Latest News
-
Sign up now to be the first Londoners to ride a robotaxis before it launches 'in a few months'
Uber announced that its users can sign up for the chance to ride the 'first robotaxis' in London as soon as the regulators approve the launch. This is expected in the next few months. Ride-hailing firm said that the cars would use AI technology developed by British startup Wayve, to drive themselves around the streets of London, but initially, trained operators will be behind the wheel, monitoring the system. Robotaxis are already in use in many cities across the United States including San Francisco, Phoenix, Los Angeles and China. Europe, however, has taken longer to adopt them due to the complexity of historical street layouts and local legislation. Uber's introduction of the technology is a priority for it as it competes with its rivals in adopting this technology that promises cost-savings and more efficient trips. Kaity Fischer, Wayve's Vice President of Commercial and Operations, said in an interview that this is the first time in the UK the public can hail an autonomous car. BUSY LONDON ST STREETS TESTED Ford Mustang Mach-E cars, branded Uber x Wayve have a surround?camera and radar that provides data?that's processed in the car. Since 2018, the technology has been tested in London, according to Fischer. In a test drive on Friday, the vehicle was able to handle heavy London traffic. This included buses pulling into and out of lanes, cyclists weaving through cars, and pedestrians crossing at crosswalks. Annie Duvnjak is Uber's global head of autonomous mobility operations. She said that customers matched with an autonomous Wayve ride can choose to accept it or to switch to a traditional service. The AV rides won't cost more, said Duvnjak. In 2025, the British government announced that it would speed up pilots for taxi services without safety drivers this year in preparation for a possible wider rollout next?year. Before launching, commercial services must be approved by local authorities such as Transport for London. Heidi Alexander, the UK's transport minister, said that the technology of self-driving cars could transform the way people travel. It would reduce road accidents and create high-skilled job opportunities across the UK. She said: "Wayve, a British success story, is now partnering with Uber. This partnership is a vote of confidence for their technology." Waymo is a subsidiary owned by Alphabet and also tests autonomous vehicles in London. It plans to launch its commercial services in London this year. The companies said that Uber and its rival Lyft would also be testing Baidu's Apollo Go self-driving cars in London this year. Wayve, who partnered with Uber 2024, claimed that its technology was adaptable to multiple vehicle platforms and could scale quickly. In February it raised $1.5billion, including money from Uber and Mercedes-Benz. Stellantis, Nissan, and Stellantis also contributed. The company was valued at $8.6billion.
-
India confirms that the crew of an Indian oil tanker is safe after a fire was reported off the coast of Oman.
India's shipping ministry said that 24 Indian sailors were onboard an oil tanker which caught fire off the coast Oman. They added that they were all safe. Opesh K. Sharma, director of the Federal Port and Shipping Ministry, said at a press conference that the vessel flying the flag of Madagascar, Marivex, was not carrying any cargo. "At the moment, all Indian seafarers appear to be safe. "We are coordinating with our Indian missions overseas, the Indian Navy and the Ministry of Defence in order to ensure their safety," said?Sharma. The cause of the fire that broke out on the vessel around 1.30 pm local time (0800 GMT) was not known immediately. The Indian embassy posted on X that Indian officials were in contact with Omani authorities for the safety and rescue of the sailors.
-
LSEG data indicates that Freeport LNG will take in more natgas Monday, after the train was shut down on Saturday.
Freeport LNG’s export -plant in Texas is on track to 'take in more natural...gas on Monday, after one of its three liquefaction trains?shut?down?"on Saturday. Freeport's liquefied gas export plant is closely watched by the global market because its shutdown and restart have caused huge price swings. Gas prices usually drop when Freeport closes. Gas prices typically drop when demand for fuel from Freeport's?plant decreases. When liquefaction trains restart at Freeport, U.S. prices of gas usually increase as demand increases. This, however, has not happened?sofar on Monday. Gas prices are down about 3% on Monday, but not because of Freeport. Freeport officials were not available to comment immediately. Freeport informed Texas environmental regulators on Sunday that the liquefaction Train 2 had shut down late Saturday night due to a problem with a system of compressors. LSEG data indicated that gas flow to 'Freeport was on track to increase to 1.7 bcfd by?Monday, after?dropping from 1.3 bcfd to 0.9 bcfd Sunday. This compares to a 1.2 bcfd average from May '14 to June '5 due to spring maintenance. Three liquefaction plants at Freeport are capable of converting?2.4 billion cubic feet per day of gas into LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day. (Reporting and editing by Louise Heavens, Scott DiSavino)
-
Sources say that Russia will reduce its June oil exports due to higher refinery output and lower crude production.
