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JGB and tech optimism boost Japanese stocks for third consecutive day
The Japanese stock market rose for the third day in a row on Tuesday, boosted by the gains of technology stocks and the optimism of investors about the government's attempts to stabilize the debt markets. The Nikkei Index rose 0.9%, while the Topix index grew 0.5%. The Nikkei Index saw 171 advancing issues against 52 declining ones. Stocks and Japanese government bonds have advanced in tandem, as concerns about the fiscal health of Japan's economy and its borrowing costs continue to grow. Katsunobu Kato, the Japanese Finance Minister, said that the government would work to maintain confidence in the JGB markets. This comes a day following reports that the finance ministry was considering purchasing some super-long-dated debt to limit rising yields. Maki Sawada is an equity strategist at Nomura Securities. She said, "We believe that lower interest rates as well as a stable dollar/yen exchange rate are supporting the Japanese stock markets today." Advantest, a chip-sector supplier, and Shin-Etsu Chemical, a chemical company, both jumped by 4% and 2,4% respectively following an overnight surge of nearly 2% in the Philadelphia SE semiconductor Index. Mazda Motor shares rose by 1.4% after the yen fell to 145 versus the dollar. This gave exporters a boost. Sumitomo Pharma, the largest percentage gainer on Nikkei, jumped by 5.8%. Motor maker Nidec, meanwhile, grew by 4.8%. After falling by the daily limit in two consecutive sessions, shares of space startup ispace rose 5.2%.
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Power authority: Companies are considering building 2 gigawatts of data centers near hydropower sites in NY
Justin Driscoll, CEO of the New York Power Authority (NYPA), said at a Monday conference that companies are looking to build 2 gigawatts worth of data centers close to hydropower plants operated by NYPA. The technology industry is spending tens and tens billions dollars just this year to build and run their energy-intensive AI Data Centers, which will propel U.S. electricity use to new records this year and by 2026. New York's grid operator predicts that by 2035, there will be 2.5 gigawatts worth of data centers and other large energy consumers. Driscoll, speaking at a New York Energy Week event, said that while some projects may not be realized, there is no doubt we need to increase our generation and transmission capacity in order to attract these companies. He did not name any specific company. About 800,000 households can be powered by one gigawatt. (Reporting and editing by Christopher Cushing in New York, Laila Kearney is based in New York.
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US law enforcement prepares for hundreds of thousands of attendees to the Army parade in Washington
Matt McCool, Special Agent in Charge of the U.S. Secret Service, told reporters on Monday that law enforcement agencies were preparing to receive hundreds of thousands people at a celebration of the 250th anniversary of U.S. Army in Washington, D.C. on June 14. McCool stated that thousands of agents, officers, and specialists from federal, state, and local law enforcement agencies will be deployed across the nation to ensure security. Both the FBI and Metropolitan Police Department told reporters that there were no credible threat to the event. McCool stated, "We are preparing ourselves for a large turnout." "We are doing everything we can to ensure that this event is a success." The event will coincide with the 79th Birthday of President Donald Trump. It will include an Army birthday celebration on the National Mall. A parade will be held through the capital, and the ceremony will conclude with an enlistment or re-enlistment under the presidency. The security measures include 18.5 miles anti-scale fencing and 17 miles concrete barriers. There are also 175 magnetometers, and federal, state, and local officers on guard. McCool confirmed that the Secret Service will operate drones. Chief Pamela Smith, of the Metropolitan Police Department, said that there will be major traffic impacts, including road closings, around West Potomac Park, The Ellipse and the National Mall. The U.S. Army will bring 6,500 soldiers, 150 vehicles, and 50 aircraft to Washington for this event. The event will include aircraft flyovers, fireworks and other activities. As a result, the FAA has decided to shut down the arrivals and departing at Washington's Reagan National Airport for the duration of the celebration. Officials have said that they do not expect protests similar to the ones in Los Angeles last weekend against federal immigration enforcement. McCool stated that the Secret Service has been tracking nine possible protests and is prepared to intervene if violence breaks out. McCool replied, "That matter will be dealt with quickly." Jessica Taylor, Chief of U.S. Park Police who handles protest permits, has said that several permit requests are pending. Taylor stated that "from what we have reviewed so far in our communication list, we do not have any significant concerns." (Reporting and editing by Ryan Patrick Jones)
