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Azerbaijan's leader wants Russia to acknowledge that it accidentally shot down a passenger plane, killing 38
Ilham Aliyev said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December of last year. The 38 people aboard were killed. He also wants Russia to punish the responsible parties. At the time, President Vladimir Putin apologized to Aliyev over what the Kremlin referred to as a "tragic event" in Russia where an Azerbaijan Airlines aircraft crashed after Russian air defenses opened fire on Ukrainian drones. He did not say that Russia shot down the plane. Aliyev made it clear at a press conference held in Khankendi, during an event titled The Global Media Forum that he expected more from Moscow, whom he blamed for inaction after the downing the airliner. "We can prove that we know what exactly happened." "We are also confident that Russian officials know what happened," Aliyev added. The real question is, "Why didn't they act like any neighbour would?" Azerbaijan expects the incident to have been formally acknowledged and that those responsible will be held accountable. Compensation should be paid to the families of victims and injured and Moscow should reimburse the cost for the destroyed aircraft. He said that "these are normal expectations within the frameworks of international law and good neighbourly relations." After diverting from southern Russia where Ukrainian drones had been reported attacking several cities, flight J2-8243 crashed near Aktau, Kazakhstan. The flight crashed near Aktau in Kazakhstan after diverting from southern Russia, where Ukrainian drones were reported to be attacking several cities. The ties between Moscow and Baku have deteriorated significantly in recent months, after Russian police arrested a group ethnic Azerbaijanis who lived in Russia and accused of them of historical crimes. Aliyev, speaking at the same conference, said that he wanted to open a transit route between Azerbaijan's exclave Nakhchivan and Armenia. Aliyev stated: "We're talking about an unhindered state access between Azerbaijan and Azerbaijan. We take this literally - we're talking about connecting parts of a country. He stated that, when and if it is established, Azerbaijani passengers on trains should not be in danger of being attacked by Armenians who he claimed threw stones at these trains during the Soviet period. He also called for "reliable, verifiable and transparent" security assurances. Aliyev stated that the demand was "absolutely legal and fair". On July 16, Nikol Pashinyan, the Armenian prime minister, said that the U.S. offered to manage a potential transport corridor. Baku wants to secure the potential corridor that would run approximately 32 km (20 miles), through Armenia's southern Syunik Province, connecting Azerbaijan's majority to Nakhchivan (an Azerbaijani enclave bordering Baku's Turkish ally). The transit link is just one of many obstacles to a deal for peace between Azerbaijan, a neighbour in the South Caucasus who has fought wars with Armenia since the 1980s. In March, the countries announced that they had completed a draft of a peace agreement. However, it is unclear when this will be signed. (Reporting and editing by Andrew Osborn.)
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US threatens Mexican airlines flights over airline competitive issues
The Trump administration announced Saturday that it will take a number of actions against Mexico in response to the Mexican government's decision to cancel some flight slots for U.S. airlines and to force U.S. freight carriers to relocate their operations to Mexico City. Sean Duffy, the U.S. Transportation secretary, said that if Mexico fails to respond to U.S. concerns about decisions made in 2022 or 2023, the department may disapprove Mexican flight requests. Department of Transportation also proposes to remove antitrust immunity for the joint venture between Delta Air Lines and Aeromexico in order to address issues with the competitive market. Mexico is the top international destination for American airline passengers. Delta did not respond to a request for comment. The Transportation Department stated that Mexico has been non-compliant with a bilateral agreement on air travel since 2022, when it abruptly cancelled slots and forced U.S. cargo carriers to relocate their operations in 2023. The Mexican Transport Ministry was asked to comment on the orders. Duffy stated that Mexico was supposed to allow construction at Mexico City's Benito Juarez International Airport to relieve congestion, but this has not yet materialized three years after the announcement. The Department of Transportation said that Mexico had broken its promise by restricting slots and mandating all cargo operations to leave MEX. This has disrupted the market and cost American businesses millions. The Transportation Department has issued two orders that require Mexican airlines to submit schedules to the department for their U.S. operations. They also need to obtain prior U.S. approval to operate any charter flights of large passenger aircraft or cargo aircraft to or from the United States. The department stated that Mexico has changed the competitive landscape for airlines, allowing dominant competitors to gain unfair advantages in the U.S.Mexico market. Mexico's actions hurt airlines that are looking to enter the market as well as existing competitors, air travelers and companies who rely on air cargo shipments between the U.S. and Mexico, and other stakeholders of the American economy. The U.S. could revoke antitrust approval of Delta and Aeromexico. They would have to cease cooperation on common pricing and capacity management. However, Delta would still be able retain its equity stake and fly as usual in the U.S. Mexico market. (Reporting and editing by Diane Craft; Additional reporting by Kylie Madry)
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Officials say that Poland has fixed the fault that temporarily disrupted flights.