Market sources say that Russia will reduce its crude exports in June as it plans to increase refinery runs amid looming fuel shortages. According to preliminary information from industry and trading sources, crude loadings at the western?ports Primorsk (Ust-Luga) and Novorossiysk (Novorossiysk) could drop to 1.7 million barrels per day in June, down from 2.5 millions bpd. Sources said that the decline could be partially due to a decrease in oil production levels. Alexander Novak, the Deputy Prime Minister, said that the Russian oil production had fallen since the beginning of the year. He blamed the drop on unplanned maintenance at refineries. Sources said that completing maintenance and repair will allow Russia's refining plants to increase throughput amid "seasonal fuel shortages and growth in demand" reported in certain regions. However, lower output will mean additional feedstock to process will have to be diverted away from exports. The Russians estimate that they will increase their crude oil output by between 250,000 and 400,000 barrels per day (bpd) in June, but it will take a long time to restore production. Since March, Ukrainian drone attacks on Russian pipelines, port infrastructure and refineries have reduced domestic processing. Although exporters have been able to maintain shipments so far, sources say production cuts are inevitable. Due to attacks on ports, refineries and the only remaining oil pipeline to Europe in Russia, Russia had to cut back its oil production. Sources believe that crude production likely continued to fall in?May. It is estimated that it fell?by around 100,000 Bpd compared to April. Sources estimate that the drop in oil production in Russia in April was the biggest in six years, since the COVID-19 pandemic began in 2020. The decline is estimated to be between 300,000 and 400,000 bpd, compared with the previous average levels of this year, as well as a decrease of around 500,000 to 600,000 bpd, compared with the end of last year. Industry sources stated on Wednesday that there were no spot deals made for the June-loading West Siberian Crude for domestic delivery. Producers are focused on exports, and cite this month's feedstock shortage.
-
Maguire: Why Italy's low hydro output could hamper Europe's gas reconstruction efforts
The European push to build up natural gas stocks is largely influenced by global LNG storage and flow targets. Another key constraint is found further south, in the Alpine reservoirs which underpin Italy's Hydroelectric System. It is a silent stabilizer of Europe's gas supply when Italy's hydro production is high. This allows power companies in the region to reduce gas consumption as hydro generation peaks. When Italy's hydro-production is weak, the effects are felt far beyond its borders. The stronger gas consumption in Europe's 3rd largest gas consumer tightens up supplies across the region. Data from LSEG & Ember show that Italy's hydro -production is down by more than a quarter compared with normal after a warm, dry winter. Gas power production has also risen to its highest level in four years. Italy's hydropower peak is likely past due to a combination of a light snowpack and accelerated melting snow this spring. This means that any future increases in the national power requirements - for example, increased use of air conditioners to combat heatwaves – will almost exclusively be reliant upon natural gas plants which are the backbone of our electricity system. Italy's increased gas consumption during the same period could complicate the restocking effort by causing a shortage of gas and possibly raising prices. Italy and other southern European countries may be forced to burn more gas in the future due to hydro dam production levels that are well below average, while other parts of Europe aim to put more gas into storage tanks. From First to Last? Italy, in an ironic twist of the European gas storage saga is currently leading in replenishing gas tank after a?steep depletion over the winter. According to LSEG's data, Italy's gas storage system is around 61% full. This compares with less than half of the tanks at the end April, when they were the lowest for years. Gas storage levels in Europe are only 41% full. This is the lowest level for several years. Regional gas tank operators will need to increase their efforts if they want to have full inventories by winter. Italy's low hydro levels may force power companies to slow down gas storage rates and increase their?gas consumption. LSEG data shows that Italy's hydro dams produced an average of 2,472 megawatts per hour (MWh/hr) between January and May. This is down by 28% compared to the same period in 2025 and the lowest since 2022. Italy's energy firms increased the average amount of gas-fired electricity generated from January to May by approximately 5.2% compared to 2025, or around 11,400MWh/h. The average gas generation in May was 7,373MWh/month, which is 35% higher than the average rate of 2025 during the same period, when the average generation from Italy’s hydro dams averaged around 38% more than this year’s May total. BETTER