Latest News
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In Thailand, a freight train collision with a bus has resulted in at least eight deaths and 32 injuries
Rescue officials and the deputy transport minister reported that at least eight people died and 32 others were injured after a train struck a bus in Bangkok and ignited a fire. Officials said that firefighters and rescue crews responded to the incident as fires consumed the bus and vehicles nearby near the Airport Rail Link station in Makkasan. They added that the crash involved motorcycles and cars. According to preliminary reports, the bus was stopped "on the tracks" at a red signal, which prevented the crossing barriers from closing. Deputy Transport Minister,?Siripong, Angkasakulkiat, told reporters that the preliminary reports indicated the bus had been parked?on the track?, and therefore, prevented the crossing barriers from being closed. He added that the train, which was carrying containers, could not stop in time to prevent colliding with?the bus. Eight people died and 32 were injured. The wounded are being treated at various hospitals. "All eight of the dead were on that bus," he stated. Social media videos showed the train dragging several vehicles and the bus along the tracks. The bus was stuck in a red-light situation, and so couldn't move. Wanthong Kokpho said that cars were also "blocked" and could not move forward. The fire broke out immediately. The damage would have been worse if this was a normal workday. Officials said that rescue teams pulled injured victims out of the wreckage while fire crews battled with water hoses. They said that the fire had been brought under control and that crews were cooling down the area and venting gas while continuing to search for survivors. Authorities are investigating what caused the incident. According to the World Health Organization (WHO), Thailand's roads are among the deadliest in the world due to a lack of enforcement of safety standards. Reporting by Orathai Shriring, Panarat Thepgumpanat, and Tananchai K. Keawsowattana. Editing by Louise Heavens & Joe Bavier
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One dead in Comoros as clashes erupt over rising fuel prices
By Abdou Moustoifa MORONI, 16 May - Five people were injured and one person killed in clashes between protesters on the comorian island of Anjouan and security forces, as unrest over fuel price increases spreads throughout the archipelago. The prosecutor stated in a Saturday statement that the Public Prosecutor's Office of Mutsamudu informed the public about a tragic incident which occurred in Anjouan in the Mpage region, and resulted in the death of a person, as well as five other injuries. After a meeting with the mayor of Mirontsy, and the 'fishermen association' which had been on strike since Wednesday in protest at rising fuel prices, there were clashes. In Mutsamudu (the capital of Anjouan), roads were blocked by stones. A judicial investigation was opened to determine what caused the death. The unrest is a result of a wider strike that began on Monday, after the government increased gasoline and diesel prices by 46% each. Citing the "Middle East" conflict as the reason for the increase. The strike by transport workers and shopkeepers has paralysed the public transportation system in Moroni. According to the National Human?Rights?Commission,?39 people were detained since the beginning of the strike. In an effort to reduce tensions, the government announced "cuts" to official travel and a reduction of 40% in customs fees. (Reporting and editing by Abdou Moostifa)
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The rising cost of diesel fuel from the Iran war is straining US school budgets
The rising cost of diesel since the onset of 'the Iran war' is draining budgets already stretched by U.S. schools districts. It makes it expensive to transport students and run generators. Schools from Yakima Washington to Waco Texas are using emergency funds reserves to keep buses running. Interviews reveal that officials in remote Alaska are scrambling to secure enough fuel to run the lights. Trevor Greene, Superintendent of Yakima said: "It is more than a straw on a camel's...back. It's like a big haystack." The U.S. and Israeli war against Iran has had many knock-on effects, including the disruption of around one-fifth of world oil supplies. Fuel prices have risen at the fastest rate ever since the beginning of the war in late February. This spike has impacted economies all over the world. The spike has been so painful in the U.S. that it is a liability for Donald Trump in November's midterm elections, when the Republican Party is trying to hold onto a slim majority in the U.S. Congress. According to the American School Bus Council, U.S. bus operators consume more than 800 millions gallons of