and Portugal striker who died in a car accident near Zamora (northwestern Spain): LIVERPOOL FOOTBALL CLUB Diogo Jota's tragic death has devastated the Liverpool Football Club. The club has been informed that the 28-year old died in a traffic accident with his brother Andre, while they were both on holiday in Spain. Liverpool FC has no further comments to make at this time. They ask that the privacy of Diogo's and Andre’s family, their friends, teammates, and club staff be respected while they attempt to cope with such a tragic loss. We will continue to offer them our full support. PORTUGAL PRIME MINISTER LUIS MONTENEGRO The news of Diogo's death, a Portuguese athlete who had done much to honour Portugal, and that of his brother was unexpected and tragic. My deepest condolences go out to their families. "It is a sad and tragic day for football, and for national and global sports." PORTUGUESE FOOTBALL FEDERATION The Portuguese Football Federation, and the entire Portuguese Football Community are devastated by Diogo Jota's and Andre Silva's deaths in Spain today. "Diogo Jota, not only was a great player who had almost 50 caps in the national team but was also an exceptional person respected by his teammates and rivals. He was contagious and a point of reference in his community. We have lost two champions. They are irreparable losses to Portuguese football. We will do all we can to honor their memory. Former Liverpool player JAMIE CARRAGHER Diogo Jota and his brother Andre received devastating news this morning. "Our thoughts are with his family and friends, particularly his wife Rute and their three beautiful kids." PORTUGAL AND AL-HILAL MIDFIELDER RUBEN NEVES They say we only lose people if we forget them. "I will never forget you." FC PORTO "FC Porto has been in mourning." "It's with deep sorrow and shock that we express our condolences to Diogo Jota's family and friends, as well as his brother Andre Silva who was also a member of our youth team. Rest in peace. SPORTING CP "The world football is poorer." Sporting CP is saddened by the deaths of Portuguese international Diogojota and Andre Silva. "Our deepest sympathies go out to all the family during this difficult time." Reporting by Aadi Nair in Bengaluru Editing and Alexandra Hudson by Christian Radnedge
-
The French air traffic controllers walkout disrupts travel in the early summer season
French air traffic controllers started a two-day walkout on Thursday in protest of staff shortages, and outdated equipment. This led to hundreds cancellations as summer is just getting underway. France's civil Aviation Agency DGAC has told airlines to re-evaluate their schedules. This includes at Paris' Roissy de Gaulle Airport - one Europe's most busy hubs – forcing carriers to cancel flights. Air France, France’s largest airline, announced that it had adjusted its flight schedule without providing details. However, it maintained its entire long-haul schedule. British Airways, owned by IAG, was using larger aircraft in order to minimize disruption. Ryanair announced that it was forced to cancel over 30,000 flights on Thursday and Friday. Michael O'Leary, CEO of Ryanair, said: "Once more European families are being held hostage by French air traffic controllers on strike." It is unfair to EU families and passengers on holiday. Easyjet has announced that it will cancel 274 flights on Thursday and Friday. The strike coincided the beginning of summer vacations in Europe, which is one of the busiest periods for travel. UNSA-ICNA is France's second largest union of air traffic controllers. Its members are striking because they feel understaffed, have outdated equipment, and suffer from a toxic management environment. USAC-CGT said that the DGAC failed to understand the frustration of controllers. UNSA-ICNA stated in a press release that "the DGAC fails to modernise tools that are vital to air traffic control, even though they continue to promise that the necessary resources will be made available." The agency added that "the systems are on the verge of failure, and it is asking for more staff to compensate its problems." The DGAC didn't immediately respond to a comment request on the concerns of the unions. The complaints are similar to those of air traffic controllers from the United States who have complained about outdated infrastructure, staffing shortages and obsolete technology. The French Transport Minister Philippe Tabarot deemed the union's demands unacceptable. On Friday, the DGAC requested that airlines reduce one out of four flights into and out of Paris and nearly half of all flights leaving the capital. The south was particularly hard-hit. The agency warned that "despite these preventative measures", disruptions and significant delays can be expected in all French airports. It urged passengers to switch flights if possible. Luxair Luxembourg Airlines has warned that additional delays and schedules changes may occur across other destinations due to air traffic rerouting. O'Leary, Ryanair's CEO, urged the European Commission (the executive arm of the European Union) to reform EU air-traffic control services in order to provide adequate staffing during peak times and to protect overflights, those flights that fly over a region or country without landing, when there are national strikes. Reporting by Makini Brrice, Richard Lough, and Sudip Kar Gupta from Paris, Sarah Young from London, Mark Potter for editing.
