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Latest suspected sabotage attacks during the Olympics cause delays in Italy
The 'latest suspected act of? sabotage? during the Olympic Games caused delays of over an hour on Saturday for trains operating in the heart of Italy. There were delays between Naples, in the south, and Rome. Also, there were delays heading north to Florence. Matteo Salvini, Minister of Transport, condemned those responsible for the incidents after similar problems occurred on the network last Saturday and another case less serious in midweek. Italy is hosting the Winter Olympic Games?in Milano and Cortina D'Ampezzo between February 6-22. Salvini made a statement saying that "these are hateful criminal actions aimed at Italian workers and at Italy." He added: "I hope that no one will minimize or try to justify these crimes, which put lives in danger." Authorities were investigating Saturday the burning of cables along a section between Rome and Naples, as well as two other possible vandalism acts?between Rome and Florence. Initial investigations by the National Police indicated that this was "definitely a criminal act". They added that staff?from the departments of railway police and political policing were preparing a?report?that was to be sent in the next few hrs. to Rome prosecutors for the formal opening of a criminal investigation. Anarchists claimed responsibility for a network attack last Saturday. It was the first day of the Games. Rail infrastructure near Bologna was damaged, causing delays up to 2 1/2 hours on regional, high-speed and Intercity services. (Writing and editing by Hugh Lawson, Clare Fallon and Emilio Parodi)
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Olympic Games-From the Games to everyday life: Milan's tram driver shortage
Stefano De Blasio, a Milan tram driver, was thrilled to see Italian motorcycling champ Valentino Rossi wearing his uniform and ferrying President Sergio Mattarella from Milan's San Siro stadium to the Winter Olympics opening ceremony. De Blasio said, "It gave us a feeling of satisfaction and value for the work that we do every day." He was sitting in the wooden seats of an old tram at the city depot, where the streetcars of the network begin and finish their daily trips. Mattarella, the Italian financial capital's symbol, is carried in one of Milan’s 125 historic Carrelli Trams. Between 2006 and 2019, local transport company ATM overhauled the rattling vehicles, which have been in service since late 1930s. They restored their original yellow and cream livery, and upgraded their mechanical systems. It may be easier to revamp them than to address the driver shortage in the city's bus and tram networks, a problem that ATM, which is owned by the city, faces along with other local transport operators across Europe. One issue is the?rising costs of living in Milan following a real estate bubble, as well as the growing competition among e-commerce delivery companies for drivers. A survey conducted by Eurocities - a network of more than 200 European cities, including Milan - revealed that public transport was struggling with a shortage of staff. 35% of the mayors surveyed reported this as a major problem, which is disrupting service and driving up costs. AMOUNTS OFFERED TO ATTRACT DRIVERS Entry-level wages for bus and tram drivers in Milan are around 1,500 euros ($1,780). Shifts of 6 and a 1/2 hours are required to ensure that services run for the entire?day. ATM, who had to cut back on some bus and tram service, has taken a variety of measures to fill the gap. These include paying for the required public transport licenses, offering initial rent assistance for new hires, and providing a monthly bonus to drivers. The company has also started a project for 150 apartments to be built on the former site of an old company depot in Milan. The company stated that the initiatives allowed it to employ 607 people by 2025. This reversed the trend of leaving employees and hiring new ones at the end last year. Franco Fusca is a local?official for the FIT-Cisl Union. He says ATM is still facing a driver shortage of up to 300. ATM employs approximately 4,000 drivers. According to Nicola Biscotti of the Italian transport association ANAV, there is a shortage of around 8,000-9,000 drivers in Italy. Gabriele Grea is a researcher at Bocconi University in Milan, and a lecturer on?urban mobility' management. She said that the trend has gotten worse since the pandemic. Grea stated that the salary of a public transportation driver was not always competitive, despite it being a job that requires a lot of time and is one of the most stressful. "Companies now try everything." "But the reality is that this is a difficult job to sell," said he. WATCHING CITY CHANGE De Blasio began his career as a?tram driver at ATM around a decade back. He has seen the city change from his taxi, and the emergence of new mobility options, such as e-bikes and scooters, which require greater attention. In the video that was shown at the Milano Cortina Opening Ceremony, Mattarella can be seen giving back a "soft toy" to a child after they dropped it in a tram. De Blasio remembered a similar experience from his own life. He spotted the phone between the rails of a train while stopped at a traffic signal. He stopped, picked up the bag and returned it to the owner. Later, he learned that this person was a well-known anti-mafia activist. "He appreciated my little gesture. He sent me a thank you letter and also sent it to the company. "I was incredibly proud of myself," he said.
