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Modi calls for 'historic' Australia-India cooperation in nuclear energy, critical minerals
On Thursday, Prime Minister Narendra Modi stated that India's relationship with Australia offered "historic" opportunities for the two countries to collaborate in areas such as nuclear energy and renewable energy, critical minerals, and green hydrogen. Modi suggested that Australia's capital, technology and resources might help India accelerate its energy transition. He also signalled a possible collaboration in low-carbon aluminum projects. After arriving in Melbourne late Wednesday night, he spoke at an Australia-India Economic Roadmap business event. Both countries are looking to strengthen their economic ties. India is interested in Australia's uranium resources to help achieve a target of 100 gigawatts by 2047, while Australia wants to diversify its trade away from China, which it considers its "top partner". Modi told Australian businesspeople that they have a historic opportunity to work together in the field of infrastructure. He urged them to invest in long-term projects in India's roads, ports, rails and urban infrastructure. He said that India is a good option for investors who want to grow their money in a way that's safe, stable, and sustainable. AustralianSuper, Australia's largest retirement fund, announced on Thursday that it would invest an additional A$500m ($347m) in India's National Investment and Infrastructure Fund. The Australian Financial Review reported on Wednesday, that an agreement on uranium imports to India might be finalised. Although both countries signed a nuclear agreement in 2014, the uranium trade has been restricted due to concerns over ensuring that nuclear fuel is only used for peaceful purposes such as energy production. After meeting Modi, Anthony Albanese called him a "living link" between Australia, India and Australia, stating that Modi's vision helped to reshape Australia's engagement in India's economy. Both leaders will meet for formal discussions later Thursday. Around?1million Australians claim Indian ancestry. India is Australia's 5th largest trading partner, after China, Japan and the U.S. Modi is expected to meet thousands of Indian expatriates at an event on Thursday night in Melbourne's largest stadium. Australian media reported that security has been tightened around the stadium following reports of protests. The Indian leader held large-scale events on his overseas trips. He has addressed stadiums packed with Indian expatriates in Britain, America and other countries. On his last Sydney visit, three years ago, thousands of fans crowded into one of the city's largest indoor stadiums. Modi arrived in Australia following a visit to Indonesia where he signed several deals, including one for the BrahMos Cruise Missile System. He will depart for New Zealand Friday afternoon, before returning to India. Reporting by Melanie Burton and Renju José in Melbourne, and editing by Sonali and Raju Gopalakrishnan.
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Two more Guatemalans plead guilty to the smuggling death of 55 migrants.
On Wednesday, two more Guatemalans pleaded guilty to human smuggling in Texas. The charges stemmed from the December 20, 2021 crash of a truck that killed 55 out of the 160+ migrants who were crammed inside. Jorge Agapito Ventura (34),?who?was arrested in Texas on December 20, 2024 and Oswaldo Manuel Zavala Quino (26), one of five co defendants extradited to America the following year, face a maximum sentence of life imprisonment. According to a press release from the U.S. Justice Department, Sentencing has been set for October 6. In their guilty pleas in Texas federal court, both admitted that they conspired with others to smuggle unaccompanied children and adults from Guatemala into the United States via Mexico. Charges stem from a similar operation where an estimated 166 migrants were?packed into a tractor trailer rig which overturned and slammed against a bridge abutment in Chiappas in Mexico on December 9, 2021. The accident resulted in the deaths of 55 migrants, including a girl of 16 years old, and the injuries of dozens more. Surviving migrants said that they were crammed into the trailer compartment with such force, most of them could only stand. The video footage shows bodies scattered around the crash site. Federal authorities describe the incident as one of recent history's deadliest smuggling tragedies. Mexican officials said at the time that nearly all of?the victims were Guatemalan. Authorities in Chiapas said that among the injured were three Dominicans, a Honduran and a Mexican. Three of the four Guatemalans who were extradited into the United States in this case pleaded guilty in similar charges - one in April, and two in last month. The charges?against?the sixth defendant are?still pending. In a press release, Assistant U.S. attorney general A. Tysen Duva stated that "these defendants worked together in order to exploit?vulnerable persons by breaking immigration laws of this nation with deadly consequences following." (Reporting and editing by Shri Navaratnam in Los Angeles)
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The U.S. has said that companies must take steps to prevent self-driving cars from interfering with emergency vehicles.
