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Zambia and the US increase use of $491 Million grant programme for critical metals infrastructure
Zambia announced on Thursday that it had agreed with U.S. Agency Millennium Challenge Corporation to increase the use of $491'million agriculture grant programme' to support key critical minerals infrastructure. Signed in 2024, the "farm to market" grant was initially intended to boost agricultural development in Africa’s No. 2 copper producing country. The Zambian finance ministry released a statement that said, "The realignment of the railway will support Zambia's agriculture and critical minerals economy along the Lobito Corridor -- a major economic corridor for Zambia." The 'Lobito Corridor' is a rail connection between Angola's Atlantic port of Lobito and the top copper and cobalt producer on the continent, Democratic Republic?Congo. This route is considered strategic in order to export critical minerals to Western countries, which are looking to counter China's dominance of metals essential for the energy transformation. Zambia wants to link its copperbelt with the corridor. The African Finance Corporation is the lead project developer. It has stated that it aims to close the financial deal in the 'fourth quarter' of 2027. The ministry stated that some of the grant funds will be used to build infrastructure related to the project. The report added that "Priority 'road segments for rehabilitation were aligned to the Lobito - Corridor, one of 'Africa's most important emerging trade and logistic corridors." Reporting by Chris Mfula. Nelson Banya is the writer. Mark Potter (editing)
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European shares fall as markets ponder hawkish US Federal Reserve
Investors increased their bets that the U.S. Federal Reserve rate increase later this year?after policymakers struck a more hawkish tone. The pan-European STOXX 600 closed 0.3% lower and ended a five-day streak of gains. The regional bourses showed mixed results, with France, Germany and Italy posting gains and Spain and Italy declining. The FTSE 100 in Britain ended the day 1% down as heavyweight healthcare and energy stocks weighed. In June, the Bank of England held interest rates at 3.75% because it deemed it premature to increase rates due to uncertainty regarding 'inflation pressures. Oil and gas shares in Europe fell 1.5%, as oil prices dropped to their lowest levels since the first day of trading during the Iran War. U.S. president Donald Trump signed an agreement with Iran to end a war that has disrupted the global energy supply. The interim ?pact has brought relief for markets, with energy-price-sensitive travel and leisure shares rising 0.8% on Thursday. But despite the relief, it was short-lived due to monetary policy uncertainties. NEW FED CHAIRMAN The Fed in the U.S. held rates at the same level on Wednesday but nine policymakers predicted a rate increase this year. The Fed's statement on Wednesday removed any guidance regarding future rate movements, a sign of the influence of the new Fed chairman Kevin Warsh. "Transitions such as this are unsettling to markets." Steven Blitz is the chief U.S. economic at GlobalData.TS Lombard. He said that political and economic volatility will?confront and confound Warsh's plan to get the Fed in his promised land. According to LSEG data, the European Central Bank increased borrowing costs last week. Traders expect another 25 basis-point rate increase by year's end. Mining shares fell 3.1%, and were the largest decliners in the STOXX major subsectors. Commodities suffered from a stronger dollar. Mercedes-Benz, Volkswagen, and Stellantis were all at the bottom of the list. BMW fell 4%, after falling 8.3% in the previous session following a shocking profit warning. Accenture's cut in its full-year guidance caused a sharp drop among European IT service firms. Capgemini fell 8.9%, a six-year low, while Cancom, Atos, and Reply all saw declines between 2% to 6.9%. Edenred rose 17.2% after the French voucher company confirmed that it was approached by investment funds following media reports about possible takeover interests from investment firm BC Partners.
