Latest News
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Saade Family becomes second largest shareholder in Carrefour
Carrefour, Europe's biggest food retailer, announced on Wednesday that the family of Rodolphe Saade (owner of French shipping company CMA CGM) has purchased a stake in Carrefour of around 4%, making it its second largest shareholder. Carrefour announced that the purchase marks a new chapter in the history of major shareholders at Carrefour, since Peninsula, the family-owned business of Abilio Dniz, sold its 8% share. The financial details of the transaction were not revealed. Saade will replace Peninsula (represented by Eduardo Rossi) in the board of Carrefour for the rest of the term, up until the 2028 annual meeting. The switch will be effective from December 1. Saade stated in a statement that "Carrefour’s transformation, which combines innovative, operational discipline, and environmental responsibility is aligned to the values that guide the commitment we have made." He added, "By joining the board of directors I hope to support this long-term growth and contribute to its momentum." Galfa, the holding company of the French family that owns the department store Galeries Lafayette in France, is the largest shareholder in Carrefour with a stake of 9.46%. (Reporting from Mathias de Rozario, Gdansk; Dominique Vidalon, Paris. Mark Potter is the editor.
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Einride, a self-driving truck company, will go public through a SPAC deal valued at $1.8 billion.
The Swedish autonomous trucking firm Einride announced on Wednesday that it had agreed to become public in the U.S. via a merger between Legato Merger Corp III and a blank-check company. This deal valued the company at approximately $1.8 billion. Listing comes after a surge of electric-vehicle startup companies went public during pandemic boom SPAC with the goal of capitalizing on huge demand for clean energy vehicles and government incentives to purchase battery-powered automobiles. Some of these firms, including Nikola, Lordstown Motors, and Proterra, have since gone bankrupt due to high costs, strong competition and operational challenges that eroded cash reserves. As the demand for faster freight delivery increases, autonomous trucking companies are seeking to automate logistics and shipping in order to meet this increased demand. They also want to commercialize their self-driving technologies while dealing with tariff pressures. "We have implemented a multi-sourcing policy for all our key input goods." "I think we understand the situation pretty well," Einride CEO RoozbehCharli said. Einride wants to increase its growth by attracting up to $100,000,000 in private equity investment. The deal was also boosted by the $100m it raised from investors, including EQT Ventures in October. Charli stated that Einride was founded in 2016 and has an annual revenue of $65 million, of which $45 million are deployed. The company has also negotiated scaling plans worth around $800,000,000 with its customers. After the closing of the deal, existing shareholders such as EQT, Ericsson and others will own approximately 83% equity and the current management team will continue leading the firm. SPACs are shell companies that use an IPO as a way to raise money to merge with a business, and then take it public. This is a faster route to the market than a conventional IPO. (Reporting and editing by Shailesh Kuber in Bengaluru)
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Arequipa bus crash kills 37
Local authorities reported on Wednesday that at least 37 people died and dozens were injured when a bus crashed into a ravine near the mountains of Arequipa in southern Peru. Walther Oporto is the regional health chief for Arequipa. He cited firefighters who were at the accident site. The number of deaths was one of the highest recorded in Latin America in recent years, and it was also the deadliest in Peru. According to the list provided by local authorities, an eight-month old baby and two more children were among those injured. Llamosas bus company did not respond immediately to a comment request. The authorities said that the bus had been traveling from the coastal town Chala towards the region of Arequipa on the highway when it hit a van. It was thrown into a 200 meter (656 foot) deep ravine by the impact. The local government published photos showing the bus lying on its side at the bottom of a gully, surrounded by car parts and other passenger belongings. Arequipa's government reported that 26 people are being treated in Arequipa for injuries. Three of those patients were in a serious condition. (Reporting and Additional Reporting by Aida Pelaez-Fernandez, Editing by Daina Beth Sool and Mark Heinrich; Marco Aquino)
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US flight cancellations drop as absences of air traffic controllers shrink
U.S. flights cancellations dropped sharply in the past day, as the absence of air traffic controllers decreased just hours before Wednesday's vote by the House of Representatives to end the record-breaking government shutdown. The United States' airlines canceled almost 900 flights Wednesday, the lowest number in six days. This was in accordance with a Federal Aviation Administration directive that they cancel 6% flights at the busiest 40 airports in order to address safety concerns. According to some airlines, the FAA may reduce its planned 8% cut in flights on Thursday from 8% to 6%. The FAA reported that air traffic control absences were responsible for only 1% of Tuesday's delays, as opposed to 5% in average before the shutdown. Only 6% of Thursday's flights have been canceled by several airlines. DEADLINES RAISED SHORTLY On Friday, the mandatory flight reductions will increase to 10%. Flight operations have improved dramatically with only 750 delays in Wednesday's flights compared to 4,000 on Tuesday, and almost 10,000 on Monday. Sean Duffy, Transportation Secretary, said that air traffic controllers would receive a lump-sum payment of 70% of their past pay within 48 hours after the shutdown ends. Delta Air Lines CEO Ed Bastian said to CNBC that he believes the aviation system will return to normalcy this weekend. However, he added that the airlines will incur a large amount of money due the recent cancellations. Bastian stated that "by the weekend I think everything should be in great shape." Since October 1, when the shutdown started, air traffic controller absences led to thousands of cancellations and delays. Over the weekend, air traffic controllers' absences caused 1.2 million flights to be delayed or cancelled. The longest shutdown in U.S. History has forced 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) agents to work for free. The FAA has about 3,500 fewer air traffic controllers than the targeted number. Before the shutdown, many had already been working six-day work weeks and mandatory overtime.