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Trump FAA nominee: Agency faces serious leadership and trust issues
U.S. president Donald Trump's nominee for the Federal Aviation Administration (FAA) says that the agency has serious issues with leadership, culture and trust, according to the Senate questionnaire. Senate Commerce Committee to hold hearings on Trump's nomination for Republic Airways CEO Bryan Bedford as FAA head on Wednesday. After a series safety incidents the FAA has been under scrutiny, particularly after a mid-air collision on January 29, between an American Airlines regional plane and a U.S. Army chopper that killed 67. Bedford, in a questionnaire that was reviewed by. "A malaise is setting in, where managers feel helpless and rationalize that it's not their fault. Bedford, an experienced pilot with more than 30 year's experience in the industry, was nominated for this award in March. He was previously the head of two other carriers, and he oversaw an expansion of Republic Airways which operates regional flights on behalf American Airlines United Airlines Delta Air Lines. Bedford stated that there is a lack of trust within and with the FAA. He called the FAA's organization "unwieldy", and said that the agency needed to address its "reactive" culture of safety. Bedford wrote that "the lack of trust" makes many FAA managers reluctant to speak out for fear of retribution. Bedford cited "failures", such as the FAA's certification of the Boeing 737 MAX, oversight for chronically delayed implementation of air traffic control, and continued shortages in controllers. Sean Duffy, Transportation Secretary Sean Duffy, wants Congress to approve billions for air traffic control reform and staffing. Bedford wrote that the FAA is unable to fulfill its mission of modernizing air traffic systems, and managing safety effectively because of a lack of vision and leadership. Bedford said that the FAA doesn't encourage innovation by encouraging risk-taking. Bedford wrote that "there appears to be no motivation for anyone at FAA" to take any risk of innovation for fear it might fail. You could say that there was a 'if it's not broken, don't repair it' attitude. But that has evolved into a quiet acceptance that "we can't make it work, but we can try our best to make it safe today." Reporting by David Shepardson, Editing by Chris Reese & Nia Williams
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Smoke in the cockpit forces emergency landing of Budapest-Lyon Flight in Austria
Austrian police reported that smoke in the cockpit caused a plane from Budapest carrying 143 passengers, six crew members, and destined for Lyon in eastern France to land in Graz. Graz is Austria's second largest city. No one was injured. "The cause of the smoke at this time is unclear", police in Austria's state of Styria (whose capital is Graz) said in a press release. EasyJet Flight 4400 was the only flight listed from Budapest to Lyon-Saint Exupery Airport on Monday. EasyJet website stated that the flight had been diverted to Graz, and it landed at 1325 GMT (3:25 pm). The website also stated that a "follow-on" flight to Lyon was scheduled to leave Graz at 5 p.m., but it is estimated to depart around 9:45 pm. Flightradar24 is a flight tracking website that EasyJet uses on its website. It says the Airbus 319 plane that landed at Graz was a Flightradar24. (Reporting and editing by Deepa Babyington, Francois Murphy)
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FT reports that activist hedge fund Parvus has acquired a stake in Novo Nordisk.
The Financial Times reported that the activist hedge fund Parvus Asset Management has built a stake in Novo Nordick after the company lost the first mover advantage on the lucrative market for weight loss drugs, according to people familiar with the details. Reports claim that the London-based fund has been targeting the budget airline Ryanair as well as the Italian bank UniCredit to influence the nomination of Novo Nordisk’s new CEO. In an email, Novo said that it "has nothing to add." Parvus didn't immediately respond to an inquiry for comment. In May, Novo announced that its CEO Lars Fruergaard Jorgensen will step down. Shares had plummeted from their record high in June of last year, as the competition, notably from U.S. competitor Eli Lilly, made inroads on Novo's share. Meanwhile, its pipeline for new drugs failed to impress investors. Last month, after cutting its forecasts for 2025, Jorgensen stated that Novo expects Wegovy sales to begin recovering in the United States once the ban on compound copies is implemented this month.
