Latest News
-
US airlines oppose Trump's plan to force small airports to use security private
A group representing major U.S. According to written testimony obtained by the. Chris Sununu, CEO of Airlines for 'America?, will testify before a U.S. House of Representatives Committee on Wednesday. He will say that the U.S. Aviation Industry is concerned that private security remains an option and not a mandatory program. Last month, Donald Trump proposed that the TSA (which handles airport security operations) cut more than 9,400 employees and $1.5 billion annually from its budget. This proposal is a step in the direction of privatizing the agency that was created following the attacks on September 11, 2001. Some Republican lawmakers have proposed that TSA be privatized completely. The White House stated that the change in private security for small airports will 'cut the TSA payroll more than 4,500 positions. TSA wants to 'cut another 4,800 jobs by improving efficiency, eliminating redundant staffing and reducing redundancies. Sununu added in his testimony: "We support innovative solutions to accelerate the deployment and adoption of checkpoint technology and checked baggage as well as algorithms which increase efficiency." The proposed budget cuts would reduce the $7.8 billion agency budget by around 20%. This comes after TSA lost over 1,600 employees during funding disruptions in the fall of last year and spring. Trump nominated David Cummins last week, a senior Vice President?of Serco North America, who oversees the company's federal, state, and local government civil customer portfolio. The Biden administration expanded the TSA to screen a record 906 million passengers by 2025. The American Federation of Government Employees (AFGE), the union representing TSA security agents, opposes privatization. They say it will make air travel unsafe. Trump has criticised the TSA. On his first day in office, in 2025, he fired David Pekoske as its director, whom he had appointed to lead the agency during his first term. Pekoske was nominated by Joe Biden for a second term in 2022. (Reporting and editing by Tom Hogue, Jamie Freed, and David Shepardson)
-
Hong Kong listings a target for foreign firms as IPOs rebound
?At least 10 companies, including those from Indonesia, South Korea, and Singapore, have applied for Hong Kong IPOs this year, and others are considering it, according to an executive at the Hong Kong Stock Exchange. The market's robust IPO growth is attracting global?firms. LSEG data shows that although foreign companies raised a lot less money than domestic firms - 110 Chinese firms and Hong Kong firms raised a total of $36.4 billion in '2025 - the listings by 10 global companies would make this the best year since 2020 for international debuts. According to Johnson Chui, the head of global issuer service at Hong Kong Exchanges and Clearing Ltd. (HKEX), who runs the city’s stock exchange, foreign listing hopefuls come from sectors such as technology, consumer and financials. He said that the pipeline is a mixture of first-time IPOs and concurrent dual listings as well as sequential dual listings. Chui said, "We believe that this is a start of the structural change for the next phase of international companies listing in Hong Kong." He added the appeal of the City had expanded beyond companies with China-exposure. He said, "The nexus has broadened." In the past, it was more about whether you had business in Greater China. There are now many successful companies who have no presence in this area of the world. According to LSEG 'data, the Hong Kong exchange was the top IPO market in the world last year, with $37.4bn raised through 115 deals. The bourse has been unable to attract large foreign listings, but it is now redoubling its efforts in an effort to increase the flow of foreign capital. Syngenta Group, a Swiss-based seeds, agrochemicals and chemicals company, plans to list up to $10 billion of shares in the second half this year. This move, according to sources reported in February, will likely boost HKEX’s ability to attract large-ticket listings. Separate sources confirmed that while Chui didn't give any details on foreign IPO hopefuls he was aware of Engine Biosciences and NiKang Therapeutics, two international biotech companies from Singapore. Sources familiar with plans of the two companies said that the discussions were preliminary and could change. The sources declined to be identified as the matter was confidential. Engine Biosciences refused to comment. NiKang did not respond. PIPELINE IPO Malaysian logistics company Teleport said it was considering Hong Kong as a venue for an IPO. "Our long-term plan includes a listing on the stock exchange," said CEO Pete Chareonwongsak. "We're keeping our options open." Separately, LSEG's data compiled on 4 May showed that 12 foreign companies could be in Hong Kong’s 2026 IPO pipeline. These included U.S. Blockchain infrastructure firm Blockdaemon and Malaysian branding for logistics group Capital A. HKEX announced that seven international companies will list in Hong Kong by 2025. According to LSEG, foreign companies have raised $22 billion in 156 transactions since 2000. This is a small fraction of the total market. The current pipeline, unlike the previous wave of 15 years, which was led by consumer brands such as Prada, Samsonite and others, is more diverse in terms of sector, geography, and listing structure. Citigroup's Asia Head of Equity Capital Markets Kenneth Chow stated that Hong Kong offers "the largest possible universe" for investors. This includes hedge funds, global?funds and Chinese institutions, as well as retail buyers. George Wu, a partner at DLA Piper, said that mining companies were being drawn to the region because China is driving demand for strategic minerals. Clifford Chance Capital Markets partner Jean Thio stated that Hong Kong has built a system which rivals Nasdaq, in terms of listed companies, analyst coverage and comparable markets in industries like biotech and AI. Chui, HKEX's Chui, said: "We believe Hong Kong is the best listing venue for international companies with an Asian connection."