diesel per year. According to a new analysis by Samsara, a fleet management software provider, the cost to operate school buses in the United States has increased 67% since December. This is equivalent to an annual increase of $1.8 billion. James Rowan is the executive director of Association of School Business Officials International. He said that while districts can budget for higher costs in advance, the rapid swings in price make it difficult to do so accurately. "Even districts who have been able absorb costs through temporary measures or reserves this year may not have the same flexibility in the future." A survey of 188 U.S. School Districts, commissioned by AASA, and conducted in the week of May 4, revealed that close to a third are taking money from other funds to pay for their higher fuel costs. According to the survey results, school officials are looking for ways to cut costs. They consolidate bus routes, enforce anti-idling, change fuel buying practices, delay maintenance, and reduce administrative expenditure and staffing. "TREMENDOUSLY UNDERFUNDED" Yakima School district executives in Washington State said that the price of diesel they pay has recently increased by 64% on an annual basis to $6.30 per gallon. Greene said that at this price, the district's 60 buses would require an additional $213,000 in fuel costs per year. This is roughly equivalent to the salaries of two teachers. That is a big burden in an agriculture-dominated school district that has a poverty rate of 86%, and which is already "tremendously underfunded," he said. Jacob Kuper, district CFO, said that the district will instead buy its 30,000 gallon diesel tank in small quantities on days of low prices, rather than filling it. This is because it's "limping through the end" of the year. Christopher Mills of Thief River Falls Public Schools, in northwestern Minnesota said that diesel costs associated with transporting up to 800 students have increased around 30% since Iran's war began. Mills stated that the district was working to minimize direct impact on classrooms. "But if prices continue to rise, we may be forced to reduce support services for students." Even oil-rich Texas schools have not been spared. Waco Independent Schools District, which has over 80 buses, and average round-trip routes of 60 miles per day on average, reported an increase in diesel prices by 84% in early April. PRESSURE-PACKED Yupiit school district in Southwestern Alaska uses diesel generators to power the community and classrooms, not buses. Scott Ballard, Superintendent of the Yupiit District School Board in Akiachak, said during a phone interview that if they couldn't produce electricity then we wouldn't be able to run our school. The district, which has 550 students in it, is icebound most of the time, leaving a small window for fuel purchases. Ballard explained that leaders are now faced with a tough choice: Do they lock-in a price nearly 66% higher than the previous year, or do they gamble on prices falling? We're under a lot of pressure. Some of the biggest school districts in the United States are partially protected from fuel price fluctuations. Paul Quinn Mori is the president of the New York School Bus Contractors Association. He said that the district in New York City, which has the largest population in the country, outsources approximately 60%?of pupil transport. This arrangement often transfers fuel price changes from the district to the contractors. Los Angeles Unified, the second largest school district in the country, has been moving towards diesel-powered vehicles for many years. A district spokesperson revealed that 70% of its 1,300 bus fleet runs on batteries or alternative fuels. A spokesperson stated that "rising diesel prices continue impacting Los Angeles Unified’s transportation budget. However, the district has taken active steps to reduce dependence on fossil fuels by investing in clean transportation." (Reporting and editing by David Gregorio; Lisa Baertlein)
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In April, Iraq exported 10,000,000 barrels of crude oil through the Strait of Hormuz.
Basim Mohammed, Iraq's new Oil Minister, told a?press?conference on Saturday that the country exported 10 million barrels?of?oil via the Strait?of Hormuz?in?April. This is down?from 93 million barrels per month before the Iran War. Oil prices have risen sharply since the Iran war closed the 'Strait of Hormuz. Iraqi crude oil exports via the Kirkuk-Ceyhan pipeline resumed in march, after Baghdad agreed to restart the flow. Mohammed said: "We currently export 200,000 barrels via Ceyhan, but we plan to increase that to 500,000 barrels". Iraq 'plans to engage OPEC in order to boost its production - and export capacity. 'The minister stated that Baghdad aims at a?production capacity of 5 million _barrels a day.
