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After US strikes on Iran, airlines are re-evaluating Middle East cancellations
Commercial airlines in the United States and around the world were debating Monday how long they would suspend flights to the Middle East after the U.S. attacked Iran. Singapore Airlines, a major airline in Asia, called the situation "fluid", cancelling flights to Dubai after a security evaluation. Flight tracking website FlightRadar24 shows that there is no space in Iran, Iraq or Syria, and the Middle East route is now more important than ever for flights between Europe, Asia and Russia. Air France KLM announced on Sunday that they had cancelled all flights from and to Dubai and Riyadh for Sunday and Monday. British Airways, which is owned by IAG ICAG.L., has also cancelled flights from and to Dubai and Doha on Sunday. In a Sunday evening statement, British Airways said it was still reviewing the situation when asked about flights later in the day. Safe Airspace is a website operated by OPSGROUP that monitors flight risk. On Sunday, it warned that U.S. strikes on Iran's nuke sites could increase the danger to American operators. American Airlines and United Airlines both suspended flights to Qatar in the days leading up to the U.S. strike. The airlines are also worried about the potential increase in jet fuel prices due to a possible spike in oil price following the U.S. attack. Israel is increasing its flights to assist stranded travelers at home and abroad. Airports Authority of Israel says the number of rescue flights into the country will increase to 24 per day on Monday, but each flight is limited to only 50 passengers. On Sunday, Israeli airline El Al said that it received requests to leave the country in a matter of a few hours from about 25,000 individuals.
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New Industrial Strategy to reduce energy costs for companies
The UK will cut electricity bills for thousands of businesses under the new industrial strategy that is to be released on Monday. This comes in response to business calls to reduce high energy costs, which they claim have hurt competitiveness and slowed growth. Under an industrial strategy for the decade 2025-2035, the government plans to cut the bills of electricity-intensive manufacturers by up to 25% from 2027, a move it said could benefit more than 7,000 businesses. The government's top priority is to boost Britain's anaemic economic growth. The high energy costs that many businesses face are a barrier to this goal. Industry body Make UK has called for the government to scrap climate levies. The United States, the European Union and Britain are all under pressure to boost their competitiveness and support their key industries in the wake of Donald Trump's tariffs. Five sectoral plans, including those for advanced manufacturing, clean energy, and creative industries, will be released alongside the Industrial Strategy. The Industrial Strategy is based on eight sectors that Britain has previously identified as being strong, including defence and financial services. To boost their competitiveness on the international market, the government announced that it would exempt manufacturers who use a lot of energy from taxes like Renewables Obligation. The government has heard the businesses' biggest request: to reduce energy costs and improve skills. The government announced that the energy measures will be funded by reforms in the energy system without increasing household bills or taxes. After a consultation, the scope and eligibility of the scheme will be finalised. Make UK called the industrial strategy a "giant, much-needed step forward". It also addressed a skills gap in Britain's workforce as well as access to capital. Confederation of British Industry called it a "unambiguous positive signal" which would be a "bedrock of growth". The Industrial Strategy, Britain's First in Eight Years, will increase the capacity of the British Business Bank to channel investments into smaller businesses and provide an additional 1.2 billion pounds per year ($1.61 billion), by 2028-29. The government said it would reduce regulatory burdens for businesses, increase spending on research and developement and speed up the planning process.
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Why is the Strait of Hormuz so important to oil?