The head of the National Highway Traffic Safety Administration in the United States said that companies offering self-driving cars must address a "clear trend" of driverless cars interfering with first responders and law enforcement. Jonathan Morrison, the head of the U.S. Vehicle Regulatory Agency, wrote in a letter addressed to the industry, that NHTSA had documented numerous instances where AVs drove into emergency scenes and other incidents, when they "blocked ambulances and firefighter's paths, or failed to recognize basic safety conditions such as flashing lights and flares, smoke and?fire and traffic cones." In a letter to the industry, Jonathan Morrison, who heads the U.S. vehicle regulatory agency, said that NHTSA has documented multiple instances of AVs driving into active emergency scenes and other incidents when the vehicles "failed to recognize and respond to basic safety conditions like flashing lights or flares. NHTSA announced that it would be scheduling meetings with vehicle developers by the month's end to solicit solutions. It called on AV operators and developers to fix the problem. The letter stated that "an AV which cannot safely interact and communicate with first responders poses a risk to the public." NHTSA didn't name any companies or give specific details about the incidents. Local media in Texas reported that a Waymo?self-driving car in Dallas, Texas in late May partially blocked the route used by fire trucks to reach an apartment building on fire. Waymo didn't immediately respond to an inquiry for a?comment. Waymo's vehicles are also seen in other videos allegedly driving into a police station and blocking an ambulance. The National Transportation Safety Board and NHTSA are both investigating separate incidents involving Waymo?self driving vehicles. In one incident, the vehicles were spotted passing school buses that had their lights on in violation of Texas state law. Another incident occurred on January 23rd, when a Waymo self-driving vehicle?hit a nine-year old girl running across the street in Santa Monica from behind a double parked SUV towards the school.
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Venture Global's liquefaction fees for the second quarter of 2014 have risen 69% due to Iran war and higher LNG prices
Venture Global, an American LNG producer, said that the average liquefaction fee in the second quarter was up?69% from the previous three months. This is due to the higher global LNG prices after the Iran War disrupted the supply through the Strait of Hormuz. According to a regulatory filing, the U.S. exporter of liquefied gas realized an implied weighted-average fixed liquefaction rate of $6.45 for?million British Thermal Units (MMBtu). This is up from $3.82 in the first quarter. Damage to Qatar's liquefaction plants curtailed LNG exports and sent LNG prices sharply higher. Venture Global's?weighted-average liquefaction charge reflects both the higher prices it received from cargoes that were sold on the spot-market and under short-term contract, as well as the lower-priced volume?sold through long-term agreements. Liquefaction charges are an important component of earnings for U.S. LNG facilities. These plants?charge fixed fees in long-term contracts and have the ability to adjust prices based on global LNG markets conditions. During the second quarter of 2016, the company sold 466.4 TBtu?LNG and recognized revenue, a slight decrease from 480.8TBtu during?the previous period. Calcasieu Pass exports?37 cargoes compared to?38 the previous quarter. Plaquemines exports 90 cargoes compared to 92. (Reporting by Dharna Bafna in Bengaluru; Editing by Maju Samuel)
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S&P 500 closes down after Trump declares Iran deal 'over
Broadcom led the gains amongst recently battered chips stocks. Trump warned, 'at the NATO summit in Turkey that he has no interest in continuing talks with Iran. He will likely launch additional strikes in Washington on Wednesday night. Trump's remarks marked the latest setback of the back-and forth talks, which have oscillated between threats of escalation or hopes for diplomacy. Investors were caught off guard by several false begins toward a peace agreement. Duration is key. How long will this continue? Rob Haworth is a senior investment strategist with U.S. Bank Wealth Management, Seattle. The market could be forced to take more action if we see damage done to Iranian infrastructure. This is because Iran will likely retaliate. Microsoft, Amazon, and Alphabet, all AI giants, each fell, which