Latest News
-
India calls for a global code of conduct on pilot poaching
India has raised concerns about the rapid growth of its aviation system being stunted by poaching Indian pilots and crew members without proper notice. India, which is one of the fastest-growing aviation market in the world, struggles with a lack of experienced pilots. This has a negative impact on Prime Minister Narendra modi's ambition to create a global aviation hub that would create jobs. Air India's fatal crash has led to a tighter look at the aviation sector. India stated in a working paper it submitted to the U.N. agency for aviation, the International Civil Aviation Organization, on August 1, that foreign airlines were repeatedly hiring Indian airline staff. This "adversely impacts India's capacity to develop its aviation sector in a systematic manner." India reported in the newspaper that "Airlines (from other countries) tend to hire experienced pilots and engineers from Indian carriers. This prevents India's civil aircraft sector from achieving a planned and ordered growth." The paper did not name any specific foreign airline. This practice creates an endless cycle in which Indian carriers must constantly recruit and train replacement staff by diverting their resources away from expansion activities and improvements to operational efficiency. The paper was published on the ICAO's website in advance of its triennial meeting. This was not reported before. The Indian Civil Aviation Ministry did not respond to a request for comment. In April, the Indian government announced that the country will need 30,000 pilots in the next 15 years. This is up from the current 6,700-7,000. Airlines have collectively ordered more than 1,700 planes. IndiGo and Air India are the leaders in India's domestic airline sector, but all of the major international airlines operate regular flights. Air India and Akasa Air exchanged barbs in 2023 over the poaching domestically of pilots. The working document calls for the creation a code on conduct regarding the movement of aviation professionals among ICAO member countries. The code of conduct is not specified. The paper stated that "these challenges affect Indian carriers' abilities to compete on international markets... and achieve their ambitious target of 300 millions domestic passengers by 2030." ICAO was formed in 1944 after the United States invited over 50 allies to create a common system of air navigation. (Allison Lampert, in Montreal, and Aditya Kahra in New Delhi. Mark Potter (Editing)
-
Neo-Nazi leader sentencesd to 20 years in prison for plotting to sabotage Baltimore's power grid
The U.S. Attorney's Office for Maryland announced that the founder of a neo Nazi group, who plotted to sabotage Baltimore's electric grid, was sentenced to 20 years of federal prison and a lifetime of supervised freedom on Thursday. Brandon Russell, 30, from Orlando, Florida was found guilty of conspiracy to damage or destroy a energy facility at a trial held earlier this year. James Bredar, senior U.S. district judge in Baltimore, handed Russell the maximum penalty for this offense. Sarah Beth Clendaniel of Catonsville in Maryland, his co-conspirator convicted in the plot, pleaded to guilty and was sentenced to 18 years in prison in September 2024. The conspiracy to target several electrical substations in Baltimore, a predominantly Black city that is the largest in Maryland, was said by prosecutors to be a way of promoting a white supremacist agenda which sought the destruction of American society. In a statement released Thursday, U.S. attorney Kelly Hayes stated that Russell and his co-conspirator were driven by hatred in order to plan a dangerous plot which could have caused harm to thousands of people. The evidence presented at the trial revealed that Russell had devised a plan between November 2022 until his arrest in February of 2023 to fire on five transformers in a substation simultaneously in order to cause an all-out power outage in the city. The prosecution said that if such an attack had been carried out it would have caused damage of more than 75 million dollars. Ian J. Goldstein was Russell's attorney. He argued that Clendaniel had been "the most culpable" of the two defendants and sought a lower sentence than what she received. Goldstein told the New York Times in an email on Thursday that "we will be filing an immediately appeal." There are important appellate issues regarding what we consider to be unlawful warrantless surveillance on Brandon Russell, an American citizen protected by Constitution. Goldstein, who was reached by text on a flight, said he had been accurately quoted by The Times. According to the Southern Poverty Law Center (a civil rights group that tracks hate groups in the United States), Russell founded a neo Nazi group called Atomwaffen Division. After pleading guilty, he was sentenced to five-years in prison for possession of a destruction device that had not been registered and improper storage of explosives in connection with a alleged plot in Florida to attack powerlines. According to federal authorities, a confidential informant led the FBI back towards Russell, while he was under supervised release for the Florida case. The informant linked him to encrypted messages on the internet from a user called "Homunculus", who encouraged attacks on electrical substations. Reporting by Steve Gorman, Los Angeles. Editing by Lincoln Feast.