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Grids are being urged to change data center power regulations by the US Energy regulator
On Thursday, the top U.S. Energy regulator ordered that?electric grid operators?review?rules?for connecting large energy consumers such as data centres. Demand from server warehouses is straining power grids. The demand for electricity is increasing in the United States, and data centers are driving the electricity usage to new records. Grids cannot supply the electricity needed by large swaths across the country. This has regulators scrambling to manage the surge. The Federal Energy Regulatory Commission draft orders "show cause" direct?the six region grids that fall under its jurisdiction (excluding Texas) to justify or revamp their?processes for powering large energy consumers. The FERC order 'follows a Directive by the United States. Last year, Energy Secretary Chris Wright was asked to expedite the connecting of data centers in order to achieve the goal of the United States to win the global race for developing and rolling out new AI technology. Laura Swett, FERC chairman, said: "This is a 'race against time. We will win. "This is a?priority our country faces at this time. Grid 'operators' and -transmission owners will have 60 days to reply to FERC. They must explain their current rules or if they plan to make changes in five categories. These categories include clear processes for connecting very large energy consumers, such as data centers, and allocating costs to large energy customers.
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BMW chairman: 'We are on the right track' as profit warnings hit shares
Nicolas Peter, chairman of the supervisory board, said that BMW's?next generation models are "on track". This comes days after an unexpected profit warning, which hit?the shares. Peter, a journalist in Paris, told journalists that the orders for BMW's Neue Klasse models were "strong" and "good for both the manufacturer and the suppliers involved with the project". The Neue Klasse comprises a range of new BMW models that are part of an ambitious revamp of the company's line-up in a period of fierce competition with Chinese rivals. After the warning, brokerages such as Citi and HSBC lowered their target prices, and the shares of the German premium automaker fell even further. They now trade at the lowest levels since November 2, 2020. BMW shares were trading 5.3% lower at 1415 GMT and were ranked as the bottom blue-chip index in Germany. Analysts noted the impact of a 'guidance cut' that was triggered by the prolonged weakness on the important Chinese market, as well as Iran's war. Berenberg analysts stated that "the magnitude of this new downgrade is greater than what we anticipated." They added that "this could lead to a deeper strategic reset under the new CEO", referring specifically to Milan Nedeljkovic who replaced long-time leader Oliver Zipse in the last month. Analysts have said that BMW could announce capacity reductions in Europe and accelerate its strategy to localise production in North America, China and other parts of the world. Peter said BMW is confident about the U.S. market, which he described as stable and important. The market is important and stable, but BMW was selling less in Europe despite its local strategies. Peter said that there was space for both foreign and local?automakers to compete in China. The country is the world's largest auto market, has seen a price war, and remains the biggest auto market. (Reporting and writing by Makini Brrice, Additional reporting and writing by Christoph Steitz and Rachel More; Editing and editing by Dominique Patton & Alexander Smith).
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Senator calls on FAA to refuse White House pressure and approve Trump arch
The 'top Democrat' on the Senate Aviation Subcommittee urged Federal Aviation Administration (FAA) to reject White House pressure for approval of President Donald Trump’s proposed 259-foot tall Independence Arch. She said it could present risks to commercial flight. "The FAA should commit to the highest safety standards, and reject any inappropriate or irresponsible pressuring from President Trump in order to prioritise the construction of this gaudy 'vanity arch. This is not in the best interest of the American people," wrote Senator Tammy Duckworth in a letter to FAA Administrator Bryan Bedford on Thursday. Last week, the FAA stated that it would require red safety lights on the arch but claimed there were no'safety implications' in its initial review. The proposed arch will be located 3,000 feet away from Ronald Reagan Washington National Airport, and in the main approach and departure corridor of the airport. The FAA stated that it would directly respond to Duckworth. The White House didn't immediately comment. The FAA requires flashing red warning lights to be installed on buildings over 200 feet from airports, such as the 555-foot Washington Monument. This is done in order to alert pilots during the night. Duckworth pointed out that the National Park Service estimated that construction of Trump's arches would require cranes up to 300-320 feet high and could take 20 hours a day for two to three years. She stated that commercial jets are capable of flying as low as 500 feet in the air on final approach, raising "additional operational and safety concerns." Duckworth pointed out that the mid-air collision last year between an American Airlines commuter plane and Army helicopter resulted in 67 deaths and "underscores" the consequences of insufficient coordination. Trump wants the arch built across the Potomac River near Arlington National Cemetery, just north of the Lincoln Memorial. The structure resembles the Arc de Triomphe, but is much larger. The arch with eagles statues, a Lady Liberty-type figure, and a top that is reminiscent of the Arc de Triomphe in Paris would be taller and bigger than the Lincoln Memorial, and not too far from the U.S. Capitol which, at 288 feet, can be seen throughout Washington. The Arc de Triomphe is 164 feet tall in?Paris. The National Capital Planning Commission approved the project on 4 June, while seeking further information about the impact of the structure on flight paths. A lawsuit was filed to stop the project.
