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NHTSA: Amazon's Zoox recalls 332 US vehicles due to software error
Amazon's self driving unit Zoox has recalled 332 vehicles from the?U.S. The U.S. National Highway Traffic Safety Administration announced on Tuesday that a software error in automated driving systems (ADSs) was the reason for the recall. Zoox has recalled ADS vehicles equipped with software versions that were released prior to December 19, NHTSA said. They added that, at intersections or near them, Zoox vehicles may drive across the yellow line or stop in front of oncoming traffic. This increases the risk of a collision. NHTSA said that the company had updated its ADS software at no cost. In May, it recalled 270 cars. It issued a new software update in May to improve the way its vehicles track pedestrians and prevent movement when they are close. This was in response to a fatal crash that occurred in San Francisco. NHTSA certified Zoox vehicles for demonstration use in August and ended a probe that the U.S. regulator of auto safety began in 2022 to determine if they met federal requirements.
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Italy's antitrust regulator fines Ryanair 300 million dollars over its dealings with travel agents
The Italian competition authority announced on Tuesday that it had fined Europe’s largest budget airline Ryanair $300.19 million ($255.19 mln) for abuse of its dominant position with travel agents. The regulator claimed that the airline had allegedly made it difficult for travel agents to offer Ryanair in combination with other airlines and other services. Ryanair didn't immediately respond to an inquiry for comment. The authority alleged that it was unhappy with the 'airline for introducing facial -recognition procedures initially, blocking payments to online travel agencies, and finally imposing partnership agreements on travel agents limiting their abilities to offer Ryanair as part of travel packages. The?watchdog stated that "Ryanair's dominant position stems from not only its significant market share which continues to grow but also numerous other indicators...(which) contribute (to) giving Ryanair a significant market power as well as the ability to act independent of competitors and consumers." The regulator said that the alleged abuse of dominant position took place between April 2023 and at least April this year. $1 = 0.8495 Euros (Reporting and editing by Alvise Armillini, Giulia Segriti)
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Spanish regulator sets return of 6.58% for electricity grids in 2026-2031
The Spanish competition watchdog approved rules that set the financial return on power?grid activity at 6.58% over the next six years. It said it was trying to balance the needs of network?investment with the protection of consumers. The massive blackout which hit Spain and Portugal in April has reignited the debate on investment and return on investments. Power companies invest in grids for a guaranteed return, and consumers pay this rate via their electricity bills. The CNMC said in a late-night statement that the financial remuneration 'rate for electricity transmission system operation and distribution 'would increase by 100 % from 5.58% for the previous six year period. The watchdog has also released guidelines for calculating the remuneration of electricity distribution. This is to improve network quality and efficiency, reduce losses, and provide incentives for electrification. CNMC stated that the distribution method aligns with government limits on investment by remunerating auditored investments?upto 0.13% gross domestic product. The?regulator stated that it used a "guarantee based and participatory process" in making its decision. This included seven public consultations and five public hearings. It also sought the opinion of Spain's Energy Ministry on five separate occasions. In recent years, energy groups like?Iberdrola or Enel have focused more on upgrading and expanding power grids while being selective about renewable energy projects. (Reporting and editing by David Latona)
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Pakistan receives three bids for the second televised auction of national carrier PIA
