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Source: Siemens will buy Mer Mec, an Italian company, for 1 billion euros
A person with knowledge of the matter said that Siemens has agreed to purchase 'Italian Rail Technology Company 'Mer Mec in a deal worth around 1 billion euro ($1.17 billion). Mer Mec is owned by Angel Holding. Its CEO Vito Pertosa heads the company. Siemens has declined to comment. The acquisition, expected to be announced this week, will strengthen Siemens Mobility's technology and software division. Mer?Mec specializes in signalling, data analytics software and track measurement systems. One of its projects was a new rail?signaling?system between Britain and France for the Channel Tunnel. Bloomberg was the first to report Siemens' interest in Mer Mac.
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Tesla's Robotaxi launch will have Texas-sized waiting times
Investors praised Elon Musk for his mission to turn Tesla into a driverless tech giant powered by AI. Reporters who recently tested Tesla's Robotaxis in these cities found that they were still in the beta-testing stage. There were long waits and no availability sometimes. Some drop-off spots were located far from the riders' destination. Tesla has not responded to any requests for comment on this story. On a'recent Monday afternoon in Dallas, a reporter who used the service spent almost two hours driving what would normally take 20 minutes from the campus at Southern Methodist University to Dallas City Hall. This is about 8 km south along a major highway. Uber's app showed a 22-minute wait time for a 22 minute ride to the city hall at 4:55 pm. The reporter continued to search for a car, but was unable to find one. After 36 minutes, a vehicle appeared. The wait was 19 minutes. TECHNOLOGY 'WORKS EVERYWHERE' A large part of Tesla's $1.6 billion market value, more than five-times that of any other carmaker, is due to investors' belief?that Tesla will soon release a fleet of robotaxis. Musk said Tesla's technology is "universal" and criticized Alphabet Waymo's methodical approach, which involves high-definition maps and extensive testing prior to entering new markets. Musk said in July that Tesla robotaxis will serve half of the U.S. population by 2025. The service is still limited to Dallas, Houston, and Austin where Tesla's first robotaxi pilot was launched last June. After Tesla's April 22 first-quarter earnings, several analysts stated that the robotaxi expansion is slower than expected. Musk stated on the earnings call that Tesla is taking a cautious approach to prevent injuries and fatalities. DIFFICULTIES OF DALLAS DROP OFF The car that picked up the reporter on his way to Dallas City Hall chose not to use the North Central Expressway to get downtown. Instead, it took 35 minutes to drive along surface streets. The car dropped him off at a parking area 15 minutes walk from City Hall. The rider pressed a "support" button in the car. An agent replied that the area is "restricted", even though the map of the Dallas service area that Tesla posted last month on social media was within the zone. The?agent replied, "We're in beta mode." The reporter then booked rides downtown to two more locations. The app indicated that the driver would drop the passenger off in an area where it would take about 15 minutes of walking to reach the desired destination. The robotaxi dropped the reporter off on the other side of the freeway, and told him to walk under the overpasses that were littered with garbage and smelled of urine. The robotaxi made a wrong turn four times on another ride. It was a strange intersection, which seemed to confuse the car. The robotaxi made a left turn in front of an off-ramp for a freeway with signs saying "do no enter". The car continued straight, making right turns in order to go around the block twice but missed the left turn. The reporter explained the situation to an attendant who was seated at a distance. The car made the turn shortly after. In Houston, Tesla operates robotaxis on the Northwest side in a small suburban area. A reporter recently tried the service during a weeknight and was able get one ride. The app showed the car as being 13 minutes from her second attempt, but cancelled the ride later. She searched for another car in the next 30 mins but there were none available. She ordered an Uber for her destination. AUSTIN SPOTTY SERVICE Customers in Austin, Texas, where Tesla has operated for almost a year now, sometimes have to wait more than 30 minutes. According to a recent slide show presentation by Austin officials, Tesla operates about 50 vehicles within the city. This compares to more than 250 Waymo cars in Austin. Some Tesla robotaxis still have human safety monitors on the front passenger seats. Tesla has said that it has increased its number of driverless cars, but did not give a specific number. In April, a reporter in Austin tracked the?wait time for Tesla robotaxis 8 times per day from morning to evening. In more than a quarter of cases, the wait time was at least 25 mins. In 27% cases, there were no cars available. According to Austin Police Lieutenant William White who oversees the safety of autonomous vehicles in the city, Tesla has not had any major accidents or traffic citations. Tesla reported 15 accidents in Austin since August to the U.S. National Highway Traffic Safety Administration. The majority of the crashes did not result in injuries; however, one person was sent to hospital. Tesla, unlike other automakers that operate autonomous vehicles, has asked regulators for all crash information to be redacted. White stated that Tesla has been responsive to questions from the city. He said that Tesla robotaxis often ignore posted speed limits. He noted that the cars would consistently drive at speeds 5 mph over the posted speed limits during test rides. White claimed that the company had told him that it was safer for vehicles to keep pace with traffic flow. White told Tesla that he never advocated programming the vehicles to speed.