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There are some flights to the Middle East that have resumed but there is still disruption.
Several airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli airstrikes against Iran. However, many other carriers continue to suspend flights, causing global travel disruptions. The following is an alphabetical update of the flight status for airlines: AEGEAN AIRLINES The largest airline in Greece has cancelled flights between Thessaloniki and Tel Aviv until the 26th of June. Flights from?Dubai to Erbil,?Baghdad and?Baghdad are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspended flights to Tel Aviv until June 23, Beirut until 24 June and Dubai until 30 June. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel?Aviv service on September 6. However, the launch date of Boston-Tel?Aviv, originally planned for October, has now been pushed back until further notice. FINNAIR Finnair has cancelled all Doha flights until October 2 and continues to avoid airspace in Iraq, Iran Syria, and Israel. The airline will resume Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resume of its flights to Doha and Riyadh to August 8th. Flights from Amman, Bahrain, Amman, Tel Aviv and Dubai will be paused for the remainder of the summer and resumed on October 25. When the flights resume, it plans to reduce service to Dubai, Doha and Riyadh to just one flight per day, and drop Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume the flights from July?1. SWISS delayed the return of flights to Tel Aviv until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi until October 24, as have SWISS, Austrian Airlines, Brussels Airlines, Beirut Airlines, Dammam Airlines, Riyadh Airlines, Erbil Airlines, Muscat Airlines, and Tehran Airlines. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut indefinitely and no new start dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines The carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services to Singapore-London Gatwick, and Singapore-Melbourne from late March until 24 October in order to "meet increased demand". TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Documents show that India Oil Corp is looking for gas and oil tankers from the Gulf to transport cargoes.
Tender documents show that Indian Oil Corporation, the nation's largest refiner, has issued tenders to charter vessels for the lifting of liquefied petroleum, gas and oil out of ports in the Strait of Hormuz. Documents show that the tenders are the first ones issued by IOC after the U.S. signed an interim agreement with Iran to end the war and reopen?waterway. They include chartering of a VLGC, a Suezmax tanker, and a VLCC. A VLCC carries about 2 million barrels. A Suezmax can carry about one million barrels. The document stated that IOC aims to?lift LPG from June 30 to July 4 in ports such as Ras?Laffan, Qatar, Mina Al Ahmadi, Kuwait, or?Ruwais, UAE. Documents show that the refiner wants to charter a VLCC for oil deliveries from Mina Al Ahmadi in Saudi Arabia between June 28-29 and a Suezmax to load cargo from Ras Al Khafji on June 29-30 for delivery to India's West Coast.
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Waymo recalls almost 3,900 robotaxis due to the risk of them entering construction zones that are closed.
