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Via Transportation raises $493 Million in US IPO valued at $3.65 Billion
Via Transportation, a transit technology company and a few existing investors, raised $492.9 in an initial public offering in the United States on Thursday. This is the latest addition to a September rebound of IPO activity. Via, a New York-based firm, sold 10.7 million shares for $46 each. This was above the $40 to $44 range that it had advertised. Via's valuation is $3.65 billion. The U.S. IPO Market has recovered in the fall window of 2025. This is due to an ebullient market, rising expectations of rate reductions, and the strong debuts of several big names. Investor anxiety about President Donald Trump's new tariffs has started to subside, which is a positive development for companies looking to enter the public market. The U.S. listed shares of Swedish fintech company Klarna rose by 30% on opening day, one of the most anticipated debuts this year. Via, founded in 2012, combines intelligent routing and on-demand shared rides to optimize public transportation systems in more than 30 countries. Increasing urban congestion and environmental concerns has led governments around the world to call for sustainable mixed-mode public transport systems. Via filed a confidential IPO application in late 2021. In a 2023 round of funding led by venture capital firm 83North, the company was valued at $3.5billion. Goldman Sachs is the lead underwriter for Via. Morgan Stanley, Allen & Company, and Wells Fargo will also be involved. The company intends to list its shares at the New York Stock Exchange under the ticker "VIA" on Friday. On Friday, several other companies will also go public, including the cryptocurrency exchange Gemini, owned by the Winklevoss Twins, and Legence, a Blackstone-backed engineering service provider.
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Drones with long-range, 'kamikaze-style' range seen near RSF base may worsen the conflict in Sudan
The presence of more than a dozen long range kamikaze drones near an airport controlled Sudan's Rapid Support Forces in May during a major aerial assault on army territories indicates that the paramilitaries possess new weapons which could change the course the war. The conflict between RSF and Sudan’s army, which has lasted for two and a half years, has caused the worst humanitarian crisis in the world, drawing a wide range of foreign interests and threatening the fragmentation of the strategically important Red Sea country. Sudan is a major producer and exporter gold. Images and analyses shared and verified by the Yale Humanitarian Research Lab showed 13 "delta wing" drones with launch gear near Nyala Airport in Sudan's western Darfur Region on May 6, this year. These drones are designed to crash directly into their targets and have a typical range of around 2,000 km (1200 miles), which would allow them to reach anywhere in Sudan, far beyond any previous models that the RSF had. Yale deemed it to be one of two Chinese models. The two experts who were contacted said that they couldn't confirm the manufacturer, but agreed on a likely range. Companies in Russia and Iran also produce similar models. The Chinese defence ministry and the foreign ministry have not responded to comments immediately. The drones and launch platforms were seen near Nyala Airport between May 3-9. This coincided with the barrage of drone strikes on Port Sudan. Researchers said that the drones had disappeared by May 9, while the launch platforms were still visible up until early September. Some analysts at the time speculated that an attack on the army’s wartime capital, around 1,600 km away from Nyala, may have been launched by areas in the east of Sudan because the RSF did not have such capabilities. Sudan accused the United Arab Emirates (UAE) of carrying out attacks with warplanes, kamikaze drones and a base Emirati on the Red Sea. The UAE has denied these allegations and denied them repeatedly. Since losing the center and east of Sudan earlier this year, RSF has increased its air capability and relied more on drone attacks. Paramilitary groups launched drone strikes on Khartoum's capital this week, claiming to be in response to military attacks against civilians in other parts of Sudan. However, it is not known what models were used. Wim Zwijnenburg, of the Dutch peace organization Pax and the defence intelligence firm Janes confirmed that the images from May showed delta-winged suicide drones with a long range. These models are similar to those produced in many countries. They have a range of about 2,000 km. RSF didn't immediately respond to comments sent to its spokesperson. The RSF reiterated its allegations on Thursday that the army targeted civilians with drone attacks. The army denies the allegations. In the beginning of this year, three CH-95 drones manufactured by China with a range up to 200km were identified at Nyala Airport. The RSF launched drone attacks against targets within close range, including fuel depots and military bases in areas controlled by Sudanese forces. The Sudanese Army has targeted Nyala Airport and its surrounding areas repeatedly, including earlier this week with strikes. Yale researchers have not determined how drones could have reached Darfur. Darfur has been subject to an arms embargo since the early 2000s. This embargo has been repeatedly violated. (Additional reporting by Khalid Abdelaziz, Beijing Newsroom and Philippa Fletcher; editing by Alexander Dziadosz)
