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US launches investigation into fatal Tesla crash in Texas home
The U.S. government said Monday that it is investigating the crash of a Tesla Model 3 on June 19, which was using a driver assistance system at the time. It struck a house in Katy, Texas and killed a woman aged 76. Since 2016, the National Highway Traffic Safety Administration (NHTSA) has opened more than 50 "special crash investigations" into Tesla incidents in which advanced driver assist systems like Autopilot are suspected of being used. About two dozen fatalities have been reported. Separately in March, NHTSA escalated its investigation into 3.2 Million Tesla vehicles equipped with "Full Self Driving" due to concerns that the system could fail to warn or detect drivers in low visibility. Conflicting Accounts Emerge Ashok Elluswamy who is Tesla's head of self-driving 'efforts', told X on Monday that the driver had overridden the automated system in the vehicle before the fatal accident 'in Texas. In this case, a driver manually overrode the self-driving system by pressing the pedal all the way up to 100% in a residential area. "They reached a speed 73 mph in the crash and continued to press the accelerator even after the accident," Elluswamy stated. In a press release, the Harris County Sheriff's Office stated that the driver had reported he had the automated driving assist system "enabled" at the time of crash. The statement also said that the Tesla "entered the brick residence at a very high speed and struck M. Avila, who was in the residence." Elon Musk, Tesla's Chief Executive Officer, questioned the media coverage. He said on X that a Business?Insider article about the investigation was "incomprehensible." Elon Musk said that Tesla's Full Self-Driving System "drives slowly along neighborhood streets." NHTSA opens approximately 100 special crash investigations per year, focusing on emerging technologies and potential issues in auto safety. These investigations have in the past?helped to develop safety standards on airbags. NHTSA began an investigation in October into 2,88 million Teslas equipped with FSD after receiving more than 50 reports of safety violations and a series crashes. Tesla 2023: Recall 2 million vehicles, nearly all its electric cars on U.S. highways to ensure that drivers are paying attention when using Autopilot.
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Grid operator: Britain will have enough power this winter
The National 'Energy - System Operator (NESO), in a report on Tuesday, said that Britain would have 'enough electricity this winter despite disruptions caused by the Iran _war to energy flows. The United States and Iran are currently in peace talks to resolve a conflict which has caused energy shipments via the Strait of Hormuz to be disrupted. This area accounts for approximately a fifth if the global liquefied gas supply. "While we continue to monitor the global energy'markets, businesses and households can rest assured that electricity supply remains secure," said Deborah Petterson, NESO director of whole system resilience. Qatar is the only gas supplier to Britain, and it ships its gas across the Strait. Britain will likely be a net electricity importer over the winter, and domestic electricity prices are expected to remain higher than in Europe. NESO anticipates a margin of de-rated capacity,?which is a measurement of the excess capacity expected over?peak demand. This will be 5.5 Gigawatts, in line with recent winters, and equal to 8.8% forecast peak demand for an average cold snap. (Reporting and editing by David Goodman.)
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Qatar sovereign wealth Fund invests $75 million in Doncasters before NYSE debut
Qatar's sovereign fund will bet $75 million on aerospace precision parts maker Doncasters Group before its U.S. listing. According to a SEC filing made on Monday, the Qatar Investement Authority (QIA), has agreed to purchase the shares at IPO prices. The filing stated that QIA would receive 2.5 million ordinary shares if the IPO price range was at the middle of it. The Derby-based United Kingdom company wants to raise up to $746.9 million through its IPO. It will offer 23.3 million shares at prices between $28 and $32 each. The aerospace parts manufacturer would have a $4.51 billion market value if the IPO price was at the highest end of the range. This is based on its outstanding shares as listed in the?filing. Doncasters competes with Howmet, Precision Castparts and makes a variety of complex parts, including blades and vane, for aerospace engines and industrial gas generators. The QIA placement is in addition to the?private placement in which certain existing shareholders, directors included, agreed to purchase $66 million in?Doncasters stock. Jefferies and Morgan Stanley are joint bookrunners. Doncasters is set to list on the NYSE with the symbol "DPC". (Reporting by Pragyan Kalita in Bengaluru; Editing by Vijay Kishore)
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US agencies investigate near-miss between American and Delta jets at Boston Airport
The National Transportation Safety Board announced?on Monday that it will be opening an investigation in a near miss?incident which occurred on Saturday between two passenger planes?at the Boston Logan airport. Federal Aviation Administration is investigating the incident. The crew of a Delta Air Lines Airbus A319 performed a go around on Saturday as an American Airlines Boeing 737 was leaving from an intersecting airport. Flightradar24, an online flight tracking service, said the planes were 325-350 feet apart, based off barometric pressure measurements. The actual distance between aircraft's closest parts was probably a little smaller. Delta stated that the crew of the Dallas-bound flight followed established procedures in coordination with the air traffic controller and did a go around on the approach. They landed safely. American declined to comment immediately. Senator Jerry Moran (a Republican who chairs a aviation subcommittee) was due to hold an hearing on Tuesday on close calls in the aviation industry. He cited this incident. Moran stated that it is vital that we tackle the challenges that face our aviation system, and improve the procedures and technology that keeps the flying public safe. Airlines for America CEO Chris Sununu is scheduled to testify at the Senate Commerce Aviation Subcommittee Hearing on Tuesday. He will say that the system is "safe" but must be improved. Sununu wrote in his written testimony that "when any layer shows signs of stress, localized or systemic it requires a deliberate and appropriate response." "We must strengthen the system, using every possible insight to prevent incidents rather than just reacting to them." Congress is examining competing aviation safety reform measures following a collision between an American Airlines regional plane and a U.S. Army Black Hawk helo in January 2025 that killed 67 near Reagan Washington National Airport. (Reporting and editing by Nia William and David Gregorio; reporting by David Shepardson)