Waymo, the self-driving division of Alphabet, is recalling 3,900 robotaxis from the U.S. due to a software issue that could cause them to drive into a construction zone on a freeway. This is the second?recall?by?Waymo?in just over a week. The National Highway Traffic Safety Administration has issued a recall for more than 12 incidents that occurred in California and Arizona since early April, in which Waymo autonomous cars (AVs), did not recognize and drive past ramp closure signs in pre-planned "freeway construction zones" and freeway lanes where active construction was taking place. The company initially implemented?restrictions on freeway driving until it improved its awareness of and response to closures. Waymo updated its vehicle software to prevent?entering construction areas. Waymo announced in a Thursday statement that it "identified a area for improvement regarding performance around construction zones on freeways. Last month, we voluntarily restricted the operation of freeways while "making improvements." Waymo recalled about 3,800 robotaxis last month because they could have entered flooded roads that had higher speed limits. The recall was prompted by an April 20 incident in which a Waymo car drove into a flooded San Antonio lane during extreme weather. Waymo stated that the vehicle was not occupied and no injuries occurred, but the accident prompted the company's review of similar scenarios with high speeds and impassable roads. Waymo issued several recalls in the past two years. These include?potentially inaccurately predicting a towed vehicles movement and?a vehicle’s detection of?response?to poles or pole-like objects. Separately Waymo faces an NHTSA probe after one of their self-driving cars struck a child in Santa Monica, California near an elementary school, causing only minor injuries. The National Transportation Safety Board announced in March that it was investigating a January incident?inwhich Waymo's self-driving cars illegally passed an?addressed school bus with its lights activated. Waymo was recalled last December for illegally passing school buses that were stopped.
As flights to the Middle East cease, governments plan repatriations
Commercial flights have been grounded in some parts of the Middle East due to an escalating conflict after U.S. and Israeli attacks on Iran. This has left foreigners stranded and prompted governments to plan for repatriation.
Here is what the governments have said about plans for repatriation:
AUSTRIA Austria’s Foreign Ministry said that it had assisted 117 vulnerable citizens to leave the UAE and Israel through neighbouring countries and had planned for a 170 person?charter flights from Muscat, on March 4, while warning travellers that they would have to take land departures at their own risk.
BULGARIA
GullivAir and Bulgaria Air, along with the State Aviation Operator, planned three flights to'return Bulgarians from Dubai, Abu Dhabi, and Oman between March 4 and March 5. These included a GullivAir flight of 326 seats from Dubai, a Bulgaria Air Boeing 737 via 'Oman, and a 90-seat Government aircraft from Abu Dhabi.
CZECH REPUBLIC
Petr Macinka, Minister of Foreign Affairs, said that around 1,400 people had arrived in the Czech Republic via repatriation flight.
ESTONIA
On March 4, the Estonian foreign ministry announced that it had organized a 180-seater flight to Muscat for the next day. This flight was available to Estonian citizens living in Oman or the United Arab Emirates.
EUROPEAN UNION As more members request assistance, the European Commission is now coordinating flights for repatriation under the EU Civil Protection Mechanism.
A statement by the European Commission on March 9 stated that the EU had supported more than 42 flights to date, which brought over 4,100 Europeans back safely to Belgium, Bulgaria Czechia Italy, Cyprus, Latvia Lithuania Luxembourg, The Netherlands, Austria, Portugal Romania, Slovakia and Sweden.
FINLAND
The Finnish foreign ministry announced that Finland would be arranging a single flight to repatriate about 160 Finns stranded on the island of the United Arab Emirates, on 8 March.
Finnair announced on March 6th that it would be operating flights from Muscat to Helsinki in order to transport customers stranded at Dubai home. The first flight will take place on March 10 with additional flights scheduled later in the week.
FRANCE
The French Foreign Minister said that several flights to bring back French nationals who are currently in the area (around 400,000) were being planned as of March 4.
France has deployed consular teams to Israel's border with Egypt and Jordan in order to facilitate the land exit of people so they can continue their journey by air. A similar mechanism has been implemented in the UAE, at the borders with Oman, Saudi Arabia and other countries, where there is no restriction on airspace.
GERMANY
After the first flight landed in Frankfurt on March 5, the German Foreign Minister Johann Wadephul announced that two flights, each carrying about 250 passengers, were planned for March 5-6.