On 'Tuesday, the Pakistani government received three bids for its state-owned airline Pakistan International Airlines in a televised bidding process. The auction was held as part of a push to implement a reform that has been long delayed by 'the International Monetary Fund. This is Pakistan's 2nd televised auction to sell the once-storied flag carrier. A botched process last year resulted in only one bid, which was far below the reference price set by the government. The failed attempt ruined Pakistan's 1st major privatisation for nearly 20 years. The representatives of the bid groups entered one-by-one on Tuesday, putting sealed offers in a transparent box during the live broadcast. They briefly stumbled as they pushed envelopes into the slot. The bids for a'majority stake' in PIA will be made in two phases. Officials have announced that a second open-bidding event will be held later in the afternoon. Shehbaz sharif, prime minister of Pakistan, said: "I'm grateful to the Ministers and the head of the Privatisation Commission who have made the process transparent." He invited cabinet members to attend the 2nd ceremony. The?bidders were a consortium led?by Lucky Cement Limited and comprising of power producer Hub Power Holdings Limited?and investment firm Metro Ventures. Arif Habib Corporation Limited led a second consortium, which included the private school network City Schools, fertiliser manufacturer Fatima Fertiliser Company Limited and real estate company Lake City Holdings Limited. Air Blue (Private) Ltd., a private airline, was the third bidder. Local media reported that the government was willing to sell up to 100% of PIA under the current transaction structure. Any stake over 75% would be subject to a premium of 15%. Try again The government had set a price of $305 million as a minimum for a 60% share, but only received a bid from Blue World City. They declined to increase their offer due to concerns about PIA's finances, and cited "significant leakages". Officials from "several prequalified groups" told at the time that they chose not bid because of concerns about policy continuity, unattractive conditions?and doubts regarding the government's capability to honour long-term obligations, especially after Islamabad decided to renegotiate contracts with sovereign guarantees. PIA has seen its prospects improve since then. Islamabad assumed the majority of PIA's legacy debt. The carrier posted its first profit before tax in 20 years. Britain and the European Union lifted a ban on PIA that was five years old. Analysts and government officials said that the reopening could boost?revenues materially and allow for a higher valuation compared to last year's auction. The sale of the airline is part of a larger privatisation drive under Pakistan's IMF bailout. This includes plans to sell stakes in state owned banks, power distribution firms and other loss making enterprises, as the government seeks curb fiscal drain and restore investors' confidence.
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Azul, a Brazilian company, launches a share offer to raise $1.33 Billion
Brazilian airline Azul launched on Monday a 'primary share offer' to raise around 7.44 billion reais (1.33 billion dollars) to settle financial debts. The filing indicated that Azul is offering 724 billion ordinary shares and 724 billion preferential share. Azul filed for Chapter 11 bankruptcy at New York in May. The company wanted to reduce its debts and increase the resilience of their business to market challenges such as fluctuations in fuel prices and currency rates. A U.S. bankruptcy court judge approved the debt restructuring of the Brazilian airline earlier this month. This allowed the airline to reduce?more than 2 billion dollars in debt, and raise capital via a new equity right offering and an investment from American Airlines. Azul offers preferential shares as allotments of 10,000 at a price of 101.45 reais each, whereas ordinary shares will be sold in groups?of one million shares for a price?of 135.27 reais per group. The bookrunner for the offering is UBS BB, whose final conclusion will be ratified on January 6 by Azul's Board. Azul also offers?subscription bonuss, which can later be converted into shares, for investors who take part in the offering.