-
Peru's Petroperu eyes pipeline link for Ecuador oil
Petroperu, a state-run company, is working with Petroecuador on a framework deal to connect Ecuador's oil wells with the northern pipeline of Peru. This was announced by its chairman on Thursday. The agreement is currently being drafted by Peru’s Ministry of Energy and Mines and would include commitments to invest and execute a connection line of approximately 60 kilometers (37 miles) in an Amazonian area on the shared border between the two countries. Petroperu Chairman Alejandro Narvaez stated that "the exact investment and the financing of this connection have yet to defined." The executive, speaking at a press conference with foreign media, stated that, after a period of development, the project would allow Ecuadorian crude to be transported via pipeline to the newly expanded Talara refinery, which produces 95,000 barrels per day, in northern Peru. The Peruvian Oil Company, which is in a crisis due to the higher-than-planned investment made in Talara, anticipates a profit next year of $103 millions, compared with an estimated loss for 2025 of $223million. Speaking at the same event, Petroperu CEO Oscar Vera said that Petroecuador was likely to make the bulk of the investment. Vera stated that the current method of transporting crude oil by Petroecuador is extremely expensive. Petroecuador didn't immediately respond to an inquiry for comment. The 1,100-kilometer Peruvian pipeline is operational, but not in use, as there are no active transport contracts. Separately Petroperu announced this week that they had exported approximately 137.500 barrels (of commercial jet fuel) to Ecuador from Talara. (Reporting Marco Aquino, Additional reporting Alexandra Valencia Editing Marguerita Choy.)
-
Coast Guard: Helicopter crash that kills two shuts down Mississippi River
The U.S. Coast Guard said that a helicopter crash into a barge near Alton, Illinois on Thursday killed two people on board and closed the river for traffic. Jonathan Lindberg, a spokesperson for the company, said that no one was aboard the barge when it caught fire following the accident. He said that firefighters extinguished it. Lindberg stated that the river, which is a major waterway used for shipping crops and other goods was closed from mile marker 200 to mile marker 211, while officials investigated the incident. They also checked the water to make sure there were no debris. He said there was no estimated time for the river to reopen. The closure of Alton could cause barges to be delayed in their delivery of grain from the U.S. Gulf. (Reporting and editing by Chris Reese, Bill Berkrot and Tom Polansek)
-
Ontario invites proposals to study feasibility of cross-Canada energy corridor
On Thursday, the Ontario government issued a call for proposals to conduct a feasibility study in order to determine the best method to create a new energy and economic corridor within the state. The proposed corridor would include new Alberta-to Ontario pipelines that would transport Western Canadian gas and oil to refineries located in southern Ontario, as well as to tidewater ports like a new deep sea port off the coast of James Bay. The study will also evaluate the feasibility of port development on James Bay, Hudson Bay, and the Great Lakes as well as a possible refinery along the route of the pipeline. The energy corridor is a result of a recent Memorandum of Understanding between Ontario, Alberta, and Saskatchewan. They agreed to work together to protect Canadian workers, expand energy and trade infrastructure and advance nuclear development in order to meet the growing demand. Kinga Surma is Ontario's Minister of Infrastructure. She said, "In light of the unprecedented tariffs imposed by the United States, and the increasing geopolitical instabilities, Canadians need to work across government to build the energy- and trade-infrastructure we need to protect jobs and unlock new markets at home." (Reporting and editing by Leslie Adler in Bengaluru, with Sarah Qureshi reporting from Bengaluru)
-
How hot or not is the stock market? Recent high-profile US IPOs: How they have performed
