Latest News
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After a double-decker Mexican bus is hit by a train, 10 people are killed and 61 injured
A freight train crashed into a double decker passenger bus in central Mexico, killing 10 people and injuring at least 61 others. The train operator claimed that the double decker bus was trying to pass the moving train. Canadian Pacific Kansas City de Mexico, the railroad, sent condolences and urged drivers to obey road signs and stop at railroad crossings. Herradura de Plata, the bus operator in question, did not respond immediately to a comment request. First responders had cordoned off and photographed the scene. The bus's metal frame was badly dented as well as the front of its top deck. Local authorities reported that the collision occurred in an industrial area on the highway between Atlacomulco (a town located 115 km northwest of Mexico City) and Maravatio in the nearby state of Michoacan. According to the State of Mexico Attorney General's Office, seven women and three males were killed. In Mexico, buses are the main mode of transportation. Although freight rail lines are widespread, passenger train routes are limited. The government of President Claudia Sheinbaum wants to expand the country's passenger rail system to connect many areas of northern and central Mexico. Reporting by LizbethDiaz; Additional reporting and writing by Stephen Eisenhammer, Rod Nickel; Editing by Brendan O'Boyle.
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FAA has yet to make a decision about Boeing 737 MAX production limit
On Monday, the head of the Federal Aviation Administration stated that the agency has not yet made any decisions about whether or not to abandon the plan to produce 38 737 MAX planes per month since early 2024. It also did say it had not decided how it would overseen Boeing production. "Progress is made. "It may not be as quick as Boeing would prefer, but it's as fast as we are able to move through the process," FAA administrator Bryan Bedford told journalists after an event in Washington. The FAA implemented the production cap in January 2024, shortly after an Alaska Airlines 737 MAX 9 mid-air emergency occurred. Four key bolts were missing from this new aircraft. Since then, FAA has increased its in-person supervision of Boeing production. Bedford said that he is encouraged by Boeing's improvement but that he needs data to answer some key questions. Bedford explained that this would be a bottom up process, with the front line FAA team being the ones to decide if they think we have reached certain milestones which warranted any changes. "None have been made yet." This tells me that the work continues. Boeing declined to comment immediately. Bedford also said that his agency is "stretched" in an interview, as it tries to pursue a $12.5 billion overhaul of U.S. Air Traffic Control System, overseeing Boeing, as well as new regulations on supersonic and drone airplanes and modernizing aircraft certification. Bedford stated, "The agency is now stretched thin trying to get as much information out of the door."
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Heathrow Terminal 4 in London closed over possible hazardous material incident
On Monday, firefighters were called to respond to a possible hazardous materials incident at Heathrow Airport in London. Heathrow Airport, Europe's busiest international airport, announced on Twitter that Terminal 4 was closed while emergency services responded to an incident. All other terminals are operating normally. The London Fire Brigade stated on its website that "specialist crews were dispatched to assess the scene, and Terminal 4 Check-in was evacuated for safety reasons while firefighters conducted operations." They added that they were first notified about the incident at 1601 BST (1701 GMT). The brigade reported that around 20 people were assessed by paramedics on the scene. At this point, the cause of the accident is still under investigation. Video clips that were not verified and shared online show dozens of people waiting outside the terminal. Heathrow website's departures page shows that flights have taken off from Terminal 4 ever since the incident. A fire that broke out at an electrical substation in March knocked the power to the airport, causing it to be closed for almost a full day. This caused flight schedules all over the world to be disrupted and thousands of passengers stranded. (Reporting and editing by Chris Reese, Rosalba o'Brien).
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Democratic lawmakers demand that Fed nominee Miran resigns from the White House.
Democratic lawmakers on the U.S. Senate Banking Committee have demanded that Stephen Miran pledge to resign from his job as chief White House economic adviser before the Republican-controlled panel takes any more steps to advance his nomination for a seat on the Federal Reserve's Board of Governors. Miran stated at his confirmation hearing that he was legally advised to take a leave of absence from the White House Council of Economic Advisors, as the Fed position he wants only lasts until the end of January. "That is what I will be taking," he said. Democrats on the panel said that the term of the central banker could be extended, depending on how long it takes to confirm the successor. They also noted the potential conflict created by his dual role as an adviser to Donald Trump and a central lender. In a letter, a majority Democratic member of the panel demanded that Miran resign from his White House position by September 8. In a letter dated Friday, they stated that "without this commitment, we do not believe the committee should move forward with your nominee." The committee has said it will vote on Wednesday to send Miran’s nomination to the U.S. Senate as a whole. Federal Reserve Act states that U.S. central banks governors must devote "their entire time" to board business. The Democratic lawmakers demanded copies of the legal analysis Miran claimed would allow him to continue working at the White House while serving as a Fed employee. They suggested that the arrangement was "inconsistent" with the law. Kush Desaiand, White House spokesperson, said that if Stephen Miran's position as CEA is confirmed, "based on legal advice, Stephen Miran could take a leave of absence without pay from his CEA post." A spokesman of Senate Banking Committee chair Tim Scott declined comment. (Reporting and editing by Ann Saphir, Andrea Shalal and Nick Zieminski.
