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Modi launches development projects in Manipur and calls for peace
Indian Prime Minister Narendra Modi called for peace in Manipur, the state that has been the scene of ethnic violence for two years. He unveiled development projects worth $1 billion. Since May 2023, when clashes broke out between Manipur’s dominant Meitei and Kuki tribes over economic benefits and employment quotas, more than 60,000 people have been displaced. Modi's government has been criticized for failing to maintain order and security in Manipur, where he met with members of the two communities who were displaced by the violence. "The land is Manipur a land full of aspirations and hope." He said, "Unfortunately, violence has cast a shadow over this beautiful region", addressing residents of the Kuki-dominated Churachandpur Hills. He said: "I appealed to all organizations to take the road of peace in order to realize their dreams and ensure the future of their kids." Modi opened women's hostels and indoor stadiums as well as road infrastructure projects, totaling $963 million, during his visit to Imphal and Churachandpur. He said that the government is doing everything possible to restore peace. Modi announced in Imphal, a city with a majority of Meitei people, that the government would support the construction of 7,000 homes for families who had been displaced due to the conflict. He encouraged both sides to engage in dialogue. He said, "We need to strengthen the brotherhood bridge between the hills and valley." Manipur's government is led by Modi’s Hindu nationalist Bharatiya Janata Party. Biren Singh resigned as the state's top official in February, despite mounting pressure by the Kuki, who accused him of favoring the Hindu Meitei community. He also faced opposition from his own BJP supporters. Since then, the state is governed by a federal governor who has been appointed by New Delhi.
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Il Sole 24 Ore reports that Snam's acquisition Open Grid Europe stake has been delayed.
Il Sole 24 Ore, a financial newspaper published on Saturday, reported that the acquisition by Italian gas grid group Snam of a stake held by Germany's largest independent transmission operator Open Grid Europe would not be completed as planned at the end of September. Snam, a subsidiary of Snam Group, signed an agreement in April with Infinity Investments in Abu Dhabi to purchase a stake in OGE owner Vier Gas Holding for 920 million euro ($1.08 billion) in equity. This marked the entry of the group into the German Gas Market (the largest in Europe by volume). Reports state that the agreement signed by former CEO Stefano Venier, and expected to be closed in the third quarter, is being reviewed now by the new CEO Agostino Scrnajenchi, and the shareholders of the company. The financial daily reported that it was "hard to predict where these assessments will go" without citing any sources. Snam declined comment. Reports also stated that the German government's concerns over the share of CDP Reti (which owns just under 30% of Snam) held by China’s state grid influenced the decision. The German Economy Ministry did not respond immediately to a comment request.
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Nepal holds elections in March after the interim premier is named
Ramchandra Paudel, the president of Nepal, has dissolved the parliament and announced new elections for March 5. This follows a week-long period of violence which culminated with the appointment of Nepal's first female Prime Minister. Paudel made the announcement just hours after he appointed former Chief Judge Sushila Karaki as the new leader of the country. This was in response to the violent anti-graft demonstrations led by "Gen Z", which forced Prime Minister K.P. Sharma Oli resigned. According to a press release from the President's Office, the president "dissolved" the House of Representatives and set the date for elections on March 5, 2026. Karki's appointment came after two days intense negotiations between Paudel and Ashok Raj Sigdel, the army chief, and protest leaders who were behind Nepal's most violent uprising in years. At least 51 people died and over 1,300 were injured. India, Nepal's southern neighbor, expressed its hope that these developments would foster peace and stability. "Heartfelt congratulation to the Honorable Sushila Ji for assuming office as Prime Minister of Nepal’s interim government. India is committed to peace, progress and prosperity for Nepal's sisters and brothers," Indian Prime Minister Narendra Modi wrote in a X post. The protests across the country were ignited by a ban on social media, which has now been lifted. Violence subsided after Oli's resignation on Tuesday. Since 2008, Nepal has been plagued by political and economic instabilities. A lack of employment is driving millions of young people abroad to find work, such as in the Middle East, South Korea, and Malaysia. On Friday, the country of 30,000,000 people nestled between China and India began to return to normalcy. Shops reopened and cars were back on the roads. Police replaced the guns that they used earlier in the week, with batons. (Reporting and editing by Aftab Ahmad and Himani Sarkar; Reporting by Gopal Singh)
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Southwest Airlines requires that mobility devices be de-batterized before boarding.