-Ancora demands U.S. Steel Board records and escalates proxy battle
Ancora Holdings, an activist investor, is requesting access to documents from U.S. Steel. This includes board minutes and financial documents. The letter was seen by, which reveals that the investor has intensified its campaign to replace certain board members of U.S. Steel as well as its chief executive. Ancora launched a boardroom battle against U.S. Steel last month, as the iconic American firm fought in court to save a planned merger between Japan's Nippon Steel. The company wants the U.S. Court of Appeals overturn the order of former U.S. president Joe Biden that blocked the merger citing national-security concerns. U.S. Steel said that it would have to lay off workers and close factories if the deal was canceled.
Ancora’s decision to issue a “books and records” request demonstrates how the activist uses one of the available legal tools to win a potentially bitter battle in the boardroom.
Ancora sent Megan Bombick Associate General Counsel Securities & Corporate Secretary, U.S. Steel, a letter in which it said that U.S. Steel should investigate "potential wrongdoing" relating to "the futile (lawsuit of) the company and "the unusual (trading plan) of the CEO (David Burritt).
Ancora, according to the letter is seeking information to determine if the board violated their fiduciary duty by filing the suit and whether Burritt “tried to trade on material information that was not public.” U.S. Steel described Ancora's letter as a "distraction" that repeated its baseless allegations. A representative of the company said that the board has "been and remains unwavering" in its commitment to act in the best interest of all stakeholders including stockholders. U.S. Steel would review the request and respond "in accordance with applicable law and regulations."
Investor currently holds less than 1% of U.S. Steel, which is approximately 500,000 shares. However, it has stated that they plan to significantly increase their position. The market value of the company, once the largest steel producer in the world, is $8.7 billion. Ancora will hold a conference call with investors to discuss the campaign on Wednesday at 10 am.
Ancora, a group of activists, nominated nine candidates for the 12-member board of U.S. Steel last month, including a senior executive who might replace the CEO. The activist wants the company also to drop its lawsuit asking a federal appellate court to overturn Biden’s decision to cancel the $14.9 billion transaction.
Ancora, in a letter to U.S. Steel, argued that by pursuing this lawsuit, U.S. Steel hurts shareholders. It also stated it wanted management and the board of directors to focus on fixing the company.
The letter stated that "By continuing to litigate (the Petition for Review), the Board wastes time and resources in their desperate hope that the Merger will bring them significant personal benefit."
According to a letter, Ancora gave the company until the 24th of February to provide typically confidential documents relating to the proposed merger between Nippon and Burritt Trading Plan.
It is looking into whether the directors and officers "breached the fiduciary duty to the company and stockholders". They also want to know more about Burritt trading U.S. Steel shares "in relation with merger discussions", and how he made use of his 10b5-1 predetermined plan, which allows insiders the ability to sell their stock. Donald Trump, the U.S. president, said earlier this month that Nippon would make a bid in the form of a sale instead of an investment. A Japanese government spokeswoman said earlier this month that Nippon was considering a radical change from its previous plan of trying to buy U.S. Steel. Prime Minister Shigeru ishiba also called the decision to stop the deal as "unjustified political interference."
Ancora already identified Alan Kestenbaum as the ideal replacement for Burritt. Kestenbaum was previously the CEO of Canadian steel firm Stelco. Stelco, a Canadian steel company, was acquired by Cleveland-Cliffs in the past year.
The date of the company's annual meeting has yet to be set. Last year, it was held on 30 April.
Ancora has won board seats at a number big companies. Earlier this year, Norfolk Southern shareholders elected Ancora nominees to three board seats. Norfolk Southern promised to work with Ancora in order to find a new director, to avoid a fight with the company. (Reporting and editing by Aurora Ellis, Chizu Nomiyama, and Svea Herbst Bayliss)
(source: Reuters)