-
Senators criticize US Transport chief for road trip funded by corporate donors
Two Democratic U.S. Senators on Tuesday criticized Transportation Secretary Sean Duffy's road trip, which was filmed for a web series and paid for by donors of the companies that his department regulates. "Your vacation was paid for by Boeing and Toyota, United Airlines, Enterprise, Shell and Royal Caribbean Group", said Kirsten Gillibrand. She is the top Democrat in a Senate Appropriations Subcommittee. She pointed out that USDOT regulates these companies and other donors. Gillibrand told a budget meeting that "this road trip does not smell right." "I don't think that it is right, and you should explain to Americans why you are taking a trip that has been paid for by the companies you regulate." Similar concerns were raised by Democratic Senator Patty Murray. Duffy attacked both Democratic Senators for accepting their own political donations. Murray said that USDOT is responsible for determining whether Toyota will be required to carry out a safety recall. Toyota has declined to comment. Both Senators noted that a rise in 'oil prices during U.S.-Israeli War on Iran may prevent some Americans from going on road trips this summer. Murray pointed out that the cost of?jet fuel has risen dramatically this summer, making flights more expensive. Duffy defended his trip by saying that no taxpayer funds were used, and the trip was approved by an official of career ethics. He explained that the trip was part of a celebration of the 250th anniversary of the United States and an attempt to encourage people to go on road trips. The trip was filmed over a period of 24 days and included a visit to?the White House in Washington, Fenway Park Boston, St. Louis' Gateway Arch, and Philadelphia and Montana. Duffy stated that the sponsors of the event "nobody gets anything from me." Duffy said that Congress directed him to promote tourism and travel. Duffy, who is a father of nine and a former reality television star, also served as a member of Congress, claimed that the show did not pay him or his family any salary or production royalty. The road trip was a series of one- or two-day trips that took place over an eight-month span, as well as during his children's spring break. The five-part series will be available on YouTube. Citizens for Responsibility & Ethics in Washington filed a complaint alleging that the situation may have violated federal rules on gifting and travel. The group asked the Office of Inspector General of the Transportation Department to investigate. The group also pointed out that a Toyota car is prominently displayed in a series promotional video. (Reporting and editing by David Shepardson)
-
US charges seven Chinese executives with illegal shipping container cartel
Officials from the Department of Justice announced on Tuesday that the 'United States' has charged seven Chinese executives, and four of the world's largest shipping container companies, with conspiring to limit supply in order to raise the price of containers, during the COVID epidemic. DOJ stated that the companies?manufactured about 95% standard dry -shipping containers in the world and conspired between November 2019 and?January 2024 to limit output and fix prices. The DOJ said that the scheme led to a 'U.S. Consumers paid more and waited longer for goods due to the pandemic. Stanley Woodward, Associate Attorney General at the time of announcing the case, said that these manufacturers took advantage of the pandemic and their market position to squeeze the supply chain. The?DOJ reported that one of the executives was arrested in France, April this year, by a 54-year-old marketing director for Singamas Container Holdings Ltd. Singamas didn't immediately respond to an inquiry?for comment about?the accusations.