weighed on the S&P 500. Broadcom gained after Apple announced that it will spend more than $30 Billion as part of an agreement to supply chips reached with Broadcom earlier this week. Art Hogan is the chief market strategist at B. Riley Wealth. He said: "Any announcement by?Apple that they will be using your equipment is a positive thing, especially since there are 2.5 billion Apple products in people's pockets around the world." Nvidia rose when the Information reported China's top AI firms will be allowed to purchase a limited amount of H200 chips from the company. The preliminary data shows that the S&P 500 fell 22.57 points or 0.30% to finish at 7,481.28 while the Nasdaq Composite rose 52.52 points or 0.19% to 25,868.29. The Dow Jones Industrial Average dropped 592.43, or 1.12% to 52,332.72. Brent crude futures rose 5.2% after Trump's remarks. Treasury yields rose too as the sale spread to bonds. The latest escalation of the conflict threatens to upset the equity rally that has seen the benchmark S&P500 up about 9% this year despite sharp drops after the Mideast War started. Oil prices rising again could rekindle inflation concerns and complicate the Federal Reserve's course. Travel stocks that are sensitive to energy prices fell, as rising oil prices raised concerns about fuel costs and demand. United Airlines and Delta Air Lines lost ground. Carnival Cruise Line and Norwegian Cruise Line also fell. The International Monetary Fund lowered their global growth forecast for 2026 to 3% on Wednesday, warning about the ongoing risks of the Middle East war. Minutes of the meeting showed that inflation concerns increased at the U.S. Central?bank's last month's meeting, as officials followed Federal Reserve Chairman Kevin Warsh to a more streamlined?policy announcement, according to Wednesday's minutes. According to CME Fedwatch, traders expect a rate hike at the Fed's meeting in December.
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Ireland's Manna begins push into U.S. drone delivery "battleground"
90% of Tulsans can expect to be able order deliveries by autonomous drones within the next 12 months, said Manna on Wednesday. The company has begun a push in the American Southwest it believes will "be the battleground" for this?fast-growing sector. Executive chairman Kenny Jacobs said that the Irish-founded startup, based in Oklahoma City, will begin flying orders for partners like DoorDash, McDonald's, and Uber Eats by mid-2027. It will operate 40 bases throughout Oklahoma's second largest city. Jacobs said at the launch of the first full-scale U.S. operations. The technology has been proven. It's now about commercial scalability, and showing how quickly you can set up bases and deliver a variety of things," said the former Dublin Airport CEO and Ryanair Marketing Chief who joined Manna last week. Manna is competing with Zipline, Alphabet’s Wing, Amazon’s Prime Air, and other startups based in the U.S. It has made more than 300,000. This was primarily in Ireland, where the company recently halted its services due to a lack of national planning regulations. Jacobs does not anticipate any such obstacles in the U.S. He said that he would be 'amazed' if Manna did not expand to another U.S. city this year. Jacobs cited?other areas of Oklahoma, Texas, and Arizona, as attractive destinations. Jacobs stated that the company is able to scale rapidly at a low capital expenditure per base, given that each local launch site is not larger than four parking spaces. Jacobs said that Manna hopes to expand to?Britain in early 2028. Its plans could be to push into the Middle East, particularly the United Arab Emirates, before then. Reporting by Padraic halpin, editing by Chizu Nomiyama
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S&P 500 drops after Trump declares Iran deal is over
Broadcom, a chip stock that has been battered recently, led the gains amongst recent battered stocks. The S&P?500 dropped on Wednesday as U.S. president Donald Trump declared an interim agreement aimed at ending?the war?with Iran to be "over." Trump, speaking at the NATO summit in?Turkey said that he was not interested in continuing talks with Iran. He also warned that Washington will likely conduct additional strikes on Wednesday evening. Trump's remarks marked the latest setback of the series of back and forth talks which have oscillated between threats of escalation, and hopes for diplomacy. Investors were left unprepared by several false begins toward a peace agreement. The key is duration. How long will this last? Rob Haworth is a senior