The surge in the equity markets, and impressive debuts by notable newcomers, have renewed interest in initial public offerings. In the days after their debuts, the IPO price of stablecoin giant Circle and design software maker Figma peaked at 333% & 864% respectively. This shows how investors are eager to back companies that they believe will be future winners. This is how the S&P 500 benchmark has performed against an ETF that tracks major newly-public stocks over the last year. Here's a look at some of the largest IPOs from recent years: FIREFLY AEROSCAPE: Northrop Grumman's space technology firm Upsized Its IPO was priced above the range and raised $868.3 millions. Its stock Open the door to your own world Nearly 56% higher than the Nasdaq IPO price. FIGMA: Figma, a design software company, raised $1.22 billion through its IPO. The first day of the month has ended On the NYSE, a 250% gain in July was a staggering achievement. The price of its shares is now about 6% above where it opened and 174% over the IPO. CHIME: Financial technology company Priced at £ In June, the company raised $864 million through its IPO. Stocks are available for purchase. Open the door to your own world The price of the IPO is nearly 22% higher than it was when it first launched. CIRCLE INTERNET Stablecoins raised $1.05bn in a larger IPO in early June. The company debuted with a valuation near $18bn on a fully diluted base. The stock price closed 168% higher than the IPO. The stock price is 134% higher than its opening price. ETORO: eToro, the Robinhood rival, secured a valuation $5.64 billion following a 34% surge in its Nasdaq debut. In a larger IPO, the stock and cryptocurrency trading platform raised 620 million dollars. The stock price has fallen 19% since its debut. COREWEAVE: Although the AI cloud company's Nasdaq launch was relatively muted, its stock has nearly tripled despite having opened nearly 3% under its initial offer price. Nvidia's company raised $1.5 billion during its initial public offering, valuing it at $23 billion when fully diluted. VENTURE GLOBAL LNG: In January, the liquefied gas exporter reached a valuation of $1.75 billion. This is less than half what it had originally hoped for. In a tepid NYSE debut, the company's shares were opened at a price nearly 4% lower than their IPO. Since then, they have fallen by around 40%. SAILPOINT: In their Nasdaq debut the shares of identity security company Thoma Bravo, which is backed by Thoma Bravo, traded flat. This valued it at $12.80 billion. Since then, the stock has lost almost 12%. Austin, Texas based company raised $1.38 Billion in an increased IPO. ARM HOLDINGS In September 2023 the chip designer raised a total of $4.87 billion, which valued it at $54.5 Billion. It sought to be valued at up to $52 billion. Shares of the company rose by 10% at open. Since then, the stock has more that doubled. INSTACART: In its IPO, the San Francisco-based Maplebear company was priced at the upper end of the range. In September 2023, it raised $660m at a valuation of nearly $9.9billion. It raised its price range proposed and targeted an evaluation of up to 10 billion dollars. Stocks of the grocery delivery app soared 40% on opening and have since gained 14%. VIKING HOLDINGS In April of last year, the cruise operator raised $1.54billion in its IPO. This valued it at $10.35billion. The cruise operator had requested a valuation as high as $10.85 billion for the offering. Viking's shares were opened at 9% over their initial offer price, and they have since more than doubled. STANDARDAERO: In October of last year, the aircraft maintenance service provider raised $1.44 billion by pricing its offering over range. The initial target was a valuation up to $7.69billion. Shares of the Carlyle-backed firm began trading at 29% over the initial offer price. Since then, they have lost around 9%. LINEAGE: Cold storage real estate trust raised $4.45billion in its listing on July 20, 2024 at a valuation exceeding $18billion. It had set a target of a valuation up to $19.16 billion. Stocks of the company rose 5% at open on Nasdaq. It has however fallen 46% from its opening price. REDDIT: Social media giant Facebook raised $748 million at its IPO last March, valuing it at $6.4 Billion -- the upper end of the target range that it advertised. Since then, its stock has increased by more than four times. BIRKENSTOCK: The German sandal manufacturer, which is 250 years old, raised $1.48 Billion and was valued at $ 9.3 Billion in its IPO of October 2023. This was slightly less than its $10 billion target. The shares of this company debuted at a price 11% lower than their IPO, but they have risen by 20% since. ** Please note: Stock performance is based on the opening trade. ** Sources are: filings, LSEG reports,
-
At least four people killed when a train and bus collided in central Kenya