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Olympic Games-From the Games to everyday life: Milan's tram driver shortage
When Milan tram driver Stefano De Blasio watched the opening ceremony for the Winter Olympics, he was thrilled to see Italian motorcycling champ Valentino Rossi don his uniform to transport President Sergio Mattarella from Milan's San Siro stadium. De Blasio said, "It gave us drivers a real sense of value and satisfaction in the work that we do every day." He was sitting on one of Milan’s oldest trams, at the city depot, where many streetcars of the network begin and finish their daily trips. Mattarella, the Italian financial capital's symbol, is carried in one of Milan’s 125 historic Carrelli Trams. Between 2006 and 2019, local transport company ATM overhauled the rattling vehicles, which have been in service since late 1930s. They restored their original yellow and cream livery, and upgraded their mechanical systems. It may be easier to revamp them than to address a driver shortage in the tram and bus network. ATM, which is owned by the city, faces the same challenge as many other local transport operators across Europe. One issue is the rising cost of living after a real estate boom in Milan, as well as growing competition from ecommerce delivery firms for drivers. A survey by Eurocities - a network of more than 200 European cities, including Milan - found that public transport in Europe is facing a severe staffing shortage. 35% of mayors cited the shortage of mechanics and drivers as a major problem, which is disrupting service and driving up costs. Incentives offered to attract drivers Entry-level pay for a bus driver or tram operator in Milan is around 1,500 euros ($1,780). Shifts are six and a quarter hours long to ensure that services run throughout the day. ATM, who had to?cut some bus and tram service, has taken a variety of measures to fill the gap. These include offering to pay the required public transport licenses, giving initial rent support to new hires, and providing a monthly bonus to drivers. The company has also started a project for 150 apartments to be built on the former site of an old company depot in Milan. The company stated that the initiatives allowed it to employ 607 people by 2025. This reversed the trend of leaving employees and hiring new ones at the end last year. Franco Fusca is a local official for the?FIT - Cisl union. He says ATM has a shortage of 300 drivers. ATM employs approximately 4,000 drivers. According to Nicola Biscotti of the Italian transport association ANAV, there is a shortage of around 8,000-9,000 drivers in Italy. Gabriele Grea is a researcher at Bocconi University in Milan and a lecturer on urban mobility management. She said that the trend has gotten worse since the pandemic. Grea stated that "the salary of a public transportation driver is not always competitive, even though the job requires a lot of time and is one of the most stressful." "Companies now try everything." "But the reality is that this is a difficult job to sell," said he. WATCHING CITY CHANGE De Blasio began his career as a tram driver at ATM a decade before. From his cab he has seen the city change, and the arrival of "new forms of transportation" - such as e-bikes and scooters. He said that those who do his job must pay even more attention to these new technologies. In the video that was shown at the Milano Cortina Opening Ceremony, Mattarella can be seen giving a soft toy back to a child after they dropped it onto a tram. De Blasio remembered a similar experience from his own life. He recalled a time when he was stopped at a traffic signal and spotted a phone between the rails. He stopped, picked it up, and returned it to the owner. Later, he discovered that this person was a well-known anti-mafia activist. "He appreciated my little gesture. He sent me a thank you letter and also wrote to the company. "I was incredibly proud," said he.