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Raychaudhuri: The rally in Indian stocks could hide a slew bargains for the end of the year
India's flagship equity indices Sensex, and Nifty 50 are at all-time records, despite outperforming their Asian counterparts. This exuberance masks another reality, however: Many stocks are currently trading at or near their 52 week lows. These "beaten-down" names could offer investors attractive year-end deals. This rally, which has seen Indian stocks rise by 9.5% this year is concentrated in a small number of companies. As of December 5, when looking at 828 Indian companies that had a market value of more than $500,000,000, 109 stocks were within 5% from their 52-week?lows, and another 139 only slightly exceeded this level. These two categories of stocks that are flagging together represent roughly twice as many large Indian companies trading near 52-week highs. In many cases, it's easy for investors to assume that these stocks are low-priced because they have good fundamentals. Earnings growth forecasts for many of these laggards are strong, their balance sheet is healthy, and the valuations remain reasonable. According to FactSet's consensus, 14 out of 109 stocks that have been beaten down are able to meet a high standard. They all have a forecasted earnings growth per share of over 10% through 2027. Four companies are worth more than $1 billion, and they include Inox Wind, HFCL (a telecommunications company), Tata Chemicals?and logistics giant Blue Dart. Blue Dart, the company with the lowest projected growth at 28%, is still a strong stock. What sank THEm? Why have they lagged behind? Investors' narrow focus and idiosyncratic issues are the main reasons for this. Inox Wind began the year with a PE of 29,6. Its July share issue, priced below market, raised concern about dilution to minority shareholders. Blue Dart was also concerned about valuation at the start of 2025 when it traded at a lofty ratio of 41 times earnings. The mood deteriorated after the government demanded additional taxes for one of its subsidiaries in September. Tata Chemicals also suffered from a fall in the price for soda ash, its main product, and an outage in its U.S. plant. HFCL disappointed investors as they started the year with a P/E of 36,4 only to have revenue drop by 24% within the first nine-months. Its owners also borrowed money, using more than 50% of their shares as collateral, which raised concerns that lenders would sell the shares if they fell any further. These issues are not insurmountable but, in an year where India lost favour with foreign investors, small concerns can have a large impact on the stock market. YEAR-END ?BARGAIN-HUNTING The artificial intelligence theme has also been a key factor in the performance of Indian stocks this year. It has taken over investor attention, to the detriment other themes and companies. During these single-theme periods, markets often misprice the stocks, which allows "weaker shares" to outperform if underlying fundamentals remain strong. In India, many companies that had been heavily liquidated in 2024 turned out to be outstanding performers in 2025. By 2024, 98 of these stocks will be trading at or close to their 52-week lows. 18 of these companies were "quality" firms, with solid balance sheets, strong earnings forecasts and growth-adjusted values. Nine of the 15 companies had market capitalisations exceeding $5 billion. They have all beaten the 9.5% returns on Indian markets this year. These companies, except for Reliance Industries, had strong earnings forecasts and their P/Es were either at or below the expected growth rates. Their 'impressive performance in the year 2025 is therefore not surprising. This pattern is unlikely to repeat itself this year, given the high level of trade tensions between India and the U.S. In addition, it is harder to find good investment opportunities in markets which have experienced a sharp rally. In reality, even in a strong stock market, it is possible to find high-quality shares whose prices are lagging behind. You just have to look hard and in the right place. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn and X.
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Amtrak's new high-speed trains are delayed due to planning and track issues, according to a report
A Senate report released late Monday stated that the next generation of 'high-speed'?Acela trains from U.S. passenger rail Amtrak were delayed for more than four year due to issues with planning, design, and track, as well as a desire to increase speeds, which has not been realized. Ted Cruz, Republican chair of the Senate Commerce Committee, stated that Amtrak lost $287m in revenue and unplanned maintenance due to the extended use of its older Acela fleet. According to the report, the Biden administration purchased Amtrak cars in order for them to run on tracks that were not yet constructed. This was deemed an "irresponsible decision" by the committee. The Trump administration has rescinded over $4 billion for California's long delayed high-speed rail, leading California to file a lawsuit. Amtrak refused to comment immediately on the Senate report. The Senate report stated that the passenger railroad "began rolling out new trainsets" in August, but these trains are currently running at a slower pace than their predecessors. Amtrak should "prioritize procuring proven trainsets and technology that allows manufacturers to compete based on price instead of requiring idiosyncratic specifications," according to the report. It also argues for "shorter, more reliable schedules, and not marginally higher speeds." Roger Harris, Amtrak's