On Thursday, a train and bus collided at a railway crossing near central Kenya. At least four people were killed and others injured. The Kenya Pipeline Company said that the bus involved in the accident was carrying staff who were finishing their morning shift near Naivasha. The company released a statement saying that "all injured staff were evacuated to Naivasha hospitals for medical treatment." The company said that it would arrange airlifts to those who are critically injured. Red Cross workers at the scene reported that emergency teams have recovered four bodies so far from the wreckage. Kenya Pipeline Company has not stated how many people have been killed or injured. The Standard newspaper quoted a police officer as saying that at least six people were killed in the accident and scores more injured. (Reporting and editing by Alexander Winning, Hugh Lawson and Hereward Holland)
-
US startup Lyten buys troubled European battery manufacturer Northvolt
Lyten, a U.S.-based battery startup, has agreed to purchase the majority of the bankrupt Swedish company Northvolt. The announcement was made on Thursday. This could be a chance for Europe's once leading battery manufacturer to regain its former prominence. Lyten, an Silicon Valley startup that develops lithium-sulphur batteries as a cleaner option to lithium-ion cells, is backed both by Jeep owner Stellantis, and U.S. Delivery Services provider FedEx. The deal brings back hope for European battery independence. Northvolt, the continent's possible rival to major Chinese electric car battery makers, filed for bankruptcy in march, becoming one of Sweden's biggest corporate failures. A frantic search for a buyer ensued. Dan Cook, CEO of Lyten, said that the company's plans were to "pick up where Northvolt left off" and declined to reveal the price. He only stated that the asset was purchased at a "substantial discounted value". Northvolt received criticism for over-promising and failing to deliver quality battery cells that were deemed acceptable by clients. This was despite the fact that its largest customer, Scania, helped Northvolt. Lyten aims to restart its flagship Skelleftea factory in northern Sweden in 2026 and resume lithium-ion cell deliveries. In July, it acquired Northvolt’s energy storage business, Europe’s largest, in Poland. It is now targeting automotive, defense and energy storage markets. Cook confirmed that several former Northvolt management members would join Lyten. However, the founder and former CEO Peter Carlsson will not be joining. He said, "We're focused on becoming the leader in locally sourced and locally manufactured batteries both for the North American market and the European market right now." Lyten announced in July that they had raised over $200 million additional equity to support their acquisitions and expansion plan. Cook said Lyten's value would be proven to Northvolt’s former customers if it focused first on delivering high yields to one customer. Northvolt had an order book that once totaled more than $50 billion, including automakers like BMW, Volkswagen and Audi. Cook, Leyton co-founder, said, "We think they'll return, perhaps sooner than people believe." Northvolt's intellectual property and projects in Sweden, Germany, and Canada are included in the deal. The acquisition of its Canadian unit was also in progress. Northvolt, which had been expanding across the Atlantic before its collapse, refocused its efforts on Sweden, as its financial crisis intensified, and sold assets at nominal prices.
CANADA-CRUDE-Discount on Western Canada Select widens
On Thursday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened.
WCS for Hardisty, Alberta delivery in September settled at $11.95 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It was $11.85 on Wednesday.
* The difference between Canadian heavy crude oil and the U.S. benchmark is trending wider. Analysts say that this is due to a return to more normal market conditions after the discount was extremely tight due to wildfires which temporarily disrupted the oil sands production in Canada.
The demand for Canadian heavy crude oil, which is used to make asphalt in the United States, usually peaks at the beginning of summer and then drops as traders start to plan ahead for the fall.
* Oil prices fell globally on Thursday for the sixth straight session, after the Kremlin announced that Russian President Vladimir Putin will meet U.S. president Donald Trump in the next few days, raising hopes for a diplomatic ending to the conflict in Ukraine. (Reporting from Georgina McCartney, Houston; Editing and rewriting by Mohammed Safi Shamsi).
(source: Reuters)