Polish authorities confirmed that they have fixed the fault in their air traffic control system which briefly disrupted Saturday morning take-offs from Warsaw and several other cities. Operations are now back to normal. By midday, the Chopin Airport in Warsaw reported that take-offs & landings had resumed as normal. Outages earlier forced the authorities to restrict flights in Polish airspace. There were also problems reported at airports in Krakow and Katowice, as well as Gdansk. The Polish Air Navigation Services Agency, PANSA, wrote in a press release that the temporary problems were due to a fault which was quickly resolved. It did not provide any further information on the fault. The agency reported that the "primary air traffic management system" was fully restored after all the necessary procedures were implemented. It added that backups kept safety systems operating during the outage. The Interior Ministry had earlier stated that the security agency investigated the outage, and conducted routine checks to look for sabotage. Russia has denied the accusations. (Reporting and editing by Karol Badohal, Jason Hovet and Andrew Heavens; with reporting by Karol Bádohal and Jason Hovet)
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Fire department: At least 30 people injured after car crashes into crowd outside Los Angeles nightclub
The Los Angeles Fire Department and local media reported that at least 30 people were hurt early Saturday morning after a car drove into a crowd in front of a club along Santa Monica Boulevard. The fire department released a statement online stating that at least seven people are in critical condition, and six other serious injuries. I was not able to immediately contact the police department of the city. Fire department reported that the incident happened just before 2 am local time (0900 GMT). ABC News reported that Captain Adam VanGerpen of the fire department, who is a spokesman for his department, said a paramedic was assessing a victim when he found a bullet wound. He was unable confirm that the driver of the vehicle was responsible for hitting the crowd. He said that the car first crashed into a taco van outside of the venue, then it smashed through a valet station and into a large crowd of people. Video posted on X shows roads being closed and patients being transported in ambulances. The authorities did not immediately provide any information on the cause or identity of the driver. Reporting by Jonathan Landay, Rajveer Pardesi, and Angela Christy, in Bengaluru. Editing by Donna Bryson and Aiden Lewis.
