Latest News
-
Sources say that Chinese autonomous driving company Momenta has filed for Hong Kong IPO.
Two people familiar with the matter have confirmed that Chinese autonomous driving developer Momenta filed a confidential application for an initial public offering in Hong Kong. Momenta responded to a request for comment by saying that it had not filed a Hong Kong IPO in confidence, without providing any further details. Sources said Momenta was joining a growing number of Chinese companies that are aiming to debut at the Asian financial centre, having opted out New York due to increased U.S.-China relations. Reports in September indicated that Momenta considered moving its IPO from New York to Hong Kong, after the approval granted by China's securities regulatory authority to list in the United States expired in June. The details of the Hong Kong IPO plan, including its size and timing, was not immediately available. Hong Kong Exchanges and Clearing Ltd. (HKEX), Hong Kong's exchange operator declined to comment. Sources could not be identified as the information is confidential. Hong Kong's stock exchange has enjoyed its best year of new listings since the year 2021. Dealogic data shows that a total of $32 billion was raised by mid-November. This is up 200% compared to a year ago. Momenta is one of the leading Chinese suppliers of advanced driving assistance system features. Its technology is similar to Tesla's autonomous technology, which can navigate city traffic while under the supervision and control by a human driver. The company's investors include Toyota Motor Japan and Bosch, a German auto parts manufacturer. Reporting by Staff; Editing by Emelia Matarise and SonaliPaul
-
Families of victims plan to file a lawsuit for wrongful death in UPS cargo plane crash
According to the law firm representing the victims, the families of victims of a UPS cargo plane crash are planning to file a lawsuit for wrongful death on Wednesday. UPS MD-11 cargo plane crashed in Louisville, Kentucky on November 4 immediately after takeoff, killing 14 people. According to a preliminary report by the National Transportation Safety Board, crash investigators found fatigue cracks on a support structure that connects the plane's left pylon to its wing and engine. Bob Clifford said that the preliminary report "suggests this plane is old, tired and beyond its useful lifetime," one of the lawyers representing the families. As the plane took off, the left engine of the aircraft separated from the wing. The plane crashed seconds later into an industrial park near the airport, killing all three of the crew and 11 on the ground. UPS and other operators grounded all MD-11 cargo jets after the crash. Boeing, which acquired MD-11 through its 1997 merger McDonnell Douglas with, told UPS and FedEx that it had recommended they suspend the flight operations of MD-11 freighter. Reporting by Dan Catchpole, Seattle; Editing and production by Muralikumar Aantharaman and Les Adler
-
US Postal Service using 2,600 EVs for mail deliveries
USPS receives $3 billion in funding from Congress to support infrastructure and EVs USPS bought 8,700 Ford E-Transits, of which 2,010 are in service Senate Republicans block USPS from scrapping EVs and charger equipment By David Shepardson WASHINGTON, 2 Dec - The U.S. Postal Service currently uses more than 2,600 vehicles to deliver mail, according to a letter sent by the agency on Tuesday. In 2023, Congress granted USPS $3 billion to purchase electric vehicles and charging equipment under the then-President Joe Biden. This included $1.2 billion specifically for EVs. In a letter dated November 17, USPS Government Relations Chief Peter Pastre stated that "we are deploying" (battery-electric vehicles) on routes and delivery units, where BEVs can save us money compared to internal combustion engines. He added that the $3 billion had been fully committed. USPS has announced that it has purchased 8,700 Ford E-Transit cars, of which 2,010 deliver mail at 65 locations. USPS has also 612 Next Generation Delivery Vehicles, specially designed electric Next Generation Delivery Vehicles by Oshkosh Defense that deliver mail from 15 locations. USPS also installed 6,650 charging stations at 75 locations and stated that the number of EVs in service is increasing weekly. In June, Senate Republicans failed to get USPS to abandon thousands of electric cars and charging equipment as part of a huge tax and budget bill. USPS warned that abandoning its electric vehicles could cost $1.5 billion. This includes $1 billion for replacing the current fleet of EVs, and $500 million to replace the EV infrastructure. USPS said in its letter that it had acquired 26,000 internal-combustion vehicles to replace the fleet of aging vehicles, including 2,600 gas-powered Oshkosh cars. USPS's older vehicles, dating back to late 1980s, cost an average of more than $8,000. The White House fired Postmaster General Louis DeJoy in March. He had been leading efforts to restructure a U.S. Postal Service has been around for almost five years. USPS has lost over $100 billion since 2007. In February, President Donald Trump announced that he would consider merging the Postal Service and the Commerce Department. This move was criticized by Democrats as a violation of federal law.