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Nepal-Au moins 19 morts lors de manifestations contre l'interdiction des reseaux sociaux
Au moins 19 personnes sont decedees lundi au Nepal lors d'un mouvement de protestations contre l'interdiction des reseaux sociaux et la corruption, dans les pires troubles que le pays ait connus depuis des decennies, ont declare les autorites. Un responsable local a declare qu'une partie des manifestants, jeunes pour la plupart, ont force l'entree du complexe parlementaire a Katmandou en brisant une barricade, incendiant une ambulance et lancant des objets sur les rangs de policiers anti-emeutes qui gardaient le batiment. La police avait recu l'ordre d'utiliser des canons a eau, des matraques et des balles en caoutchouc pour controler la foule, et l'armee avait ete deployee dans le quartier du Parlement pour renforcer les forces de l'ordre, a declare a Muktiram Rijal, porte-parole du bureau du district de Katmandou. "La police a tire sans discernement", a declare un manifestant a l'agence de presse ANI. "(Ils) ont tire des balles qui m'ont manque, mais ont touche un ami qui se tenait derriere moi. Il a ete touche a la main." Plus de 100 personnes, dont 28 policiers, ont ete soignees pour leurs blessures, a declare a l'officier de police Shekhar Khanal. Les manifestants transportaient les blesses a l'hopital sur des motos. Deux des 19 victimes ont ete tuees lorsque la manifestation dans la ville orientale d'Itahari a degenere en violences, a declare la police. Ce mouvement de protestations de la part de la jeune generation nepalaise fait suite a la decision prise la semaine derniere par le gouvernement de bloquer l'acces a plusieurs reseaux sociaux, dont Facebook. Les autorites ont justifie cette interdiction par le fait que ces plateformes ne s'etaient pas enregistrees aupres des autorites dans le cadre d'une campagne de lutte contre les abus, notamment les faux comptes utilises pour diffuser des discours haineux et des fausses informations. Le ministre de l'Interieur nepalais, Ramesh Lekhak, a demissionne du gouvernement, assumant la "responsabilite morale" des violences, a declare a apres une reunion du cabinet un ministre qui a souhaite rester anonyme, n'etant pas autorise a s'exprimer devant les medias. (Reportage de Gopal Sharma, redige par YP Rajesh ; version francaise Coralie Lamarque ; edite par Blandine Henault)
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Spain bans Israel bound weapons ships and aircraft over Gaza
Spain banned Monday ships and aircraft that carry weapons to Israel to enter its ports or airspace in response to Israel's offensive against Gaza. The Israeli Foreign Minister called the measures antisemitic. Spain, which recognized a Palestinian State in May 2024, and has been vocal in its criticism of Israel's action in the Gaza Strip responded to Gideon Saar’s comments by calling back its ambassador in Tel Aviv for consultations. The government of Prime Minister Pedro Sanchez has announced that it will not allow anyone to enter Spain who is directly involved in the "genocide", in Gaza. Israel denies that its actions in Gaza constitute genocide. It is currently fighting a case before the International Court of Justice at The Hague in which it has been accused of genocide. Israel began its attack on the Gaza Strip after Hamas militants, who controlled the territory, had attacked Israeli communities and killed 1,200 people, while capturing over 250 hostages. Saar claimed that Sanchez was using these measures to distract attention from corruption scandals at home. He also announced an entry ban for Sanchez's deputy Yolanda Diz and Youth Minister Sira Regio. Both are members of the hard-left Sumar party, which is the junior partner to Sanchez's coalition. The Spanish Foreign Ministry has said that the entry ban imposed by Israel is unacceptable. It also stated that Sanchez's actions were in line and reflect Madrid's support of peace, human right and international law. Spain is committed to combating antisemitism. It cited the fact that 72,000 Sephardic Jews, descendants of those who were expelled from Iberian Peninsula during the 15th century, have been granted Spanish citizenship. The ministry issued a statement in which it condemned the "terrorist attack in East Jerusalem" that took place on Monday, in which Palestinian gunmen opened up at a bus station, killing six people including a Spaniard living in Israel. (Reporting and editing by Inti Latona and David Latona, Andrei Khalip, Helen Popper and Charlie Devereux)
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China's demand for Russian ESPO crude oil keeps it firm despite increasing western sanctions pressure