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New York's Long Island rail strikes halt the busiest commuter route in US
A union statement said that about 3,500 workers from the New York Long Island Rail Road (LIRR), who failed to reach an agreement on wages, went on strike Saturday. This halted the busiest commuter train system in the United States. The Long Island Rail Road is operated and owned by the state’s Metropolitan Transportation Authority (MTA). It serves nearly 300,000 passengers per day. In a press release, the International Brotherhood of Teamsters union stated that a group of five unions had launched a strike. This was 'the first strike in 32 years. The union said that the workers went three years without receiving raises in the course of the bargaining. Mark Wallace, President of the Brotherhood of Locomotive Engineers & Trainmen, said: "This strike wouldn't have happened if MTA and LIRR had offered our members the terms that the government repeatedly recommended." We hope LIRR takes action soon to prevent further?disruptions of hundreds of thousands New Yorkers. When they are ready, they know where to find us: on the street. After the unions requested that he intervene, President Donald Trump signed an executive order in January to appoint another emergency?board for mediation to avoid a stoppage of work at the Long Island Rail Road. Trump had initially named a board to end the labor dispute in September of last year. (Reporting and editing by Tom Hogue in Bengaluru, Mihika Sharma, Shubham Kalya)
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Berkshire purchases Delta and Alphabet, while shedding Amazon, UnitedHealth Visa, Mastercard, and Visa
Berkshire Hathaway announced a $2.65 billion investment into Delta Air Lines on Friday, as well as a small stake in Macy's. It also said that it had sold many of its smaller stock holdings such Amazon.com and UnitedHealth Group. These changes were made as part of the portfolio reshuffle that took place in the first quarter following the promotion of Greg Abel, who succeeded Warren Buffett at Berkshire. Berkshire announced in a regulatory filing that they also tripled their stake in Alphabet (parent company of Google), which is now one of the largest investments in common stocks. Berkshire has also increased its stake in New York Times to 9%. The filing included a list of?Omaha-based Berkshire’s U.S. listed stock holdings at March 31. This represented?most? of the $288 billion equity portfolio. Berkshire purchased $15.94 billion in stocks and sold $24.09 Billion of them between January and March. Abel is likely to have been the one who directed the majority of stock sales. According to previous disclosures, Abel inherited the equity portfolio of Berkshire, including that of Todd Combs. Combs was a Buffett protégé who joined JPMorgan Chase in December. Abel stated in February that he managed 94% of Berkshire stock holdings while Ted Weschler, the investment manager, handled 6%. Berkshire held an 11% stake in Delta Airlines, but sold it along with similar percentage stakes in American Airlines, Southwest Airlines, and United Airlines early in the pandemic, in April 2020. Buffett stated at the time that the aviation industry had undergone a "world-wide change". Delta is considered to be one of the best-run U.S. large airlines. After-hours, its shares rose by 3.2%, likely reflecting the 'approval stamp' that investors perceive from Berkshire. The Atlanta-based carrier did not immediately respond to a comment request. Macy's stock also gained a boost after-hours, with a 5.9% increase following Berkshire's announcement of a stake in 3 million shares worth $55 millions.
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Carney announces Alberta Carbon Pricing Deal that could pave the way for new oil pipeline
Canada's Prime Minister Mark Carney and Alberta's premier on ?Friday signed a deal on industrial carbon pricing, ?part of a broader agreement meant to pave the way ?for ?construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to start by September 2027. Calgary's deal will raise the cost of carbon credits in Alberta's industrial market from C$95 to C$130 (94.59 USD) per metric ton in 2040. This is a measure to give oil companies a financial incentive for reducing pollution. It is unlikely that it will satisfy oil executives, who are concerned about the impact of any industrial carbon pricing on the industry, especially since the United States does not have a carbon price. Carney was in the city of oil and gas for the first time since November when he met with Alberta Premier Danielle Smith to discuss a plan to increase investment, including funding a new pipeline. Carney said that Canada's carbon markets and incentives to boost?low-carbon oil output will attract the private sector. He said, "I believe there will be a great deal of interest." U.S. COMPETITION WORRIES Alberta frozen its headline industrial carbon prices in May 2025. It cited the need to "keep its companies competitive" in light of the threat that President Donald Trump's Tariffs pose. Alberta's carbon credits trade between?C$20 to C$40 per metric ton. Environmental?experts claim that this is too low a price to encourage polluters into investing in technology to reduce emissions. The plan announced on Friday includes an escalating carbon floor price to ensure that Canada's major emitters are continually encouraged to reduce their emissions. Alberta's carbon price will increase from C$100 to C$130 per ton in 2020, then by 1.5% each year beginning in 2036. Environmentalists had called for a faster timeframe. Tim Weis is the director of industrial decarbonization for Pembina Institute. The 'deal' ensures that Alberta will raise its carbon price in time, as other provinces must do. This is a condition Carney had set before he would allow his government to fast-track a new crude oil export pipeline. For the first time, the agreement provides a start date for a new crude export pipeline if governments meet their legal obligation to consult Indigenous People. Alberta plans to submit a proposal to build a second West Coast oil pipeline by July 1, according to the province. HURDS REMAIN Carney and Alberta agreed that a new pipeline would be contingent upon the oil industry building an carbon capture and storage project. However, under the agreement, the project could be phased-in over time, and the resultant?emission reductions would be less than what the companies who originally proposed the proposal pledged to achieve in 2022. The Oil Sands Alliance, which is made up of Canada's largest oil sands companies, has refused to pay for the carbon capture project. The group said on Friday that it did not support changes to Alberta's carbon tax system. British Columbia, as well as any First Nations that might be affected by this route, would have to approve of the pipeline. B.C. Premier David Eby has said that his government will not allow the oil tanker ban to be lifted off the northwest coast of B.C.
