Latest News
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Air taxi firm Vertical states Mudrick to transform some notes to equity, extend repayment deadline
UKbased Vertical Aerospace stated on Monday that investor Mudrick Capital has consented to convert 50% of its outstanding convertible debt notes to equity and extend the payment date on the rest to December 2028, giving the cashstrapped airtaxi maker monetary breathing room. Mudrick will likewise dedicate $25 million in upfront funding in Vertical's next equity round and an additional $25 million backstop that will be reduced by any quantities raised from third celebrations, according to a news release being released later on today. The agreement will extend Vertical's money runway into the fourth quarter of next year. The company had actually previously flagged going issue doubts. The term sheet consists of a choice for Vertical founder Stephen Fitzpatrick to invest an additional $25 million into the company in the next year after he missed out on a previous deadline to inject cash. Mudrick earlier this month served a default notification to Vertical on convertible senior secured notes due 2026 after the business informed the financier it might fall nasty of certain covenants under their arrangement. Under the term sheet unveiled on Monday, roughly $130. million of Mudrick's convertible notes will be transformed into. equity at $2.75 per share, Vertical said. The company is among a few eVTOL makers wanting to overthrow. city travel by using trips. However, the industry requires to. deal with regulative difficulties and get rid of battery limitations. They. also have to encourage the general public that their airplane are safe.
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At least 22 Somalis dead after boats capsize off Madagascar, authorities says
A minimum of 22 Somali citizens died when 2 migrant boats capsized off the coast of Madagascar over the weekend, Somalia's Details Minister Daud Aweis stated. Madagascar's Port, Maritime, and River Authority (APMF). said the boats had set sail from Somalia for the French Indian. Ocean area of Mayotte on Nov. 2, a journey of numerous. hundred kilometres. On Saturday, the port authority reported that local. fishermen found the very first boat drifting on Friday near Nosy. Iranja. They rescued 25 people, consisting of 10 guys and 15 ladies,. but 7 occupants died, the authority stated. A 2nd boat carrying 38 people reached Madagascar's. Port du Cratère, according to APMF. The maritime authority did. not reveal a death toll for the 2nd boat but confirmed the. rescue of 23 people. Somali Info Minister Aweis, citing details from. his equivalents in Madagascar, confirmed the overall death toll. at 22. They had to do with 70 Somalis, 22 of them passed away. One boat was. bring 38 individuals and the other boat was bring 32 individuals,. Aweis stated on state-owned television late on Sunday. In current decades countless individuals have attempted to make. the crossing to Mayotte, which has a greater standard of living. and access to the French welfare system. Mayotte is formally part of France, although Comoros. claims it. Aweis stated Somalia will examine where the boats sailed. from, describing those who organised the trip as bad guys included. in illegal immigration. This is likewise a message of cautioning to those who want to. immigrate illegally before they go and die in such way. It is. regrettable individuals still go despite risk, he added. In early November, a minimum of 25 individuals passed away off Comoros. islands after traffickers capsized their boat.
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Bangladesh gets offers in 50,000 T wheat tender, traders say
The lowest offer in an international tender from Bangladesh's state grains purchaser to purchase and import 50,000 metric tons of wheat which closed on Monday was examined at $286.08 a metric ton CIF liner out, European traders stated. Deals are still being considered and no purchase has yet been made, traders said. Reports reflect assessments from traders and even more price quotes of rates and volumes are still possible later on. Bangladesh has actually been active in wheat and rice import markets in October and November after huge floods in the country in August and October destroyed an estimated 1.1 million tons of rice. The most affordable offer in the tender was thought to have actually been submitted by trading home Agrocorp. 2 other business took part in the tender, preliminary reports from traders said. Trading house Aston offered $294.13. and Cereal Crops $299.95 both CIF complimentary out. Bangladesh typically does not make instant choices. about wheat purchases which can take a while to be validated. CIF liner out terms consist of ocean shipping and ship discharging. costs. Shipment is sought 40 days after the date of contract. finalizing. The wheat can be sourced from any around the world origins. except Israel and is sought for delivery to 2 ports,. Chattogram and Mongla. In its last reported wheat tender on Nov. 7 to purchase. 50,000 heaps, Bangladesh received the lowest offer of $292.14 a. load CIF liner out.