IMPACT It is more than just a change in the energy mix of Italy's generators. The switch from hydro to gas has a material impact on system generation costs. The network of hydroelectric power plants in northern Italy can generate large amounts of dispatchable electricity at a low cost, allowing gas to be stored and reducing overall production costs. When hydro dam production is hindered, Italy's energy producers are forced to use more expensive natural gases to fill any gaps in generation, which increases system costs. The impact is felt across Europe. According to Gas Infrastructure Europe, Italy's periods of strong hydro production have allowed it to contribute to the gas rebuilding cycle in Europe, since the country holds close to 20 percent of the total gas storage capacity of the region. When hydro production fails, the dynamic changes. The gas burn increases, storage injections are slowing, and Italy's position shifts from one of buffer to one of constraint. The challenge is not cyclical anymore. Italy's hydro production is becoming less reliable structurally. Warmer winters are eroding the Alpine snowpack and reducing the amount of water that is available for spring melt. Hotter summers also increase evaporation and put pressure on reservoir levels. The patterns of rainfall are also becoming more unpredictable, making it difficult to store and capture water. This system produces a lower and more volatile production throughout the year. Hydropower is no longer a reliable backbone in Italy's energy mix. It has become a less predictable source of power. This unpredictability is most important during the spring and summer, when Europe is trying rebuild its gas stocks. Trackers of Europe's stockpiles of gas must also keep an eye on Italy's reserve output. This suggests that regional gas consumption may be increasing just as storage injections reach their peak growth period this year. These are the opinions of a columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
-
Yemen's Houthis, backed by Iran, threaten Israeli shipping on the Red Sea
Houthi rebels in Yemen, who are allied with Iran, announced on 'Monday they would prohibit Israeli shipping from the Red Sea. This will add to the challenges facing?global shipping throughout the Middle East during the Iran war. In a press release, the?group claimed that it had launched a military attack against Israel and banned all Israeli shipping from the Red Sea. It warned of further escalation. Houthi attacks against Red Sea shipping could worry energy markets more than three months after Iran closed the Strait of Hormuz and with the war re-igniting over night. Houthi sources said that stopping Israeli ships from transiting the Red Sea is a first step. Further escalation may lead to other measures, such as'stopping the passage of any ship bound for Israel. Houthi attacks on Red Sea shipping during Gaza's two-year war, which began in October 2023, led companies such as Maersk and Hapag-Lloyd around Africa to take a longer more expensive route. Houthi attacks against what they called Israeli-linked vessels were extended to all shipping companies using Israeli ports during that time. The closure of the?Strait of Hormuz could make the impact of any threat on Red?Sea Shipping even greater. Since the start of the conflict on February 28, the majority of Gulf energy has not been able to leave the area. Nevertheless, significant quantities of Saudi crude have been transported via pipeline to Yanbu's Red Sea export terminal. Although there were Iranian attacks at this terminal, the United Arab Emirates has managed to export some crude oil from Fujairah. Reporting by Mohammed Ghobari, Nayera Abdallah and Angus McDowall; Editing by Aiden Lewis
-
RPT-Beyond The Pitch: Brokerages Bet on Sector Winners as the Soccer World Cup is set to Kick Off
Analysts predict that the 2026 FIFA World Cup in host countries will bring billions of dollars to their economies. This will be fueled by a massive surge in consumption, which will boost sectors from retail to tourism and athletic wear. The tournament is set to be held from June 11 through July 19, and will be the biggest soccer event ever. This could drive consumer spending in a period when broader demand remains fragile. According to FIFA's analysis of the socioeconomic impact, which was conducted in conjunction with World Trade Organization (WTO), the first three-nation World Cup --?spanning a?the United States Canada and Mexico? -- is expected boost global GDP to $41 billion. Here are the stocks and sectors that brokerages believe will benefit from this once every four years event: HOTEL OPERATORS B. Riley estimates that a total 13.1 million World Cup visitors, including both ticketed and unticketed attendees generated 21.3 million hotel room nights across all online travel platforms. Analysts say that U.S. hotel operators Marriott Hilton and Hyatt, as well as online travel platforms Airbnb Booking Holdings, and Expedia, are all poised to benefit from this event. Marriott expects World Cup momentum to continue into the third quarter. Airbnb predicts that hosts