GREECE
The Greek Foreign Ministry said that it had repatriated hundreds citizens from Abu Dhabi, Dubai Jerusalem, Oman, and the UAE in the last week.
HUNGARY On March 4, 87 people returned to Hungary from Amman in Jordan. Another flight, carrying 88 passengers, is scheduled for March 5.
A second flight from Sharm-el Sheikh in Egypt was also scheduled for the 6th of March. Hungary rented a Flydubai aircraft for March '5 and '6 to bring Hungarians back from Dubai. On March 7 and 8, Hungary had two separate flights departing from Riyadh in Saudi Arabia.
ITALY The Italian foreign ministry reported that about 25,000 Italians returned from the Middle East via commercial flights facilitated through the ministry.
The consular service has been expanded in Oman, the UAE, and Bahrain. It also coordinates the return of large groups from the UAE, and other groups travelling via land to Qatar, Kuwait and Saudi Arabia. Italians living in Oman and Israel as well as the Maldives, Thailand, and Thailand receive assistance.
Netherlands
The Dutch government said on Friday that it is preparing to use the military to repatriate citizens who cannot leave their countries on their own. The Dutch government did not give any details about specific countries or timing.
POLAND
Operational Command of the Polish Armed Forces reported that the first group of Polish nationals evacuated from the Middle East by military airlift arrived in Poland on 6 March.
PORTUGAL
The Portuguese Foreign Ministry is planning to repatriate more of the 139 Portuguese and eight foreigners on board a charter TAP flight that landed at Lisbon, Portugal on March 6.
ROMANIA
The Romanian Foreign Ministry announced on 4 March that FlyDubai had scheduled two flights from Dubai to Bucharest for March 4 and 5. The ministry reported that FlyDubai had scheduled two flights to Bucharest on March 4 and 5.
SERBIA
Air Serbia's flight from Sharm el-Sheikh landed at Belgrade in the early hours of March 4 with 67 passengers. All were?evacuees from Israel.
SINGAPORE
The foreign affairs ministry announced on Facebook that the government would deploy an A330 multi-role air force aircraft to assist Singaporeans in departing Riyadh from the country on March 10. A second flight out of Saudi Arabia is planned for the 12th.
SLOVAKIA
The Slovakian government has conducted six repatriation flight with 248 passengers. 189 of them were Slovaks, and the remainder were foreigners. On Thursday, the Foreign Ministry announced that eight additional evacuation flights from Jordan and Oman would be carried out by the end the week.
SLOVENIA
The prime minister's statement said that Slovenia organized four buses to transport Slovenian citizens, including families with children, from Dubai to Muscat Airport in Oman on March 3.
Two more flights are scheduled for March 4, with the first flight to Slovenia being organised on 3 March.
According to Jose Manuel Albares, the Spanish government began evacuating citizens from?the Middle East? on March 3. More than 175 Spaniards arrived on a flight via Abu Dhabi.
Albares stated that Spain is also strengthening its embassies to the UAE, Saudi Arabia Oman, Bahrain and Bahrain in order to provide further support and facilitate repatriations.
SWEDEN
Sweden chartered a plane on Saturday to bring back 180 Swedes who were identified as vulnerable.
THAILAND
Thailand will?evacuate its nationals by land from Iran to Turkey between March 7 and 10 while those stranded in Iraq, Qatar and Bahrain as well as the UAE, Jordan and the UAE are either returning or will do so once airspace is reopened.
UNITED ARAB EMIRATES
State news agency WAM reports that the UAE Civil Aviation Authority plans to start operating "special flight" across all of the country's international airports in order to assist some of the tens and thousands of passengers stuck in the region to leave.
UNITED KINGDOM
The British Foreign Office reported that after 130,000 UK citizens registered for presence in the region, British chartered flight left Oman on 5 March after technical delays on 4 March. Priority was given to vulnerable UK nationals who wanted to leave the area.
(source: Reuters)