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Saluda Medical shares plummet on Australian market debut
Saluda Medical shares listed on the Australian Securities Exchange fell nearly 45% in their debut at the Australian Securities Exchange on Friday after raising A$231,000,000 ($152.67,000,000) through its initial public offer. Saluda is a U.S. medical device company that develops neuromodulation treatments to treat chronic neurological conditions. The company sold 87.1 new CHESS depositary interests at A$2.65, which valued the company at approximately A$775 millions at listing. In the first few trading minutes, the stock fell almost half its value to A$1.48. Saluda was founded in Sydney, Australia in 2010. The FDA-approved Evoke Spinal Cord Stimulation (SCS) System is a closed-loop system that uses neural biomarkers to measure and adapt therapy in real-time. Saluda made its debut after GemLife Communities Group IPO of A$750 Million in early July. This was the largest 2025 listing in Australia and surpassed Virgin Australia's A$685 Million offering at the end of June. (1 Australian dollar = 1.5131 dollars) (Reporting and editing by Alan Barona in Bengaluru)
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Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Ukrainian media reported that Dmytro Litvyn was an adviser to Zelenskiy. He said that Ukrainian officials had been informed of the drones but took no action. Lytvyn is quoted as saying "The host country is responsible for the security." According to their data there were drones. However, this did not impact the visit. There was no need to change the visit. Recent drone flights originating from unknown origins have disrupted airspace operations across Europe. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "However, Defence Forces Support to the Security Operation, led by An Garda Siochana, was successfully deployed through multiple means, ultimately leading to a successful and safe visit," (Reporting and editing by Timothy Heritage Ron Popeski Stephen Coates).
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CANADA CRUDE-Western Canada Select trades at steepest discounts ever since March
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures, which is North American benchmark, has narrowed slightly on Thursday. However, it remains larger than ever before. CalRock reported that WCS for Hardisty, Alberta delivery in January settled at $12.85 per barrel, which is lower than the U.S. benchmark WTI. This compares to $13 Wednesday. The WCS discount on increased Canadian oil production has recently increased after spending most of the year in historically tight levels. This is largely due to the Trans Mountain expansion pipeline which has provided additional export capacity for Canadian oil producers. According to government statistics, the oil-producing province Alberta has set a record for production in 2024 with an average of 3.98 million barrels per day. The first 10 months of the year 2025 have been 3.8% higher than the same period of last year. * Oil prices fell globally on Thursday as investors waited for the Federal Reserve's interest rate cut. Meanwhile, the stalled Ukraine talks dampened expectations that a deal would be reached to restore Russian oil supplies. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Sam)
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Brazil 2026 Budget Sponsor proposes $1.9 Billion Exclusion for State-run Firms' Fiscal Target
Gervasio maia, the Brazilian congressman who sponsored the bill on budget guidelines for 2026, proposed to exclude up to 10 billion reals ($1.9 billion) of next year's fiscal goal for state-owned enterprises. According to Maia’s amendment, this amount will cover the expenses of companies that have an active and approved economic-financial plan. The proposal gives President Luiz inacio Lula da Silveira fiscal flexibility. It comes at a time when the postal service Correios is facing a cash crisis. Last month, it approved a restructuring program as its losses soared this year. This raised doubts over the viability of state-run Correios. The company reported a loss for the year to date of 6 billion reals ($1.13 billion), nearly three times the amount reported a year ago. The government has to compensate state-owned companies when they exceed their fiscal targets. This often means freezing federal spending. This is what happened with this year's Budget, when the government in November approved it. It was necessary to offset the 3 billion reais deficit that had been expected at state-owned firms due to Correios’ troubles. Maia removed from her proposal a clause on compensation. This effectively prevents the government from implementing it in the event that state-owned companies miss their targets next year. After the bill was passed, the change to the budget proposal for 2026 was announced ahead of the joint session of the Congress on Thursday. Committee approval is expected to be made on Wednesday. Correios stated earlier this week that the Treasury Blockage It was prevented from taking out a loan of 20 billion reais (3.67 billion dollars) from a bank consortium with a guarantee from the government because the interest rates exceeded the limit for deals backed by the state. ($1 = 5.3048 reales) ($1= 5.3133 reales) (Reporting and editing by Diane Craft; Marcela Ayres)
