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BMW chairman: 'We are on the right track' as profit warnings hit shares
Nicolas Peter, chairman of the supervisory board, said that BMW's?next generation models are "on track". This comes days after an unexpected profit warning, which hit?the shares. Peter, a journalist in Paris, told journalists that the orders for BMW's Neue Klasse models were "strong" and "good for both the manufacturer and the suppliers involved with the project". The Neue Klasse comprises a range of new BMW models that are part of an ambitious revamp of the company's line-up in a period of fierce competition with Chinese rivals. After the warning, brokerages such as Citi and HSBC lowered their target prices, and the shares of the German premium automaker fell even further. They now trade at the lowest levels since November 2, 2020. BMW shares were trading 5.3% lower at 1415 GMT and were ranked as the bottom blue-chip index in Germany. Analysts noted the impact of a 'guidance cut' that was triggered by the prolonged weakness on the important Chinese market, as well as Iran's war. Berenberg analysts stated that "the magnitude of this new downgrade is greater than what we anticipated." They added that "this could lead to a deeper strategic reset under the new CEO", referring specifically to Milan Nedeljkovic who replaced long-time leader Oliver Zipse in the last month. Analysts have said that BMW could announce capacity reductions in Europe and accelerate its strategy to localise production in North America, China and other parts of the world. Peter said BMW is confident about the U.S. market, which he described as stable and important. The market is important and stable, but BMW was selling less in Europe despite its local strategies. Peter said that there was space for both foreign and local?automakers to compete in China. The country is the world's largest auto market, has seen a price war, and remains the biggest auto market. (Reporting and writing by Makini Brrice, Additional reporting and writing by Christoph Steitz and Rachel More; Editing and editing by Dominique Patton & Alexander Smith).
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Senator calls on FAA to refuse White House pressure and approve Trump arch
The 'top Democrat' on the Senate Aviation Subcommittee urged Federal Aviation Administration (FAA) to reject White House pressure for approval of President Donald Trump’s proposed 259-foot tall Independence Arch. She said it could present risks to commercial flight. "The FAA should commit to the highest safety standards, and reject any inappropriate or irresponsible pressuring from President Trump in order to prioritise the construction of this gaudy 'vanity arch. This is not in the best interest of the American people," wrote Senator Tammy Duckworth in a letter to FAA Administrator Bryan Bedford on Thursday. Last week, the FAA stated that it would require red safety lights on the arch but claimed there were no'safety implications' in its initial review. The proposed arch will be located 3,000 feet away from Ronald Reagan Washington National Airport, and in the main approach and departure corridor of the airport. The FAA stated that it would directly respond to Duckworth. The White House didn't immediately comment. The FAA requires flashing red warning lights to be installed on buildings over 200 feet from airports, such as the 555-foot Washington Monument. This is done in order to alert pilots during the night. Duckworth pointed out that the National Park Service estimated that construction of Trump's arches would require cranes up to 300-320 feet high and could take 20 hours a day for two to three years. She stated that commercial jets are capable of flying as low as 500 feet in the air on final approach, raising "additional operational and safety concerns." Duckworth pointed out that the mid-air collision last year between an American Airlines commuter plane and Army helicopter resulted in 67 deaths and "underscores" the consequences of insufficient coordination. Trump wants the arch built across the Potomac River near Arlington National Cemetery, just north of the Lincoln Memorial. The structure resembles the Arc de Triomphe, but is much larger. The arch with eagles statues, a Lady Liberty-type figure, and a top that is reminiscent of the Arc de Triomphe in Paris would be taller and bigger than the Lincoln Memorial, and not too far from the U.S. Capitol which, at 288 feet, can be seen throughout Washington. The Arc de Triomphe is 164 feet tall in?Paris. The National Capital Planning Commission approved the project on 4 June, while seeking further information about the impact of the structure on flight paths. A lawsuit was filed to stop the project.
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There are some flights to the Middle East that have resumed but there is still disruption.