-
NERC claims that strong resource additions will boost US summer grid preparedness, but risks remain
In a report released on 'Tuesday, the North American Electric Reliability Corp. said that resource additions of record proportions had strengthened 'U.S. Grid readiness is a must for?the summer, despite the fact that risks are still high in certain areas. NERC's Summer Reliability Assessment reports that the addition of new bulk power system resources includes a'substantial influx' of solar, battery and a few?new gas-fired generators. The report did warn that grid reliability could be challenged by increased 'demand,' rapid growth of large load, low wind output, and the overlap of spring maintenance outages with early summer heat. NERC warned that the early summer heat and drought will increase reliability risk in several regions. In 2025, there were six regions at a high risk of a supply shortage in the event of abnormal summer weather conditions. By 2026, this risk is reduced to three regions and one locality. The growth in load?has been significant with an increase of 11 Gigawatts from 2025. This is a continuation of the 10 GW increase?in 2025 which doubled the growth from 2023-2024. Grid reliability will continue to be challenged by the 'rapid increase in demand,' especially during summer peak months. Reporting by Pooja menon in Bengaluru, Editing by Mark Porter
-
Algeria purchases wheat for shipment to two ports, traders claim
Traders in Europe said that the state grain agency of Algeria, OAIC, is believed to have purchased milling wheat Tuesday as part of an international tender which sought a limited'shipment' only to two ports. Initial estimates put the volume at about 200,000 tons. The requirement to only unload wheat?in two port tenders - Mostaganem or Tenes - from the OAIC signals that a relatively low purchase will be made. Initial estimates of the purchases reported ranged from $284-$285 per ton for shipment to Mostaganem, and $292 per ton (c&f), for Tenes. The cost of shipping to smaller ports was cited as a reason for the high prices. The reports reflect the assessments of traders, and future estimates on prices and volume are possible. Wheat was wanted for shipment from several regions, including Europe, during the following periods: July 1-15; July 16-31; August 1-15; August 16-31; September 1-15 and 16-30. The wheat is shipped a month sooner if it's sourced from South America or Australia. Algeria is an important customer for wheat imported from the European Union and in particular, France. Black Sea wheat is now a major player on the Algerian market, while French wheat was excluded from recent tenders due to political tensions between France and Algeria. Reporting by Michael Hogan from Hamburg, and Gus Trompiz from Paris. Editing by David Goodman.
-
Department of Energy: US PJM Grid can reduce data center power consumption in emergency situations
The U.S. Department of Energy announced that PJM, which spans a total of '13'states in the Mid-Atlantic region and the Midwest, has the power to shut down data centers within its footprint. According to a DOE directive issued on Monday, PJM can direct transmission operators to stop powering data 'centers as a?last resort to avoid rolling blackouts. * The DOE stated that a "statutory emergency" exists in the (PJM) region due to an increase in demand and a "shortage" of electric power, as well as a "shortage" of facilities for generating electric power. * PJM is implementing a number of reforms to manage a demand that has 'outpaced the supply' and threatened grid stability.
-
FAA concludes investigation into airline compliance regarding shutdown flight cuts
The Federal Aviation Administration informed Congress on Monday that it had 'closed' its investigation of airlines who did not adhere to the required flight reductions at 40 major airports in 2025. It has also decided against seeking any fines. Bryan Bedford, FAA administrator, said that in response to written questions from Senators seen by that agency, after sending letters of investigation on apparent noncompliance to airlines the agency determined "all but one were in substantial compliance with the restrictions." Bedford said that one unnamed airline was not in compliance and received an administrative warning. In November, the FAA announced that it would gradually reduce domestic flights by 10% at the 40 airports with high traffic during the 43 day government shutdown. Safety concerns were cited. Airlines for America (which represents American Airlines, Delta Air Lines United Airlines Southwest Airlines, and others) did not comment immediately. On November 12, the FAA decided to freeze its cuts at 6%, as disruptions began to decline dramatically with the end of federal shutdown. The FAA reduced the required reductions to 3%, before lifting them completely. Cirium, a firm that provides aviation analytics, found that airlines failed to adhere to the flight reduction requirements. On the last full day, they canceled only 0.25% flights in 'those 40 airports, which is less than the normal cancellation rate and less than the 3% required. The FAA can seek fines of up to $75,000.00 for each flight that exceeds the limits. Flight cuts were originally implemented by the agency to minimize disruptions in travel caused by a shortage of air traffic control during the shutdown of federal government, when many of these controllers stopped showing up for work due to not being paid. After the October 1st shutdown, thousands of flights were cancelled and delayed due to the absence of air traffic control. (Reporting and editing by David Shepardson)
Sources claim that Tesla is working on a smaller and cheaper EV.
Tesla is working on a new smaller and cheaper electric SUV, according to four sources familiar with the matter.
In recent weeks, the automaker contacted suppliers to discuss the details of its plan for a compact SUV – which?would not be a variant of Tesla’s current Model 3 and Y's, according to the people. They said that the conversations were about the manufacturing process and specifications of various components.
Three of the sources said that the compact SUV will be manufactured in China. One?said Tesla aims to also expand production into the United States and Europe. Two sources claimed that the car would have a length of?4.28 meters, or about 14 feet. This is a lot shorter than Tesla Model Y SUV's, which measures approximately 15.7 feet in length.