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JetBlue is bullish about its Atlantic strategy and wants to add more gateways
JetBlue Airways announced on Thursday that it was confident in its transatlantic strategy, and is working to connect as many passengers as possible with Atlantic Gateways. The New York-based carrier has reorganized its network in order to focus on routes that are more profitable. The carrier will expand its service to Southern Florida, and also focus on transiting more U.S. premium travelers to gateway cities such as New York and Boston before continuing to Europe. JetBlue's President Marty St. George said at a Morgan Stanley Conference: "This balance of good sun market in the winter, and then European markets during the summer and fall has made for a very very good profit portfolio." "We are very, very confident about the success of Atlantic." The company believes that connecting more passengers with gateways such as New York and Boston is important for its strategy of returning to profitability. He added, "I'd love to have more Atlantic connectivity as quickly as possible." JetBlue, a competitor of Southwest Airlines, said that it was satisfied with the decision made by its fleet to fly narrow-body aircraft with approximately 150 seats across the Atlantic. The company is having difficulty securing airport slots and favorable times in cities such as London to attract more business travelers for its transatlantic flights. (Doyinsola Oladipo in New York; Editing by Nia Williams)
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Wall Street indexes close at record highs; Tesla, Micron and Micron rally
Wall Street's major indexes closed at record highs on Thursday, thanks to gains by Tesla and Micron Technology. Meanwhile, U.S. data on inflation and unemployment fueled expectations of a Federal Reserve rate cut this month. The U.S. consumer price index rose faster than expected in August, and the inflation rate was higher than it has been in the past seven months. Separately, the initial claims for unemployment benefits for the week ending September 6 reached 263,000. This is a four-year high. "Inflation is sticky. Whether you call it stagflation, or not, different people define it differently. Atsi Sheth is the Chief Credit Officer of Moody's Ratings, New York. Sheth predicts the Fed will cut interest rates 25 basis point next week and another 25 basis point by year-end. The futures market indicates that traders are confident the Fed will reduce rates by 25 basis points or more at its next policy meeting. There is a 7 percent chance of a 50 basis point reduction. This comes after a string of disappointing labor market data and Wednesday's lower-than-expected reading on producer inflation. Tesla climbed, helping the S&P 500 index and Nasdaq to reach record highs. Citigroup increased its price target for Micron Technology to $175, up from $150. The Philadelphia SE Semiconductor Index also reached a new high, rising 0.9%. Warner Bros Discovery gained after the Wall Street Journal revealed that Paramount Skydance was preparing to make a cash-only bid for the struggling media firm. The preliminary data shows that the S&P 500 rose 54.70 points or 0.84% to 6,586.74 while the Nasdaq Composite advanced 153.54 or 0.70% to 22,039.60. The Dow Jones Industrial Average increased 613.97, or 1.35% to 46,104.89. Centene's stock jumped after it reaffirmed the insurer's annual profit forecast. It also said that its Medicare plans had been rated in line with its expectations. Oracle retreated, giving up some of the previous session's 36% rise, which had given new fuel to Wall Street AI's rally. Delta Airlines' stock fell after it reaffirmed its profit forecast for the year. Purvi Agarwal, Shashwat Chohan and Noel Randewich reported from Bengaluru and San Francisco respectively; Pooja Deai and Maju Sam edited the story. Davide Barbuscia, New York: Additional reporting; editing by David Gregorio
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Boeing CEO: 777X certification is behind schedule
Boeing CEO Kelly Ortberg stated on Thursday that Boeing is behind schedule in certifying its newest widebody aircraft, the 777-9. The first 777X will be delivered in 2026. This is six years later than the company had anticipated in 2013 when the program began. Ortberg, speaking at the Morgan Stanley Laguna Conference, said that there is still a "mountain" of work to be done in order to certify the aircraft, but no technical issues have been discovered. He said that "even a small schedule delay in the 777 program can have a big financial impact for the company." The program has already cost the company several billion dollars. Boeing's supply chains are under pressure from inflation across all of its programs, he explained. Ortberg stated that he did not anticipate any supply-chain problems to stop the company from increasing the production of its most popular 737 MAX aircraft to 42 per month by the year's end, up from the current federally imposed limit of 38. He said that the company must first stabilize one of six key performance indicators before increasing 737 production. Ortberg noted that paying down debt will be a priority once the company returns profitably. He said the company had taken on too much debt in the past years to deal with its crises. (Reporting and editing by Chris Reese, Lisa Shumaker, and Dan Catchpole from Seattle)
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Southwest Airlines re-evaluates its long-haul flight strategy