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The battle for Hormuz could spark the next Iran conflict: Bousso
The Strait of Hormuz is emerging as the "central battleground" of the Iran conflict. It is possible that the passage of several oil and gas tanks in recent days, with Tehran's apparent consent, indicates tacit acceptance of Tehran's control. This signals a dangerous new phase of what is rapidly turning into a "Hormuz War". The global energy market has been shook by the near-complete closing of the crucial trade artery in Tehran since the joint Israeli and U.S. airstrikes took place on February 28, as well as the reciprocal U.S. naval?blockade last month. The sudden loss of over 13% of the global oil supply, and about a fifth of the liquefied gas flow, has caused major problems for many countries, especially in Asia. According to Kpler data, it was reported that three VLCCs, each carrying around 2,000,000 barrels of Iraqi crude oil bound for Asia, passed through the last week without their tracking systems on. Some indications suggest the transits may have been coordinated with Tehran. Qatar has also sent its first two LNG cargoes after the start of the war. The LNG is being sold ?to Pakistan - the primary mediator in U.S.-Iran negotiations - under a government-to-government deal, according to sources familiar with the matter.They said Iran had approved the shipment to help build confidence with Qatar and Pakistan. Sources familiar with the matter said that Iran had approved the shipment to help build confidence with Qatar and Pakistan. Uncertain is whether these passages were sanctioned or if shipowners paid an informal toll to ensure safe passage. Some, however, seemed to have traveled along shipping routes close to Iran's coast. This trickle of cargoes is a welcome relief for import-dependent countries, but it does not mean that the global energy market is returning to its normal state. These?movements are a fraction of the 140 vessels which crossed the Hormuz every day before the conflict. This means that global markets remain fragile and tight. They also point to an emerging new order. Iran is now dictating not only if Hormuz will be open or closed but also who can use it. This arrangement could last beyond the current conflict, and plant the seeds for the next. PATTERNS CHANGE Gulf exporters such as Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Bahrain - whose economies rely on an unhindered hydrocarbon flow - will be concerned by a system where Tehran decides what cargoes are sent to global markets, and at what price. The buyers will also be uneasy. Asian importers are already suffering from supply disruptions and will resist any framework which gives Tehran direct control over their economic stability and energy security. The U.S. will not tolerate any settlement which gives Tehran sweeping political and economic influence. Trump insisted on a return to the pre-war transit status for a permanent ceasefire. Permitting Iran to control the Strait of Hormuz would undermine Washington's declared war goals and render any claims of victory hollow. Iran will not want to relinquish control of the chokepoint and, by extension the global economy. Tehran's strongest weapon. The U.S. Blockade has reportedly cost Iran $3 billion to date. It will need revenue from selective transit fees. STASIS DEVELOPS INTO CONFLICT This logic leads to a grim conclusion. This selective transit pattern, mediated by Iran, could become a norm that persists even if a ceasefire agreement is reached. Tehran may agree that the strait be reopened to gain concessions from the U.S., but full and unconditional freedom of movement is unlikely. This'stasis' would be unstable by nature - it would institutionalise disruption, rather than resolve it. As all sides test the limits to control the energy flow through the strait, a renewed confrontation between Tehran and Washington and possibly with Gulf States would become more likely. U.S. War aims have changed repeatedly in recent years. Yet the conflict has essentially converged around one defining question: Who controls the "Strait of Hormuz"? This answer will probably shape the future for the Gulf. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Dutch hospital quarantines twelve over breach of Hantavirus protocol
In a Dutch hospital, 12 staff members were quarantined as a precautionary measure after blood and urina from a patient with hantavirus was?handled improperly. The Radboudumc Hospital in?Nijmegen announced that hospital staff would be quarantined six weeks. It added that the infection risks were?very low' and the patient care was unaffected. The World Health Organization has increased its tally of confirmed Andes strain hantavirus cases to nine. This is an increase of two over the previous day. The WHO did not name the new cases but announced positive results for a Spaniard as well as a U.S. Citizen. The virus outbreak on the Hondius luxury ship has been contained by international medical officials. After discharging the final passengers from Spain's Canary Islands, the Hondius cruise ship has now set sail for the Netherlands. Authorities say that the virus is not easily spread from person to person, so there is little chance of an epidemic. Radboudumc Hospital admitted the patient, a ship passenger, on 7 May. Bertine Lahuis is the chairperson of the hospital executive board. She said: "We will investigate the events to learn what happened so that we can prevent it in the future." HONDIUS SETS SAIL TO NETHERLANDS The Hondius, with 25 crew members, a doctor, and a nurse, set sail late Monday night for the Netherlands after the last passengers disembarked in Spain's