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US ocean container imports fall in May as China tariffs begin to take effect
According to Descartes, a supply chain technology company, U.S. imports from China by sea dropped 28.5% in May compared to the same month last year, marking the steepest drop since the pandemic. China is the largest U.S. importer of goods through the seaports. The busiest port in the country, Los Angeles/Long Beach, is one of the most important. These goods are essential to the operations of domestic businesses, from Walmart to Ford. The overall U.S. imports of seaborne goods in May fell 7.2% compared to the previous year to 2,18 million 20-foot units. This ended a string of near-record growth fueled by companies that frontloaded their products to avoid higher duty rates. Descartes stated in a press release that "the effects of U.S. policies shifts with China can now be clearly seen in monthly trade flow." West Coast ports were more dependent on China and suffered the most from the decline. Descartes reported that from April to May, Long Beach and Los Angeles, two of the busiest seaports on the west coast, experienced a steep drop in Chinese goods, with 31.6% and 29,9% respectively. Furniture, bedding, plastics, toys, sporting goods, machinery and other goods were among the top imports from China. Last month, the United States and China agreed on a 90 day pause in punitive tit for tat tariffs. U.S. officials and Chinese officials met Monday in London to try to resolve the high-stakes dispute between the two world's biggest economies. Port executives and shipping experts expect China's volume to increase during the tariff truce. However, it will be at a moderate level. This is because the U.S. reduced the tariff on many Chinese goods to 30% during this pause. Descartes stated that "China-origin exports could continue to soften as importers reassess their sourcing strategies in light of rising landed costs." Reporting by Lisa Baertlein, Los Angeles. Editing by Rod Nickel and Cynthia Osterman.
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US Army, FAA and NTSB brief Senators on recent near-miss incidents involving helicopter
Senior U.S. Officials will answer senators' questions Wednesday regarding an incident that occurred on May 1, when two passenger flights were forced to cancel landings at Reagan Washington National Airport due to a nearby Army helicopter. A spokesperson for Senator Jerry Moran, who chairs the panel, announced that Brigadier-General Matthew Braman, Director of Army Aviation, Chris Rocheleau, Acting Federal Aviation Administration Head, and Jennifer Homendy, Chair of the National Transportation Safety Board, will attend a closed door roundtable discussion with the Senate Commerce Subcommittee Aviation to discuss the near miss incident. A Black Hawk helicopter and an American Airlines passenger plane collided near Reagan on January 29. 67 people were killed. Separately, on Monday, two dozen U.S. Senators asked the inspectors general for the Pentagon and Transportation Departments to open audits as a response to the ongoing issues with coordination between the Army and the air traffic control at Reagan Airport (DCA) and the collision that occurred. Moran's Office said that senators would also receive an "updated status on military helicopter activities in and around DCA airspace." Rocheleau announced last week that the agency has barred the Army's training and priority transport flights following the incident. Rocheleau stated that "we've closed those until we feel comfortable with what we refer to as new rules of the roads." Homendy's participation was confirmed by the NTSB. The FAA or Army did not respond immediately to comments. After the deadly collision, seven Democratic Senators introduced on Thursday sweeping legislation to improve air safety. Last month, the Army informed the Associated Press that the military air traffic controllers had lost contact with the helicopter as it approached the Pentagon during the flight on May 1. Both Delta Air Lines Flights 1671 and Republic Airways Flight 5825 (an Embraer 170 which had departed Boston) were forced to do go-arounds because of the Army helicopter nearby. After the incident, the U.S. Army suspended helicopter operations in the area of the Pentagon on May 5. Separately, the FAA revealed last month that a hotline between the Pentagon and air traffic control at Reagan had been inoperative since March 2022. (Reporting and editing by William Maclean, David Shepardson)
Boeing information production concerns at 737 MAX 9 mid-air emergency hearing
The U.S. National Transportation Security Board on Tuesday is questioning secret witnesses from Boeing, Spirit AeroSystems and the Federal Air Travel Administration on the midair cabin panel blowout of an Alaska Airlines 737 MAX 9 door plug in January.