in New York, New Jersey and Boston will earn the most money during the World Cup. Airlines Goldman Sachs thinks the WC will be a net positive' for U.S. Airlines. Goldman stated that "June tends to be a lower season for inbound leisure travel and corporate travel, but a significant amount of the peak July/August 'outbound travel season' occurs after the WC has ended." The war in Iran has caused a sharp increase in jet fuel costs, forcing U.S. airlines to raise fares. This is pushing budget-conscious Americans to delay or cancel their summer vacations. BEER STOCK Jefferies predicts that more than 1 billion pints will be consumed worldwide during the holiday season. This represents a 0.3% increase in volume for the industry. Markets such as the U.S. Mexico Brazil and China are expected to improve. Analysts at Jefferies said that after five years of volatile beer prices, the market should improve in 2026. The timing of the tournament is also a plus. Roughly 75% of matches will be played in the U.S. while 84% of the matches involving participating countries are in the beer-drinking-friendly time zones, the analysts added. Bernstein, Goldman and Jefferies believe that Anheuser-Busch InBev will be the biggest beneficiary of the World Cup. They are the official beer sponsors. Heineken, which is the second largest brewer in the world, will also benefit from its exposure to Latin America, and Europe. US RETAIL & SPORTSWEAR Goldman predicts that a surge of merchandise demand by fans will push sales up at Dick's Sporting Goods, and Academy Sports. Analysts said that sportswear brands like Adidas, Puma, and Nike could benefit from increased brand exposure and marketing during the World Cup. Goldman noted that Adidas, as the official sponsor of match balls, has sponsorship deals with multiple teams. This allows it to gain global exposure during the event. FOOD, RESTAURANTS AND DELIVERY Citi says traditional grocery stores such as Albertsons, Kroger and Walmart, as well as larger retailers like Target and Walmart, will likely benefit from increased household spending during the World Cup. Tourism and group-viewings are expected to support a rise in restaurant demand. It could boost McDonald's, Domino's Pizza and Wingstop, as well as food distributors like Performance Food Group, US Foods, and?Sysco. MEDIA AND DIGITAL PLATFORMS Deutsche Bank analysts stated that they expect the men's World Cup in 2026 to generate the largest US advertising revenues ever. Morgan Stanley estimated that the tournament could generate between $300 and $400 million in advertising revenue for Fox, the broadcaster of English-language rights. Deutsche Bank cited Comcast-owned Telemundo as a potential beneficiary. Citi stated that Internet companies?such as Alphabet’s YouTube and Meta Platforms’ Instagram?could benefit from an increase in user activity. BETTING OPERATORS The World Cup is expected to increase overall betting volumes, and Deutsche Bank expects Flutter Entertainment to outperform DraftKings. Macquarie predicted that global wagers would exceed $50 billion, or nearly $0.5 billion each match. This is compared to the 35 billion dollars for the previous tournament in 2022.
-
Indian shares fall to two-month lows due to oil price spike and Asia selloff
Indian shares dropped on Monday, following a sharp sell-off in Asian markets. Crude prices also spiked as a result of the escalation in the Middle East conflict. Brent crude rose 4.3% to $97 per barrel as fears grew of a wider conflict, and disruptions in oil supplies. India's benchmark Nifty50 fell 1.04%, to 23,123. The BSE Sensex dropped 0.97%, to 73.524.26, both blue-chip indices closing at two-month-lows. Financials and IT, which are high-weighted sectors, lost 1% each, while the other 15 major sectors gained. Small-caps and midcaps both declined by 1.9%?and 1.4% respectively. The MSCI Asia ex Japan index fell 3.5%. South Korea's KOSPI dropped 8.3%. Japan's Nikkei declined 3.9%. Rajesh Palviya is the head of Axis Direct's research. He said that "a sharp drop in stocks linked to technology, semiconductors and AI, as well as high crude prices due to Middle East conflict" weighed on sentiment. Rising expectations of a U.S. interest rate hike by 2026-end, after a stronger-than-expected May ?jobs report, also weighed on markets. Palviya stated that "the data has reignited fears that the Federal Reserve may maintain a hawkish position?for a longer period of time, leading to higher bond yields as well as renewed risk aversion in global equities." India announced measures to help the rupee recover after a record number of?foreign capital outflows and high oil prices caused the economy to be strained. Wipro shares fell 8.4%, to a low of three years after its record buyback date and the?global tech rout. InterGlobe Aviation dropped?2.7% following Bloomberg News' report that the?carrier will not receive the entire batch of nine Airbus A321XLRs this year. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu, Mrigank Dhaniwala and Nivedita Bhattacharjee)
What does the Houthis' threat to attack Red Sea shipping mean for the oil markets?