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Alberta talks to Japan about boosting Canadian crude imports
Brian Jean, Alberta's Energy minister, said that the government is in discussions to export more crude oil?to Japan and reduce the country's dependence on the Middle?East. Jean stated that Alberta offered to fund the construction of an oil coker unit to allow one or more Japanese firms to process the heavy crude produced by Alberta's sands. Jean said that the province is also exploring if heavy Alberta crude can be blended with lighter synthetic oil in order to create a blend more suitable for Japanese refiners. Jean was in Japan for in-person discussions with Japanese government officials and company representatives last week. Jean stated, "We want our customers to be heard and we want to provide them with what they want." Alberta first announced its intention to invest in Japan's refinery sector last year. Japan imports 95% of its crude from the Middle East. This concentration is widely viewed as a significant energy security risk, especially in light of the Iran War that stopped the flow of oil through the Strait of Hormuz. Canada is also eager to diversify exports because of the uncertainty surrounding President Donald Trump's policies on trade. Canada, which is the fourth largest oil producer in the world, sends 90% of its crude to the United States through southbound pipelines. The east-west Trans Mountain expansion pipeline, which will be opened in 2024, will increase Canada's capacity to export its crude oil to Asia via the Pacific. China is the continent's largest buyer of Canadian crude. The pipeline has reached its full capacity. Although Japan has occasionally purchased cargoes from Trans Mountain, its refinery facilities are generally not compatible with the heavy, high-sulfur crude oil produced by the Canadian oil sands. Jean reported that he had met with officials of the Japan Organization for Metals and Energy Security, the Japan Bank for International Cooperation, the Ministry of Economy, Trade and Industry, as well as'refiners,?steelmakers and energy traders, last week. Jean stated that talks are continuing. Alberta's proposal may help make the case for the new 1 million barrels per day oil export pipeline to the west coast. The province has been lobbying for this project. Alberta's government has said that it will reveal its proposal by July 1, which is a pipeline for which no private company yet has committed to build. The oil production in Canada will increase in 2026, and is expected to surpass the previous record of 5.3 millions bpd.
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US FAA selects ASI to overhaul software for improved flight schedules and reduced delays
Federal Aviation Administration announced on Monday it has awarded an $875,000,000, 12-year contract with Air Space Intelligence for the overhaul of U.S. flight schedules to improve how flights in the United States are managed. The 'FAA will utilize a new system to provide data and ensure that the?capacity is adequate for the?demand for air traffic. The FAA said that the system would use data to avoid significant delays and congestion "by strategically co-ordinating schedules and trajectories prior to aircraft departure". SMART is a system that uses data to analyze air traffic, weather, airport capacity and operational constraints. It can predict traffic flow and identify conflicts before they happen. The FAA has been in contact with airlines for several months to discuss the program. However, they have privately expressed concern about the way the agency decides which flights need to be moved when there are conflicts. They also have concerns about whether the system could be implemented as early as this fall. The FAA has been struggling to solve the problem of congestion for years. It is facing a rising?demand', runway construction issues, severe weather and a shortage of air traffic controllers. In April, the agency told airlines to reduce 300 flights daily at Chicago O'Hare, citing concerns about congestion. Last week, it extended flight reductions at Newark, as well as other airports in New York's area. The Congress allocated $12.5 billion last year to upgrade outdated technology and staff understaffed air traffic towers. USDOT is asking for another $10 billion to make further improvements. Air Space Intelligence's CEO,?Phillip Buckendorf, said that the system would use "commercially-proven technology" already helping everyone from major airlines to the broader aviation community to operate more efficiently. U.S. Transportation Sec. Sean?Duffy said that "we must change the way flights are managed" and noted that the system would "fundamentally reshape the airspace'management - slashing tens of thousands of cancellations and delays in the process." Airlines for America (the main industry trade association) said the program would "make air travel more efficient and timely, while maintaining our gold standard of safety." The group stated that the program would provide carriers "more efficient routings, and more predictability about system capacity to balance demand and capacity." (Reporting and editing by Mark Porter; David Shepardson)
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EasyJet rejects offer from Castlelake and holds out for higher bid, reports FT
The Financial Times reported that EasyJet and its investors are holding out for at least PS600,000,000 ($794.46 Million) more from U.S. suitor Castlelake. This was based on the knowledge of people who were involved in the negotiations. The airline said that the $6.3 billion offer from the U.S. Investment?firm undervalued its business. Castlelake had made its offer public the previous day. The FT quoted a large investor who said that easyJet would be willing to accept an offer at or above PS7 per share, which would put the company's value at around PS5.3 billion. Castlelake stated in a Monday morning statement that easyJet’s "unwillingness" to engage'meaningfully' was the reason for going?public? with?the?bid, which included an equity option for partial investors. Castlelake declined to comment on the report. EasyJet didn't immediately respond to any? EasyJet did not immediately respond to a request for comment.