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Latest suspected sabotage attacks during the Olympics cause delays in Italy
The latest suspected act of sabotage during the Olympic Games caused delays in trains operating throughout 'Italy of more than an hour. There were delays between Naples and Rome, as well as on the line going north to Florence. Matteo Salvini, the Transport Minister, condemned the perpetrators of the incidents after similar?problems on the network last Saturday and another less serious case midweek. The halts coincide with the Winter 'Olympics being held in Italy from 6-22 February. Salvini made a statement saying that the criminal acts were "hateful and aimed against workers as well as Italy." He added, "I hope no one minimizes or attempts to justify these crimes that put lives in danger." Authorities were investigating a possible act of vandalism on the high-speed rail between Rome and Naples and two other incidents of burnt cables between Rome and Florence on Saturday. Anarchists claimed responsibility for an attack on the rail network that occurred last Saturday, first day of the Games, near Bologna. This caused delays of up 2-1/2 hours in high-speed and Intercity services, as well as regional ones. (Writing and editing by Hugh Lawson; Keith Weir)
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Trump: Iran regime change is a 'best thing,' says second carrier heading to Middle East
U.S. Donald Trump, President of the United States on Friday, embraced the potential for regime change in Iran and declared that "tremendous" power will soon be in Middle East as the Pentagon sent another aircraft carrier to the area. Trump's tough talk and military moves come as Washington and Tehran try to revive diplomacy on the long-running dispute between Tehran and the West over its nuclear program. Sources 'briefed' on the issue said that U.S. representatives Steve Witkoff, Jared Kushner and Oman will be negotiating with Iran in Geneva on Tuesday. Witkoff, Kushner and representatives from Oman will be negotiating with Iran on Tuesday in Geneva. The U.S. is trying to end the conflict in Ukraine. When asked if he desired a regime change in Iran Trump replied that "it seems like that would the best thing to happen." He refused to reveal who he wanted in Iran to be the new leader, but said that "there are some people." Trump stated after attending a military function at Fort Bragg in North Carolina that "for 47 years they have been talking, talking, and talking." "We've lost many lives in the interim while they talk." Legs, arms, and faces were blown away. "We've been doing this for a very long time." Washington wants the nuclear talks to include Iran's ballistics missiles, its support of armed groups in the region and how it treats the Iranian people. Iran says it's willing to discuss curbs on the nuclear program as part of a deal for sanctions relief, but will not link this issue with missiles. Trump has threatened to strike Iran if an agreement cannot be reached. Tehran has pledged to retaliate. This has raised fears of a larger war as the U.S. is building up forces in the Middle East. Last year, the U.S. attacked Iran's nuclear installations. Trump replied that the "dust" was what remained to be targeted on the nuclear sites. He said: "If we did it, that would be the least important mission. But we'd probably grab what is left." Long deployments is the term used by U.S. officials to describe the complicated process of moving military equipment. The carrier Gerald R. Ford is joining the Abraham Lincoln, a number of guided-missile destroyers and fighter jets, as well as surveillance aircraft, that were moved to the Middle East recently. The Gerald R. Ford is the United States' largest and newest carrier. It has operated in the Caribbean, with its escort vessels, and participated in operations in Venezuela in earlier this year. When asked earlier on Friday about the second aircraft carrier heading to the Middle East by Trump, he replied: "In case there is no deal, we will need it... If we need it we will have it ready." Unnamed official said that the carrier's journey to the Middle East would take at least one week. Last year, the United States had two aircraft carriers present in the region when it conducted strikes against Iranian nuclear facilities in June. There are only 11 aircraft carriers in the U.S. arsenal. Their schedules are set months in advance. U.S. Southern Command - which oversees U.S. Military Operations in Latin America - said in a statement that it would remain focused on combating "illicit activity and malign actors" in the Western Hemisphere. Ford is essentially at sea since 2025. It was originally supposed to operate in Europe, but was suddenly moved to the Caribbean at the end of November. It is not unusual for the deployment of carriers to last longer than nine months during times of increased U.S. Military activity. Long-term deployments at sea, according to Navy officials, can affect morale aboard ships. Officials stated that the Bush was being certified and it would take a full month for the aircraft to reach the Middle East. The Ford, with its nuclear reactor, can accommodate more than 75 military planes, including fighter jets like the F-18 Super Hornet and the E-2 Hawkeye that can be used as an early warning system. Ford's sophisticated radar can also help with air traffic control and navigation. These ships include anti-submarine, surface-to air, and surface-to surface warfare capabilities. Steve Holland, Idrees Al and Phil Stewart, Hyunsu Yam, Bo Erickson, and Hyunsu Yim in Fort Bragg; Shri Navaratnam and Phil Stewart, William Maclean and Philippa Fletcher, Jonathan Oatis, and Jonathan Oatis, edited the article.
