Latest News
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Wall Street Journal, June 2,
These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. -?Alphabet has announced plans to issue equity worth $80 billion, of which $10 billion will go to Berkshire Hathaway to fund AI capital expenses. Blackstone, a manager of alternative assets, announced that it had raised $13.1 billion in private equity funds for Asia. This was more than its initial target. It is also the largest fundraise ever made by Blackstone. Andrew Left, 55, an eminent?short seller in Los Angeles, has been convicted of securities fraud by a federal jury. Castlelake, an investment firm, said that any offer to purchase easyJet should value it at at least $4.12 billion. This is slightly higher than the previous closing price of a?airline whose valuation plummeted during the Iran conflict. Motorola Solutions is buying Israeli startup D-Fend Solutions, for $1.5 billion. Governments and critical infrastructure operators are rushing to protect themselves against the growing threat of rogue drones. - 'Elliott Investment Management is seeking to review the strategic direction of Australia's biggest gold miner, Northern Star Resources, after accumulating a stake worth more than US$716 million, or?1 billion Australian Dollars.
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A bus driver is charged with manslaughter on five counts in a Virginia highway accident
The driver of a tour bus has been charged with manslaughter for the deaths?of five people?in a chain-reaction accident?that was triggered?when the motor?coach ploughed into slower moving traffic?in a highway construction area?. Jing Sheng Dong (48), a Staten Island resident from New York was charged with two felony counts of unintentional manslaughter the following day, on Saturday. A grand jury at the 'Stafford County Circuit Court' indicted Jing Sheng Dong on Monday for three additional counts of manslaughter and a misdemeanor charge. Dong is still in hospital for his injuries sustained in the pileup crash that occurred on Interstate 95 in the early morning hours Friday, about 45 miles south of Washington D.C. The police said that a preliminary investigation revealed that the bus driver did not slow down for traffic in front of him as he approached an highway work zone. He slammed a Chevrolet Suburban into the back, forcing it into a 'Acura SUV and other vehicles. According to the?state police, four of those killed, including two children were in this Acura. The Suburban, which was hit by the bus, also killed a fifth person. Massachusetts is home to all five of the?dead?. Authorities reported that more than 40 people were also injured.
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Newark Airport's international flight processing is not being stopped by Homeland Security officials, according to the US Homeland Security chief
Markwayne Mullin, Secretary of Homeland Security at the U.S. Department of Homeland Security, said that he did not need to stop international?flights processing?at New Jersey's Newark Liberty International Airport. He cited cooperation from?state and?local law enforcement officials located near a detention facility. Mullin told a Dallas press conference that as long as the partnership between local and state law-enforcement agencies continues, there will be no need for this. New Jersey Governor Mikie Sherrill on Friday ordered the state police to take control of a migrant center in Newark, which had been a flashpoint for clashes between protesters and federal Immigration and Customs Enforcement officers. Sherrill is a Democrat who said that she was taking action to calm escalating tensions and violent episodes outside Delaney Hall. Delaney Hall is a 1,000-bed prison operated by Geo Group. Mullin acknowledged that he had a "plan" to remove customs agents to help with security at Newark Airport, a major United Airlines hub outside of New York City. However, he said the plan was not needed due to efforts made by local and state law enforcement. Mullin warned on Thursday that the Trump Administration could stop processing international passengers and cargo at Newark Airport. On Friday, major airline, travel, and business groups warned that stopping border processing at Newark Airport or other U.S. major airports would cause chaos, leave thousands of tourists and Americans stranded, and stop vital cargo shipments. Mullin has said repeatedly that he can also stop immigration processing in more than a dozen airports, including Boston and Denver. He could also do the same at Chicago, Los Angeles or Seattle. The U.S. Travel Association stated that if all international flights were to be stopped at the 18 airports in sanctuary cities, it would cost the U.S. economy more than $70 Billion and affect 68 Million international passengers each year. The U.S. Travel Association said that foreign visitors will'stream in' for the soccer World Cup, which is being hosted jointly by Mexico, Canada and the U.S. The final will take place on July 19, in East Rutherford New Jersey. This is about 12 miles away from Newark Airport.
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Officials say that two explosions have hit a cargo ship in the Gulf of Iraq.
Iraqi officials reported on Monday that two explosions hit a cargo ship in the Gulf, about 40 nautical miles southeast of Iraq’s Umm Qasr. One of them was caused by an attack from a drone. The United Kingdom Maritime Trade Operations (UKMTO), earlier, said that the vessel was 'hit by a projectile on the starboard side, causing a huge explosion. According to the Iraqi officials, a second explosion occurred on the same vessel, and it was the result of a drone attack. They added that the fire on board was brought under control later. As we assessed the damage from the first blast, we heard the drone hovering above, followed by a powerful explosion that ignited a fire on the tanker," said an Iraqi member of the maritime patrol. The identity of the vessel was not known and no one has claimed responsibility.
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U.N. chief says it is still too risky for seafarers to leave the Gulf.