The Houthis, who are Iran-aligned in Yemen, announced on Monday they would stop ships from Israel leaving the Red Sea. This comes after Israel re-initiated its military strikes against Iran.
Here's why it matters, and what it means to the Iran War and the global energy crisis.
How big is the risk to global energy markets?
The Iranian closure of the Strait of Hormuz, since Israel and the United States attacked it on February 28, has disrupted the majority of?oil exports and other energy from the Gulf. Prices have risen and there's been a major energy shock.
Saudi Arabia responded by diverting 70% of its daily crude oil exports to Yanbu, a Red Sea port.
This has helped to lower the global oil price.
A sustained disruption of Red Sea shipping by the Houthis, including possible attacks on ports or shipping, could be a major problem.
According to a Houthi source, preventing Israeli ships transiting the Red Sea is "a first step". However, if the escalation continues, the group will stop all ships headed towards Israel and take other measures.
The group that attacked the shipping during the Gaza War stated its target as?Israel-linked vessels', which included any vessel owned by any company using Israeli ports. Its attacks on these ships discouraged most companies from using this route.
Who are the HOUTHIS?
In the 1990s the Houthis emerged in north Yemen as a military, religious and political movement, which fought guerrilla warfare against the government of Sanaa.
The Zaydi sect is a branch of Shi'a Islam. After the Arab Spring in 2011, they strengthened their ties with Iran, seizing on the instability to take over the capital city, thereby sabotaging a Gulf-backed plan for political transition.
Saudi Arabia, along with its Arab allies, launched a military operation months later in order to restore the government that was ousted and remove a group they viewed as an agent of?Iran - Riyadh’s arch regional enemy.
The Houthis, as Yemen's civil conflict dragged on to a standstill, attacked Saudi Arabian oil installations and other infrastructure with drones and missiles.
The truce that was agreed between the warring sides in Yemen for 2022 has mostly held.
AREN'T THE HOUTHIS IRANIAN PROXIES?
Iran supports the Houthis in its regional "Axis of Resistance", including Lebanon's Hezbollah, and Iraqi Shiite militias. However, its ties to the Yemeni movement is less clear than those with these other groups.
Houthis don't recognise Iran's supreme religious leader as their ultimate authority, like Hezbollah or Iraqi groups. Although ideologically aligned to Iran, its motivations are mostly domestic.
Hezbollah is said to have helped Iran arm, fund and train the Houthis. The Houthis claim to be independent and deny that they are Iranian proxy forces.
What happened when the HOUTHIS attacked RED SEA SHIPS before?
The Houthis, who claim to be supporting the Palestinians, began shooting at Israel after the Hamas attack of October 7, 2023 and Israel's destructive campaign in Gaza.
The Houthi attack in the Red Sea caused global shipping to be severely disrupted, forcing Maersk, Hapag-Lloyd, and other major companies to divert through Africa, a much longer, more costly route.
The U.S. led mission to restore freedom of navigation in the Red Sea included repeated strikes against Houthi targets and a defensive offensive that destroyed hundreds of drones, missiles, and other?targets.
Some Houthi attacks continued through the summer of last year, but only ended completely in October with the Gaza ceasefire.
WHAT HAS THEY DONE IN THE LATEST WAR WITH IRAN?
Hezbollah, Iraqi groups and other terrorists joined the war with a flurry of?rockets and drones after the initial U.S.-Israeli strikes against Iran. The Houthis however have been relatively quiet.
Abdul Malik al-Houthi, the leader of the group, said on March 5, "Our fingers are ready to fire at any time if circumstances warrant it."
Esmaeil Quds Force Commander of the Revolutionary Guards Quds Force, Esmaeil Quaani, said on June 1, that the Houthis may join the war.
Before this week, however, the group was only involved in a few drone and missile attacks against Israel that took place late March?and earlyApril.
It is not clear why the Houthis are so quiet.
The Iranians and they may have been trying to use the threat to close another major energy route to scare Israel and the United States into not escalating further.
Houthis might also be less concerned about Iran's security compared to other regional allies.
The group might not want to anger its wealthy, powerful neighbour Saudi Arabia or risk re-igniting conflict in the country.
(source: Reuters)