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United Airlines shares rise on signs of travel recovery
United Airlines shares rose by 4% after the U.S. airline projected an improved demand since July's start, a positive tone following the fallout from President Donald Trump’s budget cuts and tensions in trade. In early Thursday trading, shares of Delta Air and American Airlines gained 3% each. The Chicago-based airline projected Wednesday that overall travel demand would rise by six percentage points in third quarter. Business travel bookings also saw a double-digit increase. In a Wednesday statement, United CEO Scott Kirby stated that the world was less uncertain than it had been during the first half of 2025. This gives him confidence for a successful year's end. The demand for premium products is strong, and carriers with a wide range of offerings benefit from it. However, the main cabin revenue suffers as a result of the slowdown in travel. Cost-conscious travelers are rethinking the plans they had made. Citi analysts wrote that despite macroeconomic uncertainty and Newark’s short-term problems, "United is well on its path to its long-term goals." Budget cuts and trade tensions in the U.S. had alerted the aviation industry, causing most carriers to withdraw 2025 profit projections and prepare for a wider travel slowdown. Since then, industry executives signaled that the travel demand has stabilised. Booking trends improved last week, which led Delta Air Lines to reaffirm its profit forecast for the full year. United, like Delta also said that it expected the industry to reduce unprofitable flight in the next few months to stabilize airfares, and to protect margins. As we look at the end June, we can see both a shift in demand and supply. In mid-August this year, the airline industry will see a large number of seats leave the industry. This is going to benefit us, Kirby told CNBC in a Thursday interview.
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India investigators say it is too early to draw conclusions about the cause of the Air India crash
The Indian aircraft accident investigation body stated on Thursday that it is too early to draw any "definite conclusions” about what caused the deadly Air India Boeing crash last month, which killed 260 people. GVG Yugandhar, the chief of the Aircraft Accident Investigation Bureau's (AAIB), said that "we urge the public as well as the media not to spread premature narratives which risk undermining integrity in the investigative process." The investigation was still ongoing. The Wall Street Journal reported earlier on Thursday that, citing sources familiar with U.S. authorities' initial assessment of evidence and citing a cockpit recording, it was clear that the captain had cut off the fuel flow to the plane's engine. Could not independently verify Wall Street Journal report. In the preliminary report of the AAIB on the crash that occurred on Saturday, it was stated that one pilot could be heard asking another pilot on the cockpit recorder why he had cut off the fuel. "The other pilot replied that he didn't do so." The report did not name the person who made these remarks. The flight deck was manned by Captain Sumeet S. Sabharwal, and First Officer Clive Kunder. They had a combined flying experience of 15 638 hours and 3 403 hours respectively. According to a Journal report, Kunder, the pilot of the plane, asked Sabharwal, why he had moved the fuel switches into the "cutoff position" seconds after the plane lifted off the runway. The newspaper didn't say whether there was evidence beyond the verbal conversation it cited that Sabharwal had moved the switches. It quoted U.S. Pilots who had read the Indian authorities report, saying that Kunder would have likely had his hands full at that point in the flight pulling back on Dreamliner's control. Reporting by Abhijith Ganadavaram. Editing by Mark Potter and William Maclean.
