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Trump says US helicopters pilots who were downed in Strait of Hormuz will be fine
Donald Trump confirmed that two U.S. helicopter pilots who were rescued from the Strait of Hormuz after their aircraft crashed near Iran's controlled waterway "are fine". The New York Times had reported on Tuesday that the crew of an Apache gunship was rescued. The report stated that it was not immediately clear if the Apache had been shot down by Iranian fire or if there was a mechanical problem. The White House, the U.S. Department of State and the U.S. Central Command have not responded to our requests for comment. When asked if he was aware of the cause of the crash, Trump replied that a report would be released later on Tuesday. Trump told reporters on the John F. Kennedy International Airport runway that "the pilots are fine." He was returning to Washington, D.C. The incident occurred a day after Iran & Israel announced they'd stopped attacking each other in response to Trump. However, Tehran warned that it would resume hostilities should Israel continue to attack Hezbollah. The tenuous ceasefire has been resumed as Washington attempts to reach an accord with Tehran in order to end the war that has lasted for more than three months. Trump told reporters that he would have an "idea" of a deal with Iran within the next few days. He did not elaborate. Trump, who is struggling to maintain record-low approval ratings in advance of the November midterm elections and has been announcing an imminent deal with Tehran, but no such deal has materialized. The weekend was the first time since April that Israel and Iran had engaged in a direct confrontation. Tehran fired'missiles at Israeli territory late Sunday night, claiming that the strikes were a retaliation against attacks on Hezbollah, the Iranian-backed militia on the outskirts Beirut. Israel then struck Iranian air defence systems, and a petrochemical facility that it claimed was used to manufacture ballistic missiles. Iran's Islamic Revolutionary Guard Corps claimed it had retaliated by striking a similar Israeli facility in Haifa. Authorities on both sides reported no deaths. TRUMP TELLS NETANYAHU 'BE CAREFUL.' U.S. officials and Israeli officials confirmed that Trump and Benjamin Netanyahu, the Israeli prime minister, spoke on Monday. In an Axios interview, Trump stated that he warned Netanyahu to be careful, as he could find himself on his own if the Israeli leader returned to war against Iran. Trump stated that he warned Netanyahu to be careful or he would be fighting alone very soon if?the Israeli leader went back to war with Iran. A senior Israeli military official stated that Israel would continue its operations "for as long as it takes", whereas Iranian officials adopted a similar defiant attitude. According to a military source cited by the semi-official Tasnim News Agency, Tehran was prepared for a "prolonged conflict" and could renew attacks against U.S. interest in the region. Esmaeil baghaei, a spokesperson for the Iranian Foreign Ministry, said that Tehran exchanged messages with Washington amid an atmosphere of "extreme distrust." Tehran has said for years that any deal with the U.S. is contingent on the end of fighting in Lebanon. Israel invaded Lebanon in March to pursue Hezbollah militants who fired across the border. Israel has not halted the Lebanon campaign that has claimed thousands of lives, claiming it should be treated independently from any U.S. - Iranian ceasefire. Hezbollah also continues its attacks. Tehran continues to block the majority of shipping through the Strait of Hormuz. Before the war, the Strait of Hormuz carried about a fifth of the world’s crude oil and natural gas liquefied. Washington has imposed a blockade on Iranian ports. Trump said that any deal for peace must guarantee Iran's inability to develop a nuclear bomb. Iran demands the lifting of sanctions, the release billions in frozen assets, and recognition of their control over the Strait. (Reporting and writing by Bureaus; Editing and proofreading by Kate Mayberry).
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London is chosen as the European hub for AI-coding startup Cursor.
