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South Korea Police raid Transport Ministry to expand Jeju Air crash investigation
South Korean police investigating the 2024 Jeju Air crash announced on Friday that they had raided the?transport ministry? as part of an extensive investigation into whether regulatory failures contributed to disaster at Muan International Airport. The raid comes after a'reinvestigation' of wreckage by the Ministry and the Aviation and Railway Accident Investigation Board. This has revealed additional human remains and personal belongings, more than a year after the crash. Authorities have already combed regional aviation offices, as well as contractors involved in airport construction. This is part of an effort to establish responsibility for the crash that killed 179 people. The?police declined to comment on the raid that took place Friday, but Yonhap News Agency reported an official saying the goal was to?security additional material?needed for the ongoing investigation into the cause of disaster. (Reporting and editing by Ed Davies.)
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Honda shares fall more than 6% after automaker suffers first annual loss
Honda Motor shares fell by more than 6% on Friday in Tokyo after the automaker announced its first loss as a publicly listed company in nearly 70 years. The automaker was hit with up to $15.7 Billion in restructuring costs related to its electric vehicle business. Honda's stock price was down?6.7% to 1,352 yen at 0040 GMT. This made it the largest decliner in the Nikkei 225 benchmark index. If the decline is sustained, it would be the biggest one-day drop for the company since early February 2025. The second largest automaker in Japan said it expected a loss of up to 2.5 trillion yen (about $15.7 billion) if it cancels the production of three EVs planned for the U.S. The cost of these costs is likely to reach 1.3 trillion yen this fiscal year, and 1.2 trillion in the following fiscal year. Honda has also written down the value its China business where it has struggled to compete with rivals such as BYD, which offers more advanced software-driven cars.
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Recent incidents of violence against Jews in the United States
Rights advocates have noted a rise of antisemitism, antisemitism, and anti-Muslim hatred in the United States since the beginning of Israel's war in Gaza after an attack on October 7, 2023 by Palestinian Hamas militants. On February 28, the United States and Israel launched a war against Iran. The Anti-Defamation League, a Jewish advocacy group in the U.S., tallied 9,354 incidents of antisemitism in 2024. This is a 5% rise over 2023. It's also a record since the group began tracking in 1979. The Anti-Defamation League said that the number represented a 344% rise over the last five years, and an 893% jump over the last decade. The following are U.S. incidents that took place before a man drove his truck into a Detroit area synagogue on Thursday, where preschoolers were present. He was then shot by security staff. This is the only death in what the FBI calls "a targeted attack against the Jewish Community." 28 JANUARY A car crashed through the entrance of the New York City headquarters of a Jewish Religious Order. No injuries ?were reported. The police are investigating this incident as a hate-crime. May 22, 2025: Two Israeli diplomats are shot and killed in Washington D.C., outside of an event sponsored by the American Jewish Committee. It is believed that the gunman was motivated by Israel-Gaza's conflict. According to the charges, he told the police that he did it "for Palestine" and "for Gaza". After he was arrested, witnesses reported hearing him chant "Free Palestine". FEBRUARY 18TH, 2025 Authorities in Florida opened a 'hate crime investigation' after a man shot two men whom he mistakenly believed to be Palestinians but turned out to actually be Israeli visitors. The victims were rescued. The victims survived. NOVEMBER 6, 2024 Two Jewish students were injured by masked men who attacked them while they were protesting in support of Israel at Chicago’s DePaul University. The suspect who had been charged with hate crimes pleaded guilty later to?battery' and causing bodily injury. OCTOBER 26th, 2024 A 39-year old Jewish man in Chicago, Illinois, wearing a religious skullcap, was shot as he walked towards a synagogue. The suspect was arrested 30 minutes after the shooting and charged with attempted homicide, among other crimes.