Iranian TV reported on Sunday that the top security authority in Iran must decide whether or not to close the Strait of Hormuz. The measure was reportedly approved by parliament as a response to U.S. attacks on Tehran's nuclear facilities. Iran has threatened to close the Strait in the past, but never taken action. This would have restricted trade and affected global oil prices. Here are some details on the Strait. What is the STRAIT of HORMUZ? The Strait is located between Oman, Iran and the Gulf of Oman. It connects the Gulf of Oman in the north with the Arabian Sea to the south. The shipping lane is only 2 miles (3km) wide either way. Why does it matter? Around a fifth (or 450 million barrels) of all oil consumed in the world passes through this strait. Data from analytics firm Vortexa shows that between 2022 and the end of last month, 17.8 to 20.8 million barrels per day of crude oil, condensate, and fuels passed through the strait. Saudi Arabia, Iran and the United Arab Emirates export the majority of their crude oil via the strait. This is mainly for Asia. Saudi Arabia and the UAE have tried to find alternative routes to bypass this strait. The U.S. Energy Information Administration stated in June of last year that there could be unused capacity of about 2.6 million barrels a day (bpd), from existing UAE pipelines and Saudi pipelines, to bypass Hormuz. Qatar, one of the largest LNG exporters in the world, ships almost all its LNG through this strait. Fifth Fleet of the United States, based out of Bahrain, has been tasked to protect commercial shipping in this area. History of Tensions In 1973, Arab producers, led by Saudi Arabia and the United Arab Emirates (UAE), imposed an oil embargo against Western supporters of Israel during its war with Egypt. OPEC crude is now mainly purchased by Asia, not the West. In the past two decades, the U.S. has more than doubled the amount of oil liquids it produces. It is now one of the largest oil exporters in the world. In the Tanker War that lasted from 1980-1988, both sides tried to disrupt the other's exports. A U.S. Warship shot down a Iranian airliner in July 1988. Washington claimed it was an accident, while Tehran said that the attack was deliberate. In response to U.S. sanctions and European ones, Iran threatened in January 2012 to close the Strait. In May 2019, four vessels, including two Saudi oil tanks, were attacked near the UAE coast outside the Strait of Hormuz. Iran seized three vessels in 2023, one in 2024 and two in 2023, near or at the Strait of Hormuz. Some of these seizures were made after the U.S. seized tankers associated with Iran.
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Bangladesh receives offers for 50,000 T of wheat purchased through tender, traders claim
European traders reported that the lowest price offered by Bangladesh's state grain buyer in a tender to buy and import 50,000 tons of wheat which ended on Sunday was $275 per ton CIF. Traders said that traders believed the offer to be from Cereal Crops. They added that other offers are being considered, and no purchase yet has been made. The other companies who participated in the tender, with their price offers for a ton CIF liner, were: Agrocorp, Aston, JK International, Louis Dreyfus, Orexim Trading, Arista Trading, and JK International. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Bangladesh does not usually make decisions immediately about the purchase of wheat. It can take some confirmation. CIF terms cover ocean shipping costs and ship unloading. The contract is signed 40 days later. The wheat can come from anywhere in the world except Israel, and will be shipped to two ports: Chittagong & Mongla. (Reporting and editing by Helen Popper; Michael Hogan)
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Minister says Turkey hopes to hold 5G auction in August
The Turkish transport and infrastructure ministry said that it hoped to conduct a 5G network tender in August. It also stated that mobile communication services were expected to begin next year. In an Istanbul press briefing, Minister Abdulkadir Uraloglu said: "I believe we will conduct this tender in August, if there aren't any issues." He added: "Instead covering the whole country in the first phase, I believe we will cover the densely-populated provinces (first), and roll out this gradual process within the program, as was the case with 4.5G." Uraloglu, when asked about the impact of the conflict between Israel and Iran on the aviation industry, said that Turkish airlines currently have seven civilian aircraft in Iran and four more in Iraq because of the closure of airspace. We are monitoring this through our Foreign Ministry and MIT (intelligence service). "We and the other countries concerned could not take this risk, given that air traffic in this area is extremely intense," Uraloglu stated. He added: "At our first opportunity, we will bring them home." The planes, he explained, belonged to Turkish Airlines as well as its subsidiaries AJet, Pegasus Airlines, and Tailwind Airlines. (Writing Tuvan Gumrukcu, Editing Hugh Lawson).
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FedEx CEO informs staff that Frederick Smith, founder and executive Chairman of FedEx, has passed away.
