Latest News
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Source: SpaceX has lined up four Wall Street Banks for the mega 2026 IPO
Elon Musk's SpaceX has lined up four Wall Street banks to play leading roles in a possible initial public offering. This could be one of the biggest market debuts. The person stated that Goldman Sachs and Morgan Stanley were being considered as senior leaders for the IPO. However, they cautioned that plans could change depending on market conditions. Last month, it was reported that SpaceX had been 'interviewing banks to play key roles in the IPO. Morgan Stanley emerged as a top contender for a major role due to its close ties with Musk. The company is also launching a secondary stock sale, which could put the company's value at up to $800 billion. reported Last month, SpaceX's plans come as the markets prepare for a potentially massive year of U.S. listings. Artificial intelligence firms?Anthropic, and OpenAI are also laying the groundwork for possible IPOs. SpaceX had been reported to be seeking a $25 billion IPO this year. The Financial Times reported on Thursday that Bank of American is a potential contender to play a major role in this offering. Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America declined to comment. SpaceX has not responded to a comment request immediately. (Reporting from Echo Wang in New York, and Prakhar Shrivastava in Bengaluru. Editing by Shreya biswas, Shailesh kuber and Nick Zieminski.
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BNSF warns that a winter storm is expected to snarl traffic along central US rail corridors
BNSF Railway, owned by Berkshire Hathaway, said on Thursday that a winter'storm' will disrupt operations along major corridors. Heavy snow, high winds and extreme cold are all threatening train movement. Railroad warned that customers who were moving freight through storm-affected areas should expect delays and longer transit time. They also said that shipments could temporarily be routed in a nonstandard way, or pass through "unfamiliar" locations, or encounter atypical interlockings. Winter storms will hit the U.S. energy and transport infrastructure. They will also threaten major disruptions for airlines, railways, and power providers. BNSF stated that the storm would disrupt a 'wide swath' of central United States, as it moves eastward from west. It will affect its operations in central Oklahoma and western Kentucky, with 8-15" of snow. Earlier Tuesday, CSX announced that it was closely monitoring a winter'storm' that could disrupt operations in several U.S. States as the storm intensifies and moves across its network. (Reporting and editing by Tasim Zaid; Apratim Sarkar)
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US Airlines issue waivers for travel as winter storm threatens to disrupt widespread travel
U.S. Airlines have announced sweeping travel waivers, as a 'winter storm', which is forecast to bring heavy snow, dangerous ice and sleet to two dozen states threatens to disrupt air travel in a large swath across the country, heading into the weekend. National Weather Service warned that a mix of freezing rain and sleet could cause travel to be dangerous, and power outages, and damage trees in the Southeast. Heavy snow is also expected further north. AccuWeather says that the 'winter storm' is expected to bring temperatures as cold as those not seen since 2021. Carriers warned that the combination of ice, snow and strong winds may slow airport operations and cause delays, cancellations and rebookings during the busiest winter travel period. Dan DePodwin is vice president for forecasting operations of AccuWeather. He said that this will most likely result in thousands of cancellations of flights on Saturday, Sunday, and Monday. According to Hopper, a travel booking app, up to 15,000 flights could be delayed by the storm. MAJOR AIRLINES OFFER FLEXIBLE REBOOKING OPTIONS Southwest Airlines has warned that it is expecting disruptions in parts of the 'South and East'. Customers will have two weeks to either rebook their flights or standby. Delta Air Lines warned that weather conditions could disrupt flights in the Southern Plains, Southeast and Atlanta. The airline offered free changes to customers who meet the waiver requirements. American Airlines has expanded flexibility to include major hubs like Dallas-Fort Worth, Charlotte and the Carolinas, and United Airlines offered a waiver that covered the Mid-Atlantic, Northeast, and parts of the Carolinas, Ohio Valley and Newark. This allowed affected customers the ability to change their travel plans within a certain period of time without incurring any fees for changes or fare variations, as long as they kept the same itinerary. JetBlue has announced a Northeast waiver covering?New York City and Boston area airports. It will also waive cancellation and change fees for customers travelling to and from eleven cities. Frontier Airlines, an ultra-low-cost carrier, said that if domestic or international flights are delayed by more than six hours, they can refund travelers. Spirit Airlines said that it would waive modification fees and fare difference across 13 cities between January 23 and 25. Airlines advised travelers to closely monitor flight status and to use mobile apps or airline websites in order for rebookings to be made as quickly as possible. Travelers are already getting ready for disruptions. Hopper reported that it has seen an increase of 17% in travelers who add Disruption Assistance for trips this weekend. DePodwin said that even in places far from the storm such as Denver, Chicago, and Minneapolis, the ripple effects of the widespread travel-halting storm would be felt. Reporting by Rajesh Kumar Singh from Chicago, and Doyinsola Oladipo from New York. Editing by Louise Heavens, Andrea Ricci and Andrea Ricci.
