Latest News
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US agency: geothermal power in Nevada's Great Basin may play a larger role
The U.S. Geological Survey announced on Thursday that geothermal energy could be used to produce enough electricity in Nevada's Great Basin and adjacent states to equal 10% of current U.S. electrical supply. In a report, the agency stated that the projected 10% increase would be a significant one, given the fact that geothermal power currently only contributes to less than 1% of the nation's electricity supply. It noted that a preliminary assessment showed the potential for 135 Gigawatts in baseload power, if current technologies are scaled up and used in Nevada and five adjacent states. Geothermal energy is heat that is generated in the Earth and can be used for heating, cooling or electricity generation. The agency said that with adequate technological advances in the coming years, geothermal energy in the Great Basin could meet a large portion of the country's electricity needs. The agency has announced that the Williston Basin of North Dakota will be evaluated after the Great Basin. (Reporting and editing by Matthew Lewis in Bengaluru)
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At least two people killed in small plane crash near San Diego
A small plane crash in San Diego, where many military families live, caused damage to vehicles and houses. At least two people died and eight were injured. Local officials reported that the crash took place around 3:45 am local time (1045 GMT), in a military complex in Tierrasanta. The crash site is located a little over 2 miles east from Montgomery-Gibbs Executive Airport. The number of people on board the plane at the time of its crash was not known. The police said that they did not believe anyone on the ground had been killed, but were unable to confirm this immediately. At a press conference held in front of the damaged home, San Diego Fire-Rescue assistant chief Dan Eddy stated: "We had an aircraft that came through this neighborhood and took out one home." Eddy reported that when fire crews arrived, they found a home and several vehicles on fire. San Diego Police Department confirmed two deaths and eight injuries as of 11 am on Thursday. Eddy reported that only one person had minor injuries and was taken to hospital on Thursday morning. As of late Thursday night, about 100 residents had been evacuated. Federal Aviation Administration identified the plane as a Cessna 550. Eddy stated that the plane was headed for San Diego. Officials said that Liberty Military Housing manages the tract where the accident occurred. Captain Bob Heely said that the Naval Base San Diego is actively working with any military families who are affected. This includes those in this area, as they may have to leave their homes for some time. Heely stated that he is working with Liberty Military Housing, the Red Cross and other organizations to provide temporary housing for the affected families. At a press conference held near the crash scene, Raul Campillo of the San Diego City Council said: "As you see, the damage is significant and life-threatening. Thank God no one was killed." The Federal Aviation Administration will investigate the crash, as well as the National Transportation Safety Board. (Reporting and editing by Frank McGurty, Diane Craft and Christain Martinez from Los Angeles)
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After nearly a full year, flights between Panama and Venezuela can resume.
Panama's Aviation Authority announced on Thursday that flights between Panama and Venezuela can resume after a diplomatic standoff. The suspension of the flights occurred nearly a full year ago due to a diplomatic dispute between the two countries. The Panamanian President Jose Raul Mulino refused to acknowledge the victory of Venezuelan President Nicolas Maduro in the July elections. This led Venezuela to withdraw its diplomatic representation and to halt air travel between Venezuela and Panama. The United States, as well as other Western nations, have condemned the Venezuelan election results that forced opposition candidate Edmundo Gonz to leave the country. Mulino said at a Thursday morning press conference that it would be in Panama's interest to resume flights with Venezuela. He nor the aviation authority did not specify when flights would resume. Copa Holdings - Panama's flagship carrier - did not respond immediately to a comment request. Mulino added that Panama needs to have an agreement with Venezuela in order to be able send back rejected migrants from the U.S. Mulino said, "It is not a large number of people but the majority are Venezuelan."
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US firms are helping to develop oil and gas in Iraqi Kurdistan
Chris Wright, the U.S. Energy secretary, said that there is plenty of opportunity for U.S. collaboration on oil and natural gas development in Iraqi Kurdistan. This was despite Iraqi federal government's dispute over deals signed by U.S. firms with this region earlier this week. The Iraqi Kurdish Premier Masrour barzani signed two agreements with U.S. firms HKN Energy & WesternZagros in Washington this week. These deals are worth a total of $110 billion. Wright said at a Washington conference: "I see a great opportunity for American collaboration there, as evidenced by these two deals. We would love to see this commercial relationship flourish and grow." Baghdad’s oil ministry reacted quickly to the deals, calling them “null and null.” The control of oil and gas is a long-standing source of tension between Baghdad, Erbil and other Iraqi cities. Unofficially, an Iraqi official from the oil ministry said that the signing of these agreements was done without Baghdad’s knowledge. This would have a negative impact on efforts to resume exports of Kurdistan Regional Oil. An oil pipeline that runs through Turkey was halted in March 2023, after the Paris-based International Chamber of Commerce found Ankara had violated the 1973 agreement by facilitating Kurdish imports without Baghdad’s consent. The negotiations to resume Kurdish crude oil exports through the Iraq-Turkey oil pipeline, which handled 0.5% of world oil supply at one time, are stalled due to payment terms and contract specifics. Iraq's electricity generation is heavily dependent on imports of Iranian natural gas. The increase in oil and gas production by Iraqi Kurdistan could help northern Iraq to wean off its dependence on Iranian natural gas and maintain pressure on Tehran, as Washington attempts to stop it from developing nuclear weapons. Iran claims its nuclear program has peaceful purposes. Wright said that the development of oil, gas and other resources in Iraqi Kurdistan will help northern Iraq and allies. It's aligned very closely with President (Donald) Trump's He said that his agenda had unleashed the energy dominance of America and our allies in other countries.