-
Brazil's Lula Lula and Trump discuss sanctions, trade in a phone call
Both sides reported that U.S. president Donald Trump and Brazilian president Luiz inacio Lula da silva discussed trade, economy, and fighting organized criminality during a telephone call they had on Tuesday. In a press conference at the White House on Monday, Trump told reporters that he and Bolsonaro also discussed sanctions. This was an apparent reference regarding the targeting of the Brazilian judiciary by his administration over the criminal trial of former right-wing President Jairbolsonaro. Trump claimed that he and Lula had "a great conversation". We discussed trade. We discussed sanctions because, as you may know, I sanctioned certain events that occurred." In a subsequent social media post, Trump stated that he was looking forward to meeting and speaking with Lula in the near future, adding, "Much good will be derived from this newly formed partnership!" Brazil's Presidential Palace said that Lula had thanked Trump in a press release for his decision to remove tariffs on U.S. imported Brazilian goods, including beef and coffee. It also added that Brazil hoped to make progress with the talks regarding products that were still subject to levies. Trump removed last month the tariffs of 40% on several Brazilian products including cocoa, fruits and other food items that he announced in July as a punishment for Brazil's prosecution of Bolsonaro - a Trump ally. Lula, in a statement, also stressed that it was urgent to strengthen cooperation with the United States for the fight against international organized crime during the 40-minute phone call held on Tuesday. The Brazilian Presidential Palace called the conversation "very productive." The two leaders met amid a series of recent U.S. military actions in the region. These include a massive build-up in the Caribbean, and three months' worth of U.S. airstrikes on suspected drug ships off Venezuelan coast. (Reporting from Lisandra paraguassu, Brasilia. Additional reporting by Andre Romani, Sao Paulo; Trevor Hunnicutt & Jeff Mason in Washington; Costas Pitas. Editing by Natalia Siniawski & Matthew Lewis & Bill Berkrot.
-
Esentia will increase its natural gas transport capacity by 50% within five years.
By Adriana Barrera MEXICO CITY. Dec 2. Esentia's CEO announced on Tuesday that the company plans to increase its natural gas transportation capacity by 50% in the third phase of a five-year expansion program, betting on a growing demand. In late November, the company raised $457m in its initial public offering to finance expansion and reduce debt. Daniel Bustos, Esentia's CEO, said that the company will expand its interconnected system to 660 million cubic feet. * Esentia has more than 2,000 km (1,243 mi) of pipelines known as the Waha System or Wahalajara, that transport low-cost gas from Waha in Texas to major industrial centres in central-western Mexico including Guadalajara. * Mexico has a high deficit in natural gas production. It meets its needs by importing it from the United States via a pipeline system. The government of President Claudia Sheinbaum aims to reduce this dependence by 40% and increase natural gas production to 5 billion cubic foot per day by 2030. * Bustos stated that there is a "co-dependence" between the U.S. and Mexico natural gas trade. The United States must deliver natural gas because they can't produce oil without it. (Reporting and editing by Kyry Madry; Adriana Barrera, Adriana Barrera)
-
Trump Administration to revamp Washington's Dulles Airport
On Tuesday, President Donald Trump said that his administration wanted to revamp Dulles International Airport, near Washington, D.C., describing it as "not a great airport." In October, Trump’s motorcade drove through the airport's property without prior notice to evaluate future projects. "We will also rebuild Dulles Airport, because it is not a good one. It should be an excellent airport. Trump told his cabinet during a meeting at the White House that it's not at all a good airport. "They have a beautiful building but a terrible airport." Trump has revealed a new design of Dulles Airport, which was opened in 1962. It is owned by federal government. The Terminal Building was designed by Finnish architect Eero Sárinen. It is a unique building with a roof that slopes upwards on both sides. Dulles International Airport, located about 25 miles away from Washington, D.C., in Virginia, serves about 27 million passengers per year. The Metropolitan Washington Airports Authority operates the airport. It is a major hub for United Airlines. The authority that operates the airport on a 50-year leased approved by Congress declined to comment. Sean Duffy, Transportation Secretary, said that the Department plans to issue a request for proposals to replace shuttle vehicles (also known as "mobile lounges") which transport passengers from the terminal to planes. Two separate collisions with mobile lounges in November brought attention to the system. The airport authority approved in July a masterplan to expand the airport from 130 gates to 38 gates and 38 million passengers by 2030. By 2045, it will be 45 gates and 45 millions passengers. It will eventually serve 90 gates and 90 million passengers. At present, the airport has 130 gates. Reporting by David Shepardson and Doina Chiacu; editing by Les Adler
