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Shell pauses its $3 billion share purchase ahead of ARC vote
Shell announced?on Friday that it would suspend its $3 billion share-buyback programme until July 14 due to securities law requirements related to its pending $16.4 Billion acquisition of ARC Resources, and the Canadian Company's upcoming shareholders vote. Shell announced that any shares that are not purchased during the suspension period will be added to the remaining?of its 2026 buyback programs, subjected to board approval. Shell reduced its quarterly share repurchase?programme to $3 billion in May from $3.5 billion, to conserve cash for the balance sheet. This was due to a short-term liquidity squeeze following war-related disruptions to energy supply. Shell announced in April that it would purchase ARC, primarily with shares. In the 'announcement, the British major stated that it would pay ARC shareholders a cash price of?C$8.20 and 0.40247 Shell share for each share. This is around 25% cash plus 75% Shell shares. ARC announced on Friday that the parties reached an agreement on 6 June to discuss technical issues regarding how C$32.80 per ARC'share will be delivered to ARC Shareholders. ARC will host a shareholders meeting on 14th July. A minimum of 66% approval is required for the?deal. Shell has made its?largest acquisition since it?purchased gas giant BG back in 2016. Analysts and Shell had predicted that the aging fields of Shell would require an 'acquisition or exploration breakthrough. ARC's production 'lies near Shell existing Canadian fields' which feeds into the LNG Canada facility, which Shell owns a '40% stake in. Its liquefied gas 'can reach Asian customers more quickly than most other North American LNG. ARC's production is made up of around 60% natural gases and 40% oil-liquids.
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Air India crash: a year after the tragedy, there is still no final report and families are seeking answers
Indian investigators said 'on Friday' that they were still analyzing evidence 'from 'last year's Air India Boeing 787-8 crash' and did not give a timeline for a report's finalization. Families of the 260 people who died pressed for an answer on the first anniversary of the disaster. The Aircraft Accident Investigation Bureau said that it has made "significant progress" in examining aircraft systems and flight recorder data. It also examined engine components, maintenance records, and operational records. The report did not specify a time frame for its release, only saying that it would come out 'only when all the investigative work has been completed and international reviews have been carried out. Some families who had gathered to mourn their loved ones in Ahmedabad, India, were sceptical about the update. "EXTENSIVE RIGOROUS EXAMINATION" "It has been 365?days since the incident. Tanay Gajjar said that the government should have known the cause of the crash. The 'Air India Dreamliner' crashed soon after takeoff in the worst aviation disaster of a decade. Last month, it was reported that the complexity of the investigation would likely delay a final report. Instead, investigators were expected to release only a interim update. Sources said that the delay is due to the completion of an engine analysis. Internationally, a report should be submitted "if possible" in a year after an accident. If this deadline is not met, the authorities are required to issue an interim report on each anniversary. The AAIB stated that it has conducted "an extensive and rigourous examination" of all technical, organizational, and human factors in the last year. MOURNING Over 250 relatives representing more than 100 victims gathered in a hotel near Ahmedabad, India, to share their memories and hold an?a candlelight Vigil. Vihar Parikh, 18 years old, who lost his grandfather Chaitanya in the crash said that the family had yet to receive the phone and other belongings. The cause of the crash has not been determined. The cause of the crash has not been determined. According to an early assessment of U.S. officials, reported last year, a cockpit voice recording confirmed that the captain had cut fuel to the engines. In an interview broadcast by the BBC, Pushkar Raj Sabharwal - father of captain Sumeet Sabharwal - rebuffed suggestions that his son was to blame. He claimed that his son had been flying the aircraft without incident for many years. "How can you fault him?" He said.
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Trump claims that the terms of Iran's deal leaked by leakers are false
Donald Trump, the U.S. president, said that Iran's leaks of comments about a?deal with the United States did not represent what was?agreed in writing. "What they said, including the weak and pathetic statements about a deal is not true. People to avoid. Very dishonorable. There is no such thing with them as a?deal in good faith. "AWESOME!," wrote he on Truth Social. Trump said, "They had better get their act together FAST!" Trump announced on Thursday that he would not be launching any new strikes against Iran due to a recent agreement. The terms of the deal, as described by Iranian officials on Friday, appear to give 'Tehran' much of what it has so far demanded. Trump appears to have won little of what Trump has asked for, other than the reopening of Strait of Hormuz which Iran closed after Trump ordered an attack in February. An Iranian senior source told? On Friday, a senior Iranian source told? Nuclear issues will be left for future talks. Washington wants to ensure that Iran does not develop a nuclear weapon; Iran claims it doesn't want one. Iranians are demanding the lifting of sanctions, unfreezing?of Iranian assets, and an end to Israeli attacks on Lebanon. The source did not mention what Iran could offer in exchange.