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LSEG data indicates that Turkey's Urals oil imports are expected to increase in May.
LSEG data and two traders indicate that the imports of Urals oil by Turkey are expected to increase in May, after a top Turkish refiner (Tupras) resumed importing Russian Crude now that its price is below $60 per barrel. Tupras began buying Urals crude again in April, after stopping purchases in February because of U.S. sanctions. Data shows that the price of uranium in Russian ports has been below $60 per barrel since April 3. Tupras did not immediately respond to an inquiry for comment. The Group of Seven (G7) countries have introduced a price cap that prevents Western companies from providing insurance or transport services to Russian oil cargoes at prices above $60 per barrel. LSEG data revealed that Urals crude oil from Russian ports will be shipped to Turkey for 1.2 million tonnes (about 283,000 barrels a day) in May. This is up from 0.9 millions tons in April, and equal to the January level. The data for May may be revised further, and some traders anticipate that supplies will be higher than currently expected. The second largest seaborne Urals crude importer is Turkey, after India. The country does not support the Western sanctions against Russia but adheres to international laws and regulations. Turkey imports CPC Blend, which is produced primarily by Kazakhstani companies, but loaded at Yuzhnaya Ozereyevka in Russia. According to LSEG, with the CPC Blend oil expected on board, Turkey's imports of oil from Russian ports in May will reach nearly 2 million tonnes, the highest level since July 2024.
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Lawyer: US should bring Boeing to trial for 737 MAX fraud.
A lawyer for the families of some victims said that the U.S. Justice Department must take Boeing to court in a criminal case arising from two deadly 737 MAX accidents and should reject any tentative agreement to let the planemaker avoid prosecution. In a letter sent to the Justice Department, seen by on Thursday, lawyer Paul Cassell stated that it would be an injustice to allow Boeing to avoid a trial or plea of guilty. "Any further concessions made to Boeing in this case would be completely inappropriate." This is the most deadly corporate crime in U.S. History. As found by Judge O'Connor Cassell wrote that he was referring to U.S. district judge Reed O'Connor. Cassell said that the proposal of the government would allow Boeing to be its own probationary officer, as it would not need an independent monitor but instead hire its compliance consultant. The department is outlined below tentative deal Families of victims will have until Thursday, Friday to submit written objections. The agreement will prevent a trial scheduled for June 23 against the planemaker on a fraud allegation that it misled Federal Aviation Administration regarding a critical flight control system in the 737 MAX jet, its most popular model. Boeing would be able to avoid being labeled a felon by the agreement. Boeing and the Justice Department declined to comment. Boeing has agreed to pay a maximum fine of $487.2million after the two fatal 737 MAX crash in Ethiopia and Indonesia, which occurred between 2018 and 2019. Cassell pointed out Thursday that the former Boeing CEO Dave Calhoun had signed the deferred prosecution 2021 agreement. Cassell wrote that "given Boeing's confession' of all relevant facts of the criminal act -- signed by the CEO of Boeing -- the risk of acquittal is virtually 0%" at trial. Lawyers for the families reported that, in addition to $500 million Boeing had paid last year, the Justice Department informed families on Friday that Boeing was required to pay $444.5 millions into a fund for crash victims, divided equally per victim. Since January 2024 when a MAX 9 that was missing four bolts in the door had a mid-air emergency, a door plug fell out. The FAA has set a monthly production limit of 38 planes. (Reporting and editing by Mark Porter, Franklin Paul and David Shepardson)
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Boeing back in 'dynamic' production mode, engine supplier Safran says
Safran, the chief of an engine manufacturer and a key Boeing supplier, said that after years of uncertainty about setbacks with its 737 MAX jet passenger plane, U.S. aircraft maker Boeing has returned to a "dynamic" production profiling. Safran CEO Olivier Andries said at a meeting that the production of the benchmark narrow body jet is almost 38 per month. This is the limit imposed by U.S. authorities after a door plug blew out on an Alaska Airlines plane last year. Doug Ackerman, Vice President of Boeing Commercial Airplanes Quality, told reporters Tuesday that the planemaker anticipates stabilizing 737 MAX production to 38 aircraft per month in the next few months. Safran and GE Aerospace jointly produce the most popular jet engines in the world through CFM International, a joint venture. CFM's LEAP engine powers all Boeing 737 MAX, and it competes with Pratt & Whitney to win airline contracts for the Airbus A320neo. Safran's optimistic tone about Boeing's progress in restoring jet production contrasts sharply with the more cautious view of one of the largest leasing companies earlier on Thursday. Peter Barrett, CEO of SMBC Aviation Capital, said that Boeing