investment strategist at U.S. Bank Wealth Management, Seattle. The market could react more strongly if we see damage done to Iranian infrastructure because of the likely retaliation from Iran. Microsoft, Amazon, and Alphabet, all AI giants, each lost more than 1%. This weighed on the S&P500. Broadcom rose 5.2% when Apple announced it would spend over $30 billion as part of an agreement with Broadcom reached this week. Art Hogan is the chief market strategist for B. Riley Wealth. He said: "Any announcement by Apple regarding their use of your equipment is a positive thing, especially with 2.5 billion Apple devices around the world." Nvidia rose by?about 2.8% following the Information's report that China plans to allow its top AI companies to purchase a limited amount of the company’s H200 chip. The PHLX Chip Index rose 2.2% and is now up 77% by 2026. The S&P was down 0.36% to 7,477.10. The Nasdaq fell 0.08%, to 25,798.29, while the Dow Jones Industrial Average dropped 1.11%, at 52,335.24. Nine out of 11 S&P 500 indexes fell, with industrials down by 3.41% and materials dropping by 2.45%. Brent crude futures rose 5% after Trump's comments. Treasury yields rose too as the selling spread to bonds. The latest escalation of the conflict threatens to undermine the rally in equities that has seen the benchmark S&P500 up by about 9% this year despite sharp drops after the Mideast War started. Oil prices may rise again, causing inflation concerns to resurface and complicating the path of the Federal Reserve. Travel stocks that are sensitive to energy prices fell as rising oil prices raised concerns about fuel costs and demand. United Airlines fell 2.3%, and Delta Air Lines dropped 1.9%. Cruise operators were also affected, with Carnival dropping 3.7% and Norwegian Cruise Line falling 2.1%. The International Monetary Fund lowered their '2026 global growth prediction to 3% on Wednesday, warning about the ongoing risks of the Middle East war. Minutes of the meeting showed that inflation concerns increased at the U.S. Central Bank's last month's meeting as officials 'followed Federal Reserve chairman Kevin Warsh's example to a more stripped-down statement', according to the 'Wednesday' minutes. According to CME's Fedwatch, traders expect a rate hike at the Fed's meeting in December. The S&P 500 saw a ratio of 3.3 to 1 between declining stocks and rising stocks.
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Etihad nearing deal to order 10 Boeing 787 jets, sources say
Industry sources said on Wednesday that Etihad Airways, Abu Dhabi, is "close to a deal" for the purchase of ten Boeing 787 wide body jets. An announcement could come as soon as this month at the Farnborough Airshow. Etihad declined and Boeing declined?comment. Sources warned that a deal could not be guaranteed, as negotiations continue to take place in the run-up to 'the 'July 20-24 event? in Britain. Etihad CEO Antonoaldo Neves said last month that the company was considering ordering double-digits of wide-body aircraft, but declined to provide further details. Etihad has restored flights following a?cut in March due to the increase in fuel prices caused by the 'U.S. - Israeli?war against Iran. Airbus, Europe's largest airline, said that Middle East airlines were recovering well amid the fragile ceasefire in the region. Gulf hubs are returning to normal traffic volumes. (Reporting and editing by Elaine Hardcastle, Deepa Babington, Federico Maccioni)
Wall Street Journal, July 9,
These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy.
Jeff Bezos’ Blue Origin wants to bring in outside investors for first time. The company is aiming to raise 10 billion dollars through a funding round, which would value the rocket manufacturer at $130 billion before the investment.
China has said that it found "security vulnerabilities" in Anthropic’s Claude Code. This is a step up in tensions with the U.S. in the race for artificial intelligence supremacy.
Apple plans to spend more than $30 billion in a deal with Broadcom, which was reached this week. The chipmaker will also expand its factory?in Colorado.
JPMorgan Chase has set its sights on deals with small companies for the next phase of growth in investment banking. Anko van der Werff will be the next CEO of Air Canada. A court of appeals has ruled against a lawsuit that alleged Hudson Bay Capital had violated securities laws to make more than $300 million in short term?profits by trading Bed Bath & Beyond stocks before the home goods retailer filed for bankruptcy in 2023. (Compiled by Bengaluru Newsroom)
(source: Reuters)