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UK travel interrupted as Storm Bert fallout continues
Britain's roadways and trains were struck by closures on Monday after Storm Bert damaged the country over the weekend, triggering extensive flooding and eliminating 4 individuals. There were more 200 flood cautions and flood signals in place throughout England and Wales, while trains from London to the southwest were cancelled and rail services in main England were badly interfered with. Do not try to travel on any route today, Great Western Train, whose trains connect London to Bristol and Cornwall, said on X. Amongst those killed during the storm were a pet dog walker in North Wales and a man who died when a tree hit his car in southern England. Major roads in Northamptonshire and Bristol were closed, while fallen trees on railway cut off services between London and Stansted Airport, Britain's fourth busiest center. The disturbance comes after Storm Bert struck Britain late on Friday, bringing snow, rain and strong winds. The Met Workplace kept a warning for strong winds in location for northern Scotland on Monday and stated the storm would clear from that part of the nation early on Tuesday.
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March demanding release of Pakistan's Imran Khan nears capital
A march by numerous supporters to demand the release of imprisoned previous Prime Minister Imran Khan reached the fringes of Pakistan's capital of Islamabad on Monday, his party and authorities said, amidst reports of violence somewhere else. Authorities have imposed a security lockdown for the last two days to obstruct the protesters, whom Khan has actually gotten in touch with to march on parliament for a sit-in presentation, while highways into the city have actually been barricaded. The government has utilized shipping containers to block major roadways and streets in Islamabad, the majority of them patrolled by big contingents of police and paramilitary workers in riot equipment. Officials and witnesses said all public transport between cities and terminals has actually likewise been shut down in the eastern province of Punjab to keep away the protesters, led by members of Khan's Pakistan Tehreek-e-Insaf (PTI) celebration. We wouldn't let them storm the capital, said provincial Information Minister Uzma Bukhari, adding that about 80 of Khan's supporters had been detained. Several authorities officials were hurt in clashes and rioting at some places in the province, she told a press conference. The capital included an additional layer of security ahead of a. see by the president of Belarus, Aleksandr Lukashenko, set to. arrive on Monday. Khan's celebration accused the federal government of utilizing violent tactics. to block the protesters, stating it had arrested hundreds of. employees and leaders. They are even shooting live bullets, one of Khan's assistants,. Shaukat Yousafzai, informed broadcaster Geo News television. Events of any sort in Islamabad have actually been banned, authorities. stated in a declaration. Authorities closed all schools in Islamabad. and the adjacent garrison city of Rawalpindi, while the internet. and WhatsApp messaging services also slowed. The demonstration march, which Khan has actually referred to as the final. call, is among numerous his party had actually held to seek his release. because he was imprisoned in August in 2015. The celebration's newest. demonstration in Islamabad, early in October, turned violent. Khan's third better half, Bushra Bibi, and a key aide, Ali Amin. Gandapur, who is the primary minister of Khyber Pakhtunkhwa. province, are leading a rally that got here just outside. Islamabad on Sunday night, his party said. Voted out of power by parliament in 2022 after falling out. with Pakistan's powerful armed force, Khan deals with charges varying. from corruption to instigation of violence, all of which he and. his celebration deny. The military has an outsized role in politics, and primarily. decides who will rule the South Asian nation of 241 million.
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Major Gulf markets gain in early trade; Saudi falls
Most stock markets in the Gulf rose in early trade on Monday, brushing off geopolitical tensions amid the ongoing war in between significant oil manufacturer Russia and Ukraine, although the Saudi index bucked the pattern to trade lower. Last week, Russia fired a hypersonic rocket at Ukraine in a. warning to the United States and Britain following strikes by. Kyiv on Russia, utilizing U.S. and British weapons. Dubai's main share index advanced 0.7%, led by a 2%. rise in blue-chip designer Emaar Residence and a. 2.2% boost in toll operator Salik. The Abu Dhabi index was up 0.4%. In Qatar, the index included 0.3%, with Qatar Islamic. Bank increasing 0.9% and petrochemical maker Industries. Qatar up 0.5%. MSCI's broadest index of Asia-Pacific shares. rose following U.S. President-elect Donald Trump's choice of. fund manager Scott Bessent as the next U.S. Treasury secretary,. with investors anticipating he will be a voice for markets in. Washington. Saudi Arabia's benchmark index dropped 0.5%, weighed. down by a 1.5% fall in Al Rajhi Bank and a 1.7%. decrease in Saudi Arabian Mining Company. Oil prices - a driver for the Gulf's financial markets -. pulled back following 6% gains last week, however remained near. two-week highs as geopolitical stress grew between Western. powers and significant oil manufacturers Russia and Iran, raising risks of. supply disruption. Saudi Arabia's energy index eased 0.2%.
