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Uber found not responsible in the first US court trial regarding driver sexual assault allegations
According to the attorney representing the plaintiff, Uber was not held responsible for a sexual assault that occurred on a ride ordered through the Uber app. The woman claimed her driver had attacked her during the trip. The jury in San Francisco Superior Court rejected the woman’s claim that Uber was responsible for her assault at the end of the three-week civil case. This was the first trial of over 500 lawsuits that were consolidated at a California state court. More than 2,500 similar lawsuits have also been centralized at a federal court located in California. In 2021, the woman who was known as Jessica C. in court, filed a lawsuit claiming that she had been assaulted in 2016 by an Uber driver. According to her lawyers, during the ride her Uber driver stopped on a side road and groped, kissed, and restraining her. Her case was selected as the "bellwether trial" for state court litigation. Bellwether trials can be used in litigation where there are many plaintiffs with similar claims to test and determine the value of those claims. The outcome of the bellwether trial can be used by judges to manage other cases or lawyers to inform settlement discussions. The attorneys for the woman had requested that the jury award her between $175,000 to $1.2 million as compensatory damages per year, with higher figures being suggested for the years immediately following the assault. The attorneys did not give a figure for punitive damage. Safety Practices in the Spotlight Uber is accused of knowing that it had a problem when drivers attacked riders but withheld data about how many assaults occurred from the public. It also allegedly did nothing to resolve the issue. Plaintiffs claim that Uber was aware that assigning female passengers to female drivers, or requiring dash cameras to record passenger and driver interactions would reduce violence but did not implement these programs. Uber maintains that it is not liable for the criminal acts of drivers who connect with passengers and that background checks and disclosures regarding assaults are sufficient. The lawsuit threatens to open old wounds that Uber experienced in its early years. Uber was plagued by safety concerns, accusations of lax driver screening, and a company culture that critics claimed prioritized growth above protecting passengers. Uber could be facing a financial blow of hundreds of millions of dollar and its relationship with investors and regulators who are closely monitoring its safety record. Safety has become a major focus for the company in recent years. It has published U.S. Safety Reports detailing reported sexual assaults. Features such as ride verification in-app, audio and video recording of rides, and anomaly detection have been introduced. Uber also announced the formation of a Safety Advisory Board, which is chaired by a former U.S. Uber has also announced the formation of a Safety Advisory Board, which is chaired by former U.S. Homeland Security Secretary Jeh. Uber's reputation for safety has not improved despite these measures. Uber's latest safety report, which covered the period 2021-2022, stated that reports of serious sexual abuse on its platform had decreased by 44% compared to its first report from 2017-2018. Critics say that systemic risks still exist, despite the fact that thousands of cases are documented. A U.S. House of Representatives Subcommittee, following an August New York Times article on the subject, sent a letter to Uber CEO Dara Khorowshahi last week seeking information about the company's protocol for responding to sexual assaults and preventing them on its rides. (Reporting from Diana Novak Jones, in Chicago, and Akash Sriram, in Bangalore; editing by Alexia Garamfalvi & Bill Berkrot).