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Three dead after a Vietnam tourist boat capsizes at Halong Bay
State media reported that a tourist boat with 53 passengers, including five crew, capsized on Saturday in Halong Bay, Vietnam, killing three people. The accident happened at around 2 pm local time (0700 GMT) shortly after Storm Wipha had entered the South China Sea. In the area, lightning, strong winds and heavy rain were all recorded. The People's Army Newspaper, citing border guards, reported that rescue teams had located 12 survivors. They also recovered three bodies. Rescue operations continue, but authorities have not yet disclosed any details about the tourists' nationalities or other details. Halong Bay is located approximately 200 km (125miles) northeast of Hanoi. It attracts thousands of tourists each year, with many taking overnight boat tours. The third typhoon of the year to hit the South China Sea is expected to land on the northern coast of Vietnam early next week. The storm has also caused weather disruptions that have affected air travel. Noi Bai Airport reported nine arriving flights had been diverted to alternative airports while three departing flight were temporarily grounded because of adverse weather conditions. Reporting by Phuong nghuyen, editing by Barbara Lewis
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US Judge sets August hearing to end Boeing criminal prosecution
The Justice Department and Boeing have requested that a hearing be held on August 28 to discuss an agreement that would allow the planemaker to avoid criminal prosecution for a charge stemming out of two fatal 737 MAX crashes in which 346 people were killed. Boeing can escape independent monitoring for three years under the deal. This is despite objections by relatives of those who died in crashes in 2018 or 2019. Boeing agreed last year to plead guilty to a criminal charge of fraud that it had misled U.S. regulatory authorities about a critical flight control system in the 737 MAX jet, its most popular model. U.S. district judge Reed O'Connor, in Texas, said he would hear from any lawyers or other parties who wish to speak about the proposed dismissal regarding the charge that Boeing misled U.S. regulatory authorities about a critical flight control system of the 737 MAX. Some family members claim that the dismissal of the employee is not in the best interest of the public and the obligations imposed by Boeing are not enforceable. They have cited O'Connor's 2023 statement, "Boeing's crimes may be rightfully considered as the deadliest corporate crime committed in U.S. history." Boeing The executive branch is the only one who has argued The power to decide if a prosecution should be brought or maintained, and to ask O'Connor not to accept objections from the families but to grant the Government's motion for dismissal of the criminal fraud conspiracy charges. Some families believe that O'Connor, if the government refused to proceed with the prosecution, even if the court had rejected the deal in question, should appoint a Special Prosecutor. The non-prosecution Agreement is a legal agreement that prohibits prosecution. Boeing has agreed to pay On top of the $243.6 million new fine, an additional $444.5 millions will be added to a fund for crash victims. The money will be distributed evenly amongst each crash victim. Boeing has agreed to pay a total of $1.1 billion, which includes the fine, compensation for families, and $455 million in order to improve the company's safety, compliance and quality programs. The Justice Department reported that the vast majority of families had settled their civil cases with Boeing, and they have collectively been "paid several hundred million dollars." Reporting by David Shepardson, Editing by Leslie Adler & David Gregorio
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NTSB Chair says media reports about Air India crash were speculative and premature
Jennifer Homendy, Chair of the United States National Transportation Safety Board, said Friday that media reports about the crash of a Boeing Dreamliner operated by Air India that killed 260 passengers were premature and speculative. The preliminary report released by India's Aircraft Accident Investigation Bureau last week found confusion in cockpit just before the crash on June 12, and raised new questions about the location of the critical fuel cutoff switches. The source who was familiar with the early assessment by U.S. officials of the evidence said that a cockpit recording of the dialogue between the pilots supports the belief that the captain stopped the fuel flow to the plane's engine. Requests for comments from GE Aerospace and Boeing, Air India, the Directorate General of Civil Aviation of India, AAIB, and Air India were not immediately responded to. Homendy stated that investigations of this scale take time and the NTSB would continue to support AAIB in its ongoing investigation. Reporting by Abu Sultan in Bengaluru and Gursimran K. Kaur; editing by Richard Chang
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Source: Union Pacific and Norfolk Southern are exploring a merger across the continent.