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Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Recent drone flights in Europe have disrupted airspace operations. Their origin is mostly unknown. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "however, the Defence Forces' support to An Garda Siochana's (police) security operation was successfully deployed by multiple means, ultimately leading to a successful and safe visit,"
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after an incident that occurred in Georgia. A Waymo was not stationary as it approached a school bus while its red lights were flashing and its stop arm was deployed. The Austin Independent School District posted a letter on November 20, 2018 by the NHTSA. In the letter, they stated that five incidents had occurred in November following the announcement from Waymo that it had updated its software to fix the problem. They asked the company not to operate around schools at pick-up or drop-off hours until it was able to ensure the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. A lawyer for the district wrote: "We cannot let Waymo continue to endanger our students as it tries to fix the problem." Citing an incident in which a Waymo was "recorded" driving past a school bus that had stopped only moments after the student who crossed in front, while still on the road, had been in front of the vehicle. A spokesperson for the school district did not respond immediately to whether Waymo had met this request. NHTSA was prompted by the letter to ask Waymo if it would comply to the request that self-driving vehicles cease operations during pick-up or drop-off hours for students. They also asked: "Was a software fix developed or implemented to mitigate this concern?" If so, will Waymo file a recall to fix the problem? In a letter sent to Waymo by the NHTSA on Wednesday, it demanded answers to questions about school bus incidents and software updates that address safety concerns. David Shepardson is reporting.
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said on Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after a Georgia incident where a Waymo failed to remain stationary as it approached a school bus that had its red lights flashing with a stop arm deployed. In a letter published by NHTSA on Nov. 20, the Austin Independent Schools District stated that five incidents had occurred in November, after Waymo claimed to have made software updates to fix the problem. The district asked the company to stop operations near schools at pick-up or drop-off hours until it could be ensured the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. David Shepardson reports.
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Sources: Deutsche Bahn will return to profitability this year and next.
According to sources close the company, Deutsche Bahn will return to profitability this year and next, despite its underinvestment in trains and delays. After more than a decade underinvestment by the state-owned Deutsche Bahn, it has begun upgrading its tracks and overhead lines, as well as cutting administrative costs. This has led to major delays and cancellations across the country. Positive outlook is also a result of CEO Evelyn Palla's task to turn the company around. She took over on October 1. Palla will present her restructuring plan for the company at a meeting of the supervisory board scheduled to take place on Wednesday. Significant job cuts are expected. Deutsche Bahn has declined to comment. Sources said that the company expects a slightly positive profit before interest and tax (EBIT) in 2025 after a loss last year of 388 million euros. EBIT is expected to reach 500 million euros by 2026. The German Bahn also aims at reducing its net loss from 820 million euros to 180 million next year. Revenues are expected to stay stable, around 28 billion euro next year.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
In a middleclass suburban area of Mumbai, employees at SoftBankbacked Swiggy's grocery warehouse race against time to provide orders within 10 minutes. Their speed is tracked by the seconds on a screen that flashes red warnings for sluggishness.
Outside in sweltering heat, Swiggy's cyclists, sporting the firm's trademark bright orange T-shirt, frantically gather packed grocery orders to provide them nearby, while others go back to take on another shipment designated on their app and waiting.
Ideally, one requires to get finished with the entire (pickup). procedure in 1 minute 30 seconds, warehouse manager Prateek. Salunke stated.
Swiggy storage facilities are mushrooming across India to provide. whatever from milk and bananas to prophylactics and roses within. minutes - a business model that is improving how Indians store.
It is likewise threatening millions of mom-and-pop shops. that for decades dominated the grocery trade in a nation where. big supermarkets are fairly scarce and are located in more. upscale areas or malls.
Indians long depended on sees to small area outlets. for groceries or secured free shipments from them by means of phone orders,. before the increase of e-commerce activated by Amazon and. Walmart's Flipkart over the previous years.
But the U.S. giants, which provide location-dependent same-day. or next-day delivery, are not as fast with groceries as Swiggy. and its rivals Zepto and Zomato's Blinkit, which are. ushering a quick commerce boom.
Goldman Sachs said in April quick deliveries account for $5. billion, or 45% of India's $11 billion online grocery market. presently. As buyers prioritise convenience and speed, quick. commerce will account for 70% of the online grocery market set. to touch $60 billion by 2030, it anticipated.