Southwest Airlines CEO Bob Jordan stated on Thursday that the company was looking into long-haul flights internationally and premium airport lounges to help it turn around. Jordan said that while the company would have to consider a wide body aircraft for international long-haul service, they could first choose a narrow-body to serve these routes. After the COVID-19 epidemic, the Dallas-based carrier has struggled to find its feet. It operates mostly domestic flights using a Boeing 737 fleet. The carrier's low earnings have increased pressure on it to change its business model. It now charges for checked baggage, ending the free policy. It also introduced a basic economy fare, and will switch to a new policy of assigned seats in January. Jordan has spoken in the past about the company's ambitions to launch flights to Europe. Southwest Airlines' lack of international long-haul flights has been criticized by industry experts as limiting its appeal to customers. Southwest Airlines has been expanding its network since February by partnering with Icelandair, China Airlines and EVA Air. The company said that it is looking at new partnerships around the world. Jordan, however, said that the company would like to service long-haul routes themselves. Jordan said that the company wants to service those long-haul international routes. Southwest Airlines once had a record of 47 years of profits in a row prior to the pandemic. Since then, Southwest has struggled with regaining sustained profitability. The margins of Delta Airlines and United Airlines are far smaller than those of Air Canada. Southwest has made many recent changes to attract high-spending tourists. Jordan stated that the company loses customers to other airlines because it does not currently fly to London or offer premium airport lounges. The lounges will also increase the loyalty revenue of the company, as the co-branded cards that the company offers to its customers will be more appealing. Jordan stated that "if we want to remain relevant, as the largest domestic airline, we have to continue meeting the needs of our clients." (Reporting and editing by Franklin Paul, Aurora Ellis, and Rajesh Kumar Singh)
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Urals Diffs stable in subdued Trading
The differentials between dated Brent and Urals crude were unchanged Thursday, amid quiet trading. Market participants are expecting Washington to increase pressure on India to stop purchasing the Russian grade. The nominee of Donald Trump for Ambassador to India, said that Washington and New Delhi are "not that different" in tariffs. He also said that Trump has been very clear about India's need to stop buying Russian crude oil. India is the biggest buyer of Russian Urals crude oil seaborne cargoes. OPEC data released on Thursday showed that Russian oil production rose in August by 50,000 barrels per day to 9,173 million barrels. PLATTS WINDOW On Thursday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window. The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. Reporting by Lisa Shumaker; Editing by Lisa Shumaker
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US sues Uber for disability discrimination
Uber Technologies was sued by the U.S. Government on Thursday, accusing it of discriminating with passengers who have disabilities. The U.S. Department of Justice filed a complaint in San Francisco Federal Court alleging that Uber drivers refuse to serve people who have disabilities, such as riders traveling with service animals and stowable chairs. Uber and its drivers are also accused of imposing unpermissible surcharges, such as cleaning fees for service dogs and cancellation fees when riders are refused service. Some drivers insult and degrade people with disabilities or refuse to comply with reasonable requests, such as allowing passengers with mobility issues to sit in the front seats. The complaint stated that Uber's discriminatory behavior has caused individuals with disabilities significant emotional and physical harm. The lawsuit is seeking an injunction to prevent further violations of Americans with Disabilities Act. It also seeks changes to Uber’s practices as well as monetary damages, civil fines and an injunction. Uber didn't immediately respond to comments. The Justice Department didn't immediately respond to an inquiry for more information.
Petronas delivers first local sustainable aviation fuel to Malaysia Airlines
Malaysia Airlines' national carrier, Malaysia Aviation Group, and the state-owned energy company Petroliam Nasional Berhad (Petronas) announced on Friday that they had received the first locally blended sustainable aviation fuel in the country.
Petronas announced in a press release that the SAF had been blended locally at its processing facilities, and was delivered to Kuala Lumpur International Airport to fuel the airline's daily flights from London to Kuala Lumpur until September 16.
It said that the move marked a tangible step towards integrating renewable fuel into Malaysia Airlines' normal operations.
Ahmad Adly Alias is the vice president of the company in charge of refining and marketing. He said that the company was aware of its role as an enabler in the global drive towards decarbonisation.
Malaysia is looking to increase its domestic production of SAF, blend it and supply it.
In a national energy transition roadmap for 2023, the government aims to mandate a SAF blend of 47% by 2050.
The state news agency reported that it announced last month its intention to implement a mandate requiring international flights departing KLIA in January 2027 to blend 1% SAF.
(source: Reuters)