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Lyft asks drivers to provide strategic input on robotaxi rollout
Lyft launched its first ever Driver Autonomous Forum, an initiative that aims to involve seasoned drivers as they begin to integrate robotaxis in its ride-hailing services. This move is in response to the continued disruption of the ride-hailing market by self-driving cars. Robotaxis promises increased efficiency and lower cost, but they also threaten gig workers whose income is based on platforms such as Lyft or Uber. Experts and analysts have warned that robotaxis, if not implemented in a phased manner and with caution, could result in the displacement of large sections of the workforce. Tesla has recently used a few self-driving Model Y vehicles as robotaxis to ferry paying passengers around Austin, Texas. The forum will bring together drivers at key points in the robotaxi expansion process to discuss policy, planning and future employment opportunities, such as fleet management and remote vehicle support. The first session will feature six to eight Atlanta drivers, and coincides with the launch of Lyft's autonomous rides with May Mobility in Atlanta this summer. Alphabet Waymo, Uber and other companies have made great strides towards the development of robotaxis. Waymo expanded its fully automated ride service to Phoenix and San Francisco. Uber has partnered up with several self driving technology companies in order to operate driverless cabs in certain markets. As the technology improves, Lyft anticipates that its ride-hailing fleet will be a hybrid between human drivers and roboticaxis. Jeremy Bird is executive vice president for Driver Experience at Lyft. "We're not claiming to have all of the answers, but are committed to finding solutions with you," he said. (Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)
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EU prosecutors uncover criminal conspiracy involving Chinese imports through Greece
European prosecutors have discovered a criminal conspiracy involving fake documentation of Chinese imports into Europe via the Greek port of Piraeus. This scheme defrauded the authorities of approximately 700 million euros (820 million dollars) in lost VAT and customs revenue. In a Thursday statement, the European Public Prosecutor's Office said that the investigation was conducted by 14 EU member countries, and included raids in Greece and Spain as well as France and Bulgaria. During more than 100 searches of offices and other locations, on Wednesday, ten suspects including two customs agents were arrested. In the Port of Piraeus law enforcement agents confiscated thousands of ebikes and scooters, along with 480 containers, for further inspection and verification. They also issued freezing orders to seize property, boats, and bank accounts. In total, 5.8 million Euros in various currencies, including 4.75 millions euros in Greece, were seized. Also, several firearms and weapons were found in the homes of three suspects. The EPPO also reported that 11 properties were seized in Spain, along with 27 luxury vehicles and other items. EPPO stated that the scheme involved a number of criminal networks, primarily controlled by Chinese nationals, who handled Chinese imports to the EU, distribution and sales as well as money-laundering and sending profits back home to China. The EPPO stated that after the goods arrive from China in the EU - mainly via the port of Piraeus - they are misclassified or undervalued to evade the customs duties. They are then cleared by customs agents and sold to other companies in EU states using the scheme to avoid VAT payment. The report added that criminal organisations are under investigation create false invoices and documents of transport to hide the true destination of goods. They also recruit a network sham firms that sell products at extremely competitive prices because VAT is not paid and customs duties, anti-dumping and other fees remain unpaid.
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Virgin Australia's private equity boss believes that it can weather the Middle East volatility.