Southwest Airlines announced on Friday that it would require its passengers to remove the lithium batteries from their powered wheelchairs or scooters prior to boarding. The airline cited fire hazards as a reason. Southwest will introduce new lithium battery size limits in January. The new rules go into effect on September 25. The Federal Aviation Administration sent out a safety warning to airlines on Tuesday about the risks of lithium batteries inside aircraft passenger compartments. "Lithium battery fires and smoke incidents are becoming more common on airplanes." Southwest stated in an employee note that while these incidents are rare, visibility and quick access are essential to keep everyone safe onboard. Southwest Airlines will become the first U.S. carrier to adopt higher standards by taking proactive measures now. The FAA recommended Tuesday that airlines adopt risk-mitigation strategies. This includes clear messaging addressing potential fire risks related to lithium batteries carried in the luggage of passengers and crew, and reviewing firefighting training and procedures. The FAA reported that 50 incidents of lithium-ion batteries causing extreme heat, smoke or fire have occurred in the U.S. this year. Some of these have caused accidents or injuries. Southwest announced that all batteries will have to be less than 300 watt hours as of January 11, 2019. The company said it understands the importance of mobility devices for many customers. The airline stated that the update was designed to prioritize travel safety without causing unnecessary obstacles.
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Union Pacific CEO talks to Trump about $85 billion plan for Norfolk
Union Pacific Corp CEO Jim Vena and U.S. president Donald Trump met in the Oval Office on Friday to discuss the railroad’s proposed $85billion buyout of Norfolk Southern Corp, according to the company. The company is seeking regulatory approval for the largest U.S. railway merger in decades. The announcement in July of a merger between two major U.S. railroad operators shocked a market that was already very concentrated. Under the Biden administration's aggressive antitrust policies, such a proposal was unthinkable. The White House didn't immediately respond to an inquiry for comment. Trump's backing could speed up the review process in an agreement that is facing opposition from rivals, and pushback by shippers who are concerned about reduced competition. If approved, the deal could transform the U.S. rail freight industry, creating the first coast to coast single-line network. It would streamline operations and eliminate interchange delays at key hubs such as Chicago. Vena and Trump discussed in the White House meeting "how creating an American Transcontinental Railroad is a victory for U.S. Competition, Consumers, and the Unionized Workers whose Jobs will be Protected when the Merger is Approved," according to a company statement. Vena told a Morgan Stanley Conference on Wednesday that the day before he met with "very senior officials in the administration", without naming any names. They get it. "They get it. Vena stated during the conference that they thought it was a win-win situation for the country. People briefed about the talks say that Union Pacific asked for input from the administration before launching its bid and received support to move ahead. Trump stated on Fox News on Friday that he had met Vena CEO to discuss the merger. RIVALS BOXED IN Union Pacific is the dominant freight rail carrier in western United States. Norfolk Southern, on the other hand, is the leading carrier in eastern United States. Together they make up two of the major U.S. class I railroads along with BNSF Railway, CSX Corp, and BNSF. The industry was expecting the remaining regional rivals of Union Pacific and Norfolk to rush to merge forces in order to compete with a continental giant. Last month, Warren Buffett sent a clear message against any further consolidation. He said he wasn't interested in purchasing another railroad. BNSF has recently increased commercial agreements with CSX rather than pursuing a merge. CSX is under pressure from activist shareholders to make strategic adjustments, which could include M&A. Before making any decisions, both companies closely monitor how regulators react to the Union Pacific and Norfolk merger. Buffett's strategy could change if he sees signs of White House support. BNSF and CSX are the two major U.S. railroads that do not operate a transcontinental network. The White House announced on Thursday that it would nominate Surface Transportation Board Member Michelle Schultz to a second term, and Richard Kloster, the head of a private consulting firm in transportation, for an open seat within the agency. Last month, the White House fired Surface Transportation Board Member Robert Primus. Primus was appointed by former President Joe Biden. A person familiar with the transaction stated that the dismissal was the best possible sign of White House backing for the deal.