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Amazon withdraws its drone unit from the trade group and raises safety concerns
Prime Air, Amazon.com's drone division, has withdrawn from the Commercial Drone Alliance. The group was opposed to a proposed regulatory change that would have allowed drones to avoid collisions with crewed aircraft by using 'detect and avoid' systems. The Amazon unit stated that the alliance's "positions on the most consequential safety issues facing the commercial drone sector are incompatible with Prime Air’s core safety principles." Prime Air stated in a letter sent late Wednesday that its detect-and avoid system had performed "successful?maneuvers for collision avoidance on two potential midair collisions that could have resulted in catastrophic safety consequences including the loss or life." Last year, the Federal Aviation Administration proposed that drones be equipped with systems to detect and avoid aircraft who are not broadcasting their positions. This could be due to equipment failure. The Commercial Drone Alliance was against the requirement. The requirement was included in proposed federal rules that aimed to accelerate the deployment of drones outside of their operators' line of vision. The Washington-based group said that the FAA should instead require aircraft below 500 feet (152 meters), to be able?to broadcast their?position using satellite-based technologies, which allow them to automatically broadcast their exact location, speed, and other data or other electronic devices. The proposed rules are not finalized. Commercial Drone Alliance members include Skydio's Wing Aviation and Alphabet’s Wing Aviation. The group expressed regret on Thursday at Prime Air's departure, but noted that its members had conducted millions of safe drone missions, "demonstrating that performance-based frameworks, rather than prescriptive technology requirements, (enable) safe operations, while fostering innovation and competition." Prime Air stated in its letter that it is the highest priority for Prime Air to ensure the safe integration and use of drones within the national airspace. In its letter, it stated that "this requires rigorous capability-based standards - including requirements mandating drone technologies capable to detect non-cooperative crewed airplanes." Non-cooperative crewed aircraft refers to aircraft or helicopters which do not communicate or transmit position or identification signals. Prime Air said one of the two ?potential mid-air collisions it cited involved a helicopter that was not broadcasting a safety system known ?as the Automatic Dependent Surveillance-Broadcast as required, and without Amazon's detect-and-avoid system "would have led to a catastrophic outcome." The company stated that the risk of a drone colliding with an aircraft crewed by humans is not hypothetical. The?crash that killed 67 people near Washington, DC last year highlighted the problem of congested airspace in some parts of the United States. However, the incident was not caused by a drone. In January 2025, a mid-air collision between a U.S. Army chopper and an American Airlines passenger plane killed 67 people. The incident prompted recommendations from the National Transportation Safety Board for reforms.
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Executive director: Los Angeles' busiest seaport is largely protected from disruptions caused by the Iran War, according to its executive director.
Gene Seroka, the executive director of the Los Angeles container port, said that it was largely insulated from disruptions in supply chains caused by U.S. and Israeli attacks against Iran. These attacks have escalated into a conflict within the region. The Iran War has caused container shipping to be snarled in the Middle East. It has increased costs, left ships and their cargoes stranded, and posed fuel shortages. Seroka stated that "we, right now, do not see any congestion occurring" on the lucrative Transpacific Ocean Trade that is the lifeblood of Port Los Angeles. China and Asia are important trading partners for Port Los Angeles. Seroka stated that the majority of container ships services at the Port?of Los Angeles are direct routes, and not connected to the Middle East trade. He said that manufacturing flows to the United States, Europe, and Latin America continue to move. Data released on Thursday revealed a 5% increase in imports in February, compared to the same month last year, as retailers and manufacturers imported cargo in advance of the Lunar New Year, when many Asian factories close down for the holiday. Seroka stated that the total volume in February was the second highest ever recorded by a port. The Southern California trade portal?also handled nearly 7% more exports compared to the previous year. According to port data, the Port of Los Angeles handled 824,323 TEUs in total during February. This included?433,812 imports, 116,633 exports, and 273,878 empty TEUs. A TEU is the standard volume measurement for ocean cargo. The standard shipping container measures 40 feet. The port, which is a key economic engine for the region, is entering its traditional slow season. Seroka anticipates that the first-quarter volume of the port will be down by mid-single digit percentages from the same period last year when importers rushed in goods in order to beat the new tariffs coming into effect. He said that the U.S. importers have not cancelled orders for seasonal clothing because of uncertainty over the Iran War or other economic reasons. Seroka stated, "That is a very positive sign."
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Analysts say that the US waiver on shipping and the release of stockpiles won't ease the pain at pumps.