The head of U.N.’s?shipping agency stated that despite the current ceasefire, it is still too risky to move 'thousands' of sailors trapped in the Gulf. "We won't be able to do anything until the root causes of the conflict are addressed, and a more final agreement is reached, a complete agreement or a ceasefire between the parties in the conflict," Arsenio Domingue, Secretary-General of the International Maritime Organization said on Sunday, ahead of Posidonia Shipping Industry Week in Athens. Iran has imposed restrictions on the movement of vessels through the Strait of Hormuz, resulting in a 20,000-strong seafarer stranded. Dominguez stated that it would be risky to move seafarers in the interim, as there were no guarantees of their safety. According to IMO, eleven seafarers were killed in the Gulf since the U.S. Israeli war against Iran began on February 28. In recent weeks, the IMO has been working to 'arrange a safe sea corridor for vessels to leave, including talks with parties involving Iran, Dominguez stated. "You hear announcements saying that the Strait of Hormuz was open and then, a few minutes later, it is closed. He said that we can't risk anything until something more secure is in place. The strait is normally used to transport 20% of the daily crude oil and natural gas supply in the world. The number of tankers has been reduced to a few. After three months of being stranded on a ship, operators claim that crews require a safe, negotiated way out. "The seafarers are missing out on not only seeing their family but also on births and deaths,?on weddings," Pankaj Khanna said on a sideline of a Capital Link Shipping Conference in Athens. Heidmar's vessel has been stuck in the Gulf of Mexico for three months. "We need a framework, rules, regulations, or whatever else tells us how to enter and exit." Even if the peace agreement was signed, it is important to clarify this. (Reporting and editing by Jason Neely; Renee Maltezou, Jonathan Saul)
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Mandelson documents shed light on government activities, including the appointment of US Ambassador
The British government released documents about the appointment of Peter Mandelson to be ambassador to the United States on Monday, giving a glimpse of the sometimes acerbic Westminster world and the messy clearance process for his?job. The Mandelson saga has been a focal point for critics of Britain's Prime Minister, who is fighting to survive his political career against a possible leadership challenge. The government has released 1,504 pages of messages, ranging from emails to WhatsApps. It hopes that this data dump will distract attention away from Starmer and prove Mandelson was not completely honest about his relationship with the late convicted sexual offender Jeffrey Epstein. MANDELSON : "YOU WILL NOT REGRET" THE APPOINTMENT In a?document the government stated that it had written Mandelson on March 31, requesting any information on his personal telephone as part of an investigation into his work and appointment - which he refused to give over. Mandelson, who was twice removed from the cabinet by Labour's longest serving prime minister Tony Blair, is often seen chatting with Labour insiders and pressing his case, sometimes even criticizing the government. Mandelson wrote in a handwritten letter to the then-foreign Minister David Lammy, dated November 18, 2024: "I wanted you to be aware that I would do everything possible to ensure you didn't regret your decision to appoint (me) as ambassador." He said that he was "tonto", a slang word for crazy, over the failure of the government to approve an individualized red ministerial gift box to be given to U.S. president Donald Trump. He also took aim at Starmer by telling Pat McFadden, senior minister of the UK, that he thought "Keir was not leading from the front". McFadden said that Mandelson was asking the "wrong questions" at every meeting, saying it was all about "whom can we tax to pay benefits to others?" The government hopes that the release of these documents and Epstein's messages will end any questions about Starmer’s judgement in appointing someone whose friendship was well-known. They are unlikely, however, to stop calls for the Prime Minister to resign after Labour's loss in local elections last month. Mandelson is being investigated by the police for allegedly passing government documents on to Epstein, who died in 2007. He is not facing allegations of sexual abuse. In March, an initial batch of documents were released, showing that Starmer had been warned about the dangers of the appointment. This was not only because of Mandelson's connections to Epstein, but also?because the Labour veteran supported closer ties with?China. Starmer could face a leadership challenge in the future if Andy Burnham, Greater Manchester's mayor, wins a seat at parliament in the upcoming election on June 18. Reporting by Elizabeth Piper; editing by Kate Holton, William James, and Andrew Heavens.