Canary Islands. The ship is expected to reach the Netherlands on May 17, according to Oceanwide Expeditions, its owner. On Tuesday night, just after midnight, two planes with 28 passengers and crew aboard the Hondius arrived in the Netherlands. Authorities have stated that eight of the 28 passengers and crew are Dutch nationals, while the rest will return to their countries. Since the beginning of the outbreak, three people have died - a Dutch family and a German - the virus is spread by rodents. It can be passed from person to person in rare cases. NINE CONFIRMED CASES The WHO has also identified two suspected cases: one who died without being tested and another on Tristan da Cunha – a remote South Atlantic Island where tests were not available. Tedros Adhanom Gebreyesus, WHO's chief, told a Madrid press conference that all suspected cases had been isolated and were being managed under strict medical supervision to minimise the risk of further spread. He said that there was no indication of an outbreak at the moment. However, the situation may change, and due to the long incubation period of the virus it is possible that we could see more cases over the next few weeks. QUARANTINED The Spanish Health Ministry announced late on Monday that the 14th person quarantined at a Madrid military hospital had tested positive. A French passenger, who tested positive on Sunday after the ship docked at the Canary Islands, is also confirmed. Sebastien lecornu, the French Prime Minister, said on Monday that the "passenger" was not in critical condition but rather in intensive care. Officials from the U.S. Department of Health and Human Services said that on Monday, 18 passengers of the Hondius had been flown back into the U.S. and were quarantined. The one passenger who was weakly positive is now in a Nebraska Biocontainment Unit. Tedros, WHO's Tedros, thanked Pedro Sanchez's Prime minister for allowing Hondius' to dock there. Sanchez, who was standing next to him at the time, used this opportunity to ask for funding for international organizations. He said that "we need international cooperation, and we must provide organisations like WHO with resources so they can do their work."
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Merz warns the unions that Germany must get its act together as jeers ring throughout
In a speech on Tuesday to trade unionists, Merz warned that Germany had better "pull itself together" or else risk being left behind by a world in rapid change. The remarks drew jeers, whistles and boos. After one year in office, Merz’s popularity has plummeted and his government is embroiled with disputes over how to reform Europe’s largest economy and revive growth. The sceptical response among workers representing?public, industrial and service sectors is indicative of a larger battle in German politics about the 'pace of change' at a moment when the far-right Alternative for Germany (AfD) is gaining votes from the established parties. Merz, his Vice-Chancellor Lars Klingbeil, and the conservatives of Merz met later on Tuesday in order to resolve differences. Germany's economy returned to growth after two years of recession at the end last year. However, the fragile recovery could be snuffed by an energy shock caused by the war against Iran and the new U.S. Tariffs that target carmakers who are already facing competition from China. "The challenges are also so great because we created problems for ourselves far too long. Problems that we now need to solve." Merz said to the German Trade Union Confederation that we 'have failed to modernise Germany. "Germany must therefore get its act together. Germany must address the structural issues that we have put off for a long time, and which have grown larger. "You know?it. We all know it." Merz claimed that bureaucracy and high costs were putting the future prosperity of generations and jobs at risk. His argument for reforming "health care and pensions", the latter being a simple question of "demographics" and mathematics, was met with occasional heckling, laughter and whistles. Some in the audience also held thumbs down signs. (Writing and editing by Kevin Liffey; Matthias Williams)
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In June, Lufthansa will exercise its option to purchase a majority stake in ITA.
The Lufthansa Group is exercising an option to increase its stake in Italy's ITA Airways from 80% to 90%, tightening their grip on the Rome-based ITA Airways as consolidation in Europe accelerates. Lufthansa announced on Tuesday that the German group will increase its holding in ITA by 49 percentage points, from 41% to 51%. This will be achieved through the purchase of a 2nd block?of shares next month for 325 millions euros ($382million). The majority acquisition is expected to be completed in the first quarter 2027, after approval from the European Union and the U.S. In many ways, Lufthansa said ITA was already firmly integrated as the group's 5th?network carrier. This underlines its strategy to turn Rome into a hub to serve routes to South America. Carsten Spohr, CEO of Lufthansa, said at the airline's annual meeting that the group has delivered "the fastest airline merger in our history". He said that this had 'driven' a decision to exercise a purchase option as early as June of the current year. ITA, currently owned by the Italian government in majority, will report its 'first annual net profit' of 209 millions euros in 2025. This was aided?by early savings resulting from its tie-up?with Lufthansa.
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He Lifeng, the Chinese trade representative to South Korea, is in South Korea to discuss U.S. Trade.