The price of Russian ESPO blend crude oil for October loading cargoes remained stable as traders reported on Monday that the strong demand from China and abundant supply offset the growing pressure from Western sanctions. They said that cargoes loaded from the Far Eastern Port of Kozmino were sold for a premium of about $2 per barrel over ICE Brent, on a delivery-basis to Chinese ports. This was a little different from September's levels. Intense Ukrainian drone attacks have struck several major Russian oil refining facilities in the last few weeks. This has led to a decrease in feedstock processing and an increase in crude exports. The price stability is despite the new wave of Western sanctions targeting Russian oil exports. Last week, Britain, the European Union and other countries lowered the price of Russian crude oil from $60 per barrel to $47.60. Buyers were required to submit certifications within 30 days after loading in order to continue to have access to Western shipping and insurance services. The EU has announced its 18th package of sanctions, which includes a blacklist of dozens of entities. These include Indian refiner Nayara Energy as well as several Chinese companies accused of helping Russia to bypass restrictions. The measures tighten control on energy and technology exports, and ban fuels derived from Russian crude beginning in January 2026. Donald Trump, the U.S. president, announced on Sunday that he is ready to implement a second round of restrictions. The EU Council's Antonio Costa also said that new sanctions are being closely coordinated with United States. Traders have noted that Chinese oil demand remains strong, despite the threat of Western sanctions. Chinese buyers will also receive Urals and Arctic crudes via the Northern Sea Route in addition to ESPO. The latest step in the strengthening of financial ties between Beijing, Russia and the United States was taken on Friday when the Chinese rating agency CSCI Pengyuan gave its highest AAA-rating to the Russian oil and natural gas giant Gazprom, which is blacklisted by the U.S. A trader stated that ESPO premiums may soften if U.S. Tariffs drive Indian purchases lower and more oil flows into China. A trader said that because Urals and ESPO are different in quality, increased Urals flow may not have an impact on ESPO prices. Urals is a sour oil, while ESPO can be described as a light and low-sulphur type of oil. (Reporting and Editing by Joe Bavier).
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Rosatom and Gazprom investigate sales of Chinese "panda" bonds
Sources from top Russian companies, including the vast Russian nuclear corporation Rosatom, and giant gas concern Gazprom, are looking at selling "panda bonds" denominated in yuan, according to company sources on Monday. Western capital markets, however, remain closed to Russia. Since Moscow's invasion of Ukraine in 2022, Russian companies are no longer able to access the capital markets of the West. The Financial Times reported Monday that China is preparing to reopen the domestic bond market for major Russian energy companies, as Xi Jinping & Vladimir Putin continue to deepen their partnership "without limits". Putin, who visited China this week, called for a joint financial infrastructure between countries in the 'Global South.' He also suggested that the members of the Shanghai Cooperation Organisation should sell their shares. Joint bonds The Chinese rating agency CSCI Pengyuan has assigned the highest AAA rating to Gazprom. This company holds the largest reserves of natural gases in the world. This opens the door for possible debt issuance on China's bond market. Rosatom, the largest nuclear company in the world, is preparing to also issue bonds denominated in yuan, according to a spokesperson. Ilya Rebrov, the Chief Financial Officer of Rosatom, told a publication in August that in order to raise funds from abroad, the Supervisory Board had approved plans. He also said that preparations were underway for Atomenergoprom's generation unit to issue bonds in Yuan. Atomenergoprom announced in April that it received a "AAA" credit rating from China's Dagong Global Credit Rating Agency with a stable outlook. The Chinese government will need to approve any Russian bonds, and the buyers of Russian corporate Yuan bonds must weigh the risks of secondary sanctions from the U.S. CHINESE BANK BONDS FOR RUSSIAN COMPANIES? According to Deutsche Bank, the market for Panda Bonds, a Chinese Yuan-denominated bonds from a non Chinese issuer, has seen record growth in both 2023 and 2024. This was driven by geopolitical conflicts. Even though the conflict in Ukraine began, only one Russian company - aluminium producer Rusal - sold panda bond. Companies have issued yuan bonds on the Russian market, which is a small and shallow one. The yuan currency has also become the most popular foreign currency in Russia. China's bond market offers a much larger reservoir of capital. Famil Sadygov, Gazprom's deputy CEO, said that the