An executive revealed that the AI coding startup Cursor will be opening its European headquarters in London, and hiring 200 employees, as the demand for automated software development tools grows. Elon Musk’s SpaceX is preparing for a highly anticipated IPO this coming week. In April, it announced that it had acquired an option to acquire the code-generation startup Cursor later this year for $60 billion, or pay $10 Billion for their new partnership as it pushes further into the lucrative'market for AI developer tool. Cursor, based in San Francisco, chose London because of its 'access to multilingual workers and deep talent pool,' allowing it to serve multiple European markets with a single base. London is home to the largest concentration of technology talent in Europe, and it's second-largest worldwide after San Francisco. Elmas?said that Cursor plans to open smaller offices in Paris as well as?Munich?, Frankfurt?, Amsterdam?, and Stockholm?. Cursor has grown rapidly since it was founded in 2022. According to data provided by the company, business-to business revenue and enterprise sales have risen sharply. Customers include British Airways, BP Nokia, and Sanofi. "Running out the business from the U.S. does not work." Elmas stated that the European market has its own needs and that being in this region is very important. He said that the company is seeing an increase in demand from its customers to keep their data in the region. This is especially true for regulated industries who are concerned about privacy and compliance. Elmas?refused to comment on SpaceX's option. By the end of this year, the company aims to hire 200 employees in EMEA. This is an increase from the 70-80 employees it has now. Cursor software allows users describe applications using natural language. This helps companies accelerate development and modernise legacy system, which, according to the company, can increase developer output. Cursor is competing with Microsoft-owned GitHub Copilot, OpenAI, and Google. It positions itself as a platform that allows customers to choose from different AI systems. (Reporting and editing by Nia William; Sam Tabahriti)
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Vietnam Orders Airlines to Accelerate U.S. Deals as Washington Trade Probes Mount
Vietnam's major airlines have been ordered to examine the progress of multi-billion dollar agreements with Boeing and Pratt & Whitney and look at new import deals with American firms, as Hanoi tries to bolster its hand in a?trade negotiating with the United States. The directive was issued on June 5, and then reviewed on Tuesday by the Ministry of Industry and Trade. This ministry is in charge of Vietnam's efforts to "demonstrate" to Washington the fact that the bilateral trade agreements are being implemented. The move follows three separate Trump Administration probes that targeted Hanoi over alleged trade distortions through?excessive capacity, intellectual-property violations, and using goods produced with forced labour. The document explains that the Ministry of Transport has asked flag carrier Vietnam Airlines and budget airline Vietjet to give details about the implementation and delivery of deals signed with U.S. Partners, as well as to suggest ways to increase imports. Vietnam Airlines and Vietjet signed a joint agreement to buy 250 737 MAX aircraft. Sun Phu Quoc Airways is the aviation arm of Sun Group, and has separately contracted to buy 40 Boeing 787 Dreamliner wide body jets. According to the document, Vietjet has a contract for engines with Pratt & Whitney (part of RTX Group) for its Airbus planes. Vietnam's exports into the United States have soared. U.S. data shows that the U.S. trade gap with Vietnam was $54.8 billion during the first quarter of this year. This is higher than the deficits with China and Mexico. The Trump administration has said repeatedly that it wants to reduce the trade deficit.
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Fifth Qatari-controlled LNG tanker exits Hormuz strait
Ship-tracking data revealed that a fifth Qatari LNG tanker?transited the Strait of Hormuz carrying a cargo. This brings the total to nine?LNG vessels which have?exited this waterway with a cargo since the onset of the 'war. According to Kper and LSEG, the Al Daayen was controlled by QatarEnergy. It was spotted on ship-tracking data around June 4-5 off the coasts of Qatar. On Monday, it reappeared in ship-tracking data that showed the vessel east of the Strait and heading towards?China. According to Kper, the tanker reportedly loaded a cargo?on 1 June at Qatar's Ras Laffan Terminal. According to Vortexa, an analytics firm, a ballast LNG ship managed to return to the waterway after delivering a shipment to India. The tanker, which is managed by the Abu 'Dhabi National oil Company (ADNOC), had entered the Strait before to load cargo on Das Island between April 19th and May 23th. In a late Monday note, Vortexa said that satellite imagery in the UAE confirmed ADNOC’s Al Hamra carrier had been near the Das Island Terminal late last week after completing a?inbound transit of chokepoint. The vessel's last appearance on AIS (Automatic Identifier System) was on 30 May, before its?dark' inbound transit for a?reload – its second since April. QatarEnergy & ADNOC didn't immediately respond to comments outside normal business hours. The 'U.S. and Israeli war against Iran, which began on February -28, has severely restricted shipping through the Strait of Hormuz. This is a major transit route that accounts for a 'fifth of world oil & LNG supply. ?Shipping traffic through this strait was averaging 125-140 daily passages before the war. Around 20,000 seafarers are still stranded in the Gulf on hundreds of vessels. (Reporting and editing by Edwina G. Gibbs; Reporting by Emily Chow)
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New Zealand's Capital City is hit by a storm, which cancels flights and ferries