A person familiar with this matter has confirmed that Union Pacific, which is the largest U.S. railroad operator in terms of freight, is looking at acquiring Norfolk Southern, to create a coast-to-coast network worth $200 billion. The person stated that the talks are still in their early stages. There is no guarantee that they will continue or any deal will pass what would have to be an extensive, detailed regulatory examination. Both companies declined to make any comments. A deal that unites two of the largest freight rail operators from North America will likely be subject to intense scrutiny by regulators. The steel, grain and chemical industries will likely lobby against further consolidation in an industry which has already consolidated from more than 100 Class I railroads back in the 1950s down to six today. Union Pacific shares dropped 2.7% on Friday afternoon, while Norfolk Southern shares rose 1.52%. Combining the two would create a single-line freight rail network that would stretch from coast to coast and change the divide between the western and eastern regional operators. Norfolk is recovering after a turbulent couple of years, which included the firing its former CEO amid ethics investigation, a battle in the boardroom with activist Ancora and a derailment of a train that cost about $1.4 billion to the company. CONCENTRATION The merger of Union Pacific and Norfolk Southern will create the United States' first single-line modern freight railroad from West to East. Union Pacific CEO Jim Vena stated earlier this year that a transcontinental merge would benefit customers by eliminating the need for carriers to interchange in Chicago, a bottleneck for many years, and reducing delays. Critics warn, however, that a consolidation of this kind could lead to a reduction in competition. This is causing regulators concern. Shippers could face increased costs and fewer service options if there are fewer major players on the market. Brandon R. Oglenski, Barclays analyst, said: "We suspect that certain shipper groups may be vocal about the perceived loss of competition that a merger could bring. Semafor was the first to report that discussions between two operators were taking place. This led to speculations about competitors considering concentration. Mike Steenhoek is the executive director of Soy Transportation Coalition. He said, "History shows that mergers and purchases within the railroad sector will inspire and encourage additional M&A." Canadian National, CP's main rival, then made an offer to purchase Kansas City Southern. Canadian Pacific acquired Kansas City Southern, creating the first railroad linking Canada, Mexico, and the U.S. in 2023. Union Pacific will lead the industry in 2024 with $24.3 billion, followed by BNSF, CSX (privately owned, owned by Berkshire Hathaway), Canadian National, Norfolk, and Canadian Pacific Kansas City. Steenhoek stated that the energy and momentum towards the remaining U.S. based Class I Railroads - BNSF & CSX – pursuing a merge would be significant. Oglenski stated that a regulatory decision can take between 16 and 22 months. Merging carriers are required to notify Surface Transportation Board 3 to 6 months prior to filing an application. This is followed by a year of evidentiary review, and then a 90-day final ruling. He said that a potential Union Pacific purchase of Norfolk Southern would have material synergies. Emily Nasseff Mitsch is an equity analyst with CFRA. Reporting by Sabrina Valle in New York and Lisa Bartlein; editing by David Gregorio
Companies withdraw their guidance in the wake of Trump's tariffs
The tariffs that President Donald Trump imposed on April 2, and the pauses in some cases, have created uncertainty among companies around the world. Some of these companies have withdrawn or stopped giving financial guidance.
This is a list that includes companies who have taken such steps:
AUTOS & TRANSPORTATION
AUTINS GROUP A UK-based company that sells car components delayed its release of market guidance for the month of April, citing uncertainty due to U.S. Tariffs.
CUMMINS The U.S. truck engine maker withdrawn its annual forecast on 5 May.
Ford The U.S. automaker suspended its annual guidance May 5 after claiming that the levies will cost the company approximately $1.5 billion before interest and tax in adjusted earnings.
GENERAL MOTORS On May 1, General Motors, the U.S. automaker, cut its profit forecast for 2025 two days after removing its annual guidance despite reporting strong quarter results and receiving some clarity on automotive tariffs from the White House.
It also suspended plans to purchase $2 billion worth of shares during the first half year until the economy is more clarified.
The German group Merced on April 30, lowered its earnings forecast for 2025 after it reported a sharply lower first quarter profit.
POLESTAR On April 30, the U.S.-listed Swedish electric vehicle maker put a pause on its 2025 forecast as it prepares for possible tariffs.
STELLANTIS The French-Italian-American group on April 30 suspended its guidance for a moderate recovery this year, after a profit drop in 2024, and said it would review capital spending plans.
VOLVO CARS On April 29, the group, which is one of the European automakers most vulnerable to U.S. Tariffs, announced a cost-cutting program of 18 billion Swedish crowns (about $1.9 billion), a restructuring of their U.S. operations, and it retracted its earnings forecasts for the next two year.
AEROSPACE AND DEFENSE
ALASKA GROUP ALASKA Air Group, Seattle's airline, withdrew on April 23, its financial forecast for the full year citing macroeconomic uncertainties.
AMERICAN AIRLINES On April 24, the U.S. carrier canceled its financial forecast for 2025.
