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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)
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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,
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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)
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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.
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Airbnb drops as fears about a slowdown in travel demand are renewed by a slower growth outlook
Airbnb shares fell more than 7% Thursday, after the company announced slower growth for the second half of this year. This disappointed investors who had expected a rebound in demand following strong forecasts by major travel companies. Vacation home rentals' gloomy future was a setback for the industry. It had seen a rise in consumer confidence in July and expected budget-conscious Americans would return to vacations, despite inflation and tariffs. United Airlines and Hilton Worldwide forecast a strong growth in revenue for the fourth quarter last month. Booking Holdings, an online travel agency, also reported positive quarterly results last week. The initial tariff shock in April led to a large drop in bookings, said Danni Hewson. She is the head of financial analyses at AJ Bell. Investors are now focusing on the results of Expedia Group, which will be released after the bell. This will help them gauge the health and performance of the US travel industry. Airbnb's weak growth forecast was due to the comparisons made with the previous year, which saw strong bookings from Asia and Latin America. The company anticipates that night bookings will moderate in the fourth quarter. The implied take rate or the ratio between revenue and gross bookings is expected to be flat in the third-quarter. Booking Holdings has seen an increase of 11.4% in the same time period, while Airbnb and Expedia have each fallen by 0.6%. Airbnb has a much higher price-to-earnings ratio of 28.41 compared to Booking, which is trading at 22.69. Expedia is at 11.57. (Reporting and editing by Ronojoy Mazumdar, Shinjini Giguli, and Kanchanachakravarty from Bengaluru)
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India calls for a global code of conduct on pilot poaching
India has asked countries to adopt a code of conduct for hiring airline staff from each other. It is concerned that the rapid growth of its aviation industry in India may be stifled due to the poaching of Indian cabin crew and pilots without sufficient notice. India, which is one of the fastest-growing aviation market in the world, struggles with a pilot shortage, which undermines 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 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. India's Government said in April that the country will need 30,000 pilots within 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, while major international carriers from British Airways to Lufthansa to Emirates 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)
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Helicopters save people trapped by floods along a key India pilgrimage route
Indian rescuers used a helicopter on Thursday to lift people out of floodwaters in the Himalayan State of Uttarakhand. This comes two days after an unexpected inundation and landslide that killed four people. More are still missing. Rescue teams reached Dharali after the rain stopped. Tuesday's wall had submerged homes and cars, on the way to Gangotri, a Hindu pilgrimage town, in sludge. In a Facebook post, Pushkar Singh, the chief minister of Uttar Pradesh, stated that helicopters had brought stranded people to safety. Dhami stated that the destruction had been "massive", and the number of people missing was still being calculated. He said, in reference to the rescue efforts: "If we have good weather tomorrow then we'll bring everyone by today." The authorities said that about 400 people trapped in Gangotri are being rescued via air. Nine army personnel and seven civilians were among those missing. Families of missing persons gathered in Matli to search for their loved ones. Mandeep Panwar wanted to get to Dharali where his brother, who ran a hotel in the town and has been missing since Tuesday, is. If you look at the videos, it appears that our hotel was the first to be affected by the flood. Panwar said, "I haven't heard from my missing brother in a long time. Officials said that communication links between rescuers and residents were still disrupted because the mobile phone and electricity towers destroyed by floods had not yet been replaced. Visuals revealed that earlier, rescuers of the army used both their hands and machinery to move boulders off roads which had become muddy rivers. Northern Command reported on X that more than 225 soldiers were involved in the rescue. "We saw Dharali fall before our eyes," Anamika Mehra said, a pilgrim heading to Gangotri at the time of the floods. On the way to the temple, the hamlet of 200 people in Uttarkashi district is more than 1,150 meters (3,775 ft) above the sea level. Uttarakhand has a high risk of flooding and landslides. Some experts attribute this to climate change.