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Union Pacific CEO talks to Trump about $85 billion plan for Norfolk
Union Pacific Corp CEO Jim Vena and U.S. president Donald Trump met in the Oval Office on Friday to discuss the railroad’s proposed $85billion buyout of Norfolk Southern Corp, according to the company. The company is seeking regulatory approval for the largest U.S. railway merger in decades. The announcement in July of a merger between two major U.S. railroad operators shocked a market that was already very concentrated. Under the Biden administration's aggressive antitrust policies, such a proposal was unthinkable. The White House didn't immediately respond to an inquiry for comment. Trump's backing could speed up the review process in an agreement that is facing opposition from rivals, and pushback by shippers who are concerned about reduced competition. If approved, the deal could transform the U.S. rail freight industry, creating the first coast to coast single-line network. It would streamline operations and eliminate interchange delays at key hubs such as Chicago. Vena and Trump discussed in the White House meeting "how creating a transcontinental railroad for the United States is a win-win situation for the U.S. consumers and unionized workers, whose jobs would be protected if the merger was approved," according to a company statement. Vena told a Morgan Stanley Conference on Wednesday that the day before he met with "very senior officials in the administration", without naming any names. They get it. "They get it. Vena stated during the conference that they thought it was a win-win situation for the country. People briefed about the talks say that Union Pacific asked for input from the administration before launching its bid and received support to move ahead. Trump stated on Fox News on Friday that he had met Vena CEO to discuss the merger. RIVALS BOXED IN Union Pacific is the dominant freight rail carrier in western United States. Norfolk Southern, on the other hand, is the leading carrier in eastern United States. Together they make up two of the major U.S. class I railroads along with BNSF Railway, CSX Corp, and BNSF. The industry was expecting the remaining regional rivals of Union Pacific and Norfolk to rush to merge forces in order to compete with a continental giant. Last month, Warren Buffett sent a clear message against any further consolidation. He said he wasn't interested in purchasing another railroad. BNSF has recently increased commercial agreements with CSX rather than pursuing a merge. CSX is under pressure from activist shareholders to make strategic adjustments, which could include M&A. Before making any decisions, both companies closely monitor how regulators react to the Union Pacific and Norfolk merger. Buffett's strategy could change if he sees signs of White House support. BNSF and CSX are the two major U.S. railroads that do not operate a transcontinental network. The White House announced on Thursday that it would nominate Surface Transportation Board Member Michelle Schultz to a second term, and Richard Kloster, the head of a private consulting firm in transportation, for an open seat within the agency. Last month, the White House fired Surface Transportation Board Member Robert Primus. Primus was appointed by former President Joe Biden. A person familiar with the transaction stated that the dismissal was the best possible sign of White House backing for the deal.
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Thales, Airbus, Leonardo eye initial agreement on 10 bln-euro satellite JV, sources say
Sources close to the situation said that Europe's aerospace companies Leonardo, Thales, and Airbus are redoubling their efforts to combine satellite businesses in a 10 billion euro ($11.7 billion) joint venture with a French headquarters. They hope to reach an agreement within weeks. The three companies have set up "Project Bromo" to create a satellite manufacturer to compete against rivals in China and the U.S. Three sources reported that the talks have gained momentum following a difficult summer period when the parties were unable to agree on governance and valuation. This stalled an agreement. According to another source, the talks appeared to be at risk of collapsing. Sources said that a memorandum could be signed as soon as the end of September. However, timing could change. Three sources stated that while the political signals have been encouraging so far, details about ownership and governance still need to be signed by all nations involved. Three sources said that the venture will include entities dedicated to protecting sensitive national interests. Sources warn that an agreement is not guaranteed and that talks may still fail. Sources said that the exact ownership stakes in the new space venture were still being negotiated. They added that the ownership stakes could be divided roughly into three equal parts. Two sources stated that the new satellite venture's value of 10 billion euros is based on the combined revenue of the units of 6 to 6.5 billion euros, and the sector peers which trade at 1.5 to 3 times revenue. Leonardo has declined to comment. Airbus made reference to the comments of CEO Guillaume Faury who stated earlier this week that companies were working towards a deal, and speaking with European governments. He told reporters in Washington that "we are on our way". Faury said, "We are currently in the process of obtaining anti-trust approval and have begun to communicate with stakeholders." Thales stated: "At this stage, no agreement has been reached." We continue our work. "Any further comment is premature." The preliminary attempts to create an European satellite champion over the last decade failed partly due to antitrust concerns and rivalries between nationalities. The dramatic growth of Starlink, and the shift to cheaper satellites in low orbits has increased the pressure on Europe's top satellite manufacturers to either combine their assets or face being pushed off the market. The European Union is trying to increase its sovereign capability as tensions in the geopolitical arena have increased and U.S. policy has changed. Analysts say that all three companies are owned by minority governments and any agreement involving sensitive technology or assets would require political approval. The final details of the deal are still being negotiated, but a person with knowledge of the matter stated that the venture would likely be based at Airbus' Toulouse facility. In Europe's fragmented aeronautics sector, decisions on the location of corporate power centers are often sensitive. The Italian industry ministry did not respond to a request for comment. The German defense ministry has not responded immediately. APE, France's state-owned shareholding agency, declined to comment. A potential deal could create a European satellite champion based on the missile manufacturer MBDA owned by Airbus Leonardo and BAE Systems. MBDA is a company that was formed in 2001 by the merger of Anglo French Matra BAe Dynamics and France's Aerospatiale Matra Missiles, as well as missile activities of Anglo Italian Alenia Marconi Systems. Sources said that the new venture, like MBDA's, will combine a mix of unified activities across borders with separate entities to protect sensitive interests.