Mike Murphy, a Bain Capital partner, is confident that Virgin Australia will be able to withstand the travel disruptions caused by Middle East tensions as well as the volatility in oil prices. Bain, who bought Virgin for A$3.5billion ($2.3billion) including liabilities in 2020 raised A$685m when Australia's 2nd largest airline listed on the Australian Securities Exchange Tuesday. In the initial public offering, the private equity firm reduced its stake from 70% to 39.4%. Virgin's debut at the ASX was just hours after Qatar closed its airspace. The airline diverted two Qatar bound flights following the firing of Iranian missiles on a U.S. military base in the state. Virgin launched Doha flights in the first half of this month, under a leasing agreement with Qatar Airways. Qatar Airways owns 23 percent of Virgin. Murphy, speaking by phone, said that "our view on Middle East oil and Middle East issues is that we are pretty well situated geographically and strategically in terms of our domestic focus in order to be as assured as you can be in this sector." We're fully hedged in the short-to-medium term from an oil price volatility standpoint. Virgin announced in a filing to the stock exchange on Tuesday that it had hedged 98% its anticipated fuel consumption in Brent crude oil with a cap at $70 per barrel in the first half 2026. It hedged 86% at the same price for its fuel usage in the second half. A recent report by the Australian Competition and Consumer Commission revealed that Virgin had a 34.4% share of the domestic flight market in March, while Qantas held 37.5%. Murphy said that the decision to reduce Virgin's international routes under Bain ownership and focus on domestic flights had improved Virgin's profitability and balance sheet. Murphy stated that "Long haul international was never a part of business that made money"... the strategic decisions made by the company at that time resulted in an overstretched financial statement, with very low margins. Virgin shares closed Thursday at A$3.25, a 12% increase from the IPO of A$2.90. (1 Australian dollar = 1.5286 dollars) (Reporting and editing by David Evans; Scott Murdoch)
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Italy seizes $164 Million from Businessmen Allegedly Linked to the 'Ndrangheta Mafia
Tax police reported on Thursday that an Italian court confiscated assets worth more than 140 million euros ($164million) in Italy and Germany from five men in the oil distribution business who were accused of tax fraud. Guardia di Finanza (Gdf), in Reggio Calabria, said that five Italian businessmen "managed the distribution chain for oil products from warehouses to roadside retailers by interposing multiple companies with the goal of systematically evading tax." In a press release, the Gdf stated that the unnamed five were alleged to be linked to, and sometimes members of, the 'Ndrangheta, with the task to launder the profits of criminal activities through their businesses. A court in Reggio Calabria has seized 79 properties, 85 vehicles, and 28 wholesale petroleum companies, including three based in Germany. It also seized an estate, a farm, and four luxury watches, as well as a million euro in cash. The estimated total value of the assets seized exceeds 140 millions euros. The 'Ndrangheta is a mafia organization that originated in the poor region of Calabria. It has since spread to Europe and beyond, affecting so-called "white-collar" crime. In its annual report, the national anti-mafia (DIA) stated that Italy's Mafia has shifted away from turf wars and is now collaborating in drug trafficking rings, prostitution rings, and money laundering. Reporting by Emilio Parodi, Editing by Keith Weir.
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China signs first Argentine soybean deal despite US trade war threats
Chinese firms have ordered the first cargo of soymeal from Argentina since Beijing authorized Argentine imports for 2019. The Chinese animal feed industry is looking to diversify its supply options in order to minimize potential disruptions caused by the U.S. - China trade war. Four trade sources confirmed on Thursday that several Chinese feed manufacturers have signed a joint agreement to buy 30,000 metric tonnes of Argentine soybean meal for shipment in July. One Singapore-based trader from an international trading firm that sells soybeans in China said, "This is a test case." If it passes China's quarantine and inspection, we expect to do more business. Sources said that the cargo, which was purchased for $360 per ton based on CNF (cost plus freight), is expected to reach southern Guangdong Province in September. China is the largest consumer of animal feed, but it produces the majority of this raw material by crushing soybeans imported mainly from Brazil and the United States. Argentina is the top exporter of soybean oil and meal in the world. Due to the high tariffs that have been imposed in the ongoing trade dispute between Beijing and Washington, Chinese buyers are grabbing Brazilian soybeans while avoiding U.S. imports. The Singapore-based trader said that the Chinese feed manufacturers' purchase of Argentina was part of a move to secure supplies in case the trade war had a lasting effect on the imports of U.S. soya beans. Traders said that lower prices for Argentine meals compared to locally produced products also encouraged the move. China opened its soymeal market in 2019 following years of opposition that was motivated by a wish to protect the domestic crushing industry. At the time, market participants said that the U.S. - China trade war under President Donald Trump was the reason for the decision. According to Chinese customs, despite the approval, there had not been any purchases of bulk Argentine soybean meal until now. Customs data revealed that China imported around 30,000 tons (mainly from Denmark) of soymeal in 2024. (Reporting from Ella Cao, Beijing; Naveen Thkral, Singapore; Editing Joe Bavier).