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Sicily By Car founder under police protection after arson attacks
Tommaso Dragotto said in a?interview on Friday that he was given a police escort following a?series of attacks?on?his business. The latest incident that prompted the decision to put the 88 year old under protection was the burning of a car depot for a Sicilian company in Palermo in the early morning hours of Thursday. Eleven vehicles were destroyed. In the past three months there have been two other arson incidents, and in March Italian media reported that shots were fired near the entrance of a company site. "Three (arson attacks) in 80 days is just too much." I didn't want to be escorted because it would have changed my freedom, my movements, and daily life. Dragotto said to La Stampa that he was told he could not refuse the escort. He said that he was never asked to pay money for protection to the mafia and that he refused any such request. "I will never pay and I won't start now", he added. After the attack on Thursday, Palermo's anti-mafia prosecutors, and police, said that eight people were arrested for extortion, and attempted murder, which was aggravated through mafia tactics. The Cosa Nostra Mafia in Sicily, which was a major force during the 1980s and 1990s, lost its influence after arresting their senior leaders. It remains a formidable organisation. Mayor Roberto Lagalla stated that the city had suffered in recent months from "a worrying increase of acts of intimidation and arson attacks against business owners, shopkeepers and citizens." (Reporting and editing by Alvise Armillini and Gavin Jones, with reporting by Mirko Moirelli)
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Channel Tunnel owner threatens to take legal action against UK for tax hike
The Channel Tunnel's owner announced on Friday that it would "challenge" the British government by all means possible after its business rates had tripled in the past three years, resulting in a decision to no longer invest in the UK. Eurotunnel, owned by Getlink of Paris which operates car and lorry trains through the tunnel between England & France. * Yann Leriche, CEO of the FT, told them that they are facing a rise from PS40million a yearly to PS118million a yearly increase in their rateable value. * In a press release, the company stated that it had "no justification" for its near-tripling of its business rates over the past three years, which is a property tax. Leriche, a BBC Radio presenter, said: "We will use all legal options available to us to contest that." The company said, "At the current level of uncertainty we will not invest in the UK." Leriche claims that Getlink, between corporate taxation and business rates, will pay 69 cents for every new pound in revenue generated within the UK. * A number of business and employer groups warned the government that costs are rising and higher taxes would lead to inflation. Rain Newton-Smith, CEO of the Confederation of British Industry (CBI), said earlier in June that "business is not like a cash faucet which can be opened?without consequences". The British tax office stated that its methods of valuing properties were well-established and reflected "the specific facts" of each property. A HMRC (tax office spokesperson) said: "If ratepayers believe their valuation is wrong, they can challenge it, and if necessary, appeal to an independent Valuation Tribunal."