IPO-bound Swiggy began as a restaurant food shipment. organization in 2014 and is valued at $10 billion, but it is now. switching equipments to wager more on the last-minute grocery. service in India, the world's third-largest retail market after. China and the United States.
We are training our guns to focus on a market much bigger. than food, a December 2023 private Swiggy technique. document seen stated of its Instamart service.
Its target? 21-35 years of age, time-starved metropolitan customers. who value convenience, the document stated.
Swiggy did not react to requests for discuss the. document or its broader technique.
The company doubled its warehouse count to 500 in 25 cities. last year and has strategies to increase it to 750 before April 2025,. said an executive at one of Swiggy's monetary investors, which. also consist of Prosus, Qatar Investment Authority and. Singapore's GIC.
Globally, COVID-19 lockdowns stimulated fast-delivery. start-ups, helping the similarity Turkey's Getir to broaden, just to. see the interest dissipate as shoppers went back to physical. outlets after the pandemic. Luxembourg-based Jokr downsized. from the U.S. market in 2022.
India is experiencing a different pattern.
Sumat Chopra, a partner at consultancy Kearney, said fast. commerce companies were benefiting from schedule of. cost-efficient warehousing area and spoiled Indian. consumers' long-time habit of buying simply a couple of products from. neighbourhood shops by phone.
Swiggy will even take an order for a single mango, though it. might cost about twice as much as strolling to a neighboring store.
Many consumers are willing to pay up to conserve time.
Mumbai lawyer Natasha Kavalakkat, 27, who has a stressful day-to-day. schedule, utilizes quick shipment apps like Swiggy and Zepto to. order apples and bread. She stated getting juice loads delivered. within minutes prior to a party was a game-changer.
This is too hassle-free.
VICTIMS OF THE BOOM
The rise of fast commerce implies numerous smaller stores. are reeling under pressure.
Suburban Mumbai grocer Prem Patel's service had prospered in. current years, enabling him to refurbish his shop and set up. cooling. He's not happy any longer.
Nobody buys milk from shopping centers and supermarkets. That was our. uniqueness. However these apps have changed the game, said Patel,. whose day-to-day sales have actually cut in half to about 25,000 rupees ($ 300).
4 retailer associations in four Indian states,. representing 90,000 grocery shops of the nation's estimated 13. million, informed regular monthly sales were stopping by 10% to 60%. for some due to rise of fast commerce apps.
Some conventional stores are reacting by becoming more. tech-savvy.
Hiren Gandhi, who chairs a retail association in Gujarat. state, has actually asked members to produce WhatsApp groups to take. orders and deliver products quickly in a 6.4-km (4-mile) radius.
Around 500 shops have actually taken steps to innovate and sustain. their business, he stated.
HIGH EARNINGS, NO REVENUES YET
Swiggy's financials for its Instamart fast commerce. division are not public, but the internal file revealed its. annualised order worth trebled from $340 million in December. 2021 to $1 billion in September in 2015. The business is still. loss-making, the executive at Swiggy's financier stated.
Swiggy's primary rival, Zomato, is India's biggest food. delivery service but obtained quick commerce business Blinkit in. 2022. Goldman Sachs said Blinkit is more valuable to Zomato than. food delivery and is anticipated to publish orders worth $2.7 billion. this year, nearly 60% greater than approximated in 2015.
Zomato, in a May regulative disclosure, said Blinkit had. recovered cost for the first time, however it expected its operating. revenue to hover around absolutely no for the next couple of quarters. It did. not react to a request for further comment.
Experts caution dependence just on big cities to lure. clients and high costs on advertising discount rates and. marketing that keeps earnings at bay might prove dangerous for quick. commerce firms in the low-margin groceries service.
But Swiggy and Blinkit are already diversifying beyond. groceries into higher-margin items.
On Swiggy's app, consumers can order fitness products and. electronics such as a $132 Xiaomi air purifier, while. Blinkit stated it offered a record number of roses, bouquets and. teddy bears in a single day on Valentine's Day in February.
Swiggy's Instamart was released as an Indian version of 7. Eleven (on the cloud), its internal document stated, but we are. altering our positioning to an online Grocery store.
(source: Reuters)