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INDIA RUPEE Rupee hits two week high as Fed's credibility worries compound dollar’s problems
The Indian rupee reached a new fortnightly high on Thursday. This was boosted by broader weakness in the US dollar, due to concerns about the future independence of U.S. Federal Reserve. The rupee gained 0.4%, closing at 85.7050 U.S. dollars. This is in line with gains seen by its regional counterparts. The dollar index dropped to its lowest level in March 2022, and last traded at 97.1. This is a 0.3% decline on the day. The dollar's value had risen on the back of the demand for safe havens during the Iran-Israel conflict. However, the ceasefire in the region has decreased the geopolitical premium. The prospect that President Donald Trump would appoint the next Federal Reserve chair early sparked concerns about the independence of the U.S. Central Bank. In a recent note, MUFG Bank stated that a candidate perceived to be more willing to lower rates in accordance with President Trump's requests would strengthen the current trend of the U.S. Dollar's weakening. The dollar index has fallen over 10% this year. The Taiwan dollar, which is the major Asian currency, led Thursday's gains with a 0.6% increase, while India’s benchmark equity indexes, the BSE Sensex, and the Nifty 50, topped regional stock gains. A trader in a private bank reported that dollar sales by at least two major foreign banks likely made on behalf of clients who held the money, helped to boost the rupee. The 1-year implied yield reached a peak of 2.02% in a month before reversing. The Reserve Bank of India announced a plan to remove excess cash from banks, along with an increase in bets on the Fed's rate cut for July. This led traders to pay interest on premiums paid forward. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
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JetBlue's second largest investor is considering selling its stake without any changes
Vladimir Galkin is JetBlue Airways second-largest shareholder. He has threatened to sell his nearly 10% stake in the struggling airline if its cost-cutting plans and other efforts to improve performance fail. Galkin, a Miami resident, won big in the Gamestop "meme stock rally" in 2021. He invested more than $200 million between February 2024 and August 2024 in JetBlue. New York's air carrier is struggling to meet travel demand. In April, the company retracted its full-year forecast, stating that it would be unlikely to break even by 2025. Shares have fallen 43% in the past year, while Delta Air Lines, United Airlines, and other peers are down by 17% and 18% respectively. Galkin is now sitting on a losing investment. "I'm a little under water and I just have to hold onto it." Galkin said that he didn't know how long it would take, but he thought maybe another year. According to a U.S. regulatory document filed in September, Galkin has approximately 35,000,000 shares or $212,000,000 invested in the company. This is a position that he confirmed. JetBlue reiterated in June its plans to reduce costs and focus on routes that are more profitable. Galkin stated that while the memo was positive for the company, its "trajectory" will become apparent in the coming quarters. He suggested that JetBlue reduce the size of their 13-member board in order to cut costs. However, he did not specify what other changes he would implement. The company stated that the cost-saving measures in the memo were part of JetForward, and continued our commitment to reduce costs. This is especially true as the consumer demand in the industry has taken a step back due to macroeconomics. JetForward, the company's multiyear plan for boosting profits and delivering $800 to $900 millions in earnings before taxes and interest through 2027. Galkin said later that selling JetBlue in one year is not a deadline, as he hopes JetBlue will begin making money "sooner than later." He also said that Wall Street undervalues the potential of JetBlue and United's collaboration, which will enable travelers to book flights through both carriers' websites starting in 2027. JetBlue reported profits in only two of the nine previous quarters. According to LSEG, as of May 23, 10 equity analysts had a "hold" recommendation for the stock. Five analysts gave a "sell" rating and two others rated it "strongly sell". There are no ratings. JetBlue's other large investors, such as BlackRock, Fidelity, and T. Rowe Price declined to comment. The company announced Tuesday that it would be offering business class seats on its Orlando to Las Vegas route, as they compete with other airlines like Spirit in a bid to increase revenue. Michael Matousek is the head trader for U.S. Global Investors owns 1,4% of the shares in the JETS ETF. He believes that the company's plan to focus on more profitable routes while shedding less profitable ones is a positive move for the future. Reporting by Doyinsola Oladipo, New York; Editing by David Gaffen and Shri Navaratnam