Analysts said that a potential waiver of U.S. shipping regulations and the release of record oil stocks by world governments could slow down the pain consumers have been experiencing at the gas pumps in the U.S. since the start of the Middle East conflict, but not eliminate it. The U.S. is considering removing the Jones Act, which limits shipments to U.S. ships only. This comes after the White House announced on Thursday that the U.S. had agreed to provide 172 million barrels towards the International Energy Agency proposal to release 400 million barrels from member reserves. The measures were 'designed to curb the rise in oil and fuel costs caused by Iran's nearly complete closure of the Strait of Hormuz. This poses a major threat to both the global economy as well as the Republican Party of U.S. president Donald Trump in the midterm elections of November. Analysts said that the measures are insignificant compared to the "supply disruptions" affecting the oil markets. Joe Brusuelas is the chief economist of RSM, a U.S. consultancy. He said that "the reserves release" will not stop oil price increases, but rather slow them down. It also offers a temporary relief from the burning pain caused by rising?gasoline costs. Over 20 million barrels of oil per day flow through the Strait of Hormuz. This is about 20% of global consumption. The IEA has yet to announce the exact timeframe for its proposed release. However, it would be 6.6 million barrels a day if done over 60 days. The average U.S. retail gasoline price hit $3.60 per gallon for the first since May 2024 on Thursday, and diesel prices reached $4.89, the highest level since December 2022. The JONES Act Waiver Will Have A Limited Impact On U.S. Fuel Alex Hodes is the director of StoneX's market strategy and believes that the potential waiver under U.S. law Jones Act could alleviate fuel shortages in certain regions. Jones Act is considered to be a factor in the rise in fuel prices for parts of the United States that do not have pipelines connecting them to the refining hub on the Gulf Coast. This is because there are very few vessels in service that meet the Jones Act's requirements. California and other markets, such as Puerto Rico, are left reliant upon imports. Hodes stated that "More supplies in the U.S. Gulf Coast can now fill any shortages we may see in New York Harbor, which is important during times of high demand or low supply." GasBuddy analyst, Patrick?De haan, said that the waiver's effectiveness is limited to reducing fuel prices in some U.S. markets, not reversing the increases. Fuel prices will follow the?oil price upward. He said: "The oil markets are trying to figure out where they can find the 20,000,000 barrels per day of Middle East oil that's being disrupted. The Jones Act waiver and the releases don't add up much to that." (Reporting and editing by Matthew Lewis in New York, with Shariq Khan reporting from New York)
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EIA: Data centers' surge in power consumption could boost fossil fuel production
The?U.S. Energy Information Administration?said in an?analysis?on Thursday that the U.S. fossil-fuel production could increase over the next two years, as the surge of electricity consumption from data centers tightens the power supply. Energy Information Administration (EIA)?released an?analysis? on Thursday. The EIA reported that the U.S. demand for electricity has grown at an annual pace of 1.7%, after more than a decade with a flat growth. This is mainly due to the expansion of large-scale computer facilities. The agency's February Short-Term Energy Outlook (STEO) predicts that the nation's electricity load will grow by 1.9% - in 2026, and 2.5% - in 2027. The fastest growth is projected for the Texas -ERCOT grid system, and PJM - a grid operator serving parts of the mid-Atlantic - and Midwest. The EIA’s high-demand scenario assumes an expansion of data centres at a faster pace, but the generation capacity remains unchanged from STEO’s February baseline. The model anticipates a greater reliance on gas to meet additional demand. It projects a 7.3% increase in the natural gas-fired production between 2025-2027, compared to a 1.7% increase under the baseline forecast. The coal generation would still decline, but at a slower rate, under the case of high demand. The EIA predicts that wholesale power prices will also rise. ERCOT 2027 'prices' could be $37/MWh more than their February projections. This is a 79% increase, as the Texas grid has limited capacity to draw power from other regions during peak demand. The report stated that other regions may face modest increases between $1 and $3/MWh. Reporting by Anmol Chaubey, Bengaluru. Editing by Will Dunham
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US Department of Energy invests $1.9 billion in power grid upgrades
The U.S. Department?of Energy will invest $1.9 billion in order to 'accelerate upgrades' of the?power grids?in?the?country, said it on Thursday. The U.S. is expected to see a sharp increase in power consumption this year and next. This will be due to the rapid growth of AI and cryptocurrency data centers, as well as increased electrification for heating and transportation. This demand, however, has led to higher electricity prices for a large part of the country. The DOE said that the funds would be used for preparing for an increase in demand as well as to lower the electricity costs of American homes and businesses. The projects selected for funding must'showcase how replacing or reconductoring existing?power?lines with higher capacity conductors combined with transmission technology can strengthen the?nation?s electric grid. Utilities are adding power lines and other components?to the grid as data centers 'lift U.S. energy consumption out of two decades flat demand. (Reporting and editing by Pranav mathur in Bengaluru.
Australian shares continue to decline on Middle East conflict. GDP data is in focus
Australian shares fell below the key 9,000-level on Wednesday, mainly due to concerns over inflationary effects of the Middle East conflict.
S&P/ASX 200 index fell 1.5% at 2322 GMT, extending its losses for a second session. The benchmark index closed Tuesday down 1.3%.
Investors' concerns over inflation were heightened by the rising oil prices caused by the Middle East conflict.
Gold stocks were the primary percentage laggards. They fell 6.6%, as bullion price retreated amid stronger?dollars and lower rate-cutting prospects.
Northern Star Resources and Evolution Mining both fell by 6.7% and 6.3%.
BHP, Rio Tinto, and other mining giants fell 4% and 2,9% respectively. Fortescue fell 3% as well.
Virgin Australia, a major airline in Australia, dropped as much as 4 percent to an all-time low. Larger rival Qantas fell 1%. Investors are awaiting Australia's fourth quarter gross domestic product, after Tuesday's data showed that net exports had a lesser impact on growth and public spending was higher than expected.
Governor Michele Bullock stated on Tuesday that the central bank may raise rates in March, if inflation expectations are at risk of becoming unanchored.
Financials, the heavyweights of the market, fell?0.8% for their fifth straight session. Commonwealth Bank of Australia, Australia's largest lender, fell as much as 1.3%. The remaining "big four banks" also dropped between 0.8% to 1.3%.
After three consecutive sessions of gains, energy stocks fell by 1.2%.
Consumer staples dropped 1.2% while real estate stocks fell 0.8%.
The benchmark S&P/NZX 50 fell 0.4% in?New Zealand to 13,563.85, a session that will be the third consecutive one of declines. (Reporting from Nichiket in Bengaluru, editing by Rashmi aich)
(source: Reuters)