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US releases $30 Million of New York Tunnel Funding
After New York and New Jersey filed a lawsuit to contest the decision, the Trump administration released $30 million from the $205 million in federal funding that had been frozen for the $16 billion Hudson Tunnel Project?in New York. Two states sought an urgent hearing because they were concerned that the U.S. Department of Transportation would not commit to releasing the funds. The U.S. Court of Appeals on Thursday refused to overturn a lower court's order that required the funding. It had been frozen since October, and the project was forced to stop construction last week. The Gateway Development Commission reported that it had received the first $30 million and "expects to receive the entire $205 million reimbursement funds." The construction is paused until further notice. We are working with contractors to determine the most efficient way to use these funds and to get workers back to work to resume some of the construction as quickly as possible. Last week, Judge Jeannette Vargas?ordered that the federal government release funds to the project to upgrade critical rail infrastructure in New York and New Jersey which had been frozen by Republican president Donald Trump since October 1. Justice Department stated that they would release the remaining $205 million within the next few days. Vargas instructed the government to submit a report Tuesday about the status of funding. U.S. Senator Cory Booker, of New Jersey, called the announcement a good one but said that he would continue to fight until the Trump administration ensures there will be no interruptions in the building of this vital infrastructure. A freeze on funding last week halted construction, putting 1,000 workers out-of-work. Sources claim that Trump promised to unfreeze funds last month in exchange for Democrats' support to rename Washington Dulles Airport and New York Penn Station after himself. Democrats strongly criticised the suggestion. The Hudson Tunnel Project is a project to build a new commuter train tunnel between?Manhattan, New Jersey, and repair an old tunnel that's used daily by over?200,000 passengers and 425 trains. Vargas made her decision hours after New York City and New Jersey announced that construction would cease due to a 'lack of funds. Hudson Tunnel needs emergency repairs frequently. It is the most heavily-used passenger rail line in the country. Under then-Democratic President Joe Biden, the project received federal funding of about $15 billion. So far, nearly $2 billion has already been spent. (Reporting and editing by Franklin Paul, Jonathan Oatis, and David Shepardson)
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US removes updated list of companies allegedly aiding China’s military
After posting a list on Friday, the 'United States' removed it shortly thereafter. The updated list included some of China's biggest tech companies including Baidu and Alibaba. The document was posted for an hour and removed China's two largest memory chipmakers, CXMT, and YMTC, from the list. This drew criticism from China hawks who feared that the chipmaking skills of these companies would help China supercharge its military. The Pentagon wrote to the Federal Register (the official journal of the U.S. Government) without giving a specific reason, "We would like this notice removed from public inspection and withdrawn from publication in the Federal Register." The Pentagon and?White House didn't immediately respond to comments. The Chinese Embassy in Washington didn't immediately respond to an inquiry for comment. Chris McGuire, a White House National Security Council Official under President Joe Biden said, "Hopefully (the Pentagon) has pulled?the documentation because removing CXMT was an error." He added that this would 'only make sense' given the addition of other companies crucial to the Chinese AI stack like Alibaba and Baidu to the list. The document was withdrawn on Friday, but other additions included BYD automaker, WuXi AppTec biotech firm and RoboSense Technology Co Ltd. AI-driven robotics company. The list was published and then quickly withdrawn by the?administration of President Donald Trump to avoid antagonizing China after a trade truce between Chinese President Xi Jinping in