company was "strongly creditworthy" and the rating confirms the financial stability of the company. One source with direct knowledge about the situation said that a long-term issuer ratings on Gazprom would not necessarily result in an issuance of bonds denominated in yuan. "There's no certainty about the bond issue yet. A rating allows you to enter the market if necessary. "This is work for future," said the source. According to Kirill Lysenko, an analyst at Expert RA - Russia's oldest rating agency - the approval process will still take place, but it could take many years. Lysenko stated that "Chinese financial institutions and regulators can be under increased pressure at any time in the form secondary sanctions by major Western economies." Gazprom was given an "AAA" credit rating with stable outlook just after Russia, China and other countries gave their approval to Power of Siberia 2 - a huge gas pipeline linking both countries in a bid to reduce economic dependence on the West. Gazprom is unable to raise finance in the United States and Europe, but it has not been subjected to U.S. blockade sanctions. Rosatom's top management has been sanctioned by the U.S., but Rosatom itself is not subject to sanctions. CSCI Pengyuan cited high geopolitical risk in its analysis of Gazprom’s outlook and rating decision. (Writing and Addirional Reporting by Shanghai Newsroom, Editing by Kevin Liffey; Written by Gleb Bryasnki & Guy Faulconbridge)
UK Market Exodus - Companies who have moved from London Listing
Wise, a British money transfer company, became the latest UK-listed firm to announce its intention to move to the U.S.
Due to Brexit and investor resistance, a growing number of companies are rethinking or changing their plans to list on the London Stock Exchange. This is due to pressures placed on UK market valuations by Brexit-related issues. They have instead chosen to list in the U.S. or other markets where they perceive a stronger market and higher valuations.
Cobalt, the metals investment company backed by Glencore, has scrapped plans to list in London
This would be the largest London market debut since Air Astana listed in February 2024.
Indivior: On Monday, the drugmaker announced that it would cancel its secondary listing at the London Stock Exchange with effect from July 25. It cited cost savings and its desire to align itself more closely with operations in the United States.
The pharmaceutical company, worth 1.70 billion pounds ($1.25 billion), will continue to list on Nasdaq.
BHP, the world's biggest miner in terms of market value (125.10 Billion dollars), made Australia its primary stock exchange when it terminated its dual-listing structures in 2021. When it left London's stock exchange, the company was ranked second by market value.
Unilever, the Ben & Jerry’s maker, chose Amsterdam in February as its primary listing. The company, which had a turnover in 2024 of 9.47 billion euros (8.3 billion euro), will also have secondary listings in London, and New York.
Glencore: In February, the Swiss miner announced that it was looking at moving its primary listing away from London. New York, which has a market capitalization of 34.5 billion pounds for the company, was the first option that it considered.
Three sources familiar with the matter said in May that Shein, the online fast fashion retailer, is working on a Hong Kong listing after its London IPO failed to get the go-ahead from Chinese regulators.
Shein, however, had sought a New York listing before attempting to list in London. This was part of Shein's efforts to gain credibility as a global company rather than one that is Chinese, and to have access to large Western investors.
Ashtead, the second largest equipment rental company in America, announced in December that it planned to move its listing from London to New York. Ashtead, which has a market cap of 18.3 billion pounds and is listed in London, became a major U.S. company in the early 2000s.
Just Eat Takeaway, the Amsterdam-listed food delivery service, delisted from London Stock Exchange last December. The company cited efforts to reduce administrative costs and regulations.
The company's market value is 4,05 billion euros.
Flutter Entertainment: In 2024, FanDuel's owner moved its primary listing from the US to the New York Stock Exchange. This was just a few short months after adding a secondary listing.
CRH - The building materials solution provider with a market value of $61.29 billion switched to the NYSE as its primary listing in 2023. It will continue to maintain a standard listing at the London Stock Exchange.
Arm Holdings, a UK-based designer of chip technology, chose Nasdaq to host its largest IPO in 2023. The company was listed in London from 18 years until 2016, when SoftBank acquired it for $32 billion. It is now worth just over $138 Billion.
(source: Reuters)