-
Rollins: US will announce a 'bridge payment for farmers' next week
Agriculture Secretary Brooke Rollins announced on Tuesday that Trump's administration would announce next week a "bridge-payment" to farmers. The payment is intended to provide a short-term solution while the longer trade and assistance packages are finalized. Republican legislators and farm groups Have pushed The administration will issue aid to farmers who are facing low crop prices, and lost sales of billions of dollars in soybeans to China as a result during the tensioned trade talks between China and the United States. "We have a payment for a bridge." Rollins said to Trump during a Cabinet meeting at the White House: "We'll announce with you next Monday." The "One Big Beautiful Bill", as Trump's spending bill is known, has expanded some farm support but farm groups claim that growers require additional funding now to support planting the next crop year. According to U.S. Department of Agriculture (USDA) data, it is expected that the U.S. Government will spend over $40 billion in payments to farmers by 2025. This would be the second highest amount since 1933. Ad-hoc economic and disaster aid. AID AMOUNT IS STILL UNCLEAR John Boozman of the Senate Agriculture Committee and John Hoeven from North Dakota, the chair of Senate Agriculture Appropriations Committee, both said that they expected some assistance to reach farmers before the end of this year but were waiting for the administration to decide on the amount and the timing. Hoeven said, "I am not sure of the exact amount but we'll see. I think they are still working on it." Boozman stated that one of the challenges was to get aid out as quickly as possible, given the delay caused by the 43-day shutdown. "The need for it is there." Boozman explained that our farmers are currently in a position where they're losing money if they're trying to grow anything out of the soil. Boozman stated that the money for the aid would come from the Commodity Credit Corporation. This is a USDA discretionary funding pool. The White House is still looking for other funding sources.
-
CPC rushes to complete Black Sea mooring repair in order to maintain oil production after drone attack
Five sources confirmed on Tuesday that the Caspian Pipeline Consortium is aiming to finish repairs on its third SPM-3 single point mooring at its Black Sea Terminal ahead of schedule. The consortium wants to restore its full CPC Blend export capacity following a drone strike which damaged one of their other moorings. Sources familiar with the situation have confirmed that SPM-3 will be back in operation in the next 7 days. The repairs were originally planned to take two months. CPC has halted operations after a drone attack by the Ukrainian navy caused significant damage to its SPM-2 mooring. Sources say that its repairs will take several months. They also add that the exact timeframe of repairs or replacement is currently being studied. A spokesperson for the consortium, whose shareholders include Russians, Kazakhs and U.S. companies, declined to comment. CPC resumed loading limited cargo from the remaining operational docking Monday. Sources claim that it is operating at less than half of its normal capacity. They said that with two of the three SPMs on line, exports will be restored to their full level. A source from a company that supplies oil to CPC said, "It's critical to get the second mooring in operation. Otherwise, suppliers could face production cuts." Sources declined to name themselves as they were not authorized to speak with the media. According to an initial plan, CPC Blend oil from the Black Sea is expected to increase to 1.7 millions barrels per day in December. This compares to around 1.45million bpd during November. Sources warned, however, that the plan may be revised down depending on how quickly repairs are completed.
Bloomberg News: Adani Group to expand India airports by $15 billion by 2030
Bloomberg News reported Wednesday that India's Adani Group plans to invest $15 billion in order to increase passenger capacity at their airports from 200 million to 200 millions annually within the next five-year period. The report was based on people who are familiar with the issue.
Reports said that the plan included adding terminals, new taxiways and a runway to the Navi Mumbai Airport, which will open on December 25.
According to the report, the company will also upgrade capacity at airports in Ahmedabad Jaipur Thiruvananthapuram Lucknow and Guwahati.
The airport unit of the group operates eight airports in India, including Navi Mumbai Airport located just outside India's financial center.
Adani Group didn't immediately respond to an inquiry for comment.
Bloomberg News reported that the group had been planning to list Adani Airports by 2027 as part of an investment plan that required $100 billion over the next several years. (Reporting and editing by Rashmi aich in Bengaluru, Angela Christy from Bengaluru)
(source: Reuters)