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US FAA selects ASI to overhaul software for improved flight schedules and reduced delays
Federal Aviation Administration announced on Monday it has awarded an $875,000,000, 12-year contract with Air Space Intelligence for the overhaul of U.S. flight schedules to improve how flights in the United States are managed. The 'FAA will utilize a new system to provide data and ensure that the?capacity is adequate for the?demand for air traffic. The FAA said that the system would use data to avoid significant delays and congestion "by strategically co-ordinating schedules and trajectories prior to aircraft departure". SMART is a system that uses data to analyze air traffic, weather, airport capacity and operational constraints. It can predict traffic flow and identify conflicts before they happen. The FAA has been in contact with airlines for several months to discuss the program. However, they have privately expressed concern about the way the agency decides which flights need to be moved when there are conflicts. They also have concerns about whether the system could be implemented as early as this fall. The FAA has been struggling to solve the problem of congestion for years. It is facing a rising?demand', runway construction issues, severe weather and a shortage of air traffic controllers. In April, the agency told airlines to reduce 300 flights daily at Chicago O'Hare, citing concerns about congestion. Last week, it extended flight reductions at Newark, as well as other airports in New York's area. The Congress allocated $12.5 billion last year to upgrade outdated technology and staff understaffed air traffic towers. USDOT is asking for another $10 billion to make further improvements. Air Space Intelligence's CEO,?Phillip Buckendorf, said that the system would use "commercially-proven technology" already helping everyone from major airlines to the broader aviation community to operate more efficiently. U.S. Transportation Sec. Sean?Duffy said that "we must change the way flights are managed" and noted that the system would "fundamentally reshape the airspace'management - slashing tens of thousands of cancellations and delays in the process." Airlines for America (the main industry trade association) said the program would "make air travel more efficient and timely, while maintaining our gold standard of safety." The group stated that the program would provide carriers "more efficient routings, and more predictability about system capacity to balance demand and capacity." (Reporting and editing by Mark Porter; David Shepardson)
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California sues US EPA for sending emission rules to Congress with the possibility of reversal
The state ?of California sued the U.S. Environmental ?Protection Agency on Monday after the agency ?earlier ?this month sent the Republican-controlled Congress landmark state vehicle emissions rules for potential repeal. According to the EPA, waivers granted under the Clean Air Act in California for environmental regulations passed under previous Democratic administrations were supposed to be sent under the Congressional Review Act. California said that the action was illegal, and should be stopped by the U.S. District Court of?the District of Columbia. They argued that the EPA wanted to "wave a magical wand", and turn a waiver in a rule. These illegal actions will lead to more pollution, worse air quality, increased market uncertainty and more health risks in communities that are already overburdened with emissions, said California Attorney-General Rob Bonta. He noted the state had received more than 75 environmental waivers. The EPA 'didn't immediately comment. The Trump administration is waging a multi-pronged campaign to deny California's ability to?require cleaner vehicles and?more electric cars. The EPA also enacted regulations that make it easier for automakers sell more gasoline powered cars and trucks while making EVs more expensive. California was granted authority to set its own emissions standards for cars, trucks and lawn and garden equipment through the four waivers that were sent to Congress to be reviewed. These rules have prompted companies to develop 'cleaner electric models' to reduce emissions. California's vehicle emission rules were approved in 2022 by the EPA under former President Joe Biden. California's regulations require automakers sell an increasing number of electric cars and adhere to increasingly strict limits on tailpipe emission. These rules are "much stricter" than those imposed by Trump's administration which intends to rollback federal fuel economy regulations. Trump signed legislation in 2017 to repeal California's regulations that aim to phase out gasoline-powered vehicles by 2035. California argues that the rules will save consumers more money on fuel than the upfront cost of EVs. After Toyota, GM and a number of other?automakers lobbied to be exempted from California's emission?regulations, Congress revoked California's authority to ban traditional gasoline-powered cars?after the year 2035. The EPA had sent Congress a waiver of that program to be reviewed. Many Democratic legislators argued that waivers were not subject to review under the CRA. California has also challenged this waiver submission before Congress. (Reporting and editing by Mark Porter, Deepa Babington, and David Shepardson)