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Via, a transit technology company, is valued at $3.5 Billion as its shares drop in the NYSE debut
Via Transportation, a transit technology company, was valued at $3.5 Billion on Friday following its shares' 4.4% decline in their NYSE debut. The stock opened at $44, which is below the $46 offered price. Shareholders can be sold via the internet Sell 493 Million Dollars to raise $493 Million 10,7 millions shares priced above the range of $40-$44. Investors are reviving the U.S. IPO Market as easing tensions in trade and expectations of lower interest rates have boosted investor appetite. This has led to the busiest U.S. IPO week since 2021. Via, unlike traditional ride-hailing services, works in conjunction with public transportation networks. New York-based company offers software and operational services for cities, transit agencies and schools. It combines on-demand ride-sharing with intelligent routing in order to optimize public transportation. It is growing, but the business remains unprofitable. Via reported a revenue of $107.1m and a loss of $21.2m for the three-month period ending June 30. The model Via provides has its own challenges, including lower margins, slower scale across jurisdictions, dependence on local relationships, and compliance with regulatory requirements, said Kat Liu. Vice president of IPOX research, she noted that the exposure to public sector budgets and complexity in regulatory issues continues to be a risk. Globally, the need to improve public transportation systems is becoming more important due to climate change, increasing congestion and rapid urbanization. The performance of "tech" IPOs has also varied. While tech IPOs were the most popular this year, standout performers mainly came from AI and FinTech. Edward Best, partner of Willkie Farr and Gallagher, said that other tech segments had mixed but generally positive results. Via is one of the biggest transportation-related tech IPOs in the U.S., according to data from Dealogic.
Hertz posts wider-than-expected loss due to high devaluation costs
Rental automobile company Hertz Global reported a widerthanexpected thirdquarter loss and missed income estimates on Tuesday, harmed by high depreciation charges from its fleet automobiles, sending its shares down more than 4%.
The business tape-recorded a $1 billion property impairment charge throughout the quarter, citing a decrease in fleet worths over the in 2015 following a general decline in automobile costs as consumers delay large purchases in an unsure economy.
Previously this year, the company stated it would slim down its car inventory, with a sale of about 30,000 electrical automobiles consisting of Tesla vehicles, mentioning greater repair costs associated to the vehicles.
But cooling pre-owned vehicle need could show to be a headwind for Hertz, which had actually put a bet on EVs with a massive order to buy approximately 100,000 Tesla vehicles in 2021.
In its newest report, market research firm Cox Automotive stated that price remains a challenge for customers, with less models for sale in the $15,000 cost bracket, which is more popular amongst secondhand automobile buyers.
Hertz's devaluation per system rose 89% to $537 million in the quarter ended Sept. 30 from a year previously.
On an adjusted basis, the company lost 68 cents per share compared to experts' typical quote of a loss of 50 cents, according to information assembled by LSEG.
General quarterly sales fell 5% to $2.58 billion from a year previously, compared to analysts' estimates of about $2.7. billion.
(source: Reuters)