Several airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli airstrikes against Iran. However, many other carriers continue to suspend flights, causing global travel disruptions. The following is an alphabetical update of the flight status for airlines: AEGEAN AIRLINES The largest airline in Greece has cancelled flights between Thessaloniki and Tel Aviv until the 26th of June. Flights from?Dubai to Erbil,?Baghdad and?Baghdad are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspended flights to Tel Aviv until June 23, Beirut until 24 June and Dubai until 30 June. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel?Aviv service on September 6. However, the launch date of Boston-Tel?Aviv, originally planned for October, has now been pushed back until further notice. FINNAIR Finnair has cancelled all Doha flights until October 2 and continues to avoid airspace in Iraq, Iran Syria, and Israel. The airline will resume Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resume of its flights to Doha and Riyadh to August 8th. Flights from Amman, Bahrain, Amman, Tel Aviv and Dubai will be paused for the remainder of the summer and resumed on October 25. When the flights resume, it plans to reduce service to Dubai, Doha and Riyadh to just one flight per day, and drop Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume the flights from July?1. SWISS delayed the return of flights to Tel Aviv until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi until October 24, as have SWISS, Austrian Airlines, Brussels Airlines, Beirut Airlines, Dammam Airlines, Riyadh Airlines, Erbil Airlines, Muscat Airlines, and Tehran Airlines. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut indefinitely and no new start dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines The carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services to Singapore-London Gatwick, and Singapore-Melbourne from late March until 24 October in order to "meet increased demand". TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Documents show that India Oil Corp is looking for gas and oil tankers from the Gulf to transport cargoes.
Tender documents show that Indian Oil Corporation, the nation's largest refiner, has issued tenders to charter vessels for the lifting of liquefied petroleum, gas and oil out of ports in the Strait of Hormuz. Documents show that the tenders are the first ones issued by IOC after the U.S. signed an interim agreement with Iran to end the war and reopen?waterway. They include chartering of a VLGC, a Suezmax tanker, and a VLCC. A VLCC carries about 2 million barrels. A Suezmax can carry about one million barrels. The document stated that IOC aims to?lift LPG from June 30 to July 4 in ports such as Ras?Laffan, Qatar, Mina Al Ahmadi, Kuwait, or?Ruwais, UAE. Documents show that the refiner wants to charter a VLCC for oil deliveries from Mina Al Ahmadi in Saudi Arabia between June 28-29 and a Suezmax to load cargo from Ras Al Khafji on June 29-30 for delivery to India's West Coast.
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Senator calls on FAA to refuse White House pressure and approve Trump arch
The top Democrat on the Senate 'aviation' subcommittee urged Federal Aviation Administration (FAA) to â€reject†White _House pressure and not approve the 259-foot tall Independence Arch proposed by President Donald Trump, saying that it could be dangerous for?commercial flights. The FAA must be firm in refusing to accept any inappropriate or irresponsible demands from President Trump, who wants to put the construction of his gaudy vanity arch above the safety and security of the American people. This was the message that Senator Tammy Duckworth sent to FAA Administrator Bryan Bedford on Thursday. According to the FAA, it was announced last week that the arch would require red safety lights but did not find any safety issues in its initial review. The proposed arch would be located 3,000 feet from Reagan National, and within the main approach and departure area of the airport. (Reporting and editing by Philippa fletcher; David Shepardson)
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Minister: Germany deploys ships in the Red Sea to possible Hormuz missions