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European shares rise on US-Iran talk; UK's Starmer steps down
Investors viewed the latest round of U.S. - Iran?negotiations as a sign of progress toward a resumption of shipping through the Strait of Hormuz, and also the resignation of British PM Keir starmer. After two sessions of declines, the STOXX 600 closed up 0.6%. Barclays, NatWest, and Standard Chartered all made gains in the UK. They were up 3,9%, 4%, and 1,3%, respectively. The banking index as a whole rose 1.4%. Starmer's Monday resignation announcement paves the path for what is expected to be an orderly transition of power to Labour Party leader Andy Burnham. Burnham could become Britain's 7th leader in 10 years by next month. Michael Field, Morningstar's equities analyst, said that the recent weakening in Labour's grip on the electorate had negatively affected the perception of the UK as an investment destination. "The election of a popular politician like Andy Burnham will likely improve market perception." Qatar and Pakistan, who are acting as mediators, said that Washington and Tehran had agreed on a roadmap to a final peace deal and measures to protect shipping through the Strait of Hormuz. Brent crude oil fell 2%, to less than $8 a barrel. Uncertainty lingered, however, as Tehran declared the waterway closed Sunday, citing that fighting between Israel, Lebanon and Syria had not ended. There is a bit of uncertainty about the Strait of Hormuz. Fiona Cincotta, City Index, said that there do seem to be "some vessels" passing through the Strait of Hormuz. Last week, the benchmark STOXX reached a new high on optimism about Middle East peace talks. The hawkish forecasts of the U.S. Federal Reserve, however, reminded us that concerns about inflation and higher energy costs are likely to persist. The European Central Bank's Christine Lagarde stated that the inflation shock in Europe is not big enough to drive up long-term price bets. Chipmaker Infineon gained 4.8% in line with the gains made by Asian stocks. EasyJet, a budget airline, rose 2.8% following the IPO of?Castlelake by a U.S. investment firm. British defence and engineering company Babcock fell 5.9% following a sharp drop in its annual profits due to a PS140m charge on the Royal Navy Type 31 frate programme.
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RWE increases stake in Amprion, the power grid operator, by $4.1 billion
RWE, Germany's largest power producer, said Monday that it had increased its stake in power grid operator Amprion from a minority to a majority of?3.6 billion euro ($4.11 billion) and would be issuing new shares to finance the deal. RWE will receive a 55% pro-rata stake in Germany's second largest high-voltage grid operator. This deal exposes the company to more regulated returns, at a time that its capital allocation has been scrutinized by some investors. Markus Krebber, CEO of RWE, said in a statement that the company was expanding its portfolio into grid infrastructure. By increasing our stake in Amprion, and by providing additional funding to expand Germany's transmission network, we gain attractive growth opportunities." RWE announced that the deal will be funded through the issuance of?shares equivalent to 10% of the German group’s share capital. Qatar, the German group’s largest?shareholder already, and Norges Bank have?agreed?to?buy?1 billion euros of shares. The Frankfurt-listed shares of the company were trading 2.3% lower as of 1643 GMT. Sources told us in February that Amprion's major owners were considering selling their stakes to new investors due to the growing need for funding energy networks in Europe. Reporting by Christoph Steitz, editing by Tom Sims. $1 = 0.8750 euro
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Uber board accused of cutting corners in compliance leading to sexual harassment lawsuits
Shareholders sued the board of Uber Technologies 'on Monday, accusing management and directors of allowing the ride-sharing firm to cut corners in compliance matters. This led to thousands of lawsuits by victims of sexual harassment and assault. Shareholders led by a Detroit pension fund filed a lawsuit in federal court in San Francisco alleging that board members ignored repeated internal and external warnings regarding Uber's alleged failure?to?address sex abuse by drivers?aswell as violations of the federal disability law. Uber's reputation was "irredeemably" damaged, according to the lawsuit. The board of directors were informed that less than 40% users believed?the company took safety seriously. The complaint said that Uber is a "serial offender" when it comes to compliance. The derivative lawsuit seeks to??order directors to reimburse Uber as a result of their alleged breach of fiduciary duty and violation of federal securities laws. Dara Khosrowshahi, the chief executive of Uber, is one of the defendants. Uber did not immediately respond to a request for comment. Reporting by Jonathan Stempel, New York; Editing and proofreading by Mark Porter and Bill Berkrot
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Exxaro, a South African company, is working on cheaper rail transport to move more manganese.