president, said in an interview last month that it is necessary to retire older Acela trains first before the railroad can begin increasing speeds. The signaling system cannot be optimized until then. He estimated that the faster speeds would start in late 2026. Harris said that the speed would only be marginally higher due to the curvature of certain railroad bridges along the Boston-Washington corridor. Amtrak achieved a record in?November for revenue and ridership, while cutting losses by 15%, to $598 millions. It aims at operational profitability by the year 2028. Amtrak is planning to replace regional trains next year, and it's now looking at new trains for long distance service. Amtrak received $22 billion of the $66 billion allocated by Congress for rail projects. (Reporting and editing by Chris Reese, Stephen Coates, and David Shepardson from Washington)
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California investigates incidents of Waymo robotaxis stalling after San Francisco power failure
Top California regulators are investigating incidents where 'robotaxis' from Alphabet Unit Waymo stopped in certain parts of San Francisco on Saturday due to a power outage which caused gridlock and snarled the traffic. Waymo paused its service on Saturday night following a fire that broke out at a PG&E power substation, knocking out electricity to about one-third the city. This affected approximately 130,000 people and forced some businesses to temporarily close. Social media posts showed multiple videos of a?Waymo roboticaxis at intersections, with the hazard light on because traffic lights had stopped working. The?incident raised concerns about the unforeseen situations which can arise as autonomous vehicle operators race to deploy driverless?taxis throughout the U.S. Waymo has a fleet that includes more than 2,500 cars in the Bay Area and Los Angeles. It also operates in Metro Phoenix in Arizona, Austin in Texas, and Atlanta in Georgia. On Sunday,?a week after temporarily suspending its operations, it said that the ride-hailing services in the San?Francisco Bay Area had resumed. California Public Utilities Commission spokesperson said, "We are aware and looking into the specifics" in an email. The message was referring to Waymo cars stalling. The regulator didn't provide any details about what they were examining. Waymo has not responded to our requests for comment on the CPUC statement. Due to high costs of investment, strict regulations and the investigations that followed collisions which forced many companies shut down, commercializing robotaxis proved to be more difficult than expected. Self-driving taxis are back in the spotlight after Tesla introduced a service earlier this year in Austin, Texas and Waymo accelerated its expansion. The CPUC and California's Department of Motor Vehicles regulate and issue permits for the testing and commercial deployment of roboticaxis. Waymo stated in a Monday statement that while the Waymo Driver, the company's fully automated driving system, is designed to "treat non-functional traffic signals as four way stops", the scale of the outage caused vehicles to remain stationary for longer than normal. A spokesperson for the company said that the company is incorporating lessons learned from this event, and committed to improving its technology to adapt to traffic conditions when there are similar disruptions.
Pakistan will receive bids in a televised auction for the privatisation of PIA
The auction was held on a televised basis in Pakistan as the government tries to implement a long-delayed IMF reform. Officials said that the bids for a'majority stake' in PIA will be conducted in two phases. The first phase is a televised auction, and the second one is a public opening ceremony.
This is Pakistan's 2nd attempt to sell the once-storied flag carrier. Televised bidding collapsed last year when one bidder offered a price far below that of the government. The result was the failure of what would have been Pakistan's 1st major privatisation for nearly 20 years.
In an interview with digital media outlet?Nukta last week, Privatisation Minister Muhammad Ali said that three domestic bidders will be participating in Tuesday's?auction following the withdrawal of the military's Fauji Fertilizer from the process.
Local media reported that the government was willing to sell up to 100% stake in PIA. Any stake above 75% would be subject to a premium of 15%.
Try again
The government set a price minimum of $305m for a 60% stake last year. However, only one bid was received, from Blue World City. They declined to increase their offer due to concerns about PIA's finances, and "significant leakages".
At the time, officials from pre-qualified groups said they did not bid because of concerns about policy continuity, unattractive conditions and doubts over the government's capacity to honour long-term agreements, especially after Islamabad decided to renegotiate contracts with sovereign guarantees.
PIA has seen its prospects?improved since then. Islamabad assumed the majority of the airline's debt. The carrier posted its first?pre tax profit in 20 years. Britain and the European Union lifted a ban on PIA that was in place for five years.
Analysts and government officials said that the reopening could "substantially" increase revenues and allow for a higher value than last year's auction.
The sale of the?airline is part of a larger privatisation drive under Pakistan's IMF bailout. This includes plans to sell stakes in state owned banks, power distribution firms and other loss making enterprises, as the government tries to curb fiscal deficit and restore investor trust.
(source: Reuters)