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Tesla ordered to pay $329 Million by Florida jury in Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot. Elon Musk ordered his automaker to pay the $329 million in damages to the families of the deceased woman and the injured survivor. The settlement includes $129 Million in compensatory damages as well as $200 Million in punitive damages. Tesla was sued in court by Naibel Benavides León's estate and her ex-boyfriend Dillon Angulo. The lawsuit relates to an incident that occurred on April 25, 2019, when George McGee drove a 2019 Model S, at 62 mph (10 kph), through an intersection and into parked Chevrolet Tahoes while the victims were standing next to them. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but deliberately did not restrict drivers' use of it anywhere else. The verdict today is justice for Naibel and Dillon. Tesla did not respond immediately to comments. Reporting by Jonathan Stempel, New York; Editing Sandra Maler
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Chevron CEO: Exports of Venezuelan crude oil to resume in this month
Chevron's CEO stated on Friday that the company expects to resume its Venezuelan crude exports to the United States this month. This follows a limited license issued by the Treasury Department this week to operate within the sanctioned nation and to do oil swaps. In a conference call to announce the company's quarter-end results, Chevron CEO Mike Wirth said that exports would begin with "a limited amount" and that he did not expect that flows will have a significant impact on the third-quarter results. Chevron has suspended its exports of Venezuelan crude oil since April when the state-owned PDVSA cancelled cargoes that it had planned for its joint venture partner due to payment issues related to U.S. sanctioned against Venezuela. In March, the U.S. administration of President Donald Trump revoked Chevron's license that was granted under former president Joe Biden. Trump's administration gave Chevron, along with a few PDVSA partners, until late May to complete transactions. Washington reinstated Chevron’s license last month after a successful prisoner exchange with Venezuela. Members of Congress in the United States also urged granting oil authorizations to stop Venezuelan barrels going to China. According to sources within the company, PDVSA has not yet authorized its European partners to resume operations or export oil into their refineries in Venezuela. According to vessel movement data, Chevron had exported around 250,000 barrels of Venezuelan crude per day in the first three months before the licenses were cancelled. This was 29% of Venezuela's total exports. According to U.S. officials and sources, the new authorization is similar in nature to that of Biden's license but prohibits payment to Venezuelan President Nicolas Maduro’s administration using any currency. Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the license. Sources said that the agreement is likely to include payment of mandatory royalties to Venezuela, either in kind or by way of oil swaps. Chevron could provide Venezuela with diluents. Shipping sources say that Chevron Venezuela also ordered a new inspection of PDVSA loading terminals before any vessel chartering contract. U.S. Gulf Coast Refineries Snapped Up higher volumes Ship tracking data revealed that in July, the United States imported Middle Eastern and South American crudes to compensate for the Venezuelan barrels lost. Matt Smith, lead oil analyst at Kpler, said: "Although deliveries will return to the U.S. within a short time, comments by CEO Mike Wirth suggest that we shouldn't be expecting a quick rebound to volumes seen earlier this year."
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Democrats protest extra US scrutiny on solar and wind projects on public land
Four Democratic U.S. Senators, on Friday, criticized the directive issued by Interior Secretary Doug Burgum last month requiring his office review all decisions made on wind and solar projects on federal land. They said it would lead to delays and discourage investment at a time when power demand is increasing. The lawmakers claimed that the directive would create a bottleneck, and thereby halt progress in wind and solar power, which made up the majority of the new U.S. electricity added to the grid during the past year. The letter from Senators Martin Heinrich and Ron Wyden to Burgum stated that "rather than ensuring a process of efficient approval for all energy sources, this directive appears to actively disfavor renewable projects, in favor more expensive and more polluting technologies", such as fossil fuels. They called on Burgum to withdraw the directive and reinstate a transparent, timely and efficient framework for renewable energy. The Interior Department made no comment on the letter. A spokesperson stated that "the enhanced oversight will ensure that all evaluations are thorough, deliberative and comprehensive." Donald Trump has called solar and wind unreliable, expensive and has promoted policies to increase U.S. oil, gas, and coal production. Heinrich is the ranking Democrat in the Senate Energy Committee. He represents New Mexico which has abundant oil, gas and wind resources. Interior said that the review would include rights-of-way and leases as well as construction, permits, and other activities. Trump has taken several steps to limit wind and solar. His spending bill accelerated the phase out of tax credits for renewable energy sources by several years. Solar and wind companies said Interior's directive contradicted Trump's larger goal to reduce burdensome regulations, boost energy for data centers and artificial Intelligence which is increasing U.S. demand for power for the first time since two decades. The senators stated that the Interior Department of former President Joe Biden had reviewed more than 65 onshore clean energy utility projects. Nearly 200 others were in line, they added. (Reporting and editing by David Gregorio; Timothy Gardner)
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Delta Air assures US lawmakers that it will not personalize its fares by using AI
Delta Air Lines announced on Friday that it would not use artificial intelligence in order to determine the personalized price of tickets for its passengers, after being criticized by U.S. legislators. Last week, Democratic senators Ruben Galego, Mark Warner, and Richard Blumenthal stated that they believed Atlanta-based airlines would use AI in order to set individual prices. This would "likely" mean that fares would increase up to the individual consumers' personal "pain points." Delta plans to deploy AI revenue management technology on 20% of its domestic networks by 2025, in partnership with Fetcherr. Delta informed the Senators via a Friday letter that it had never used or tested fares that target customers with personalized prices based upon personal data. "Our ticket prices never take into account personal information." The senators cited comments made by Delta President Glen Hauenstein in December that Delta's AI-based price-setting system is capable of setting prices based on "the amount of money people are willing pay for premium products compared to base fares." Robert Isom, CEO of American Airlines, said last week that using AI to determine ticket prices could harm consumer confidence. This is not about trickery. Isom stated on a earnings call that "this is not about tricks" and added, "talking about AI in such a way, I do not think it's right." It's certainly not something that we will do from American. Delta Airlines said that airlines have been using dynamic pricing for over three decades. Pricing fluctuates depending on factors such as overall demand, fuel costs, and competition, but not the personal information of a particular consumer. "With tens and millions of fares, hundreds of thousands routes available at any time, using new technology is a must." Delta's letter stated that "AI technology promises to streamline our analysis of existing data, and to increase the speed at which we are able to respond to changes in market dynamics." The letter said that AI could "assist [our] analysts with pricing, by reducing manual process, accelerating analyses and improving time-to-market for pricing adjustments." (Reporting and editing by David Shepardson, Chizu Nomiyama, and David Gregorio).