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Ship operators call for clear rules to restore normalcy to Hormuz
Shipping executives met in Athens, Greece on Monday and said that any deal reached between the United States of America and Iran must include clear rules allowing ships to return to normal operations through the Strait of Hormuz. Shipowners, maritime officials and other events were held at the Capital Link Conference and other events to kick off Posidonia. This biennial week-long shipping exhibition is a biannual event. The following are selected quotes in alphabetical order: ARSENIO DOMINGUEZ SECRETARY GENERAL, INTERNATIONAL MARITIM ORGANISATION "There were... recent announcements about the possibility of a sixty-day ceasefire. The evacuation framework will kick in immediately if I am able to get assurances from the countries about the safety of using the Strait of Hormuz and if the countries can confirm that the waterway is safe. We're always looking for a solution, as the first "objective" is to get seafarers to leave the conflict area. PANKAJ KHANNA PRESIDENT, HEIDMAR HOLDINGS COMPANY "We need a framework. A rules regulation. Whatever tells us how to get in and out. Even if there was a signed peace agreement, it is still unclear and we do not know the details. Khanna noted that the company's vessel was stuck in the Gulf for three months and noted its impact on seafarers. "Obviously, the seafarers are missing out on not only seeing their families, but also on births on?deaths on marriages." VASILIS KIKILIAS - GREECE’S SHIPMENT MINISTER Can anyone predict the end of the conflict? Unfortunately, no... Conflicts can be very messy and difficult to resolve. "We hope, of course, there will be a resolution. We can't accept that ships will not be able to travel freely around the world. I would like to see the global shipping trade, seafarers and the shipping industry left out of the equation. But, it seems impossible. EVANGELOS MARINAKIS FOUNDER AND CHAIRMAN OF CAPITAL MARITIME & TRADE CORP "We are all in agreement that the war must end, and it should have ended yesterday. Even if... consumers pay the price around the world." "On the contrary,..from the evidence we have seen, we can wait two weeks, or even one month, if we feel that the final agreement is good for us all... and will make us confident in the future. "I'm quite optimistic that after a few weeks or months, a solution would be found." GEORGE Procopiou, FOUNDER - DYNACOM TANKERS MANAGEMENT, DYNAGAS, AND SEA TRADE Freedom of navigation is important and no one can impose any burdens, including tolls. Since antiquity, Greece has broken blockades. YIANNIS Procopiou,?CEO of CENTROFIN MANAGEMENT "While insurance is available, this does not mean the strait would be a good place to transit, at least until the shipping industry has clear rules on how to deal with both nations involved, the U.S.A. and Iran... That's a high-risk proposition right now."
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Sources say that Volgograd's oil refinery in Russia has halted processing following the May 29 drone attack.
Two industry sources reported on Monday that the Volgograd oil refinery, owned by Lukoil, in Russia's south, had suspended oil processing after a sabotage attack from Ukraine, which resulted in fires and damage. Peace talks to end the Ukraine war have stagnated. Last week, the local governor reported that at least two people were injured and one killed in an 'Ukrainian drone strike' on the Volgograd area. Sources claim that the crude distillation unit CDU-1 was shut down. This unit accounts for 40% capacity of the plant. CDU-6 and CDU-5 were also shut down. Lukoil has not responded to our request for comment. In 2024, the Volgograd refinery will have processed 13.5 millions metric tons of crude oil. This is 5% of the total volume of Russian refineries. The country produced 6 million tons of diesel, 1.9 million tons of gasoline, and 700,000 tonnes of fuel oil. (Reporting and Editing by Susan Fenton).
EasyJet attracts investors who spot a bargain as they look to takeover the airline
EasyJet, a British budget airline, has attracted the attention of?U.S. Castlelake, an investment firm, is considering a takeover. Analysts say that while easyJet called the timing of this takeover "highly opportunistic", its low valuation, slots in key airports, and stable fleet make it an attractive target for a takeover.
Chris Beauchamp is the chief market analyst for trading platform IG.
Shares Underperform Rivals
Potential suitors are attracted to the British carrier because its shares have performed better than those of competitors like Ryanair.
Jaime Rowbotham, a Deutsche Bank analyst, wrote that EasyJet had 'looked 'cheap' for a while. He added that its airline fleet could be attractive, as well as the room it has to increase margins and improve efficiency.
This latest bid speculation is likely to see the easyJet stock price rise again.
HOLIDAY BUSINESS BOOMS
A good holiday?business, and an efficient Airbus?fleet have helped to boost results despite the airline struggling to increase passenger numbers. It is positioned between traditional and low-cost?rivals such as British Airways operator AIG. EasyJet has also no direct exposure to Middle East, where flights were disrupted for three months by the Iran War.
Bank of America analysts stated that Castlelake's strategy was unclear but its fleet might be of interest. They estimated that a takeover would cost PS6.50 for each easyJet share.
EasyJet's share price of PS 4,50 on Monday was equivalent to approximately PS 3,4 billion. The stock has still fallen about 15% this year.
EasyJet's?slots? at airport hubs like London, Paris, and Geneva have been a source of deal speculation for many years. This is despite the fact that any takeover would be fraught with competition issues.
'FEW PEOPLE CAN RESIST A BARGAIN'
The cost of jet fuel has risen since the beginning of the Iran War in late February. This has affected the entire sector. EasyJet has been reducing fuel costs over the long-term since a pandemic spike. Revenue per seat km is also up.
Barclays' Andrew Lobbenberg warned that the conflict has had a significant impact on the demand for short-haul leisure travel in Europe. He also said easyJet’s relatively low margins means external factors have hit its profits quite hard.
Lobbenberg said that even though 'easyJet' is Europe’s worst performing airline stock, its assets, including its slots, holiday business and fleet, were undervalued. He estimated that they were worth more than PS11 per share.
(source: Reuters)