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Tesla ordered to pay $329 Million by Florida jury in fatal Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot and ordered Elon Musk’s automaker, to pay $329 Million to the family and survivor of the deceased woman. The jury in Miami ordered Tesla to pay Naibel Benavides León and her ex-boyfriend Dillon Angulo $129 million as compensatory damages, and $200 million as punitive damages. The lawyers for the plaintiffs claimed that this was the first trial involving wrongful death resulting from Autopilot. Plaintiffs sought $345million. Tesla has been involved in many lawsuits involving its self-driving vehicles, but most have been settled or dismissed before trial. Tesla's attempt to dismiss the case was rejected by a judge Early in the summer Experts said that this could encourage other plaintiffs to sue the EV manufacturer. Musk, the richest man in the world, could be hindered by Friday's decision. Investors: How to persuade them Tesla is a leader when it comes to so-called "autonomous driving" for private cars and robotaxis, which the company plans to produce next year. The shares fell by 1.8% on the Friday. According to reports, Tesla intends to appeal. Tesla, based in Austin, Texas, and its attorneys did not immediately reply to multiple requests for comment. The trial was based on an incident that occurred on April 25, 2019. George McGee drove a 2019 Model S, at 62 mph or 100 kph (100 km/h), through an intersection and into the victims parked Chevrolet Tahoe while they were standing next to it. McGee reached down to grab a phone he dropped in his car and received no alerts, according to reports. He then ran through a stoplight and a stopsign before crashing into the SUV of the victims. Philip Koopman is a professor of engineering at Carnegie Mellon University and an expert on autonomous technology. The jury's only option to rule against Tesla would have been to find a software defect in Autopilot. It's a huge deal." Angulo was said to have suffered serious injuries while Benavides Leon reportedly died after being thrown 75 feet. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but did not restrict its use elsewhere. Elon Musk also claimed in his statement that Autopilot was better than human drivers. He added that "today's verdict represents Justice for Naibel and Dillon's tragic deaths, as well as their lifelong injuries." Tesla's quarterly sales dropped by more than 10 percent last month and its profit missed Wall Street expectations. (Reporting and editing by Sandra Maler; Additional reporting and reporting by Tom Hals)
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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.
Europe's airline shares surpass US counterparts amid tariff turmoil
In the past six months, European airline shares have surged despite geopolitical uncertainty and economic instability. Meanwhile, U.S. airline stocks have fallen amid a decline in travel spending.
Since the beginning of this year, there has been a lot of volatility in the stock market as President Donald Trump’s trade war has shaken business and consumer confidence.
Travel spending is a major discretionary expense for consumers and businesses. The prospects of a weak economy in the U.S. coupled with high inflation has impacted shares of Delta, United, and American Airlines.
The two main European flag carriers, Lufthansa & Air France-KLM, reported better results for the second quarter on Thursday. They were able to overcome concerns about transatlantic travel while also boosting their share prices as investors benefited from cost discipline.
The shares of British Airways owner IAG have continued to rise, although more modestly, than their European counterparts.
Analysts said that it helps to have Americans still eager to travel to Europe with European carriers. Air France, in particular, has boosted its luxury image to boost sales of premium seats.
Air France-KLM is the leader in terms of share performance amongst major European carriers, followed by Lufthansa, IAG and Lufthansa. All the major American carriers have had a down year for the most part, but there has been an increase in the last few months.
SIGNS OF IMPROVEMENT
The performance in terms of share and results comes despite complaints from European airline chief executives that they are subjected to undue regulations tied to airport taxes and environmental costs compared to international carriers.
As a result of Trump's passage of his tax and spending bill, and the clarity that has been provided on tariffs, some macroeconomic concerns have been eased for U.S. Airlines. Their shares are now recovering from their lows of this year and there is hope for an improvement in travel demand.
Dudley Shanley, analyst at Goodbody, said: "Flag carriers are increasingly motivated by the realisation that North Atlantic demand is a little lower but not as bad as investors had feared."
Even so, the earnings forecasts for U.S. Airlines in 2025 have been significantly revised down.
Conor Cunningham is an analyst at Melius Research. He said that the confidence of consumers and corporate travelers could lead to a change in the travel industry.
He said: "We could look back at the tariff-induced pause as a temporary pause."
(source: Reuters)