October and Trump. Since then, the administration's stance on China has softened. The administration gave Nvidia the green light to export their second-most sophisticated AI chips to China, and it postponed an order that would have prohibited thousands of Chinese companies from purchasing U.S. tech. The administration reportedly shelved several national security measures that were aimed at Beijing. These included a ban on China Telecom’s U.S. operation and restrictions on the sale of Chinese equipment to U.S. data centers. Trump is expected in China by April. However, the dates of his visit are still to be determined. The Pentagon list doesn't formally sanction Chinese companies, but a new law will prevent the Department from procuring or contracting with firms on the list in the coming years. The inclusion of a firm on the list sends a message about the U.S. Military's view of that company to Pentagon suppliers as well as?other U.S. Government agencies. Some of these firms have even sued the United States for their inclusion. Alibaba's spokesperson threatened legal action and said that there was no reason for the inclusion of its products. The spokesperson said that "Alibaba does not belong to any Chinese military company or be part of any military/civil fusion strategies". List already includes Chinese companies such as Tencent Holdings - one of China's biggest tech companies - and CATL – a major battery manufacturer in the electric car industry. This appears to be an interagency issue related to the approval of some?of these companies that are being removed, said Eric Sayers. He is a nonresident fellow at the American Enterprise Institute and specializes in Asia-Pacific Defense Policy and U.S.-China Technology Policy. Sayers stated that "my view is the new additions will not change. However, a few removals appear to be under review and may remain on the updated listing."
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Travel groups and airlines warn about the impact of a partial shutdown of government on airport screening
Major airlines and travel groups urged Congress on Friday to avoid a partial government shutdown that would result in 50,000 airport security agents not being paid before the busy U.S. Spring Break travel period. Transportation Security Administration employees will be working without pay starting Saturday if there is no agreement regarding funding Homeland Security Department agencies. In a joint press release, Airlines for 'America, U.S. Travel, and American Hotel & Lodging Association said that the U.S. economy and travelers cannot afford essential TSA staff to work without pay. This increases the likelihood of unscheduled calls out and absences, which can ultimately lead to longer wait times, missed flights, or delays. Airport security screeners were not paid for 43 days last fall. Congress, unlike last year's shutdown has approved funding for air traffic control operations through September 30, 2018. The absence of air traffic control led to thousands of cancellations and delays after the shutdown began on October 1. This prompted the Federal Aviation Administration to reduce flight frequencies at 40 major airports. During the'shutdown' last year, Homeland Security Department?said that it would pay over 70,000 law enforcement agents across DHS, including those at CBP, ICE and TSA. In October, DHS announced that federal air marshals at TSA would be paid, but not officers who screen passengers. (Reporting and editing by David Shepardson)
AI is a threat to U.S. industries, from software to real estate
Wall Street is 'in the grip of AI disruption fears. Investors began by selling shares in software companies, but quickly spread to other sectors that were seen as susceptible to automation. This led to sharp losses this week for U.S. stock prices.
AI-related scare tactics have affected even industries such as legal services, private credit, data analytics and insurance.
Anthropic's legal AI plug in caused a drop in global?tech stocks. Investor unease grew after a series of AI model updates and new releases.
Emmanual Cau, equity strategist at Barclays, said that fear is driving the market's sentiment. Investors are still in a'sell-first, think-later' mode and asking "who's next" while showing no mercy to anything even remotely perceived as an AI loser.