and Airbus made progress but still have "a long way to go" in order to achieve a predictable, stable production cycle. Andries, Safran's Andries, told Safran shareholders that the demand for aftermarket jet engine services had increased in part because of delays in new aircraft production caused by problems in supply chains in aerospace. Airbus said CFM was one of two suppliers that slowed down its production increases in the first half, while CFM said it was confident about accelerating during the second quarter. Airbus and Boeing LEAP engines are of different sizes, with different parts. Andries stated that Safran is receiving encouraging results from CFM’s wind tunnel and other tests for the successor engine to LEAP called RISE. This engine will reduce fuel consumption by 20% and emission by 20%. (Reporting and editing by David Goodman, Elaine Hardcastle and Florence Loeve)
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India claims it can suspend Celebi’s clearance without prior notice
The Indian government said Thursday that it was within its legal rights to revoke Celebi's authorization to provide aviation services at the ground level in Turkey without prior notice, as it concerned national security. Celebi’s clearance was revoked by India last Thursday amid increasing public anger following Turkey's support of Pakistan in the recent India - Pakistan conflict. Indians are also boycotting Turkish products, including jams, chocolates and coffee. Celebi has asked the Delhi High Court to annul the cancellation, claiming it was made without warning and on the basis of "vague and unexplained" "national security" fears. However, Solicitor-General Tushar mehta stated on Thursday that it didn't need to provide details to the company. In the past, Indian courts have held that national security concerns may override the need for fairness in certain cases. He said in this instance, it was not necessary to follow principles of natural justice. Mehta, the first Indian official to comment on Celebi’s case in detail before the court, said: "In certain situations it is impossible to give reasons for action or even an opportunity to hear a witness." Justice Sachin Datta received some information from the Indian government in a sealed envelope. The next hearing will be held on Friday. Randhir Jaiswal said earlier in the day that the Celebi issue had been discussed by the Turkish Embassy in New Delhi. Celebi claimed in its court filings that the decision has an impact on 3,791 jobs, and investor confidence. It also added that the company provided ground handling at airports located in New Delhi as well as Kerala, Bengaluru and Hyderabad. Mehta argued Thursday, in defending Celebi’s cancellation, that airport ground operators had detailed access to both the physical infrastructure and passenger details. This included VIP movements. (Reporting and editing by Arpan chaturvedi, Aditya Kalra and William Maclean).
Ackman's hedge funds Pershing Square and Canadian Pacific exit.
Bill Ackman, a billionaire investor, told his clients on Thursday that he had purchased Amazon shares in the last month. He believes earnings will continue growing at Amazon as tariffs by President Donald Trump are less damaging than initially thought.
Ackman's investment team and Ackman himself updated their clients on the additions made to his Pershing Square capital management hedge fund. Ryan Israel, chief investment officer at Pershing Square Capital Management, stated that Amazon was the most significant move.
Amazon, with a market value of more than $2 trillion dollars, is among the most valuable businesses in the world. It has been on Ackman’s list of top-rated companies for many years.
Ackman is one of the most active activist investors in the world. He often pushes for companies to improve their performance. His stock picks can be a good indicator of investment trends.
Amazon's stock was too expensive until the early part of April, when news about Trump's heavy tariffs impacted the market.
Tariffs on imported goods and their price has cratered.
Israel stated that "we felt that Amazon Web Services would be able work through any potential slowdown and that tariffs wouldn't have a material effect on earnings in the retail sector."
Ackman, along with his team, also expressed their confidence in Amazon's CEO Andrew Jassy. They said that his ability to run his business more efficiently would allow for "more profits margin expansion and a higher rate of revenue growth."
Pershing Square has also acquired stakes in the car rental company Hertz as well as the transport company Uber.
Ackman noted that the firm also sold its stake in Canadian Pacific. He added that the company sold the position "with regret". Ackman built a stake in Canadian Pacific in 2022, returning to his most profitable investment.
Ackman had to make some adjustments to be able to purchase the Amazon stake. He decided to liquidate Canadian Pacific. He said that he has "a strong belief in the future of Canadian Pacific" and "extremely high regard for the Canadian Pacific team."
The team also reduced investments in Chipotle Mexican Grill and Hilton Worldwide Holdings. They also swapped Nike stock for call options. This was a strategy that they called "deep-in the-money." Reporting by Svea Autumn-Bayliss, Editing by Mark Porter & David Gregorio
(source: Reuters)