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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.
UK's last coal plant shutdown bodes well for US LNG exports: Maguire
United States exporters of melted natural gas (LNG) are likely cheering the shutdown of the last coalfired power plant in the United Kingdom, as the relocation locks in longterm gas need by the world's 6th largest economy.
By closing the 2,000 megawatt (MW) coal plant in Nottinghamshire, Britain has ended up being the very first G7 country to end coal-fired power production and make significant progress versus energy shift and contamination decrease targets.
However the move likewise elevates natural gas to the UK's the majority of vital power fuel, and indicates the country will likely require to boost gas imports moving forward even as power firms continue to roll out renewables and other types of tidy power output.
That's excellent news for LNG exporters in the U.S., which are the world's largest providers of the super-chilled fuel and are targeting growth into European markets which are quicker and less expensive to service than more remote buyers in Asia.
GAS DEFICIT
UK gas intake has surpassed domestic gas production for the past 20 years, according to the 2024 Energy Institute Analytical Review of World Energy.
In 2023, the UK's gas shortfall was just over 29 billion cubic meters, which is comparable to the yearly gas output of Kazakhstan, which was the 24th largest gas manufacturer internationally last year.
Historically, the UK has actually depended on Norway to offer a bulk of the UK's gas imports by pipeline, and around 41% of total UK gas imports came from Norway in 2023, according to UK government information.
Nevertheless, pipeline capacity constraints combined with a. drive to improve UK energy security has spurred a constant rise in. UK LNG imports over the past years.
LNG imports enable power companies to increase the quantity of gas. that is stored within the UK, and can function as a hedge against the. rate and supply volatility stemming from heavy dependence on only. a couple of pipeline suppliers.
In between 2018 and 2023, UK LNG imports leapt by 171% from. 7.2 billion cubic meters (BCM) to 19.4 BCM, according to the. Energy Institute.
That growth surpassed that of Europe as a whole over that. duration, and in volume terms positioned the United Kingdom second. only to France amongst LNG importers in Europe from 2018 through. 2023.
US BOOM
This climb in UK LNG demand came at a best time for U.S. LNG exporters, who have actually been on a drive to diversify LNG sales. beyond Asia.
Between 2008 and 2018, around 64% of U.S. LNG exports was. shipped to Asian markets such as Japan, China and South Korea.
Those nations are thought about long-term growth markets for. gas, therefore are natural targets for all LNG exporters.
However, U.S.-based sellers are at a serious competitive. drawback compared to Australia and Qatar in serving Asian. markets, due to longer journey times.
The trip from the U.S. East Coast to Southern China, for. instance, can take 35 days, according to LSEG.
That is almost 4 times longer than from Australia and two times. the period from Qatar, and implies U.S. vessels are tied up for. far longer on those routes compared to their competitors.
The freight economics turned, nevertheless, on European routes.
The journey time from Cove Point on the U.S. East Coast to the. U.K.'s Grain LNG import terminal is approximately 11 days.
That compares to nearly 20 days from Qatar and 30 days from. Australia, therefore suggests that U.S. LNG shippers can provide faster. shipment schedules and lower freight expenses than their peers.
And during 2022 and 2023 - when Europe's power markets were. rising following Russia's invasion of Ukraine - lots of buyers. were happy to pay leading dollar for rapid and regular LNG materials. in order to avoid power failures.
CAPTIVE
U.S. exporters took full advantage of the boom in European. LNG import demand in 2022 and 2023, more than doubling shipments. to the continent in 2022 to a record 52.5 million metric loads,. and after that raising sales volumes by an additional 8% in 2023.
Up until now in 2024, however, the speed of sales to Europe has. contracted by 22%, dealing a blow to the short-haul service. paths from the U.S., Kpler data shows.
Sales to the UK so far this year are down. roughly 60%, and the lowest since 2021.
Fortunately for U.S. LNG sellers, an approximately 43% increase in LNG. imports from Asia has balanced out the volume loss to Europe, and has. pushed total LNG exports to a new high so far this year.
Nevertheless, the greater deliveries to Asia have come at the cost. of lengthier journeys and longer turn-around times before vessels. can get refilled.
Moving forward, nevertheless, U.S. LNG exporters will be hoping. for a rebound in UK LNG demand, which might help prevent any power. supply problems following the coal plant closed down, and fuel fresh. growth in one of the most profitable U.S. LNG trade paths.
<< The viewpoints expressed here are those of the author, a. columnist .>
(source: Reuters)