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India is working to reconstruct the events of the Air India crash
The Indian civil aviation ministry announced on Thursday that efforts are being made to reconstruct the events leading up to the Air India crash, which killed 260 people this month, and to identify contributing factors. The Boeing 787 Dreamliner bound for London crashed just moments after takeoff on June 12 from India's Ahmedabad, killing 241 people aboard and the remainder on the ground. This was the worst aviation accident in the last decade. In the days following the crash, the black boxes of this plane were recovered. One was found on the roof of a nearby building on June 13 and the other on the wreckage on June 16. The ministry released a statement saying that the data was extracted by a team of investigators led by India's Aircraft Accident Investigation Bureau. The Crash Protection Module from the black box in front was safely recovered, and...the data of the memory module were successfully downloaded...the CVR and FDR are currently being analyzed," it stated. The CPM is a core component of a blackbox that protects and houses data recorded during an accident. Last week, India stated that it had not yet decided where to analyze the black boxes. They could reveal crucial information about the performance of the aircraft and the conversations that took place between the pilots before the crash. The air disaster also brought to light violations of airline norms in the country. The Indian aviation regulator announced on Tuesday that there have been multiple incidents of aircraft defects reappearing Mumbai and Delhi, two of India's busiest airports, were the sites where they were discovered. The Indian aviation regulator warned Air India about the dangers of flying certain aircraft despite warnings. emergency equipment checks being overdue. The airline was also warned about Schedules and supervision of pilot duty. Air India said that it has implemented the directions of the authority and is committed to ensuring compliance with safety protocols. It said that it would also accelerate the verification of maintenance records, and complete the process within the next few days.
Gulf shares increase as Iran-Israel ceasefire is maintained
The Gulf stock markets rose early on Thursday. They extended gains from previous sessions, amid rising oil costs and a perceived ceasefire between Israel & Iran.
Donald Trump, the U.S. president, praised the rapid end of the air war between Iran & Israel. He said Washington will likely ask Tehran to commit to ending its nuclear ambitions during next week's talks with Iranian officials.
Saudi Arabia's benchmark index rose 0.2% in a fourth consecutive session. Most sectors were also up. Saudi Aramco, the oil major, added 0.3%. Red Sea International rose 3%.
Red Sea, a modular house manufacturer in Saudi Arabia, announced on Wednesday that it plans to flot its mechanical and electrical subsidiary on the Saudi Market.
Oil prices, which are a major factor in the Gulf financial markets, rose 0.2%, as an unexpectedly large drawdown of U.S. crude inventories signaled a strong demand. Brent crude traded at $67.83 per barrel by 805 GMT.
The benchmark Abu Dhabi index rose by 0.4%. This was a result of a 5.3% increase in RAK Properties, and a 0.6% rise in Borouge.
Borouge, a petrochemical company, announced on Wednesday that it will collaborate with Honeywell to develop the first AI-driven control rooms for the petrochemical sector.
Dubai's benchmark index rose for the fifth consecutive session, with a 0.6% gain, driven by the material, industry, and finance sectors.
Salik, a tolls operator, gained 1.8%, and Emirates NBD, the largest lender in the emirate, gained 0.6%.
The benchmark Qatari index rose marginally, boosted by gains in materials, utilities, and communications sectors.
Vodafone Qatar gained 1.2%, while Qatar National Bank, which is the largest lender in the region, lost 0.3%.
Qatar Investment Authority (QIA) and Canadian asset manager Fiera Capital launched a $200-million fund on Wednesday to encourage foreign and local investments into the Gulf State's stock exchange. (Reporting and editing by Md. Manzer Hussain)
(source: Reuters)