Throughout the start of its two-day investigative hearing, the board launched 3,800 pages of factual reports and interviews from the ongoing investigation.
The occurrence terribly harmed Boeing's reputation and caused limit 9 being grounded for two weeks, a ban by the FAA on broadening production, a criminal examination and the departure of several key executives. Boeing has pledged to make key quality enhancements.
Boeing's senior vice president for quality, Elizabeth Lund, and Doug Ackerman, vice president of supplier quality for Boeing, are testifying Tuesday during the hearings arranged to last 20 hours over two days. Ackerman said Boeing has 1,200 active suppliers for its industrial airplanes and 200 supplier quality auditors.
Lund stated Tuesday Boeing is still building in the 20s for monthly MAX production - far fewer MAXs than the 38 per month it is enabled to produce. We are working our way back up. But at one point I think we were as low as 8, Lund told the NTSB.
A flight attendant explained a moment of horror when the door plug burnt out. And after that, simply suddenly, there was simply a truly loud bang and lots of whooshing air, like the door burst open, the flight attendant said. Masks came down, I saw the galley curtain get sucked towards the cabin.
Terry George, senior vice president and general supervisor for Boeing Program at Spirit AeroSystems, and Scott Grabon, a senior director for 737 quality at Spirit, that makes the fuselage for limit, likewise affirmed Tuesday.
Last month Boeing agreed to buy back Spirit AeroSystems, whose core plants it spun off in 2005, for $4.7 billion in stock.
The hearing is reviewing concerns consisting of 737 production and assessments, security management and quality management systems, FAA oversight, and problems surrounding the opening and closing of the door plug.
' TOO HANDS OFF'
Boeing has actually stated no documents exists to document the removal of four crucial missing bolts. Lund stated Boeing has now put a bright blue and yellow sign on the door plug when it gets to the factory that states in huge letters: Do closed and adds a. redundancy to ensure that the plug is not accidentally. opened.
In June, FAA Administrator Mike Whitaker stated the firm was. too hands off in its oversight of Boeing before January. FAA. workers told the NTSB that Boeing workers did not constantly. followed needed processes.
Jonathan Arnold, Aviation Security Inspector at the FAA, stated. a systemic concern he saw at Boeing's factory was staff members. not following the directions.
That appears to be systemic where they differ their. instructions. And typically, tool control is what I see most,. Arnold said.
Lund said before the Jan. 5 accident, every 737 fuselage. provided to Boeing had flaws - but the secret is making certain. they are workable. What we don't desire is the truly huge. flaws that are impactful to the production system, Lund said. We were starting to see increasingly more of those type of. issues. I will tell you right around the time of the accident.
The interviews likewise addressed concerns of factory culture,. which has been under fire in congressional hearings. Whistleblowers have alleged that Boeing struck back versus. individuals coming forward with safety concerns on the factory floor.
Boeing executive Carole Murray described various problems. with fuselages coming from Spirit AeroSystems in the run-up to. the accident. We had defects. Sealant was one of our most significant. problems that we had write-ups on, she stated. We had multiple. escapements around the window frame, skin flaws.
Michelle Delgado, a structures mechanic who worked as a. contractor at Boeing and did the rework on the Alaska MAX 9. aircraft, informed NTSB the workload is heavy and needs working. long hours.
When we're extremely overloaded with work, it is pressing. because with whatever we have actually cut down on some workers, so now. it resembles in order for me to not have to handle a worse. circumstance tomorrow, I 'd rather work a 12 to 13-hour shift to get. it all done, for my sake, so I do not need to handle people. the next day.
Also in June, the NTSB stated Boeing broke examination. guidelines when Lund provided non-public details to media and. speculated about possible causes.
Last month, Boeing agreed to plead guilty to a criminal. scams conspiracy charge and pay a fine of a minimum of $243.6. million to resolve a Justice Department investigation into 2. 737 MAX deadly crashes.
(source: Reuters)