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Japan's renewable curtailments are on course to reach a record, as nuclear power increases
A review of industry statistics showed that the use of nuclear energy in Japan will increase this year, leading to a record-breaking reduction of wind and solar generation. This will further exacerbate the pain of a sector experiencing a mass exodus. Since the Fukushima nuclear disaster in 2011, the fifth largest power producer in the world has slowly restarted some of its nuclear plants. Two reactors that were brought back online in the past year are among 14 of 33 commercially-available reactors. One more reactor received preliminary approval for a restart this year that could not happen until 2027. This has allowed Japan to reduce its fuel costs, especially expensive fossil fuel imports and meet the rising demand for power from data centres and chipmakers. Grid flexibility has been compromised because nuclear power is difficult to ramp up and down. The amount of solar or wind power that was able to be produced, but was rejected preemptively because the grid reached its limit. According to an analysis of data by the Renewable Energy Institute, in nine of Japan's 10 grid regions, curtailments increased 38.2%, to 1.77 Terawatt-hours or 2.3%, of the total green power generated during the eight months to August. This compares to 1,28 TWh, or 1.8%, of renewable energy output during the same period in last year and the previous record annual of 1.9% set in 2023. Michiyo Miyamoto is a Japan energy finance specialist with the Institute for Energy Economics and Financial Analysis. She gave as an example the increased output of the Shimane No.2 nuclear reactor, located in the western region Chugoku and restarted in late December. DISTANT GOALS Japan wants nuclear power to be 20% and renewables 50% by 2040. This compares to levels of 23% compared with 8.5% respectively in fiscal 2023. The renewable energy sector has been hit hard by the curtailments, but the revenue lost from them is not the only thing that's hurting it. IEEFA reported in August that a record 52 renewable energy developers left Japan in the fiscal period ended March, including eight bankruptcy cases. Amid rising costs, groups led by the trading house giant Mitsubishi walked away from three offshore projects in August. This raised concerns over the viability and feasibility of other offshore projects. The International Renewable Energy Agency reports that the growth rate of new wind and solar installations is expected to slow down in Japan by 3.3% between 2024 and 2009, which is the lowest pace since 2009. Kenichi Onishi is a researcher at the Institute of Energy Economics in Japan. He said: "If curtailments exceed expectations, it will be harder for renewables to recover their costs and discourage new investment." Requests for comments were not answered by the Japan Community Power Association (JCPA), the Japan Council for Renewable Energy (JCRE) and the Japan Wind Energy Association. Increased curtailments have also been caused by transmission shortages and maintenance problems. REI data revealed that during the first five month of the current fiscal period, which ended in August, curtailments on the island of Kyushu were 7.6%, while those on the northern region Tohoku were the highest, rising from 2.1% up to 5.8%. The main problem is the insufficient capacity of grid transfers from regions with high renewable energy. Kyushu’s photovoltaics expansion outpaced the local demand and export capacity, said Uran-Ulizi Batyabar of Rystad Energy in Tokyo. Minoru Shioda is an official in the energy efficiency and renewable energies department of the Industry Ministry. He said that Japan is trying to reduce curtailments through building inter-regional power transmission lines, promoting storage batteries, and encouraging high demand during times of high energy generation. Shioda said higher hydropower generation due to heavier-than-expected snowfall led to curtailments in Tohoku this spring. Analysts cited the restart last October of a nuclear unit at Onagawa in Tohoku as another key reason for the curtailments. Tetsunari IIda, the chairperson of Institute for Sustainable Energy Policies, said that unless regulatory reform prioritizes renewables over incumbents Japan risks falling behind global trends.
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Yemen's Houthis take responsibility for attack against Dutch-flagged vessel
Yemen's Houthi terrorists claimed responsibility for the attack on the Dutch flagged general cargo ship Minervagracht that caught fire in Gulf of Aden on Wednesday. Since 2023, the Iran-aligned group launched multiple attacks on ships in the Red Sea. They targeted vessels they believed to be linked with Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The Houthis military spokesperson claimed that the attack on Monday was carried out with a cruise missile. According to the EU maritime mission Aspides, and the vessel operator, the strike resulted in two sailors being injured and forced the evacuation of 19 members of the crew by helicopter. Spliethoff, an Amsterdam-based operator, said that Minervagracht suffered substantial damage as well as a fire when it was struck in international waters of the Gulf of Aden. The Houthis claimed that they attacked Minervagracht as its owner had violated the "entry ban to ports in occupied Palestine". This was the first Houthi assault on a commercial vessel since September 1 when they attacked an Israeli-owned oil tanker, Scarlet Ray, near Yanbu in Saudi Arabia’s Red Sea port. The Houthis attacked the Magic Seas Bulk Carrier and Eternity cargo ship and sank them in the Red Sea. The last major Houthi attack on a Singapore-flagged container ship was in July 2024. Reporting by Hatem Maher, Mohammed Ghobari and Leslie Adler; editing by Stephen Coates and Leslie Adler