On Tuesday, gale-force winds and rough waves battered New Zealand’s capital city of Wellington. This forced ferry and flight cancellations and road closures. Authorities urged hundreds along the?south coast of the city?to evacuate. An airport spokesperson confirmed by email that a light?aircraft was briefly blown over at Wellington Airport after a strong wind gust tipped it onto its wing. It said, "Nobody was hurt and it was quickly rectified." The 'New Zealand Herald' reported that the plane was just landing and the passengers had already disembarked when it tipped. At Wellington Airport, eight flights were canceled. Air New Zealand has informed passengers of the possibility that high winds may disrupt flights out of Wellington, and provided rebooking alternatives. The weather bureau has warned that waves of up to 29.5" (0.9 m) could be expected along Wellington's south shore. We are now in the forecast period of most significant swell effects. The Wellington City Council posted on Facebook that if you are still in the evacuation area and haven't left your home, it is best to "shelter-in-place". The ferry service between New Zealand’s North Island and?South Islands was cancelled on Tuesday. The weather bureau has forecast that waves will rise "rapidly" on Tuesday morning and early afternoon, along the east coasts in the North and South Islands as well as at the Chatham Islands. Island Bay resident Jonathan Delich, owner of Cook Strait Fishing Charters told the New Zealand Herald that he had cancelled all operations scheduled for Tuesday and Wednesday. Delich stated, "We would not take you fishing even if it was your desire... today no one with a sane mind would be on the water." Reporting by Renju José in Sydney, Editing by Lincoln Feast
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The new US-Canada Bridge is nearing completion despite Trump's earlier threats
The new $4.7 billion bridge between Detroit and Windsor in Ontario is set to open within the next few weeks, according to a bridge authority on Monday. This comes despite President Donald Trump's threat to block its opening in February. Sources say a formal ribbon-cutting will take place later this week. Detroit media outlets reported that the Gordie-Howe International Bridge was expected to be open for traffic on June 15, according to reports. In February, Trump cited Canada's refusal to allow some U.S. alcohol products to be sold in Canadian stores, Canada's tariffs for dairy products, and Canada's trade talks with China as reasons why he may not permit the bridge to open. A spokesperson for Michigan Governor Gretchen Whitmer and the Canadian Embassy in Washington both declined to comment. The White House declined to comment immediately. A spokesperson from the Windsor-Detroit Bridge Authority stated that the project team is making good progress towards a June 21 opening, "which will serve as a vital link for economic development between the two nations." Canada financed the construction of the bridge that began in 2018 because the U.S. refused. Tolls will cover the costs over a period of 30 years. Homeland Security Secretary Markwayne Mullin stated at a Senate Hearing last week that the department was "good-to-go" for staffing the Gordie Howe Bridge. The new bridge is expected to ease traffic for trucks on the privately-owned Ambassador Bridge, which leads into Detroit. Detroit is the largest?freight hub on the U.S. Canada border. Commercial trucks traded $126 billion worth of goods in 2023. According to a University of Windsor report, it will?save truckers $2.3 billion in 30 years by cutting 20 minutes from the crossing time. In his second term, Trump has issued a number of threats and dramatically increased tariffs against the U.S.' northern neighbor. In January, Trump said that he would impose 100% tariffs on Canada if they followed through with a trade agreement with China. Trump said in January that the U.S. will decertify some Bombardier planes, and threatened to impose 50% tariffs on imports of all aircraft manufactured in Canada until Ottawa certifies a number if planes made by U.S. competitor Gulfstream. Trump dropped his threat when Canada certified certain U.S. aircraft. (Reporting and editing by Sonali Paul; David Shepardson)
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S&P downgrades JetBlue deeper into junk as high fuel costs dent recovery
S&P, a global ratings agency, said that JetBlue Airways was downgraded to "CCC+" on Monday from "B-", pushing it further into junk status as high jet fuel prices?have hampered its recovery. The 'low-cost carrier' has been trying to restore its profitability by cost cutting, network changes, and improving operational reliability. However, higher fuel prices have complicated the turnaround plans. Low-cost and budget airlines are particularly vulnerable to fuel price spikes linked to the Iran War, as they have limited capacity to pass higher costs on to customers without risking their demand in a highly competitive travel market. S&P stated that "given the Middle -East conflict, and the material increase in oil and jet fuel costs, we expect JetBlue’s operating performance to be significantly impacted over the next 12 months." The strong demand environment will continue to support higher fares. However, we do not expect to generate positive free cash flows until 2028. We project leverage of about 10x at the end 2027. JetBlue could face higher borrowing costs if its junk rating is increased. It may also be unable to access capital markets, at a time that it needs additional liquidity to fund its operations. Fitch downgraded New York's?carrier from "B" to "CCC+", citing ongoing operating losses and negative cash flow. S&P maintained its outlook for JetBlue, expecting the airline to have enough liquidity to cover the?projected?free cash flow deficits until 2027. There are no near-term maturities, and no default or restructuring is expected in the next 12 months. JetBlue secured a $500-million debt financing commitment in support of up to 22 aircraft earlier this year. The company also has the option to raise $250-million more.