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Power grid operators to release countertrading for aging Sweden-Denmark cable television
The national power transmissions system operators in Denmark and Sweden will present intraday market countertrading procedures from March 2025 to help in reducing wear and tear on an ageing subsea cable television connecting the 2 countries, they said on Monday. The measures are indicated to avoid the Konti-Skan electricity connection in between Jutland and Sweden, which has a capability to transport 715 megawatts (MW), from having its life expectancy lowered or stopping working, grid operators Energinet and Svenska kraftnaet stated. In countertrading, transmission system operators (TSO). normally purchase or sell energy in their grid locations, increasing or. decreasing power generation, to relieve bottlenecks in the. electrical energy grid at the demand of a neighbouring TSO. The relocation comes after the Nordic energy market in October. switched to a new, more vibrant computation model, which would. see the direction of electrical power flow on the cable switch more. typically, they included. Numerous shifts in between import and export are wearing down. Konti-Skan, which consists of two connections from 1965 and. 1988, respectively, the business said. The TSOs for that reason accepted correct flows designated in the. day-ahead market when the directional changes in the planned. flow are anticipated to adversely impact the cable, they included.
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Japan's Nikkei ends greater as investors assess favorable US information
Japan's Nikkei share average ended higher on Monday as local financiers found convenience from current U.S. data that indicated strong business activity in the world's biggest economy. A measure of U.S. service activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's. administration next year. The Nikkei increased 1.3% to close at 38,780.14 on. Monday. The index touched an intraday high of 39,053.64,. crossing the 39,000 level for the very first time since Nov. 15. The more comprehensive Topix gained 0.71% to 2,715.6. Abroad elements are essential for Japanese stocks now as. we have not seen much market-moving catalysts within Japan,. stated Fumio Matsumoto, primary strategist at Okasan Securities. Wall Street closed higher on Friday, with all 3 major. indexes posting weekly gains, following the release of the. business information. However the gains of the Nikkei were topped on concerns about. the possible effect of the Republican President-elect Donald. Trump's policy on Japanese exporters, Matsumoto stated. Uniqlo owner Quick Retailing leapt 3.5% to give the. biggest boost to the Nikkei index. Shares of chip-making equipment maker Tokyo Electron. acquired 3.9% and tech start-up financier SoftBank Group. included 3.3%. Keisei Electric Railway and Keikyu surged. 13.83% and 11.07%, respectively, after local media reported an. activist financier group was increasing its stakes in both. railway operators. Chip-testing devices maker Advantest slipped 2.3%. to weigh the most in the Nikkei. Phone company KDDI. fell 1.35%. Of the over 1,600 stocks on the Tokyo Stock market's prime. market, 45% rose, 50% fell and 4% were flat. Of the 225 stocks in the Nikkei, 143 increased, 79 fell, and. three were trading flat.
Verizon to sell mobile towers to infrastructure company Vertical Bridge in $3.3 bln offer
Verizon Communications will sell countless cellphone towers to digital infrastructure company Vertical Bridge in a $3.3 billion offer, it said on Monday, opening more money for the dominant U.S. wireless provider to bolster its network.
The deal, covering 6,339 towers across all 50 U.S. states and Washington D.C., consists of upfront money earnings of $2.8. billion. The towers will be leased back to Verizon for ten years,. with an alternative to extend the term approximately 50 years.
The sale is expected to nearby the end of 2024 and would. aid Verizon's efforts to drive down tower-related costs.
This fits with an international pattern of wireless operators. divesting their owned and run towers. But it is likewise a. recognition that towers are normally worth more in the hands of. independent operators who can more easily rent space on the. tower to multiple renters, MoffettNathanson expert Craig. Moffett stated.
Verizon currently has a tie-up with Vertical Bridge, under. which the facilities company prepares to build towers with the. wireless provider as the anchor occupant.
Vertical Bridge has more than 500,000 websites in the U.S. that. includes wireless and broadcast towers. It also has collaborations. with business consisting of AT&T and T-Mobile United States.
( This deal) positions us to profit from the growing. need for cordless facilities, particularly as AI-driven. technologies and 5G continue to reshape connectivity requirements. across industries, Vertical Bridge Vice Chairman Marc Ganzi. said.
Property supervisor DigitalBridge, which is the majority owner of. Vertical Bridge, and Canada's second-largest pension fund CDPQ. would provide capital to support the offer.
Verizon had stated earlier this month it would buy fiber-optic. internet supplier Frontier Communications in an. all-cash offer worth $20 billion.
J.P. Morgan and Centerview Partners LLC are financial. advisors to Verizon and Vertical Bridge, while Jones Day and. Greenberg Traurig are legal counsels to the firms, respectively.
(source: Reuters)