Exxaro Resources, a South African miner, said Monday that it wants to 'transport more manganese by rail instead of road in order to reduce costs and improve efficiency at its newly-acquired assets. Exxaro CEO Ben Magara stated that the company, along with its competitors, were working together with Transnet, a state-owned firm in freight transport, to increase freight capacity. Transnet is opening up parts of its network for private investment. Exxaro reported that hauling manganese via road costs?37% higher than rail. Exxaro said that logistics costs accounted for 43% for the free-onboard costs of?the bulk minerals. Johan Meyer, Exxaro's head of metals, told analysts that they would be working with Transnet in order to issue more rail. Exxaro is primarily a coal mining company, but it has completed the acquisition of?multiple?South African Manganese assets valued at 10.6 billion rand (645.68 millions dollars) in March as part of its diversification away from fossil fuel. MANGANESE IS ESSENTIAL TO ENERGY TRANSITION. South Africa is the largest exporter of manganese, with 42% of all global shipments. The metal is mainly used in the steelmaking process. Manganese is also used in increasing quantities in batteries, which are essential in renewable energy applications. Transnet has a chronic underperformance that is blamed for undercapitalisation, cable theft and vandalism. Some exporters have been forced to reduce their output while others choose the more expensive option of trucking. Exxaro’s new Tshipi Borwa Manganese Mine exports?3.5 millions metric tons per year, with the majority of them going to China. The miner stated that 46% of manganese was transported by road to the?ports, in a capital market presentation. "We have to make sure we have a long-term strategy that says, Can we not put all the trains on rail?" Meyer said.
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There are some flights to the Middle East that have resumed but there is still disruption.
Some 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 strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES The largest Greek airline has cancelled flights between?Thessaloniki and Tel Aviv up until June 26. Flights to Dubai and Erbil are cancelled until September 30, and flights from?Baghdad and?Baghdad?until August 31. AIRBALTIC AirBaltic, a Latvian airline, has canceled 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 suspends its Tel Aviv, Beirut and Dubai flights until July 5, and until June 30, respectively. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh?until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flights on September 6 while Boston-Tel Aviv, which was scheduled to launch in late October, will now be delayed. FINNAIR Finnair has cancelled all flights to Doha until October 2 while continuing to avoid airspace in Iraq, Iran Syria and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights to Doha until 1 August and to Riyadh till 8 August. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end of summer. They are expected to resume on October 25. When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping 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 Tel Aviv flights as of July 1. SWISS delayed the return of flights to August, and Brussels Airlines suspended their 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 and Amman until 24 October. 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 its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a?higher level of demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services on Singapore-London Gatwick as well as?Singapore -Melbourne from late March through October 24. 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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Heatwave to spread across the UK, breaking June records
The temperatures in Britain will likely 'break records for June this week. This prompted authorities to issue a rare heat alert, as the 'heatwave that has been sweeping across western Europe is spreading northwards. The country's forecaster stated on Monday that the mercury could reach 39 degrees Celsius (102.2 degree Fahrenheit) in the middle of this week. This would be part of a 4-day heatwave, which will easily surpass the record set for June at 35.6 C, back in 1957, and then matched again?in 1976. Met stated that the heatwave could cause temperatures to rise above 39 C at some locations. The highest temperature recorded in Britain was 40.3 C, and it occurred in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its second heat-health alert, following a similar one in 2022. It warned that even healthy people could be at risk of death, and urged the elderly to exercise extra caution. Met Office stated in a statement released on Monday that humidity is a factor which makes this heatwave more dangerous. Heat stress will be a problem for everyone. Heat alerts were issued for parts of northern Spain and France due to high temperatures. In France, three elderly people died as a result of high temperatures. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay home rather than travel and some schools closed early. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
EasyJet rejects offer from Castlelake and holds out for higher bid, reports FT
The Financial Times reported that EasyJet and its investors are holding out for at least PS600,000,000 ($794.46 Million) more from U.S. suitor Castlelake. This was based on the knowledge of people who were involved in the negotiations.
The airline said that the $6.3 billion offer from the U.S. Investment?firm undervalued its business. Castlelake had made its offer public the previous day.
The FT quoted a large investor who said that easyJet would be willing to accept an offer at or above PS7 per share, which would put the company's value at around PS5.3 billion.
Castlelake stated in a Monday morning statement that easyJet’s "unwillingness" to engage'meaningfully' was the reason for going?public? with?the?bid, which included an equity option for partial investors.
Castlelake declined to comment on the report. EasyJet didn't immediately respond to any? EasyJet did not immediately respond to a request for comment.
(source: Reuters)