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High electricity costs are a harsh reality for Britain's AI dreams: Bousso
NESO report: Data centre energy consumption to triple by 2035 The cost challenge of nuclear and offshore wind investment is highlighted The UK has the highest wholesale electricity prices of all developed economies Ron Bousso LONDON, 7th August - Britain's ambitions to boost its economy and tap into the AI revolution face the harsh reality of the fact that the abundance, clean, and reliable electricity supply required to achieve this is unlikely to be realized any time soon. The Prime Minister Keir starmer has laid out a number of major industrial policies to revive Britain's stagnant economy. This includes pouring money into the artificial-intelligence industry which, according to the government, would increase productivity and generate over $50 billion in gains each year. The data centres that run AI are highly energy-intensive and often require a separate source of power to operate. According to NESO grid operator, the UK's electricity demand is expected to increase from 319 terawatt-hours in 2024 to 450 tWh in 2030, with data centre power consumption set to triple during that time. The government's plans to modernise and expand the country's aging power system through low-carbon sources of energy could paradoxically complicate this effort by increasing Britain's already high energy costs. EXPENSIVE PLANS UK power prices are the highest in any developed country. Wholesale electricity prices increased by 40% from a year ago to $115 per megawatt-hour on average, according to International Energy Agency. This was mainly due to increased gas-fired generation during cold weather conditions and reduced wind production. This compares to average prices of $100/MWh in Germany and France, as well as $48/MWh in the United States. The British government wants to lower energy prices through a combination of measures, including reducing the grid's dependence on natural gas, increasing renewable power generation and battery storage, improving transmission infrastructure, and connecting grids with neighboring countries. These upfront investments, however, will initially increase the cost of electricity for consumers. Off-Course Offshore wind represents the flagship of Britain’s renewable energy policy. The government aims for offshore wind capacity to increase to 43-50 gigawatts (GW) by the end decade from the current 15 GW. Despite rising construction and finance costs, the government increased the maximum guaranteed price for offshore wind projects or the strike price in the auction this year by 11% compared to the previous round. This was a follow-up to a 66% increase in the last auction. The actual strike price of the contract for difference auction, which starts in this month, could be lower than government ceiling. Cost increases forced Danish developer Orsted to halt the development of its 2.4 GW Hornsea 4 off-shore wind project in May. Nuclear energy is a low-carbon alternative that the UK is also exploring. The UK government announced on 22 July that it had secured investment to develop the Sizewell nuclear plant, Britain's 2nd new nuclear plant within a decade. It is expected to become operational by 2030. Nuclear energy is a reliable source of low-carbon, steady energy. The current sizewell development costs of 51 billion pounds (38 billion pounds) are nearly twice the original estimate from earlier in the decade. This is due to inflation and increased material costs. Cost overruns in nuclear projects are not uncommon. The focus on offshore wind and nukes could increase the cost of electricity, reducing British industry's competitiveness and decreasing support for energy transition. CHOICE OR NO CHOICE Does the government offer any other viable options? Andrew Birch is the CEO of OpenSolar. He believes that Britain needs to liberalise their power market. This would require removing subsidies, such as CfDs, and allowing the markets to determine what forms of energy are most efficient for consumers. Although the idea is a good one, given that energy is so important to Britain, both in terms of its economy and security (especially with the AI race and the energy transition), the government will not be willing to relinquish control. A second option would be to transform the UK's old, centralised electricity system into an operation based on many small batteries and generators. This would also increase the grid's efficiency. It would cost billions in advance costs. All infrastructure and investment could be assessed by general taxation, rather than through energy bills. This would reduce sticker shock for consumers each month. This option is unlikely be to gain much political support because voters dislike higher taxes as much as they hate high energy prices. This leaves the possibility of increased private-public partnerships or government-financed investments. To avoid a sustained backlash, the latter would have to be clearly communicated to markets. If properly planned, UK investments in renewables, nuclear power, batteries, and transmission could pay off. However, given the many challenges, it is unlikely that the benefits will be felt for another decade. This spells trouble for Britain’s ambitious AI plans. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. 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What is the fuel switch at the heart of the Air India crash investigation?
Sources briefed by U.S. officials on their early assessment of the evidence said that a cockpit recording of the dialogue between the two Air India pilots that led to the crash last month confirms that the captain stopped the fuel flow to the plane's engine.
Here are some facts about the engine fuel switches. They describe their function in the aircraft, and how they moved on an Air India flight.
What are fuel switches?
These switches regulate the fuel flow to a plane's engine. Pilots use them to shut down engines or start engines manually on the ground.
Experts in aviation say that a pilot could not accidentally move fuel switches feeding the engines. If moved, however, it would immediately cut off the engine's power.
According to John Cox, an aviation safety expert from the United States, there are separate power systems and wirings for the fuel shutoff switches and fuel valves that they control.
Where are the fuel switches located?
The fuel control switches are located under the thrust levers on a Boeing 787-8, which is equipped with two GE engine in Air India's instance.
The switches have a spring loaded mechanism that keeps them in place. The pilot must first lift the switch and then change it from cutoff to run.
There are two different modes: 'CUTOFF" and "RUN".
What happened on the fatal AIR INDIA flight?
According to the flight recording, after a few seconds of takeoff, both switches were switched from "RUN" to "CUTOFF", one after the other, with a one-second time difference. The engines started to lose power as a result.
On the cockpit voice recording, one pilot is heard asking the other pilot why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so."
The report failed to identify the remarks made by the captain of the flight and those by the first officer.
Sources briefed about U.S. officials early assessment said that the first officer, who was in control of the 787 at the time, asked the captain to explain why he had moved the fuel switches so that they starved the engine of fuel. He then requested that the captain restore fuel flow.
According to the preliminary report both switches were in the "RUN" position and found at the crash scene.
The report stated that when fuel control switches from 'CUTOFF to RUN' are moved while the aircraft is flying, the control system of each engine automatically manages a sequence for relighting and restoring thrust, including ignition and fuel injection.
John Nance, an aviation safety expert from the United States, said that "no sane person would turn off those switches in flight", especially when the plane was just beginning to climb. (Reporting from Abhijith Gaapavaram, New Delhi; Dan Catchpole, Seattle; editing by Jamie Freed).
(source: Reuters)