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India opens the way for safety cars and self-driving technology to reduce road fatalities
India has removed licensing requirements for radio frequency used in crash-avoidance systems and self-driving cars. This removes a commercial barrier to automakers, as the country seeks safer roads. India, which is the third-largest car market in the world, has reported over 177,000 road deaths in 2024. The government announced on Thursday that it would waive the licence requirements for radar sensor in the frequency range 77GHz-81GHz, allowing businesses to use spectrum without a separate allocation from authorities. Separate notices were issued for systems operating in the 5.9 GHz range, which allow vehicles to 'communicate' with one another and with roadside infrastructure. INDIA ALIGNS ITS STANDARDS WITH GLOBAL STANDARDS This aligns India with the standards in use in the United States. The European Union and India allow carmakers to use standardised hardware instead of building more expensive local versions. This lowers costs and speeds up adoption. Mercedes-Benz, BMW and other luxury carmakers that offer radar-based assistance to drivers abroad can now introduce the same system in India. Maruti Suzuki and Mahindra & Mahindra, domestic players, could introduce advanced driver assistance systems (ADAS) more easily. This would allow them to push premium?safety?features into cheaper models. Also, suppliers such as Germany's Bosch, Continental, and Qualcomm chipmaker will benefit. Radar sensors are used to measure safe distances. They also enable features like emergency braking, adaptive cruising control, and blind-spot alerts. This is the foundation for autonomous driving. Vehicle-to-everything (V2X) ?systems warn drivers of hazards beyond their line of sight, such as a car braking around a blind curve or an approaching ?ambulance. According to a 2023 government panel, the majority of traffic problems are caused by these situations. V2X is a good alternative to most sensors in such situations. The panel recommended that V2X be added to India's voluntary Bharat ncap safety ratings, which evaluate crash performance instead of mandating?specific features. India's roads are crowded and drivers face many hazards, from pedestrians to cattle. Lane discipline and speed limits, however, are often ignored and poorly enforced. Reporting by Munsif Vegattil, Aditi Shah. Clarence Fernandez, Mark Potter and Clarence Fernandez edited the report.
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Hamburg Airport: Delays and cancellations after evacuation due to security concerns
A spokesperson for the airport said that there would be significant delays on Friday at Hamburg Airport after a terminal was evacuated because of a security issue. "The federal police's precautionary measure has now ended, and passengers are passing through security again." The spokesperson confirmed that flight operations have resumed. "However, there will be a number of delays, some significant, all day long. "Flights will be cancelled all day long," she said without specifying the number of cancellations. A federal police spokesperson confirmed that the incident took place at 0945 local time (0745 GMT), when a man accidentally pressed an "emergency" button that opened escape routes and allowed unauthorised entry into a'security hazard area. The man was likely to have simply lost his way, said the spokesperson. (Reporting and editing by Linda Pasquini, Thomas Seythal - Additional reporting).
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UK Tax Authority wins dispute with Bolt which could affect Uber
The British tax authority won an appeal on Friday?in a dispute with Estonian 'ride-hailing' and food delivery company Bolt. This ruling could impact Uber's case, which is worth more than PS1 billion ($1.3billion). Bolt argued that in its PS190million dispute with HM Revenue and Customs, it was liable to charge a 20% value added tax on its'margin' rather than the total fare charged by customers. The London Court of Appeal, however, ruled in HMRC’s favor and overturned two lower tribunal decisions. Bolt was told by the court that it could not use a tax system originally intended for tour operators and travel agents called Tour Operators Margin Scheme (TOMS). Uber also has a case that is pending. It was put on hold as Bolt's case progressed. In a ruling issued last year, a London tribunal said that Uber had paid disputed tax amounts of PS1.446 billion. Bolt's spokesperson stated that the company is disappointed with the ruling, and will "consider all options available to us". Uber and HMRC didn't immediately respond to our requests for comment. ($1 = 0.7457 pounds) (Reporting by Sam Tobin. William James, Mark Potter and William James edited the article.
Spain launches new investigation into former PM Zapatero after finding jewellery in his office
The Spanish High Court said that a judge who is investigating the former Prime Minister Jose Luis Rodriguez Zapatero for corruption suspicions has opened a separate investigation into jewellery found in his office.
Zapatero was prime minister between 2004 and 2011 but he remains a prominent figure within the Socialist Party. The allegations of graft, which he has denied, have increased pressure on the government after a "series" of corruption scandals.
The Investigating Judge Jose Luis Calama stated that the?jewellery articles seized during the search on May 19 are currently without documented proof of origin.
He stated that the possession of high-value assets without clear fiscal tracability could indicate possible tax fraud or smuggling offenses, citing an absence of customs documentation or proof of import duties paid.
Zapatero’s lawyer didn’t immediately respond to our request for comment. Luis Arroyo said earlier on Friday that Zapatero's lawyer would discuss the jewellery issue?before a judge.
Zapatero will testify in the corruption case on June 17th and 18th. The case centres around an alleged 'influence-peddling network and money-laundering scheme that he led.
The network is suspected to have benefited from lobbying authorities on behalf of third parties, mainly the Spanish airline Plus Ultra which received state bailouts in 2021. Reporting by Emma Pinedo, Editing by Helen Popper.
(source: Reuters)