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Yemen's Houthis have said they will target US oil companies with sanctions
A group affiliated with the Iran supported militia announced on Tuesday that Yemen's Houthis would target U.S. major oil companies including ExxonMobil, Chevron and ExxonMobil with sanctions. The Humanitarian Operations Coordination Center, a Sanaa-based body established last year to liaise with Houthi forces, commercial shipping operators and other parties, has sanctioned thirteen U.S. firms, nine executives, and two vessels. The sanctions were a retaliation to U.S. Sanctions imposed against the Houthis in this year despite a ceasefire agreement reached with the Trump Administration in which the Yemeni Group agreed to stop attacks on U.S. linked ships in the Red Sea as well as the Gulf of Aden. Exxon and Chevron declined to comment. It is unclear whether the sanctions will lead the Houthis to begin targeting vessels that are linked to sanctioned companies, organizations and individuals. This would be a risky move, as it could violate the ceasefire agreement that was facilitated by Oman with the Trump Administration," said independent Middle East analyst Mohammed Albasha in a LinkedIn posting on Tuesday. Since 2023, the Houthis have repeatedly attacked vessels in Red Sea they believe to be connected with Israel. They claim this is in solidarity with Palestinians in response to Israel's Gaza war. According to the U.S. Energy Information Administration, the campaign had little impact on the vital oil tanker traffic that passes through the Strait of Hormuz. This is the waterway between Oman, Iran, and the Gulf of Oman, connecting the Persian Gulf, Gulf of Oman, and Arabian Sea. Houthis has occasionally attacked ships in Gulf of Aden which connects Red Sea and Arabian Sea. The Houthis claimed Monday responsibility for attacking with a cruise-missile a Dutch cargo vessel in the Gulf of Aden, leaving it ablaze and drifting. Two crew members were injured. According to the EIA, last year the U.S. imported around 500,000 barrels of crude oil and condensate per day from Gulf countries via the Strait of Hormuz. This represents about 7% in total U.S. crude and condensate exports. The agency stated that this is the lowest level for nearly 40 years, due to the increase of domestic production and Canadian imports. Albasha of U.S. based Risk Advisory Basha Report said the move would not affect the oil markets, as most of the trade is done by Chinese, Russians, Iranians, and other Gulf Companies that the Houthis wish to maintain good relations with. He said: "This appears to be a media stunt. It's a way for them to save face, and reassure the people of their country in light on mounting U.S. Sanctions and Israeli strikes which have hurt their economy." The HOCC statement included the following line: "The ultimate purpose of sanctions is not punishment, but positive behavior change." Reporting by Lisa Baertlein, Liz Hampton and Sheila Dang from Los Angeles; editing by Daniel Wallis, Stephen Coates and Stephen Coates
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Spirit Airlines receives up to $475 Million in financing during bankruptcy process
Spirit Airlines' parent company announced on Tuesday that it had negotiated funding up to $475m with existing bondholders in order to continue normal business operations throughout its Chapter 11 restructuring. Spirit anticipates that $200 million in debtor-in possession financing will be available immediately, if the court approves. The next hearing will be held on October 10. It said that the company also has interim access to liquidity of $120 million. The U.S. pioneer of no-frills filed for bankruptcy for the second year in a row after its previous reorganization had failed to give it a more stable financial foundation. Spirit announced on Tuesday that AerCap Holdings, a lessor of aircraft, has agreed to cancel leases for 27 aircraft. AerCap will pay Spirit 150 million dollars as part of this deal. This agreement settles their dispute regarding a deal involving 36 Airbus aircraft due to be delivered between 2027-2028. The company said that it had also received approval from the U.S. Bankruptcy Court of the Southern District of New York to reject 12 airport leasing agreements and 19 ground handling contracts. Last week, Sprit announced that it would be halting 40 routes. (Reporting and editing by Aatreyee dasgupta, Bengaluru)
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FAA to lay off 11,000 workers during US Government shutdown
Transportation Department of the United States announced on Tuesday that more than 11,000 Federal Aviation Administration employees will be furloughed in case government funding fails at midnight. U.S. Airlines have warned that an American partial government shutdown would strain American aviation, slowing flights as air traffic control and security officers will be forced to work for free and other functions will be stopped. The Transportation Department stated that the FAA will continue to hire air-traffic controllers and continue field training for controllers. The FAA had suspended most air traffic control training and hiring during previous government shutdowns. The FAA announced that more than 13,000 controllers will be required to work, but they won't be paid until shutdown ends. About 45,000 people work for the FAA. The Transportation Department will lay off 12,200 workers, out of 53 717 employees, including those at the FAA. The FAA said that certification activities for commercial aircrafts' operational safety will continue. Engines, commercial space launch licensing and oversight.