FedEx Corp.'s former CEO Frederick Smith has passed away, according to a memo posted by the CEO Raj Subramaniam on the company website. Smith founded the global delivery conglomerate in the 1970s with more than 12 planes. Smith, born in 1944, was the executive chairman of FedEx until recently. He focused on issues of global significance, such as sustainability, innovation, and public policy. Subramaniam succeeded Smith as FedEx CEO in 2022. Subramaniam was the operations chief at that time. "Fred was much more than the founder of a great company and a pioneer in an industry. Subramaniam wrote in a memo to employees that "Fred was more than just the founder of our great company and an industry pioneer." Smith, a former officer of the U.S. Marine Corps who served in Vietnam, launched Federal Express with 389 team-members and 14 small aircraft that flew 186 parcels from Memphis to 25 U.S. city. According to its website, FedEx's operations include 705 aircraft and more than 200,000 vehicles. It also has about 5,000 operational facilities. FedEx employs more than 500,000 people worldwide who handle 17 million shipments per day. (Reporting and editing by William Mallard, Jamie Freed, and KanjyikGhosh)
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After the US attack on Iran, airlines continue to avoid Middle East airspace
FlightRadar24 reports that airlines continued to avoid the Middle East after the U.S. strike on Iranian nuclear sites on Sunday. Traffic in the area was already skirting the airspace due to recent missile interchanges. FlightRadar24 posted on the social media platform X that "Following US strikes on Iranian nuclear sites, commercial traffic is operating in the region as it has been since new airspace restriction were put in place last week," The website of the company showed that airlines did not fly in airspace above Iran, Iraq and Syria. The airlines have chosen to fly via other routes, such as the north via the Caspian Sea and south via Egypt and Saudi Arabia. This is despite higher fuel costs and crew costs. A growing number of conflict zones around the world are a threat to air traffic. Since Israel's strikes on Iran began on June 13, airlines have suspended flights for destinations in those countries. However, there have been some flights that evacuated Israelis from the country and others that brought them home. El Al Israel Airlines, the largest carrier in Israel, and Arkia announced on Sunday that they would suspend rescue flights, which allow people to return to Israel, until further notice. Israel's airports authorities said that the airspace of Israel was closed to all flights. However, land crossings between Egypt and Jordan were still open. The Japanese Foreign Ministry announced on Sunday that it had evacuated overland 21 people from Iran to Azerbaijan, including 16 Japanese citizens. The ministry said that this was the second evacuation of this kind since Thursday, and it will continue to do so if needed. New Zealand's Government said on Sunday that it would be sending a Hercules transport plane to the Middle East to be ready to evacuate New Zealanders. In a press release, it said that government personnel along with a C-130J Hercules plane would depart Auckland on Monday. It said that the plane would need a few days to arrive in the region. It added that the government is also in discussions with commercial airlines about how they can help. (Reporting from Sydney by Jamie Freed; Additional reporting in Jerusalem by Steven Scheer, Tim Kelly and Sam McKeith; Editing by SonaliPaul)
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After the US attack on Iran, airlines continue to avoid Middle East airspace
FlightRadar24 reports that airlines continued to avoid the Middle East after the U.S. strike on Iranian nuclear sites on Sunday. Traffic in the area was already avoiding the airspace due to recent missile attacks. FlightRadar24 posted on the social media platform X that "following US attacks on Iranian nucleonic facilities, commercial traffic is operating in the same way as before new airspace restrictions took place last week," The website of the company showed that airlines did not fly in the airspace above Iran, Iraq and Syria. The airlines have chosen to fly via other routes, such as the north via the Caspian Sea and south via Egypt and Saudi Arabia. This is despite higher fuel costs and crew costs. A growing number of conflict zones around the world are prone to missile and drone barrages, which pose a serious risk to air traffic. Since Israel's strikes on Iran began on June 13, airlines have suspended flights for destinations in those countries. However, there have been some flights that evacuated Israelis and others that brought them home. The Japanese Foreign Ministry announced on Sunday that it had evacuated overland 21 people from Iran to Azerbaijan, including 16 Japanese citizens. The ministry said that this was the second evacuation of this kind since Thursday, and it will continue to do so if needed. New Zealand's Government said on Sunday that it would be sending a Hercules transport plane to the Middle East to be ready to evacuate New Zealanders. In a press release, it said that government personnel along with a C-130J Hercules plane would depart Auckland on Monday. It said that the plane would need a few days to arrive in the region. It added that the government was in discussions with commercial airlines about how they could help. (Reporting from Sydney by Jamie Freed; Additional reporting in Tokyo by Tim Kelly and Sam McKeith; Editing by SonaliPaul)
Elon Musk announces Tesla robotaxis launch in Austin
Tesla released a small fleet of self-driving cabs to pick up paying passengers in Austin, Texas on Sunday. Elon Musk announced the "robotaxi release" and social media influencers posted videos of their initial rides.