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FAA reduces target for air traffic controller staffing
Federal Aviation Administration (FAA)?said on Friday that it would be reducing its target of?air traffic controller staffing. It also pledged to modernize the scheduling system and increase the amount of time employees spend managing traffic. The FAA announced that it has lowered its target to 12,563 certified air traffic controllers from 14,633. According to a National Academies of Sciences study published last year, overtime costs for air traffic control have increased by over 300% in the past two years, reaching more than $200 million. The report cited a misaligned workforce and an inefficient schedule. According to the report, 'the time controllers spent on managing air traffic from their positions has decreased despite a 4 percent increase in traffic. The report said that it was possible to increase the time spent on position per shift from four hours to more than five. The FAA stated that "modern staffing models and schedule tools will improve the efficiency of controller staffing and reduce the need for excessive overtime." As of April, the FAA reported that approximately 11,000 controllers were 'certified' and deployed in?more than 30 FAA air traffic control facilities. An additional 4,000 controllers were in training, including 1,000 controllers who had previously been fully certified but are now undergoing training at new facilities. The FAA stated that it will "modernize its scheduling and workforce management system to improve efficiency." In 2024, the FAA's air traffic control workforce will have logged 2.2 millions hours of overtime at a cost of $200 million. The average annual overtime for air traffic controllers has increased by 308%, or 126 hours since 2013. The report stated that from 2013 to 2023 the FAA only hired two-thirds the number of air traffic controllers required by their staffing models, as the staffing dropped by 13%. It also said the FAA has been unable to implement the robust shift scheduling software it purchased in 2012. This may have made the problem worse. In'many places, controllers are often required to work six-day weeks with mandatory overtime. FAA Administrator Bryan Bedford stated in December that the FAA had lost between 400 and 500 trainees who withdrew during last year's government shutdown. Reporting by David Shepardson, Editing by Chizu nomiyama
How hot or not is the stock market? Recent high-profile US IPOs: How they have performed
The U.S. IPO Market is set to have its best week in 2021, as ebullient equities fuelled by robust debuts of notable newcomers are driving the market.
renewed enthusiasm
After tariff-driven volatility in the early part of the year, the long-awaited recovery was held up by new issues.
The Winklevoss Twins' crypto-exchange Gemini and Swedish fintech Klarna are both set to list shares this week in New York, while StubHub will be going public next week.
Many would-be issuers are encouraged to test investor interest by the eye-popping performance of high-profile names.
In the days after their debuts, the IPO price of stablecoin and design software giant Circle soared by 333% and 864% respectively. This shows how investors are eager to back companies that they believe will be future winners.
This is how the S&P 500 benchmark has performed against an ETF that tracks major newly-public stocks over the last year.
Here's a look at some of the largest IPOs from recent years:
BULLISH:
CoinDesk, the parent company of the crypto news website CoinDesk, raised $1.11 billion by sizing up its IPO. Stocks of the company opened at more than twice their IPO price on NYSE but have since dropped 40%.