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Yemen's Houthis have said they will target US oil exporters near seas
The Houthis, a militia backed by Iran, said that they will continue to target U.S. oil companies including Exxon Mobil & Chevron in spite of an earlier truce reached with the administration of President Donald Trump not to attack U.S. ships sailing on the Red Sea or the Gulf of Aden. Sanaa's Humanitarian Operations Coordination Center, which is affiliated with the Houthi Military and liaises among Houthi forces, commercial shipping operators, and other parties, sanctioned thirteen U.S. firms, nine executives, and two vessels. HOCC's website explains that it will deal with entities designated by the Houthis in accordance to the principle of confrontation. The announcement serves as a warning that these companies, including ConocoPhillips are hostile and open to attack. Requests for comments were not immediately responded to by the companies. Mohammed Albasha, an independent Middle East analyst, said on LinkedIn that it was unclear whether the sanctions would signal the Houthis to begin targeting vessels that are linked to sanctioned companies, organizations, and individuals. This move could violate the ceasefire agreement reached with the Trump Administration, which Oman facilitated. Since 2023, the Houthis have repeatedly attacked vessels in Red Sea they believe to be connected with Israel. They claim this is in solidarity with Palestinians in response to Israel's Gaza war. According to the U.S. Energy Information Administration, this campaign had little impact on the vital oil tanker traffic that passes through the Strait of Hormuz between Oman, Iran, and the Gulf of Oman, connecting the Persian Gulf, Gulf of Oman, and Arabian Sea. Houthis sometimes attack ships in the Gulf of Aden which flows into Arabian Sea. A Houthi-style assault on a Dutch cargo vessel in the Gulf of Aden this week injured two crew members and left the vessel adrift and ablaze. Rebels have not claimed responsibility. According to the EIA, the U.S. imported 500,000 barrels of crude oil and condensate per day from countries in the Persian Gulf through the Strait of Hormuz last year. This represents 7% of the total U.S. imports of crude oil and condensate. The agency stated that this is the lowest level for nearly 40 years, due to the increase in domestic production and Canadian imports. "Why now? "The Houthis claim that this action was taken in response to U.S. sanction, as a result of the principle of reciprocity -- despite Oman announcing a ceasefire and de-escalation between the U.S. Albasha said that the Houthi statement also stated "the ultimate purpose of these sanctions are not punishments for their own sake but to bring about positive changes in behavior." Reporting by Lisa Baertlein, Jonathan Saul and Liz Hampton from Los Angeles; editing by Leslie Adler & Daniel Wallis
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A powerful 6.9 magnitude earthquake causes power outages and damage in the Philippines
The Philippines experienced a powerful earthquake of 6.9 magnitude late Tuesday night, causing power outages in the area and destroying buildings. The United States Geological Survey estimated the depth of this earthquake at 10 km (6 miles). Multiple aftershocks were recorded in the area following the earthquake. The strongest of these aftershocks had a magnitude 6. A second monitoring agency confirmed that there was no tsunami risk following the earthquake. According to the USGS, Cebu City is located in central Visayas, the Philippines. It has a population close to 1 million. Ian Po, the police chief in Villaba, a central province of Leyte said that the earthquake lasted around 10 seconds. He said that the building of the police station was visibly shaken by this tremor. According to Police Colonel Enrico Figueroa of the Cebu City Police, some pole-mounted Transformers exploded in the earthquake. AFP reported on Tuesday evening that the earthquake damaged roads and buildings in some parts of the area, and rescuers were searching for any possible victims. Could not verify immediately the report. Phivolcs, the Philippine seismology agency, warned that there would be aftershocks from this offshore tremor. The agency also warned of "strong currents" and "rapid changes in seawater levels". In an advisory, it stated that "the public should be alert to unusual waves." The Philippines is located in the Pacific Ring of Fire, where earthquakes and volcanic activity are frequent. Reporting by Surbhi Misra and Gursimran K. Kaur, Editing by Gareth Jones & Lese Adler
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)