Musk described the moment as the "culmination" of a "decade of hard work," in a Facebook post. He also noted that the "AI chip and software teams at Tesla were built from the ground up." One Tesla was spotted in South Congress, a neighborhood in Austin early on Sunday with only one passenger in the car. Automaker planned small test with 10 vehicles, and riders in the front seats acting as "safety observers." However, it was unclear what level of control they would have over the vehicles. The automaker invited a small group of influencers to participate in a robotaxi test that was carefully monitored. Musk announced on X that the rides would be offered at a $4.20 flat rate. Tesla investor Sawyer Merritt, a social media personality, posted videos Sunday afternoon on X showing him using a Tesla Robotaxi app to order, get picked up, and take a ride from a nearby restaurant and bar, Frazier's, Long and Low. Industry experts say that even if Tesla is successful with this small deployment, it will still face major challenges to deliver on Musk's promise to scale up rapidly in Austin and other large cities.
According to Philip Koopman, an expert in autonomous vehicle technology at Carnegie Mellon University, it could take Tesla or self-driving competitors, like Alphabet's Waymo years or even decades to develop a robotaxi. He said that a successful Austin trial would not be the end for Tesla but the end of the beginning. According to industry analysts, the majority of Tesla's stock value is now based on its ability deliver robotaxis or humanoid robotics. Tesla is the most valuable automaker in the world.
Texas lawmakers rushed to pass autonomous vehicle rules as Tesla's robotaxi launch date approached. Texas Governor Greg Abbott signed legislation on Friday requiring self-driving vehicle operators to have a state license.
The law that takes effect on September 1 signals the desire of state officials in both parties to see the driverless vehicle industry proceed with caution.
Tesla has not responded to any requests for comments. The Governor's Office declined to comment. The new law is a softening of the previous anti-regulation position taken by the state on autonomous vehicles. A Texas law passed in 2017 prohibited cities from regulating autonomous vehicles.
According to the new law, autonomous vehicle operators must get permission from the Texas Department of Motor Vehicles (DMV) before they can operate on public roads without a driver. State authorities have the right to revoke licenses for drivers they consider a danger to public safety.
In emergency situations, the law requires that firms provide information to first responders on how they can use their driverless vehicle.
The permit requirements of the law for "automated vehicles" are not burdensome, but they do require that firms attest to their vehicles' ability to operate legally and in safety. The law defines an automated car as one that has at least a "Level 4" autonomy standard. This means it can drive without a human driver in specified conditions. Level 5 autonomy means that a vehicle can drive itself in any condition.
California, for example, requires that vehicle testing data be submitted to the state. Bryant Walker Smith is a University of South Carolina Law Professor who focuses on the autonomous driving industry. He said that it appears any company meeting minimum requirements can get a Texas permit, but it could be revoked if there are problems.
He said that California permits were difficult to obtain and easy to lose. In Texas, it is easy to obtain and lose a permit.
MUSK'S SECURITY PLEDGES
Musk has been promising self-driving Teslas for more than 10 years, but has yet to deliver.
Musk said Tesla would be "super-paranoid" regarding robotaxi safety in Austin. This includes operating in restricted areas.
Austin's service will also have restrictions. Tesla will avoid difficult intersections and bad weather. It also won't transport anyone under the age of 18. Commercializing autonomous cars has been expensive and risky. GM Cruise was shut down following a serious incident. Tesla, Waymo, and Amazon's Zoox are being closely watched by regulators.
Tesla also breaks with the industry standard of using multiple technologies for reading the road and instead relies on cameras. Musk claims that this will be safer and cheaper than the lidar and radar added by competitors. (Reporting from Norihiko Shrouzu in Austin, and Abhirup Ro in San Francisco. Writing by Brian Thevenot. Editing by Peter Henderson Chris Reese Lisa Shumaker.
(source: Reuters)