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France intercepts suspected Russian Shadow Fleet Tanker in Mediterranean
On Thursday, the French navy intercepted in the Mediterranean a Russian oil tanker suspected of being part of "the shadow fleet" that allows Russia to export its oil despite sanctions. This operation was carried out with the help of several of our friends. Emmanuel Macron, French president, said on X that the operation was "completely compliant with the United Nations Convention on the Law of the Sea". In a separate press release, the French maritime security said that the intercept was made in high seas between the southern coasts of Spain and Morocco's northern coast. The statement also added that other countries, including Britain's navy, had supported the operation. John Healey, British Defence Minister, said that Britain provided support in tracking and monitoring for the operation. HMS Dagger was one of the vessels that monitored the tanker GRINCH as it passed through the Straits of Gibraltar. RUSSIA ADOPTS TO SANCTIONS The EU has imposed sanctions on Russia in 19 different packages. However, Moscow has not only adapted to the majority of measures, but continues to sell millions and millions of barrels at discounted prices to countries like India and China. A large amount of oil is transported by what's known as the shadow fleet, a group of vessels that operate outside the Western maritime industry. In his blog post, Macron stated that the intercepted oil tanker was sailing out of Murmansk (northern Russia) and is under international sanctions. It's also suspected to be operating under a false banner. According to LSEG, the tanker was flying a 'Comoros flag. Macron said that "the activities of the Shadow Fleet contribute to funding (Russia's war of aggression) against Ukraine". In a recent post on X, Ukrainian President Volodymyr Zelenskiy?said that the operation was exactly the type of resolve required. He proposed that the oil carried by the tankers of the Shadow Fleet be confiscated and then sold. The case was sent to the Marseille prosecutor, who is responsible for?matters relating to maritime law. The prosecutor ordered that the ship be diverted "for further investigation". TASS reported that Moscow claimed France hadn't informed Russia of the intercept. The Russian Consulate in Marseille, citing the Russian Embassy in France, TASS, reported that the Russian Consulate in Marseille was?trying to determine whether Russian citizens were among the crew. In October, France arrested another sanctioned oil tanker, the Boracay. It was released after a couple of days.
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US Airlines issue waivers for travel as Winter Storm Fern threatens to cause widespread disruptions
U.S. Airlines have announced sweeping travel waivers in response to Winter Storm Fern. Forecast to bring?heavy snow and sleet across two dozen states as well as dangerous ice, Winter Storm Fern threatens to disrupt air travel throughout a large swath across the country. National Weather Service warned that a mix of freezing rain and sleet could cause travel hazards and power outages in the Southeast. More snow is forecast further north. AccuWeather predicts that the winter storm will bring temperatures?not seen in 2021. Carriers warned that the combination of ice, strong winds and snow could cause delays, cancellations and rebooking difficulties during the busy winter travel period. MAJOR AIRLINES OFFER FLEXIBLE REBOOKING Options Southwest Airlines has warned that it will be experiencing disruptions in parts of the South East and South. Customers can rebook or travel standby if they wish within a 2-week period. Delta Air Lines warned that weather conditions could affect flights in the Southeast and Southern Plains, including the Atlanta hub. Customers who meet the waiver requirements can make changes to their travel plans without paying any fees. American Airlines has expanded similar flexibility to its network, which includes major hubs like Dallas-Fort Worth, Charlotte and the Carolinas. United Airlines, which operates in Newark, Washington and the Ohio Valley, also issued a waiver that covered much of the Mid-Atlantic, Northeast, and the Carolinas. JetBlue has announced a Northeast waiver covering New York, Boston and other?area airports. It will also waive cancellation and change fees for customers travelling to or from 11 cities. Ultra-low-cost-carrier Frontier Airlines ?said if flights are canceled or delayed for more than three and ?six hours for domestic and international flights respectively, travelers can request a refund. Spirit Airlines has announced that it will waive modification charges and fare differences in 13 cities between January 23-25. As the storm progresses, airlines urged travelers monitor flight status and to use mobile apps or airline websites to rebook flights as quickly as possible. Reporting by Rajesh Kumar Singh from Chicago and Doyinsola Oladipo from New York, with editing by Louise Heavens