Boris Pistorius said that Germany is deploying two ships in the Red Sea to prepare for a possible military mission in Strait of Hormuz. After U.S. president Donald Trump signed an agreement with Iran that ended a war which has disrupted the global energy supply, officials from the shipping and insurance industries called for the immediate deployment of mine-clearing ships to the Strait. As we speak, the?minesweeper Fulda is sailing through the Suez Canal to the Red Sea," Pistorius said as he arrived in Brussels for a meeting of his NATO counterparts. Pistorius did not specify a timeline, but said that Iran and Oman would need to approve any minesweeping mission before it could be undertaken. He added that the success of any such mission would depend on the progress made in the talks between Iran and America. Shipping and maritime security experts have said that clearing the strait of'mines' could delay the return to normal shipping by several weeks. Germany will also send underwater drones, divers, and teams to protect vessels. France and Britain are pushing for a multi-nation naval mission. Diplomats report that Iran is strongly opposed to foreign military presence on the waterway. It could also seek to impose transit charges on shipping, a red line for European powers. Athens has said it is ready to provide assets to help de-mine, but the government's spokesman Pavlos Marinakis stated on Thursday that "there was no concrete decision made at the operational level." Sheila Cameron is the CEO of Lloyd's Market Association. She said that the threat of mines was a major barrier to the return of trade. Cameron's association, which represents the interests of Lloyd's of London insurers, said that "ongoing monitoring of seaways" is necessary to "provide reassurance to shipowners and crew." Jakob Larsen is the chief safety and security officer at shipping association BIMCO. He said that both sides must give credible assurances before traffic can return to its pre-conflict level. The threat of mines remains a concern, both immediately and in the future. Mine-free routes must be established. (Reporting and editing by Kirsten Doovan, Bart Meijer Renee Maltezou Jonathan Saul, Sabine Siebold)
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Heatwave threatens to disrupt rail services between Madrid and Barcelona as a wildfire breaks out in Spain
Adif, the rail operator in Spain, said that a wildfire near a section of the high-speed train between Madrid and Barcelona was responsible for Thursday's disruption. The national weather service warned that the fire risk will increase sharply in the northern interior zones of Spain from Sunday. Last summer, Spain & Portugal?suffered the worst heatwave on record for 16 days and?helped to stoke devastating fires in forests. Scientists claim that extreme weather events are becoming more common due to climate change. Firefighters asked Renfe to suspend services between Lleida-Pirineus station and Camp de Tarragona at the request from Adif and Renfe. The fire broke out near the line between Les Borges Blanques & L'Espluga de Francoli in Catalonia in northeastern Spain. The weather agency has warned that temperatures will rise starting Saturday. They are expected to increase even more on Sunday in Galicia, the Cantabrian Coast, and in the North and Northwest. The Ebro Valley and major river basins could see temperatures of 38-40C. There is a chance that local temperatures may reach 42C on Monday. The?agency also stated that fire danger would increase due to dry storms and little rainfall, but that the intensity and duration of these storms remained unknown. Reporting by Emma Pinedo, Editing by Alex Richardson
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India's NSE IPO, which has been delayed for years, brings $2.6 billion to top investors
Investors ranging from India's state-owned banks to Singapore's sovereign fund to Canada's national pension manager will reap a windfall of $2.6 billion as India's National Stock Exchange moves forward with its long-awaited listing. NSE, the largest exchange in India and "the most active derivatives market in the world", filed draft papers for a IPO late on Wednesday after years of regulatory delays. The listing will consist of a pure sale, where existing shareholders offer to sell approximately 6% equity in the exchange. No new equity is raised. According to trading platforms, NSE currently has over 200,000 investors, and its shares are valued at around 2,000 rupees (about 21.18 dollars) on the unlisted market. This suggests an estimated valuation of $57 billion. The bourse is now poised to be the fifth most valuable in the world after London Stock Exchange Group. Three sources, including merchant banks, have said that the exchange could offer "shares" at a discount of 5% to 10% to private market values. They added that the valuation being discussed is about 1,900 rupees for each share. However, they declined to be identified because they were not authorized to speak with media. One source stated that "at this valuation, NSE will attract new investors without shortchanging current ones." Investor roadshows will help us make a final decision about pricing. The IPO, at 1,900 rupees a share, would have a value of $3.3 billion. It is one of India's largest