A witness at Incheon Airport said that Chinese Vice Premier He Lifeng arrived in South Korea on Tuesday to hold trade talks with an American delegation before a summit between leaders of the largest economies this week. Li Chenggang was also a member of the delegation. He is China's chief trade negotiator. He Lifeng will meet U.S. Treasury Sec. Scott Bessent for talks on Wednesday, ahead of the upcoming meeting between U.S. president Donald Trump & Chinese President Xi Jinping scheduled from Thursday through Friday in Beijing. Koo Yun Cheol, South Korean Finance Minister, told a briefing that Bessent will arrive in South Korea Wednesday morning for a meeting with He and then head to China later in the day. Seoul's Finance Ministry?said that there is no scheduled meeting between Koo and Bessent or He. News1 cited an airport official as saying that the talks between Bessent, and He, would take place at a reception area of Incheon Airport. Incheon International Airport Corporation refused to comment on this report. Reporting by Daewoung Kim 'in Incheon; Kyu-seok Shim in Seoul, Heejin Kim in Seoul, Yena park in Beijing, and Ethan Wang at Beijing. Editing by Ed Davies.
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Satellite company SES revenue increases by 80% due to the growth of airplane connectivity
SES, a Luxembourg-based satellite operator, reported its first-quarter results on Tuesday. The results were in line with expectations and the company reiterated their yearly guidance. They also noted a strong performance in aviation and European infrastructure. The quarter's revenue was 847 millions euros ($996million), up 80% on the year at constant currency. Over the last three months, 306 million euros worth of new contracts and renewals were signed by the company. In a press release, CEO Adel al-Saleh stated that the aviation business had been a strong performer. More than 40 aircraft were committed to?Japan Airlines. SES and Boeing have also achieved a significant milestone in achieving a factory-line-fit solution for the multiorbit system on all Boeing aircraft, said Al-Saleh. Al-Saleh stated that "during the quarter, the Aviation business benefited from the fact that nearly 600 aircraft are now equipped with the SES Multi-Orbit inflight connection system, providing fast, reliable internet access to millions passengers." SES and the European Union 'Agency for the Space Programme' extended the EGNOS -GEO-1 satellite based?service agreement until 2030. This will help maintain high precision navigation services for aviation, and other critical users across Europe. SES continues to work closely with the European Commission in order to validate the?project costs, technical requirements and delivery timelines. The company stated that it remained committed to the vision of the European Union for a space-based, sovereign connectivity infrastructure.
As the Iran War disrupts exports, Zimbabwe's farmers are threatened by rising freight costs.
About 30 women dressed in matching green dust coats grading sugar snap peas for dinner tables in Europe. The atmosphere in the?facility? is positive, but for the farmers the start of the fresh produce exporting season has been difficult due to an increase in freight costs caused by the Iran War.
Kuminda, which aggregates the produce of about 5,000 small farmers, had just finished preparing its first exports of sugar snap peas, and mange tout for this year.
RISE IN FREIGHT PRICES
Exporters must absorb rising costs, or they risk derailing a recovery of Zimbabwe's horticulture industry. Last year the sector set new export records after rebuilding for decades following land seizures under the former president Robert Mugabe in the early 2000s.
Kuminda will pay $3.80 for each kg of exports to European markets in this year. This is up from $2 and $2.20 per kilogram last year due to the increase in fuel prices.
Clarence Mwale, CEO of Kuminda, said that shipments to the United Arab Emirates were also affected by flight disruptions.
Zimbabwe is one of the largest suppliers of sugar snap peas in Europe. According to the British Embassy in Harare, 60% of United Kingdom imports are from Zimbabwe. The UK's off-season, between April and October, is when exports are at their highest.
Mwale claimed that the price increase had made it harder for Zimbabwe to compete in the horticulture market with competitors such as Egypt and Kenya.
They have more flight options. "Their freight costs are far less than what we pay at the moment," Mwale added, adding that exporters are using sea freight to complement air freight. Sea freight takes an average of thirty days.
REVENUE FROM MUGABE ERA FARM SECURITY
Zimbabwe's horticulture industry is recovering after a period of devastation caused by the government-led seizure of white-owned farmland, which led to an economic collapse.
According to ZimTrade, horticulture exports have reached a new record of $181.7million in 2025. This is largely 'driven by blueberry shipments', and surpasses the previous $140million peak in 1999 just before the farm seizure. Mugabe's replacement, President Emmerson Mnangagwa is promoting the revival of agriculture, and has tried to improve relations with white farmers.
The Horticultural Development Council urged the government to provide support for farmers who are facing rising costs.
Linda Nielsen, CEO of HDC, said that the support could be provided through tax relief targeted at key inputs, such as packaging. She also suggested faster refunds for VAT to protect cashflow, and measures to reduce fuel costs by reducing levies. (Reporting and editing by Olivia KumwendaMtambo, Hugh Lawson, and Chris Muronzi)
(source: Reuters)