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Delta won't use AI to determine personalized ticket prices
Delta Air Lines announced Friday that it would not use artificial intelligence in order to determine the personalized price of tickets for its passengers, following harsh criticism by U.S. legislators. Last week, Democratic senators Ruben Galego, Mark Warner, and Richard Blumenthal stated that they believed the Atlanta-based carrier would use AI in order to set individual fares, which "would likely mean fare prices increasing up to each consumer's individual 'pain points'." Delta plans to deploy AI revenue management technology on 20% of its domestic networks by 2025, in partnership with Fetcherr. Delta informed the senators that it has never used, tested or planned to use a fare product that targeted customers with personalized prices based upon personal data. "Our ticket prices never take into account personal information."
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Six people arrested after roof collapse at Serbia Railway Station
Six people including a former Minister were arrested Friday for their involvement in the reconstruction of a train station whose roof collapsed in November, killing 16 people and triggering Serbia’s largest anti-government demonstrations in decades. Tomislav Mojii, the former minister of infrastructure, was arrested by the office of prosecutor for organized crime. The six men are suspected of inflating the invoices of a consortium consisting of two Chinese companies, China Railway International Co. and China Communications Construction Co. who were tasked with reconstructing the Novi Sad railway station and its tracks. The statement stated that the Chinese consortium was able to benefit $18.8 millions by inflating their invoices, and they are suspected of damaging state budgets by $115.6 Million. On December 11, 11 people including Momirovic’s successor Goranvesic were arrested on suspicion of committing an act against the public safety. The protests in Serbia, which followed the collapse of the roof, and the university closures, have shaken the government of President Aleksandar Vucic. A former ultranationalist, Vucic converted to the cause for EU membership in 2008. They demand that Vucic, and his party, be removed from power within 13 years. They accuse Vucic, and his allies, of having ties with organised crime and violence against rivals. Vucic denies these accusations. (Reporting and editing by David Holmes; Ivana Sekularac)
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Enbridge is seeing a strong demand for additional oil pipeline capacity between Canada and the US Gulf
Enbridge, the Canadian pipeline operator, said that its recent commercial process for gauging oil shippers’ interest in an extension of its Flanagan South pipe was oversubscribed. This indicates a strong demand from oil shippers to increase their capacity to transport oil between Canada and the U.S. Gulf Coast. On a recent conference call, Enbridge CEO Greg Ebel stated that the success of the Flanagan-South open season -- a term used by the industry to describe the process that pipeline companies use to inform shippers about available capacity and to solicit bids -- has brought Enbridge closer towards formally sanctioning the proposed expansion of Mainline. Enbridge will make a final decision about the investment in the first phase, which will add 150,000 barrels to the Mainline System, by the end of this calendar year. Enbridge's Mainline, the largest pipeline in North America with a capacity of 3 million barrels a day from Western Canada into markets in Eastern Canada or the U.S. Midwest is the largest system. Flanagan South, a 954 km (593 mile) connector pipeline that runs from Illinois to Cushing in Oklahoma, is a part of the Mainline network. Ebel stated that the Mainline system had been in apportionment - a term which means that demand exceeded available capacity - for six out of the eight first months of 2025. Canadian oil exports to the U.S. enjoy a tariff-free status, and production from Canada's sands is on the rise. S&P Global's recent report estimated that Canada's oil-sands would produce 3.8 millions bpd by 2030. This is a 15% increase over current levels. Trans Mountain, Canada's pipeline that transports oil from Alberta's west coast to British Columbia, where it can then be exported overseas is also looking at increasing its capacity. No private company has expressed interest in a new pipeline for oil to be shipped overseas. However, polls in Canada, the fourth largest oil producer in the world, have shown a rise in support. Interest in building Such a project is unlikely. Ebel said that a new pipeline was unlikely to be built unless certain federal policies are repealed, including a cap on greenhouse gases from oil sands and a ban on oil tanks off the northern coast of British Columbia. According to data compiled and analyzed by LSEG, Enbridge's adjusted profit per share was 65 Canadian cents for the quarter ending June 30. This beat analysts' expectations of 57 Canadian dollars. The company reported a quarterly net profit of C$2.18 Billion.