FIREFLY AEROSCAPE:
Northrop Grumman's space technology firm raised $868.3 millions by launching an IPO that was larger than expected and priced higher than the range. The Nasdaq opened its stock at a price that was nearly 56% higher than the IPO.
The stock closed Tuesday at a price that is 36% lower than the opening price of its first day.
FIGMA:
Figma, a design software company, raised $1.22billion in its IPO. It ended its first day at the NYSE in July with a 250% gain.
The price of its shares is now 61% higher than when it was first listed and 37% lower than what it opened at.
CHIME:
The Financial Technology Company priced its IPO at a price above the range marketed, raising $864 Million in June.
The stock price is nearly 10% lower than the IPO price.
CIRCLE INTERNET
Stablecoins raised $1.05bn in a larger IPO in early June. The company debuted with a valuation near $18 billion, on a fully diluted base.
The stock price closed about 168% higher than the IPO. As of the last close, the stock is trading at about 281% over its IPO price.
ETORO:
eToro, the Robinhood rival, secured a valuation $5.64 billion following a 34% surge in its Nasdaq debut.
In an IPO that was upsized, the stock and cryptocurrency trading platform raised 620 million dollars. Since then, its stock price has fallen by nearly 35%. COREWEAVE:
In March, the AI cloud company's Nasdaq launch was muted. However, despite its opening price being nearly 3% lower than its current offer price, the stock has now more than doubled.
Nvidia's company raised $1.5 billion during its initial public offering, valuing it at $23 billion when fully diluted.
VENTURE GLOBAL LNG:
In January, the liquefied gas exporter reached a valuation of $1.75 billion. This is less than half what it had originally hoped for.
In a subdued NYSE launch, the company's shares were opened at a price nearly 4% lower than their IPO. The value of the stock has almost halved.
SAILPOINT:
In their Nasdaq debut the shares of identity security company Thoma Bravo, which is backed by Thoma Bravo, traded flat. This valued it at $12.80 billion. Since then, the stock has lost almost 10%.
Austin, Texas based company raised $1.38 Billion in an increased IPO.
ARM HOLDINGS
In September 2023 the chip designer raised $4.87billion in its offering, which valued it at $54.5billion. It sought to be valued at up to $52 billion.
Shares of the company rose by 10% at open. Since then, the stock has more that doubled.
INSTACART:
In its IPO, the San Francisco-based Maplebear company was priced at the upper end of the range. In September 2023, it raised $660m at a valuation of nearly $9.9billion.
It raised its price range proposed and targeted an evaluation of up to 10 billion dollars.
Stocks of the grocery delivery app soared 40% at opening and have since risen about 8%.
VIKING HOLDINGS
In April of last year, the cruise operator raised $1.54billion in its IPO. This valued it at $10.35billion. The cruise operator had sought to value the company at up to $10.8 billion.
Viking's shares were opened at 9% over their initial offer price, and they have since more than doubled. STANDARDAERO:
In October of last year, the aircraft maintenance service provider raised $1.44 billion by pricing its offering over range. The initial target was a valuation up to $7.69billion.
Shares of the Carlyle-backed firm began trading at 29% over the offer price. Since then, they have lost about 14%.
LINEAGE:
Cold storage real estate trust raised $4.45billion in its listing on July 20, 2024 at a valuation exceeding $18billion. It had set a target of a valuation up to $19.16 billion.
Stocks of the company rose 5% at open on Nasdaq. It has however fallen by 49% from its opening price.
REDDIT:
Social media giant Facebook raised $748 million at its IPO last March, valuing it at $6.4 Billion -- the upper end of the target range that it advertised.
Stocks opened at 38% over the offer price and have risen more than fivefold since.
BIRKENSTOCK:
The German sandal manufacturer, which is 250 years old, raised $1.48 Billion and was valued at $ 9.3 Billion in its IPO of October 2023. This was slightly less than its $10 billion target.
The shares of this company debuted at a price 11% lower than their IPO but have risen by 15.5% since.
** Please note: Stock performance is calculated based on the opening trade unless otherwise stated. ** Sources: filings, LSEG and'reports
(source: Reuters)