Latest News
-
Firefly, a space and defense company, filed its US IPO in 2024. Revenue growth is projected to be at least 20%.
Firefly Aerospace, a space and defense technology firm backed by AE Industrial Partners, disclosed on Friday a 10% increase in revenue for 2024 in its filing to go public in the United States. Firefly reported a revenue of $60,8 million in 2024 compared to $55.2 millions the previous year. Investors are returning to the U.S. IPO Market after months of sluggishness earlier this year, triggered by policy changes and tariff uncertainty under Donald Trump. "There's a window of opportunities' in space-related IPOs", said IPOX CEO Josef Schuster. He added that there is a strong appetite from investors for space-related offerings. This is due to the enthusiasm for the growth prospects in the space sector. When Voyager Technologies, a space firm, and Karman Holdings debuted their listings in the first quarter of this year, they received warm welcomes. Firefly, based in Texas, designs and manufactures small- and medium-lift launch vehicles as well as lunar landers and orbital transfer vehicle. First Moon landing In March, the Blue Ghost spacecraft will join a few private companies in the global race to the moon. Firefly Secured a Value of $2 Billion In a funding round in November 2024. It plans to list on Nasdaq with the symbol "FLY". Goldman Sachs is the lead underwriter for this offering. JPMorgan, Jefferies, and Wells Fargo will also be involved. (Reporting and editing by Pooja Deai in Bengaluru, with Prakhar Srivastava from Bengaluru)
-
The key events of the Air India crash investigation
The preliminary report on the Air India crash, which killed 260 people, revealed that the fuel cutoff switches for the engines were switched from run to off almost simultaneously seconds after takeoff. This deprived the engines of fuel. The timeline below shows the key events of the investigation so far: JUNE 12 Air India Boeing 787 Dreamliner headed for London crashed shortly after takeoff in Ahmedabad, killing all 242 passengers on board except one. JUNE 13 India's Aircraft Accident Investigation Bureau launches an investigation in the deadliest aircraft crash of the past decade. The team includes a representative from the U.S. National Transportation Safety Board, a flight traffic controller, and an aviation medicine specialist. Boeing 787 jets are equipped with two GE recorders. One is installed in the front of the jet and the other at the back. Both aircraft have a cockpit data recorder as well as a voice recorder. A black box is recovered on the roof of a nearby building. JUNE 16 The second blackbox unit was recovered from the debris on the crash site. JUNE 24 Indian Air Force aircraft transported the two black boxes separately from Ahmedabad, India to a lab at AAIB in Delhi. The team, led by the AAIB Director General and technical members of AAIB as well as the NTSB, began the data extraction in the evening. JUNE 25 The data from the memory module of the black box unit at the front end of the aircraft was successfully downloaded. In a report from 2014, the NTSB stated that the forward recorder has an independent power supply which provides backup power for the device for approximately 10 minutes in the event of a plane's loss of power. JULY 12 The preliminary report indicated that no action was recommended to Boeing or GE, indicating that a fault with the aircraft or engine is unlikely. The report said that one pilot could be heard asking the other pilot on the cockpit recording why he had cut off the gas. The report stated that "the other pilot replied that he had not done so." The crash report did not specify which flight captain made the remarks and which first officer. Nor did it identify which pilot sent out "Mayday Mayday Mayday" before the crash. The final report should be ready within one year after the accident. Reporting by Abhijith Gaapavaram, New Delhi. Editing by Jamie Freed
-
India discovers engine switch movement during fatal Air India crash; Boeing and GE do not take immediate action
The preliminary report on the Air India crash, which killed 260 people, revealed that three seconds after takeoff, the aircraft's fuel cutoff switches switched from run to off almost simultaneously, depriving the engine of fuel. According to the report published on Saturday by Indian aviation investigators, the Boeing 787 Dreamliner immediately started to lose thrust and sank down. On the cockpit voice recording, one pilot is heard asking the other pilot why he stopped the fuel. The report stated that "the other pilot replied that he had not done so." The crash report did not specify which flight captain made the remarks and which first officer. Nor did it identify which pilot sent out "Mayday Mayday Mayday" before the crash. The preliminary report does not mention how the switch on the flight to London from Ahmedabad, India, could have been flipped. John Cox, an aviation safety expert from the United States, said that a pilot could not accidentally move fuel switches feeding the engines. He said that a pilot would not be able to accidentally move the fuel switches that feed engines. The engines are cut off almost instantly by pressing the switch. Most often, it is used to shut down the engines once an aircraft has reached its gate at the airport or in emergency situations such as a fire. The report did not mention any emergency that would have required an engine cutoff. India's Aircraft Accident Investigation Bureau stated that "at this stage of the investigation, there are currently no recommended actions for Boeing 787-8 engine operators or manufacturers and/or GE GEnx-1B engines" Air India, Boeing, and GE Aviation didn't immediately respond to requests for comments. The investigation is being led by the agency under the Indian civil aviation ministry. Reporting by Hritam Mukerjee in Bengaluru and Gursimran Khur in New Delhi. Additional reporting by Allison Lampert and David Shepardson, in Washington, and Rajesh Kumar Singh, in Chicago. Writing and editing by Jamie Freed.