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Israel's parliamentary panel wants compensation from the state for Israelis who were stranded in Iran during the war
The head of a parliamentary committee in Israel told the Finance Ministry Thursday that if the Finance Ministry did not come up with an adequate compensation plan for Israelis who were stranded overseas during the war with Iran last month, the panel will impose it. Israel's airspace, which was mostly closed because of daily rocket attacks from Iran, prevented tens of thousands of Israelis from returning to their country during the 12-day conflict. Flights to Tel Aviv were halted by both Israeli and foreign carriers. Many travellers were forced to pay heavy fees despite receiving a refund for their cancelled flights, or a place on an Israeli airline's so-called rescue plane. The Economic Affairs Committee is debating this issue since a week, and Israel's carriers have reported that they are receiving an increasing number of compensation claims. A representative of the Finance Ministry told the committee the ministry was analyzing data in order to develop a compensation structure. David Bitan is the head of the Economic Committee and a Likud Party member. He said that if the Finance Ministry does not complete its review by the end of this month, the committee would issue a ruling which, in the case of third party claims, could be used as a basis to hold the government liable. "I'm able to make this decision, but I need a compromise." Uri Sirkis of Israeli carrier Israir expressed concern that airlines will not be compensated under the final framework. "We have suffered millions of damages." It wasn't an accident or a commercial mistake, and we don't have to suffer alone," he said to the panel. He was referring to Israel's war with Iran. Oz Berlowitz is the CEO of Arkia Airlines a rival airline to Israir. He also accuses the state of abdicating its responsibility and leaving airlines without support. He said that hundreds of passenger claims were being received and would have to be passed on to the government as a 'third party' if they are to receive compensation. The claims totaled millions of dollars. (Reporting and editing by Frances Kerry.)
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Uber invests $300 million in Lucid, an EV manufacturer as part of the robotaxi deal
Uber is investing $300 million into Lucid, a maker of electric vehicles. The companies plan to launch a robotaxi service in one U.S. major city by the end of next year. Lucid shares surged 56% in the trading session before the bell, to $3.58. The company had also announced that it proposed a reverse stock split one for ten of its common class A stock. Uber said that over the next six years, starting in 2026 it will purchase and deploy more than 20,000 Lucid Gravity vehicles, which will be equipped by startup Nuro with autonomous vehicle technology (AV). The agreement shows the renewed push and plans for funding for self-driving taxis, years after an initial wave of investment in autonomous driving produced only a small number of vehicles. Tesla recently began a robotaxi test in Austin, and Alphabet’s driverless taxi unit Waymo has been accelerating its expansion. In their joint statement, Uber said that as part of the announced deal it will invest hundreds millions of dollars into Lucid and Nuro which provides self-driving technologies to automakers. Lucid will receive $300 million of that amount, according to a separate filing made by the EV manufacturer to the U.S. Securities and Exchange Commission. Uber's recent move shows its renewed interest in the robotaxi market after 2020. Uber has since partnered with several technology companies, including Waymo, Aurora, and others. Uber and Lucid have signed a robotaxi deal in April. Volkswagen will provide its ID.Buzz vans to Los Angeles for upcoming commercial services. Commercializing AV technology has proven to be more difficult than expected, with tight regulations, high costs and federal investigations forcing some, such as General Motors Cruise, shut down. Amazon.com Zoox is still in the running. It's testing a robotaxi that doesn't require manual control and has plans to launch a commercial service in Las Vegas in this year. Tesla began a limited trial in Austin, Texas last month, after years of broken promises. The company used a dozen Model Y SUVs. Elon Musk, the CEO of Tesla, has stated that it will rapidly expand this service to other U.S. Cities in 2018. Waymo is a company that has grown slowly over the years. It operates in many U.S. cities, with around 1,500 vehicles. This month, it reached 100 million miles in autonomous driving. The companies have confirmed that a prototype of the Lucid-Nuro roboticaxi has already been operating autonomously in a closed loop at Nuro's Las Vegas testing facility. Marc Winterhoff, interim CEO of Lucid, said: "We're expanding beyond our traditional EV leadership and working with partnerships to go into areas we haven't really focused on in the past." Nuro is a company founded by former Waymo employees and has grown from making vehicles for last-mile deliveries to offering its self-driving technologies in commercial and passenger vehicles. Dave Ferguson, co-founder of Nuro and its president, stated that "we have other very active discussions going on the personal vehicles side... where we will integrate Nuro Driver into vehicles which are sold to consumers." He said that Nuro would still have to apply for operating licenses at the state level, even though they already hold some licenses from previous operations.