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Canada launches loan program for airlines to deal with high fuel costs
In a 'Monday statement, the Canadian finance ministry announced that a new loan programme would be launched to assist domestic airlines in dealing with high fuel costs and maintaining operations and jobs. The 'Iran war' has caused jet fuel prices to skyrocket, eroding profit margins and straining balance sheets. This pressure has led governments to extend support to domestic carriers in order to maintain affordable airfares and preserve competition. The Canadian government said that under the 'loan program', eligible airlines will receive up to C$150,000,000 ($107.5 Million) in repaid liquidity support. The government must also balance the need to protect the free market with its desire to preserve it. WestJet, the Canadian airline, opposed Ottawa's plan to offer loans to airlines. Instead of continuing with "costly and market-distorting subsides," WestJet urged the government to instead help build a future for Canada's aviation sector. WestJet, owned by Onex Corp, said that the United States has not bailed out any airlines, in order to maintain a level playing field. The Canadian government did not immediately respond to an inquiry about WestJet's comments. Air Canada, Canada's largest airline, said it had a "very strong balance sheet" that was built to prepare for events like the recent fuel price spike. It added, "we are able adapt and manage this particular situation." Last month, the U.S. Transportation Secretary Sean Duffy stated that he didn't believe that the government should bail out low cost carriers who had requested $2.5 billion of relief. He encouraged the airlines to instead turn to the private market. In May, the jet fuel crisis claimed its first victim when U.S. Low-cost carrier Spirit Airlines stopped operations.
Taiwan claims China Coast Guard 'harassed commercial shipping' off its shores
Taiwan's coast -guard claimed on Tuesday that Chinese coast guard vessels operating around Taiwan have been "harassing commercial shipping" by asking for information about their origin and destination, and claiming jurisdiction. China, which considers democratically governed Taiwan as its own territory was angry when Japan and the Philippines announced last month that they would start formal talks about their maritime borders, claiming this included waters off Taiwan. Chinese state media reported late on Saturday that ships were sent to "carry out special maritime traffic law enforcement operations" in the east of Taiwan as a'response' to the Japanese announcement. Taiwan's Coast Guard said in a statement that the Chinese ships have been sending messages to passing commercial vessels since Sunday, asking for information like their ports of departure and destinations.
The coast guard stated that Taiwanese ships had broadcasted back to Chinese vessels that they should not "harass" ships in Taiwanese water.
The China Taiwan Affairs Office has not responded to a comment request immediately. Beijing does not recognise Taiwan's claims to sovereignty.
Taiwan's Coast Guard said that it had also sent a message to passing merchant vessels to ignore the questions of Chinese vessels.
The coast guard stated that ships passing through Taiwan's waters were not boarded or inspected by Chinese government vessels.
A U.S. State Department spokeswoman said in a statement, that the U.S. expects differences between China and Taiwan to be settled peacefully and without coercion.
The spokesperson said: "We urge Beijing not to continue its pressure on Taiwan in terms of military, diplomatic and economic means, but instead to engage in meaningful dialogue with the elected leaders."
Taiwan's government has rejected Beijing's claims of sovereignty. Beijing says that Taiwan President Lai Ching Te is a separatist and refuses to talk with him. (Reporting and editing by Kate Mayberry; Ben Blanchard)
(source: Reuters)