-
US port operators try to reduce the expected high tariffs on Chinese-built cranes
The U.S. Seaport Operators are requesting extra time for the implementation of pending tariffs against towering ship to shore cranes. They expect that President Donald Trump’s administration will follow through with a promise to ban this vital cargo handling equipment. In early this year, the United States Trade Representative proposed tariffs up to 100 percent on these cranes. This was after China sucked up market share to gain commercial and military dominance in the oceans. China, through its state-owned Shanghai Zhenhua Heavy Industries(ZMPC), has now dominated the global market. It has also supplied 80% of ship-to shore cranes to the United States. ZPMC operates more than 200 cranes across two dozen U.S. port locations, including Houston Los Angeles, and New York. Each crane costs between $10 million and $20 million. The Trump administration has made it a priority to stop this trend. In meetings, officials said they would put an end to these purchases. Carl Bentzel is the president of the National Association of Waterfront Employers, which represents terminal operators, and other groups. Bentzel responded, "I have been operating on the assumption that this is the minimum." When asked if he anticipated the tariff rate would be around 100%, Bentzel replied, "I have been operating under that position. This is basically a ban on using Chinese-made cargo equipment." USTR and White House didn't immediately comment. Trump isn't the first U.S. president to pressure ports to purchase cranes at higher prices from manufacturers who have ties with U.S. Allies. These include Konecranes in Finland, Mitsui E&S in Japan, and Liebherr, based out of Switzerland. Joe Biden placed 25% tariffs in 2024 on cranes that connect ship to shore from China after the Federal Bureau of Investigation, the National Security Agency and the Cybersecurity and Infrastructure Security Agency all publicly announced that China had sought to preposition vulnerabilities in American critical infrastructure including port equipment. Officials from the United States also warned that software, modems and other technologies in this equipment could be used to spy on military operations or as kill switches for port operations. Ports and terminal operators continue to buy Chinese cranes despite their lower cost. The inaction of the port operators is based on the desire to save money in the short term. However, they are underestimating the cost in the long run. William Henagan was the director for critical infrastructure in the National Security Council during Biden's tenure. In May, U.S. port operator and ZMPC representatives wrote to USTR to say that security concerns related to cranes were out-of-proportion to the risks. In May, USTR received letters from U.S. port operators and representatives of ZMPC stating that security concerns related to the cranes were out of proportion with the risk. NAWE, an industry organization that represents terminal operators, has been working hard to reduce the impact of new tariffs. They are asking for exemptions on previously ordered cranes, and for a transitional period before the new duties take effect. Bentzel stated, "We have chosen to work together."