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Italy to levy low-value parcels in order to protect the fashion industry
Politicians said that Italy was working on a tax to be imposed on low value postal packages coming from non-European nations. This is part of a plan to protect the fashion industry against low cost foreign imports, mainly from China. The move is aimed at avoiding unjustified competition on the market of one of Italy's most important industries. It targets online platforms like Shein and Temu, among others. The politicians in Italy said that the ruling parties intend to apply a tax on consignments less than $150. This is similar to a proposal currently being discussed at European Union levels. In the next few weeks, it is expected that this measure will be formalised in the form of an amendment to budget for next year. The Italian Fashion Federation welcomed the proposal of the government, describing it as a step towards curbing ultra-fast style. In a press release, Federazione Moda Italia - Confcommercio stated that they were pleased with the government's decision to include in the budget law the impacts of ultra-fast fashion on the economy and the environment. This also drains resources from the state and our economy. The federation has also proposed a set of measures designed to protect fashion retailers, as well as the "Made in Italy", supply chain. This includes the elimination of EU duty exemptions for non-EU shipments that are less than 150 euro. In 2024, the EU customs authorities will have handled about 4.6 billion low value packages purchased online. 91% of these packages are from China. This is double what they did in 2023.
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Waymo launches robotaxi freeway service in San Francisco, LA, Phoenix
Alphabet Waymo announced on Wednesday that it would begin offering robotaxi rides using freeways in San Francisco, Los Angeles and Phoenix as it expands amid competition within the self-driving sector. Waymo is expanding its operations in San Jose to include the Mineta San Jose International Airport. This airport will be the second in the service area, after Phoenix Sky Harbor. Zoox, backed by Amazon, offers free robotaxi rides around and on the Las Vegas Strip. Tesla is expanding its robotaxi service to include safety monitors and driver. Waymo, the company behind the robotaxi service that is offered in the U.S. for a fee, does not use safety drivers or monitors in vehicles. It has a fleet of robotaxis with over 1,500 vehicles. Waymo's growth has been slow but steady over the years. Like its competitors, the company has also faced federal investigations for unexpected driving behaviors. Even though operating autonomous vehicles in cities with many pedestrians, intersections, and unpredictable situations is more difficult, mistakes or malfunctions on freeways at high speeds could have serious consequences. Waymo said that its architecture allowed for vehicles to remain in control if a system failed. It added that it had developed new protocols for freeways with local highway patrols. Waymo announced that freeway rides would be initially available to users who had early access. It said that when a route is faster than a standard freeway, it can be matched to a trip on a freeway, resulting in a smoother ride, quicker and more efficient. (Reporting from Akash Sriram, Bengaluru; Abhirup Roy, San Francisco; editing by Chris Reese).
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Caspian Pipeline Consortium oil exports decreased by 13% in October, according to sources
Two industry sources reported on Wednesday that the Caspian Pipeline Consortium exported oil from Kazakhstan to a Russian Black Sea Terminal in September, but last month, exports fell 13%, from 5.947 millions metric tons or 1.5 million barrels a day. Exports dropped due to maintenance work at Kazakhstan's biggest oilfield Tengiz operated by a Chevron affiliate. According to sources, the exports via CPC from January to October increased by 16% compared to the same period in the previous year to 61.453 millions tons. The CPC reduced its plan to pump oil this year from 76 millions tons to 74million tons last month. CPC exports oil via a pipeline that carries over 80% of all Kazakh crude oil exports. It then goes on to Russia's Yuzhnaya Ozereevka Terminal in the Black Sea. CPC is owned by Chevron, Exxon Mobil and other U.S. companies. (Reporting and editing by Alison Williams).
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TUI Tours reports earnings above its own expectations
TUI, Europe's largest tour operator, announced on Wednesday that its earnings for its fiscal year 2025 exceeded its expectations due to strong hotel and cruise demand. In constant currency, the underlying earnings for the fiscal year that ended September 30 came to 1.46 billion euro ($1.70 billion). This was an increase of 12.6% over the previous year, exceeding the company's goal for a growth between 9% to 11%. In a press release, CEO Sebastian Ebel stated that "this success is primarily fueled by our integrated business models and record results within the Hotels & Resorts and Cruises segment." At 1443 GMT, shares were up by 3.4% at 7.52 euros. The company reported that preliminary revenue for the year increased by 4.4%, to 24.19 milliards of euros in constant currency. TUI will release its final results for the full year and a new strategy of shareholder returns on December 10.
Delta sees strong current quarter despite flight disruptions
Delta Air Lines is expecting a solid fourth quarter, despite the flight disruptions due to the shutdown of the federal government, CEO Ed Bastian said on CNBC Wednesday.
Bastian stated that, while disruptions to Delta's business would be costly for the airline industry and economy as a whole, they wouldn't "wipe" out its quarterly profits.
His comments come after a recent wave of cancellations caused by the absence of air traffic controllers.
Delta Airlines said that its operations recovered after the weekend disruptions caused by staffing issues with air traffic controllers and seasonal weather conditions in Atlanta, among other places.
The longest shutdown in U.S. History has forced 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) agents to work for free.
The number of flight cancellations dropped sharply on Wednesday just hours before the House of Representatives voted on a measure to end an unprecedented government shutdown. (Reporting from Nathan Gomes, Bengaluru. Editing by Shailesh Kumar and Alan Barona.)
(source: Reuters)