Take a look at the impact of the selloff on different sectors:
SOFTWARE AND SOFTWARE EXPOSED LOANS
Since its peak in October, the S&P 500 Software & Services Index has lost approximately $2 trillion in value. The S&P 500 Software & Services index has lost about $2 trillion in value since its peak in October.
Atlassian, Intuit, and Workday are among the Nasdaq's 100 worst performers so far this year. Atlassian is down 47%; Intuit, 40%; and Workday has lost one-third of its value.
In 2026, Salesforce will have fallen about 30% while Adobe and CrowdStrike are down by 25% each.
Robert Pavlik is a senior portfolio manager with Dakota Wealth, based in Fairfield,?Connecticut. He said that there's a notion that?AI will replace existing models within the next few years - models which have been in use for many, many years, and models from which businesses have reaped significant profits.
Alternative asset managers also saw their shares fall on the back of concerns about their exposure to loans or leverage related to these companies.
Ares, Blackstone, Blue Owl, Apollo. TPG and KKR all fell between 13% to?24% in this year.
BNP Paribas estimates that about a fifth (25%) of private credit is exposed to software.
FINANCIAL BROKERAGE & DATA ANALYTICS & LEGAL SERIES The financial sector, in particular?brokers and data analytics firms were hammered when wealth management?firm Altruist launched AI-enabled features for tax planning, stoking concerns that the rapidly-advancing technology would upend their business models.
On Tuesday, shares of LPL Financial (broker), Raymond James Financial (financial advisor) and Charles Schwab (stock broker) fell by more than 7%. S&P Global's index provider, who issued a gloomy earnings forecast for 2026 has fallen more than 25% since February. It is on track to have its worst month ever. Moody's, Factset Research, and MSCI all fell this month.
REAL ESTATE SERVICES
KBW analysts say that investors have been moving away from labor-intensive, high-fee business models that are viewed as vulnerable to AI-driven disruption.
CBRE Group, Jones Lang LaSalle and Cushman & Wakefield all fell by about 12% on Wednesday. Cushman & Wakefield dropped nearly 14%. CoStar Group, which owns Apartments.com, Homes.com and other websites, dropped 5.9%.
Morningstar analyst Sean Sunlop stated that "we view market concerns as being overstated" due to the fragmented end markets for CRE and the non-core nature of many clients' real estate activities. He also noted that their valuations are "not cheap", despite the recent selloff.
INSURANCE Insurance shares took a big hit. Brokers and Underwriters on both sides of the Atlantic plunged when online platform Insurify launched a ChatGPT AI-powered tool that allows users to compare auto insurance rates.
S&P 500 Insurance Index dropped 3.9% on Sunday, its largest single-day decline since mid-October.
Willis Towers Watson shares have fallen 15% this week, and are on track for their worst week since March 2020's pandemic selloff. Aon dropped 9%, and Arthur J. Gallagher fell 15% this week.
"Ultimately, brokers will split," we believe. Bob Jian Huang, Morgan Stanley's equity strategist, said that AI could have a significant impact on simpler insurance products such as term life, auto and home.
In our opinion, higher-valued agents will use AI to improve analysis and underwriting. They won't be displaced by AI.
TRUCKING AND LOGISTICS
The sector fell'sharply' on Thursday, despite the fact that traders probably didn't see logistics and trucking firms as AI targets.
Algorhythm Holdings is a logistics company that focuses on AI. It previously sold karaoke-machines. The firm's SemiCab unit increased customers' freight volume by 300% to $400%, "without an increase in operational staff".
Stocks such as Landstar System, C.H. Robinson. The Dow Jones Transportation Average dropped 4.4%.
Analysts at Jefferies, however, stated that the reaction was not based on fundamentals. They said that "proprietary freight data and physical network remain durable moats."
(source: Reuters)