-
US Senator says United-JetBlue partnership could harm competition
Democratic Senator Richard Blumenthal warned that a partnership between United Airlines, a smaller airline, and JetBlue Airways would harm competition and result in fewer options and higher prices for consumers. Blumenthal, in a letter that was seen on Friday, asked United CEO Scott Kirby to answer questions regarding their "Blue Sky", a tie-up between the two carriers, which allows customers to book flights through both airlines' websites and earn and use points interchangeably. Blumenthal requested that the airlines disclose any records they have about their partnership and future plans. He also expressed concern about any deal which "could harm fair and full airline competition, and result in fewer and higher priced options for travelers," particularly those who travel to the New York City region. United didn't immediately comment. JetBlue didn't immediately respond to an inquiry for comment. Last month, Spirit Airlines, a budget airline, has urged U.S. Transportation Department rejects the United JetBlue partnership. They claim it is anti-competitive, will encourage other large carriers to follow suit and JetBlue will "become a defacto vassal to United." United and JetBlue In May, they said their tie-up will be completed Give United some of JetBlue’s slots at New York’s John F. Kennedy International Airport beginning in 2027, and swap their flight times at Newark’s airport. United and JetBlue said that the complaints' arguments about reduced competition were " You can also read about it here ", adding: "Blue Sky maintains JetBlue's independent and enhances its competitiveness. This will ensure that JetBlue continues to grow and compete independently." JetBlue and Spirit cancelled a $3.8-billion merger agreement in March 2024 after a U.S. court blocked it on the grounds of anti-competition. JetBlue is seeking new partnerships since a federal court judge in 2023 blocked the Northeast Alliance between American Airlines and JetBlue. Blumenthal said JetBlue's failed attempts at a partnership "raise questions about how your airline will ensure Blue Sky doesn't unlawfully restrain the competition." A Senate committee headed by Blumenthal criticised the rising fees charged by airlines for seat assignments, luggage and other services. Other competition concerns
-
UN report: Haitian gang violence claimed 5,000 lives within a year.
According to a report by the U.N. Office of the High Commissioner for Human Rights published on Friday, nearly 5,000 people were killed in Haiti between October 2024 and January 2125, with hundreds of thousands being displaced as gang violence increased, particularly around Port-au-Prince. Why it's important The violence has exacerbated Haiti's humanitarian situation, destabilizing it and raising fears of spillover effects to other countries. KEY QUOTES The OHCHR reported that violence has increased dramatically in recent months. In a report released by the U.N., resident and human rights coordinator in Haiti Ulrika Richson stated that "Human Rights Abuses are increasing in areas where the presence of State is very limited." She added that "the international community must increase its support for the authorities." By the Numbers Haiti has seen a spike in gang violence between October 2024 and the end of June 2025. Port-au-Prince, and the surrounding area, accounted for over 1,000 deaths. CONTEXT The gangs are increasingly taking control of Haiti. They have overwhelmed the local security forces, forced international aid agencies to reduce their operations and forced tens and thousands of residents out of their homes. Haiti's health sector has been weakened by the closure of hospitals, including Mirebalais University Hospital, due to insecurity. UN estimates show that less than 25% of the health facilities in Port-au-Prince are still operational. What's Next? The UN report warned the violence in Haiti, which is on the rise, could destabilize not only the country itself but also the Caribbean.
-
Asian spot LNG prices rise as hot weather increases cooling demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, increased this week due to a heatwave that swept Japan and North Korea. Meanwhile, industrial demand in China was subdued. Average LNG price for August deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $12.90, up from $12.70/mmBtu a week ago. Estimated price for September was $12.70/mmBtu. Prices have increased this week due to a heatwave across north-east Asia. Seoul experienced its hottest day in 2018 and South Korea and Japan are reducing their LNG stocks to meet the increased cooling demand, said Martin Senior. Senior stated that at least two Atlantic Basin carriers have diverted from Europe towards Asia since the beginning of the month, and two Qatari carriers also changed their course from Europe toward Asia. Klaas Dizeman, a market analyst with Brainchild Commodity Intelligence, stated that the demand in South Asia, China and India remains muted, with a cooling trend for this time of year, and a subdued demand from industry, based on production prices and inflation figures published by Brainchild Commodity Intelligence. Dozeman stated that the import tariffs and the "fluid situation" around them may influence the industrial demand in the coming weeks. The gas market in Europe is stabilizing. Gas prices could be finding a bottom for the summer. "Gas prices may be finding a floor for summer." Froley stated that there is a possibility of a short-term bullishness, if the heatwaves in East Asia continue and if Japan's and Korea’s competition with Europe for fuel to generate summer electricity increases. He added that the fundamentals of the industry are improving, as the second phase Plaquemines, in the United States will bring an additional 7 million tons of oil per year (mtpa), as well as an additional 14 mtpa of LNG Canada. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in August ex-ship on July 10. This represents a $0.440/mmBtu reduction from the August futures prices at the TTF Hub. Spark Commodities set the price at $11.639/mmBtu for August, while Argus put it at $11.670/mmBtu. Spark Commodities analyst Qasim Afghan said that the U.S. Arbitrage to North-East Asia via the Cape of Good Hope is still pointing to Europe while the arbitrage via Panama is pointing to Asia. Afghan said that on the LNG market, Atlantic rates were the lowest since January, and they were at $31,750/day last Friday. Pacific rates, meanwhile, decreased slightly to $38,750/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
-
Ships use a message to avoid Red Sea attacks: 'All crew Muslim'
After the Houthis' deadly attacks on commercial ships this week, commercial ships still sailing in the Red Sea broadcast messages about their nationality or even religion to their public tracking systems so as to avoid being targeted. The Red Sea is an important waterway for oil, commodities and other goods. However, traffic has declined sharply ever since the Houthi began their attacks on Yemen's coastline in November 2023. This was in support of the Palestinians during the Gaza War. After months of calm, the group has sunk two ships and Abdul Malik al-Houthi, its leader, reiterated that no company transporting goods to Israel will be allowed passage. Recent days, more ships that sail through the southern Red Sea or the Bab al-Mandab strait added messages to the public tracking profiles of their AIS. These can be viewed by clicking on a ship. The messages have mentioned an all-Chinese management and crew, as well as the presence of armed guards. MarineTraffic's and LSEG's ship tracking AIS data show that some messages read "All crew Muslim" while others make it clear that the ships have no connection with Israel. Sources in maritime security said that this was an indication of growing desperation, but also believed it would not make a difference. One source claimed that Houthi intelligence was "much more advanced and forward-looking". Shipping analysis revealed that vessels in the larger fleets of the two ships attacked and sunk this week by the Houthis had called on Israeli ports over the last year. Sources in maritime security said that even though shipping companies are required to do a thorough due diligence check on any possible tangential links with Israel before they sail through the Red Sea the risk of an attack is still high. The U.S. Central Command reported that in March 2024 the Houthis fired ballistic missiles at the Chinese-operated Huang Pu despite having previously said they would not target Chinese vessels. Houthis also targetted vessels that trade with Russia. In a recent report, Aon Insurance Brokers stated that despite declared ceasefires areas like the Red Sea or Bab al-Mandab Strait are still considered high-risk. Ship operators must take continuous monitoring and adaptable security measures. Insurance costs for goods shipping through the Red Sea have more than doubled in recent weeks, and some underwriters are suspending coverage on certain voyages. According to Lloyd's List Intelligence, the number of vessels passing through the Strait of Aden at the southernmost tip of the Red Sea, which is a gateway into the Gulf of Aden was 35 on July 10 and 32 on July 9. This compares with 43 vessels on the first of July. This compares to a daily average sailing of 79 in October 2023 before the Houthi attacks started. Seafarers are essential to global trade. They keep countries stocked with fuel, food and medicine. The UK-based Seafarers' Charity stated this week that seafarers should not be required to risk their life to do their jobs. (Reporting and editing by Andrew Cawthorne, with additional reporting by Renee Maltezou)
The rupee is nearly flat as importer dollar bids impede attempts to rise.
The Indian rupee finished little changed on Friday, as traders avoided aggressive bets in the direction of the currency. Meanwhile, importers' routine dollar demand masked positive signals from a rise in Asian counterparts.
South Asian currencies have largely stabilized between 85-86 in the past two weeks amid muted portfolio flows, and traders are waiting for cues to come from ongoing U.S. India trade.
The rupee closed the day at 85.6725, just a little bit higher than its previous close of 85.6350.
The dollar index hovered around 97.5, with Asian currencies a little higher.
Investors' sensitivity towards policy changes has decreased as tariff threats continue to be issued by the U.S. Many investors are betting that the extended deadline for reciprocal tariffs gives countries more room to negotiate.
ING stated in a report that if by August 1, trade negotiations with major U.S. trading partners have not advanced, it would be difficult to ignore the increased U.S. tariff rates.
The note stated that "a gradual implementation of sector specific tariffs would do less damage to the US dollar than sudden measures similar to 'Liberation Day.'"
India is also involved in trade negotiations with America and is one of the few major U.S. trading partner countries that has not received a White House letter declaring a tariff rate for reciprocity.
An official from the Indian government told reporters that a delegation would be visiting the United States for trade talks soon. The two countries are trying to resolve differences over tariffs on auto parts, steel, and farm products. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
(source: Reuters)