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Uber invests $300 million in Lucid, an EV manufacturer as part of the robotaxi deal
Uber is investing $300 million into Lucid, a maker of electric vehicles. The companies plan to launch a robotaxi service in one U.S. major city by the end of next year. Uber said that over the next six years, starting in 2026 it will purchase and deploy more than 20,000 Lucid Gravity vehicles, which will be equipped by startup Nuro with autonomous vehicle technology (AV). The agreement shows the renewed push and plans for funding for self-driving taxis, years after an initial wave of investment in autonomous driving produced only a small number of vehicles. Tesla recently began a robotaxi test in Austin, and Alphabet’s driverless taxi unit Waymo has been accelerating its expansion. In their joint statement, Uber said that as part of the announced deal it will invest hundreds millions of dollars into Lucid and Nuro which provides self-driving technologies to automakers. Lucid will receive $300 million of that amount, according to a separate filing made by the EV manufacturer to the U.S. Securities and Exchange Commission. Uber's recent move shows its renewed interest in the robotaxi market after 2020. Uber has since partnered with several technology companies, including Waymo, Aurora, and others. Uber and Lucid have signed a robotaxi deal in April. Volkswagen will provide its ID.Buzz vans to Los Angeles for upcoming commercial services. Commercializing AV technology has proven to be more difficult than expected, with tight regulations, high costs and federal investigations forcing some, such as General Motors Cruise, shut down. Amazon.com Zoox is still in the running. It's testing a robotaxi that doesn't require manual control and has plans to launch a commercial service in Las Vegas in this year. Tesla began a limited trial in Austin, Texas last month, after years of broken promises. The company used a dozen Model Y SUVs. Elon Musk, the CEO of Tesla, has stated that it will rapidly expand this service to other U.S. Cities in 2018. Waymo is a company that has grown slowly over the years. It operates in several U.S. Cities with around 1,500 vehicles. This month, it reached 100 million miles in autonomous driving. The companies have confirmed that a prototype of the Lucid-Nuro roboticaxi has already been operating autonomously in a closed loop at Nuro's Las Vegas testing facility. Marc Winterhoff, interim CEO of Lucid, said: "We're expanding beyond our traditional EV leadership and working with partnerships to go into areas we haven't really focused on in the past." Nuro is a company founded by former Waymo employees and has grown from making vehicles for last-mile deliveries to offering its self-driving technologies in commercial and passenger vehicles. Dave Ferguson, co-founder of Nuro and its president, stated that "we have other very active discussions going on the personal vehicles side... where we will integrate Nuro Driver into vehicles which are sold to consumers." He said that Nuro would still have to apply for operating licenses at the state level, even though they already hold some licenses relating to their former delivery operations.
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Freeport LNG Export Plant in Texas is on track to reach full power, LSEG Data shows
Freeport LNG, a U.S. liquefied gas company, had planned to receive more natural gas at its Texas export plant on Thursday. This was two days after the closure of one of three liquefaction train trains. Freeport informed Texas environmental regulators that on Wednesday, the plant experienced an emissions event following a liquefaction-train 2 shutdown Tuesday night because of a problem with a system compressor. Freeport LNG officials were not available to comment immediately on Thursday. Freeport LNG is one of the most closely monitored LNG export facilities in the world because its start-up and shutdown often causes price swings on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decrease due to a lower demand for fuel from the export facility. Prices in Europe are usually higher due to the drop in LNG supply available from the plant to global markets. The prices in Europe and the U.S. did not change much either on Wednesday or Thursday. LSEG reported that the amount of gas flowing into Freeport is on track to hit 1.9 billion cubic foot per day (bcfd), up from 1.6 bcfd Tuesday and 1.7 bcfd Wednesday. This compares to an average of 1.9 billion cubic feet per day over the previous seven days. Three liquefaction plants at Freeport can convert about 2.1 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day. (Reporting and editing by Susan Fenton; Scott DiSavino)