public offerings, along with Mukesh Ambani Reliance Jio's IPO, expected to be valued around $4 billion. When asked about the valuation, NSE stated that it couldn't comment on anything other than having filed a prospectus for an IPO. Winfall Gains Based on the acquisition prices disclosed in a draft prospectus, the top 10 investors who offered shares are set to receive a windfall of $2.6 billion. State Bank of India will earn about 497.67 millions dollars in profits, while Morgan Stanley's MS Strategic (Mauritius) fund will gain about 29,34 billion rupees. Calculations based on disclosures from prospectuses and valuation estimates were used to make the calculations. Singapore's Temasek will make 20,67 billion rupees through its Aranda Investment division, while Canada Pension Plan Investment Board stands to gain 18,71 billion rupees. State Bank of India, Morgan Stanley and Morgan Stanley have not responded to requests for comment. CPPIB, Temasek and CPPIB declined to comment. Anubhav Dayal is the founder of Hong Kong-based Soach Global Corporation. He said that its flagship fund bought NSE first in early 2016, and now sells 20% of its holdings to provide liquidity for investors. It has been a good investment. Dayal added that NSE is a major investment for the company. "NSE will continue playing an important role in India's economy." GROWTH PROSPECTS AND REGULATORY Risks Sources said that the exchange will likely begin roadshows for IPOs in the next two months, and added that both domestic mutual funds as well as global funds have already shown interest. The revenue of the exchange?has doubled from April 2019 to April 2026, reaching 187 billion rupees. This is due to a strong increase in options trading. The growth of the exchange has slowed in recent years due to a series regulatory restrictions on derivatives. In its filing detailing regulatory risks, the exchange said that revenue could be negatively affected by government and regulator measures designed to?temper derivatives activity. In its IPO documents, NSE stated that growth?will depend on continued expansion of first-time investors and rising trading activity. Innovation in?derivatives? products, as well as a push towards commodities. Former NSE group president Ravi Varanasi now runs a consulting firm that advises Indian exchanges. He said NSE has a near-total hold on the cash markets, which gives it an excellent opportunity for long-term growth. Cash trading volumes will continue to increase as India's capitalisation grows, he said.
Waymo recalls almost 3,900 robotaxis due to the risk of them entering construction zones that are closed.
Waymo, the self-driving division of Alphabet, is recalling 3,900 robotaxis from the U.S. due to a software issue that could cause them to drive into a construction zone on a freeway.
This is the second?recall?by?Waymo?in just over a week.
The National Highway Traffic Safety Administration has issued a recall for more than 12 incidents that occurred in California and Arizona since early April, in which Waymo autonomous cars (AVs), did not recognize and drive past ramp closure signs in pre-planned "freeway construction zones" and freeway lanes where active construction was taking place.
The company initially implemented?restrictions on freeway driving until it improved its awareness of and response to closures. Waymo updated its vehicle software to prevent?entering construction areas.
Waymo announced in a Thursday statement that it "identified a area for improvement regarding performance around construction zones on freeways. Last month, we voluntarily restricted the operation of freeways while "making improvements."
Waymo recalled about 3,800 robotaxis last month because they could have entered flooded roads that had higher speed limits.
The recall was prompted by an April 20 incident in which a Waymo car drove into a flooded San Antonio lane during extreme weather. Waymo stated that the vehicle was not occupied and no injuries occurred, but the accident prompted the company's review of similar scenarios with high speeds and impassable roads.
Waymo issued several recalls in the past two years. These include?potentially inaccurately predicting a towed vehicles movement and?a vehicle’s detection of?response?to poles or pole-like objects.
Separately Waymo faces an NHTSA probe after one of their self-driving cars struck a child in Santa Monica, California near an elementary school, causing only minor injuries.
The National Transportation Safety Board announced in March that it was investigating a January incident?inwhich Waymo's self-driving cars illegally passed an?addressed school bus with its lights activated.
Waymo was recalled last December for illegally passing school buses that were stopped.
(source: Reuters)