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Castlelake begins talks with bankrupt Spirit after Frontier's bid is deemed inviable
Four people with knowledge of the situation say that Castlelake, an investment firm, has entered 'talks' to buy Spirit Airlines after a rival offer from Frontier Group Holdings in November was deemed to be unviable. Castlelake's discussions with Spirit Airlines may not lead to a viable deal or offer, but they have revived hope that Spirit, which has filed for bankruptcy twice in less than one year, could still find a way out through a sale, rather than risking liquidation or becoming a much smaller airline. CNBC was the first to report Castlelake's interest. Spirit and Frontier declined to comment. Castlelake didn't immediately respond to an inquiry for comment. "A VERY DIFFERENT SENSE OF SPIRIT" The company's survival is at stake. Marshall Huebner of Davis Polk & Wardwell, representing Spirit at a hearing held on Wednesday in the U.S. Bankruptcy Court of the Southern District of New York said: "It's fair to state that the airline was substantially reimagined and almost completely re-invented over the past several months." "This is an entirely different spirit. He said that the Spirit is smaller, tighter and better. Spirit's creditors kept the carrier afloat in its second Chapter 11 through emergency financing, including a lifeline of $100 million secured in December for operations and restructuring. The next steps could determine if Spirit is acquired or disappears. The union of pilots is publicly pressing bondholders to release additional financing in order to avoid liquidation. In a letter sent to bondholders on January 13, the Air Line Pilots Association (the union that represents Spirit's Pilots) said: "What remains unclear is whether or not its bondholders are willing to honor their funding commitments to allow a restructuring, or if they would rather force a liquidation, which would destroy South Florida's hometown carrier." Spirit's problems are partly due to the tougher environment that discount airlines face: excessive?capacity and tepid leisure demand, as well as fare pressure from legacy carriers who flood the market with cheap seats. Spirit's financial officer Fred Cromer said that the industry did not see a hoped-for recovery in 2025. This left Spirit overextended, and forced to make drastic cost cuts. This combination undermined Spirit’s turnaround following its first bankruptcy. In October, the airline reduced its fleet by almost 100 aircraft and exited more than a dozen U.S. market and suspended around 40 routes in its restructuring plan. Spirit's financial future is becoming increasingly uncertain as its bankruptcy proceedings began in August. This was its second filing within a year. Castlelake launched Merit AirFinance in August. The platform is backed by $1.8billion of deployable capital and aims to provide debt funding to airlines and aircraft lessees for both new and used assets. Reporting by Sabrina Valle in New York and Doyinsola Oladipo in Bengaluru, with additional reporting by Shivansh Tiwary in Bengaluru, Abhinav Paramar in Bengaluru, and Nathan Gomes at Bengaluru. Editing by Shailesh Kuber, Vijay Kishore and Rod Nickel.
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Largest US electric grid expects all-time record winter demand
The PJM 'Interconnection', the U.S. largest power grid, is expected to reach a new record next week. This is as the United States prepares for a blast of Arctic cold. PJM's forecast for the next seven days, published on Thursday morning, predicted 144 465 megawatts on demand on 27 January. This would be a new?winter record for PJM, surpassing the 143.700 megawatts set in January 2025. PJM, the largest grid operator in North America, serves 67 million customers?in thirteen states and Washington, D.C. PJM struggles to keep up 'with the booming demand resulting from the proliferation of 'Big Techs power-hungry?data?centers required for the rapid growth of artificial intelligence. PJM did not respond to a request for comment. The grid operator stated in November that it would be able to provide enough resources to service the 67,000,000 people?in its footprint?this winter, under the expected conditions. PJM anticipates having a total of?180.800 megawatts operational capacity. This is enough to meet peak demand. The National Weather Service has predicted that a cold front will bring sub-zero temperatures to the Eastern two-thirds.