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China threatens to stop Panama ports deal unless it gets a stake in its shipping giant, WSJ reports
The Wall Street Journal, citing anonymous sources, reported that China threatened to block the sale to BlackRock and Mediterranean Shipping Company of more than forty ports owned by Hong Kong's CK Hutchison. Could not verify immediately the WSJ article. CK Hutchison and MSC did not respond immediately to requests for a statement, and the Chinese government was not reachable outside of office hours. The newspaper reported that Chinese officials told BlackRock MSC and Hutchison, if Cosco was not included in the deal, Beijing will take action to stop Hutchison from selling the ports. CK Hutchison, owned by Li Ka-shing, announced in March that it would be selling its 80% stake in the port business. This includes 43 ports across 23 countries. The enterprise value, including debt, is $22.8 billion. After much scrutiny in China and criticism, Hong Kong conglomerate CK Hutchison confirmed that Italian billionaire Gianluigi Aponte’s family-run MSC – one of the top container shipping companies in the world – was the principal investor in a bid to purchase the ports. WSJ reported that BlackRock, MSC, and Hutchison are all open to Cosco acquiring a stake. The report said that the parties were unlikely to reach an agreement before the previously agreed deadline of July 27 for exclusive discussions between BlackRock MSC and Hutchison. After the announcement, Donald Trump called the proposed deal a "reclaiming of the waterway". Reporting by Angela Christy, Mrinmay dey in Bengaluru and Shinjini Ganuli.
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United Airlines shares drop as Newark issues weigh on the profit forecast
United Airlines shares dropped 3% on Thursday in premarket trade after the U.S. airline reported a drop in third-quarter earnings due to operational issues at Newark Airport. Newark Airport, where the Chicago-based airline operates nearly 70% of its flights, has been affected by equipment failures, ongoing construction on the runway and persistent staff shortages in air traffic control. United Airlines expects a 0.9 percent drop in revenue in the current quarter. This follows a 1.2 percent fall in the previous quarter due to operational issues at the airport. The airport is one of the busiest hubs for the U.S. However, the carrier projected that overall travel demand would rise by six percentage points during the third quarter. Business travel bookings also saw a double-digit increase. Budget cuts and trade tensions in the U.S. under President Donald Trump put the aviation industry on high alert. Most carriers retracted their profit forecasts for 2025 and prepared themselves for a wider travel slowdown. The negative reaction of the share prices in pre-market trading suggests that investors are waiting for more proof that the situation is improving before calling the bottom on the sector, said Dan Coatsworth. Airlines have not seen a significant rebound in their pricing power despite signs of stabilization. United's average revenue for each passenger, which is a proxy of pricing power, decreased across all regions during the second quarter. The biggest drop was in the U.S. Domestic Market. The company anticipates a profit adjusted in the range $2.25 per share to $2.75 for the quarter ending in September. According to LSEG, the midpoint of forecast is $2.50 a share compared to analysts' average estimates of $2.60.
Roll over Beethoven! Remote highway plays Ode to Joy
No radio? No radio? Fujairah, the emirate in which I live, has installed rumble stripes along a half-mile (750 meter) stretch of highway. These rumble strips play Ode to Joy from Ludwig van Beethoven’s Ninth Symphony when cars roll. This is part of an initiative to bring music into everyday life.
In the United States of America, Japan and Hungary, similar so-called Musical Roads were already installed. This is the first permanent road to be built in the Arab World, according Ali Obaid Al Hefaiti. He is the director of the Fine Arts Academy, located in Fujairah. Fujairah is a lesser known emirate, about 120 km (75 miles), from Dubai, the world's tourism hub.
The technology works by carving grooves strategically spaced into the asphalt of Fujairah’s Sheikh Khalifa Street. As the tires travel at approximately 100 km/h (62 mph), vibrations are produced inside the car.
Al Hefaiti explained that Beethoven's Ode to Joy was an obvious choice. The tune is known to nearly everyone on the planet.
Mohammad Al Matrooshi is an Omani who lives in Sharjah and said that the music helped him relax after a long trip.
The music creates a different atmosphere, particularly because it is Beethoven's music." (Reporting and editing by Alexandra Hudson.
(source: Reuters)