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How prepared is the U.S. grid for extreme heat this Summer?
Grid operators in the U.S. are reworking their forecasting techniques, reforming power markets, and streamlining the interconnection process to connect more energy into the grid. This is due to a combination of extreme weather conditions and the growth of data centers, which has increased power demand. Federal regulators warned earlier this year that the summer 2025 power consumption will be higher than in the previous four summers due to high temperatures and the expansion power-hungry power centers. In recent weeks, heat waves have already put strain on the nation's power grid. "Extreme weather is becoming more frequent, and we're adjusting our plans to that," said Dan Lockwood. Here are the grid operators' plans to meet summer demand and their longer-term efforts to stabilize the system. PJM predicted that power consumption would peak at 154,000 MW by the end of summer. The company, the largest grid operator of the U.S., and which serves one fifth of Americans, has said that it is prepared to meet this demand but has warned that in extreme scenarios, it could reach an all-time peak of 166,000MW. The company would then ask customers to reduce their electricity use in exchange of compensation. PJM has streamlined its interconnection processes to bring new energy onto the grid. It has also accelerated projects that don't require extensive grid upgrades in order to connect to system. California Independent System Operator reported a surplus of 1,451MW in power this summer, compared to the industry standard, which is one emergency every 10 years. This is a significant change from the estimate of a 1,700 MW shortfall three years ago. Dede Subakti is the vice president for system operations at CAISO. She said that CAISO also has been adding new power quickly to its grid. In fact, around 25 GW have been added in the last five year. This has been largely battery storage which helps balance demand and supply. The total battery storage pool for CAISO is now 11 GW. Subakti stated, "With this added capacity, we are in a good position for summer 2025." CAISO stated that the grid may still experience shortfalls in the event of a prolonged heat wave affecting the entire West or if wildfires cause damage to power transmission lines. ISO-NEW ENGLAND ISO New England expects that electricity demand this summer will reach 24,803MW under normal weather conditions, and 25,886MW if extended heatwaves occur. However, it believes they have enough power to meet the demand. ISO-NE, one of the grid operators evaluating possible changes to its capacity-auction to improve grid reliability. The "prompt auction" will be held just before power is required, rather than the current three-year advance practice. It also plans to introduce two seasonal commitment periods each year to address the unique risks that the summer and winter demand poses to the grid. The company plans to submit an initial proposal regarding this new market structure before the end of the year. Midcontinent Independent System Operator has predicted that the peak demand for electricity in its area could reach 123 GW by summer. It also predicts that 138 GW will be available to meet this demand. It warned, like other grid operators, that extreme weather still poses a threat to the grid. MISO has made changes to its wholesale market as grid risks have increased. This includes assessing the reliability and efficiency of its infrastructure seasonally. In its most recent auction, it implemented a reliability-based demand curve. Under this system, the price of energy resources rises as the grid nears its minimum requirements. MISO is expected to add around 31 GW nameplate power from 2020 to mid-2025. Another 10.9 GW is estimated for this year. Nearly 11 GW in power resources are scheduled to be retired between 2020 and early 2026. (Reporting and editing by Liz Hampton, David Holmes, and Kavya Balaraman)
Southwest Airlines names Doug Brooks board chairman
Southwest Airlines announced on Thursday that Doug Brooks, an insider, will be the new independent chairman of its board. This appointment takes effect August 1.
Rakesh Giangwal, who was previously the chairman, resigned due to other commitments, unrelated to Southwest Airlines, but remained on board. He became board chair last November.
Southwest announced the formation of a "Fleet Oversight Committee", which will assist the board with its oversight of the airline's fleet acquisition strategy. Gangwal will serve as the chair of this committee.
The company announced that Gangwal would continue to serve as a member of the Finance and Nomination & Corporate Governance committees.
Brooks was previously the chief executive of Brinker international. He has been a director with the airline since 2010.
Southwest is still struggling to get its bearings after the COVID-19 Pandemic. The company's poor earnings have increased pressure on it to change its business model.
Southwest Airlines has made a number of changes. It ended the open-seating policy that had been central to the brand image of Southwest for over 50 years. They also introduced a new basic economy fares and in the last quarter began charging for checked baggage, ending an exclusive free policy.
The trade war of Donald Trump has only exacerbated the challenges. Southwest Airlines, the biggest U.S. domestic airline, reduced its profit forecast for the year last week by up to $1.1 billion. Reporting by Rajesh Kumar Singh and AnshumanTripathy in Chicago; editing by Alan Barona
(source: Reuters)