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Defence stocks dip on Ukraine peace hopes, but Ukraine-exposed stocks rise
European stocks that would benefit from the end of Russia's conflict in Ukraine rose?on Friday, while defence stocks fell?after Ukrainian President Volodymyr Zelenskiy announced that Ukrainian and Russian teams would have their first trilateral meetings with U.S. officials. During his meeting with U.S. president Donald Trump, Zelenskiy talked about security guarantees and a post-war recovery plan. Austrian 'bank Raiffeisen' gained 6%. Wizz Air and travel company Tui rose 9% and respectively 4%. Ukraine-exposed miner Ferrexpo surged 19%. Buzzi, Heidelberg Materials, and Rockwool were among the best-performing stocks in an index of European construction and materials stocks. All rally when the markets are more optimistic about a possible deal to end the war. An index of European defence stocks fell 2.3% on the day, its largest daily drop since early December. Saab fell?4,3%, and Rheinmetall?3,7%. Defence stocks were already under pressure after Trump backtracked on tariff threats to Europe and decided against taking Greenland militarily. (Reporting and editing by Danilo Maosi; Alun John)
EU diplomat: EU-Mercosur agreement likely to come into effect from March.
An EU diplomat said that the EU's free-trade agreement with South American nations will likely?be implemented on a temporary basis as early as March. On?Thursday a challenge to the EU's highest court is looming.
On Wednesday, EU lawmakers sent the controversial trade agreement between the EU and Brazil, Argentina Paraguay, and Uruguay to the European Court of Justice. This could delay the deal by up to two years.
An EU diplomat said that the EU-Mercosur Agreement would be implemented provisionally after the first Mercosur nation ratifies it.
The diplomat said that "Paraguay is likely to be the next country in March."
MERZ, CHANCELLOR OF THE GERMAN BUSINESSES, CONDEMNS DELAY
After 25 years of negotiation, the EU has signed its largest ever trade pact. This delay has angered many German businesses and government officials.
Supporters say that the agreement is crucial to counterbalance business lost due to U.S. Tariffs and reduce reliance on China. They worry that a delay could hurt Europe's economic situation.
Tobias Meyer is the CEO of logistics group DHL. He said: "The setback undermines Europe’s competitiveness, and threatens European jobs and prosper" He said that it would be good to have the pact implemented while the court investigates.
"Europe cannot afford to fall further behind," he said.
On Thursday, Chancellor Friedrich Merz said that he regretted European Parliament's decision to the delegates of the World Economic Forum held in Davos, the Swiss Alpine resort.
But rest assured, we will not stop. The Mercosur agreement is fair and balanced. "There is no other alternative if we are to achieve higher growth in Europe," Merz stated.
The deal is being criticized by critics, including France, who say that it will lead to an increase in the importation of beef, poultry, sugar, and other cheap products.
French farmers staged major protests against the trade agreement in Paris with hundreds of tractors blocking the roads and landmarks like the Eiffel tower.
France says that the provisional implementation would be undemocratic
The French sugar beet lobby, the?CGB, has rejected any possibility that the agreement could take effect only provisionally.
"That's a denial to democracy." Unacceptable!" Franck Sander said?.
A spokesperson for France’s agriculture minister declined to comment.
The likely political backlash could make it difficult to apply the pact in the interim, while awaiting the final ruling and approval by the parliament. And the European Parliament would retain the right to revoke the pact later.
Maud Bregeon, spokesperson for the French government, told?CNews TV that if (European Commission president) Ursula von der Leyen - the European Union - were to force a provisional application through, given the Strasbourg vote, it would be a democratic violation.
The European Commission said that it would engage with EU government and legislators before deciding on its next move.
The EU leaders will meet in Brussels later this Thursday to discuss the strained transatlantic relationship in light of U.S. president Donald Trump's demand over
Greenland
(source: Reuters)