JETBLUE AERIALWAYS On April 29, the U.S. airline group canceled its forecast for 2025, citing economic uncertainty as a reason.
DELTA AIR LINES On April 9, the U.S. airline retracted its financial forecasts for 2025. It said that travel demand has "largely stalled", as tariffs have fueled economic uncertainty.
FRONTIER GROUP On April 11, Frontier Airlines' parent company, Frontier Group, retracted its full-year outlook and warned that it would suffer a loss for the first quarter.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEAT AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST ASIA The U.S. airline group canceled its financial forecasts on April 23
HEALTHCARE
BELLUSCURA On April 8, the U.S. medical device manufacturer retracted its 2025 guidance due to U.S. Tariffs on China.
UNITEDHEALTH GROUP The Company suspended its annual forecast because of surging medical costs, while CEO Andrew Witty resigned May 13.
Retail and Consumers
AMERICAN OUTFITTERS - The apparel company retracted its annual forecasts from May 13 because of economic uncertainty fuelled by tariffs.
BEYOND MEAT On May 7, the California-based company retracted its sales target for the year, citing a weak consumer demand as a result of macroeconomic volatility in America and high inflation.
CHARACTER GROUPS The British toymaker abandoned its annual forecasts on April 11 and said it expected tariff effects to be felt on China in the second half 2025.
CROCS On May 8, the U.S. shoemaker retracted its outlook for 2025 due to macroeconomic uncertainty.
DECKERS OUTDOOR
UGG Boots did not provide any warranty.
Annual targets
On May 22, due to macroeconomic uncertainty fueled by tariffs.
KRISPY KREME On May 8, the doughnut chain retracted its 2025 forecasts due to macroeconomic weakness and uncertainty surrounding McDonald's deployment schedule.
DIAGEO On February 4, the British spirits manufacturer retracted its forecast for medium-term growth in organic sales, citing a long-term decline in demand as well as uncertainty about tariffs.
LOGITECH, a Swiss-American manufacturer of computer parts, canceled its forecast for 2026 on April 10 citing uncertainty arising from Trump's policies. It kept its 2025 forecast.
MASCO CORP On April 23, the U.S. house improvement company retracted its annual profit forecast after it missed first-quarter profit and sales estimates. This was due to macroeconomic uncertainty caused by Trump's tariffs.
MATTEL On May 5, the Barbie doll producer retracted its annual financial target, adding that it would raise prices in the U.S. for certain products to offset higher input costs as a result of Trump's tariffs against key trading partners.
ROSS STORES
Discount store operator May 22,
Withdrawal
Tariffs could have a negative impact on the company's profitability in fiscal year 2025, according to its forecasts.
SKECHERS
On April 24, the footwear manufacturer retracted its annual results projection, citing Trump's unpredictable trade policies as fueling economic uncertainty.
SPECTRUM BRANDS The retailer company stated on May 9, it did not have enough visibility to continue to provide a earnings framework for 2020.
SPIN MASTER
The Canadian toy manufacturer retracted its 2025 outlook on the 29th of April until the climate stabilizes.
STEVEN MADDEN On May 7, the U.S. footwear maker retracted its guidance for 2025, citing the uncertainty caused by tariffs on imported goods into the U.S.
OTHERS
ALPHAWAVE IP GROUP On April 17, the British semiconductor company announced that it could not provide a financial outlook for 2025 and beyond due to global economic uncertainty caused by U.S. Tariffs.
ARM HOLDINGS The UK based chip manufacturer decided to not issue full-year guidance to the market on May 8 due to lower visibility caused by uncertainty in global trade and economic conditions.
AVERY DENNISON On April 23, the U.S. company, which manufactures packaging and labels products like radio frequency tags, retracted its annual forecast, adding that it would now be shifting to quarterly estimates due to macroeconomic uncertainty.
PAGEGROUP PAGEGROUP, a British recruiter, did not provide a financial outlook in its quarterly report on April 9, citing "increasingly uncertain" economic conditions.
(source: Reuters)