This effort comes after Elon Musk, the CEO of Tesla Motors, decided to abandon a low-cost EV in 2024 to focus on humanoid and robotaxis. The key question is whether or not this latest effort to create a smaller SUV represents a shift in strategy back to mass market human-driven EVs, or if the new model aligns more closely with Tesla's vision of fully autonomous vehicles. According to a Tesla employee who is familiar with its current product philosophy and one of those familiar with the project, a model like this could serve both purposes. Tesla employee refused to confirm or negate details of a specific vehicle, but stated that, in general the automaker is now looking to build models which?would offer a driverless option but also allow for human-driven options. Tesla is aiming to achieve full autonomy in its entire lineup. However, it realizes that many markets will not see significant adoption of driverless cars for several years. The person stated that preserving the option of building a model with or sans driving controls would enable Tesla to increase sales and keep its factories near capacity.
Analysts predict that as Tesla pursues a driverless car future, traditional EV sales will decline for a third straight year. These vehicles provide the majority of Tesla's revenue. Tesla has operated a few robotaxis so far in Austin, Texas. Many of them have human safety monitors on the passenger seats.
Tesla did not respond to any requests for comments about its plans for a brand new vehicle.
Four people who are familiar with the project have said that it is still in its early stages of development. Couldn't tell if Tesla had given the go-ahead for the production of the car.
Automakers have a long history of starting product development and then canceling or delaying it. Tesla presented concept cars for a Roadster sports car and a Semi truck in 2017. However, the company has yet to produce either the supercar or the semi.
Two sources stated that Tesla intends to "offer the new car at a significantly lower price than the entry-level Model 3 sedan, which begins at $34,000 in China. The model?3 sedan starts at about $37,000 in America. The sources said that Tesla was planning to reduce costs by using a smaller, lighter battery. This would result in a shorter range compared to the Model Y's 306-327 mile driving range.
A person added that Tesla would offer a single motor electric instead of two as a performance option for current Tesla models. This person also said that Tesla wants to make it lighter at around 1.5 metric tonnes compared to about two tons for Model Y.
Three people stated that the new model will be produced in the Tesla factory in Shanghai. The timing of the production was not clear, but the people who spoke to us said that it is unlikely the car will be produced this year.
TESLA'S STOP-START HISTORY FOR AFFORDABLE EVs
Musk has said that the real mission of Tesla, which began in 2008 with the production of luxury electric vehicles, was to manufacture affordable, mass-market, electric-vehicles to fight the climate crisis. The company's sporadic efforts to achieve this goal have failed.
Musk stated that Tesla would sell 20 million cars annually by 2020, which is nearly twice the number of Toyota's current global sales lead. Musk's project to build a $25,000 electric vehicle, called "Model 2" among Tesla fans and investors was expected to spur explosive growth in vehicle sales. In 2024, it was reported that Tesla abandoned its plans for the Model 2 but still planned to build a driverless robotic taxi on the same platform. Tesla's main EV competitors in China were already producing cheaper EVs. Musk stated that it was "silly and pointless" to make a $25,000 electric vehicle for human drivers, as Tesla would soon be offering driverless cars.
Former Tesla manager, a former Tesla employee, said that a new cheaper traditional car will be radically different from the company philosophy by mid-2025. The manager stated that Tesla had abandoned the mass production of an entry-level vehicle in favor robotaxis, which would lower the cost per mile for both riders and car owners who charge them for trips.
Musk and other Tesla executives spoke in vague terms about their plans to build new "more affordable" EVs after scrapping the Model 2. The vehicles were stripped-down models of the current Model 3?and Y, but they came in new "standard' trim levels with only a modest price discount.
Tesla's sales have not yet been affected by the $36,990 price for the Model 3 Standard in the U.S. and the $39,990 Model Y. Some investors believe that these prices are too high and will not attract a new buyer class.
Is the DRIVERLESS CYBERCAB on Track?
Musk and Tesla continue to 'emphasize plans for robotaxis and robotoids, which is effective in maintaining Tesla's eye-popping stock market value. Tesla's stock market value is $1.3 trillion, which is far more than its financial fundamentals. Investors approved last year a compensation package that gave Musk up to $1.3 trillion in Tesla stock, tied to a number of product and financial targets.
Automaker says it will begin production of the two-door Cybercab roboticaxi this month. The vehicle was first shown as a concept in 2024 and has no pedals or steering wheels. It is not yet known when the car would be sold or used in a Tesla robotaxi fleet. A spokesperson from the National Highway Traffic Safety Administration confirmed that the automaker had not sought federal approval to sell vehicles without pedals or a steering wheel. (Reporting by Zhuzhu Cui, Zhang Yan, Aditi Shah and Chris Kirkham. David Dolan and Brian Thevenot edited the story.
(source: Reuters)