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California sues US EPA for sending emission rules to Congress with the possibility of reversal
The state ?of California sued the U.S. Environmental ?Protection Agency on Monday after the agency ?earlier ?this month sent the Republican-controlled Congress landmark state vehicle emissions rules for potential repeal. According to the EPA, waivers granted under the Clean Air Act in California for environmental regulations passed under previous Democratic administrations were supposed to be sent under the Congressional Review Act. California said that the action was illegal, and should be stopped by the U.S. District Court of?the District of Columbia. They argued that the EPA wanted to "wave a magical wand", and turn a waiver in a rule. These illegal actions will lead to more pollution, worse air quality, increased market uncertainty and more health risks in communities that are already overburdened with emissions, said California Attorney-General Rob Bonta. He noted the state had received more than 75 environmental waivers. The EPA 'didn't immediately comment. The Trump administration is waging a multi-pronged campaign to deny California's ability to?require cleaner vehicles and?more electric cars. The EPA also enacted regulations that make it easier for automakers sell more gasoline powered cars and trucks while making EVs more expensive. California was granted authority to set its own emissions standards for cars, trucks and lawn and garden equipment through the four waivers that were sent to Congress to be reviewed. These rules have prompted companies to develop 'cleaner electric models' to reduce emissions. California's vehicle emission rules were approved in 2022 by the EPA under former President Joe Biden. California's regulations require automakers sell an increasing number of electric cars and adhere to increasingly strict limits on tailpipe emission. These rules are "much stricter" than those imposed by Trump's administration which intends to rollback federal fuel economy regulations. Trump signed legislation in 2017 to repeal California's regulations that aim to phase out gasoline-powered vehicles by 2035. California argues that the rules will save consumers more money on fuel than the upfront cost of EVs. After Toyota, GM and a number of other?automakers lobbied to be exempted from California's emission?regulations, Congress revoked California's authority to ban traditional gasoline-powered cars?after the year 2035. The EPA had sent Congress a waiver of that program to be reviewed. Many Democratic legislators argued that waivers were not subject to review under the CRA. California has also challenged this waiver submission before Congress. (Reporting and editing by Mark Porter, Deepa Babington, and David Shepardson)
The morning bid for EUROPE-Yen is in trouble
Gregor Stuart Hunter gives us a look ahead at what the markets will be like in Europe and around the world. The yen is once again near its lowest levels?in the last 40 years, and the possibility of a joint intervention is looming after the?U.S. and Japan's finance minister met online. Treasury Secretary held an online "meeting" to discuss global financial markets.
In the morning Asian trading on Tuesday, the yen traded at 161.60 to a dollar, its lowest level in two-years. It had moved within a few pip of levels that were not seen in decades during U.S. market hours. The Bank of Japan has increased interest rates and intervened in the market since April, but it was not enough to stop the decline of the yen. Koo Yun Cheol, the South Korean finance minister, told a Tuesday cabinet meeting that the current level of foreign exchange at mid-1,500 won to the U.S. Dollar was "excessive." The KOSPI index's losses, after it closed at a new record high on monday, caused a brief trading halt. This dragged MSCI’s broadest Asia-Pacific share index outside Japan by 1.5%. Japan's Nikkei index retreated by 1.2% after an eight day winning streak. Data on Tuesday revealed that the manufacturing sector in Japan had experienced robust growth during June. A gauge of new order surged to its fastest rate in over four years. Brent crude fell 0.4% to $77.56 per barrel on Monday, after the United States lifted sanctions against Iran for 60-days starting from Monday following the first talks in a new 'peace agreement. S&P 500 futures are down 0.5% after tech giants weighed heavily on Wall Street stocks on Monday. Early European trades saw pan-regional futures?down by 0.6%. German DAX Futures were down 0.7% and FTSE Futures were down 0.8%.
The following are key developments that may influence the markets on Tuesday.
Earnings of the company
FedEx, Cerebras Systems, Carnival Corp
Economic Events
France: S&P Manufacturing Flash PMIs for the month of June
S&P flash PMIs in June for the Euro zone. UK: CBI Trends and Flash PMIs.
Debt auctions:
Germany: 2-year Government Debt (Reporting and Editing by Jamie Freed; Gregor Stuart Hunter)
(source: Reuters)