Latest News
-
FAA plans to change helicopter routes after fatal accident
After the mid-air collision between an American Airlines regional plane and an Army helicopter on January 29, which killed 67 people, the Federal Aviation Administration announced Friday that it plans to change helicopter routes near Ronald Reagan Washington National Airport. Nick Fuller, FAA official, said during a National Transportation Safety Board investigation hearing that a work group of the agency is planning to make changes on a major helicopter route near Reagan. This comes after the agency imposed permanent restrictions in March on non-essential operations and further restricted their operating areas in June. NTSB officials expressed concern about the "disconnect" that existed between the front-line controllers of air traffic and the agency leaders. They also raised questions about the actions taken by the FAA before the fatal accident, such as why reports about close calls incidents were not followed up with safety improvements. The board members also expressed concern about the FAA's failure to provide documents on a timely basis during the investigation into the collision in January. A board report stated that the NTSB was able to obtain details about the staffing levels in place at the time the crash occurred on January 29, "after much confusion and after a series corrections and updates by the FAA." The hearing lasted more than 30 hours and spanned three days. It raised many troubling questions including the failure of the primary control on duty to alert the American regional plane and the actions taken by an assistant controller, who was supposed assist the primary control. "That didn't happen and we are trying to understand why." No one knows what the person was doing at that time, said Jennifer Homendy, Chair of NTSB. Homendy claimed earlier this week that the FAA ignored warnings of serious safety issues. Homendy stated that the tower had told her of any safety risks. "You moved people out rather than taking responsibility for the fact that everyone in FAA's tower said there was a... Fix it. "Do better" FAA officials pledged to work with more collaboration and address concerns at the hearing. Senator Tim Kaine cited on Friday the concerns expressed by a FAA manager regarding the number of flights at Reagan Airport before the accident and the decision made by Congress to add five more daily flights last year. Kaine stated that "Congress should act to reduce dangerous traffic by removing all flights in and out of Reagan National".
-
Tesla ordered to pay $329 Million by Florida jury in fatal Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot and ordered Elon Musk’s automaker, to pay $329 Million to the family and survivor of the deceased woman. The jury in Miami ordered Tesla to pay Naibel Benavides León and her ex-boyfriend Dillon Angulo $129 million as compensatory damages, and $200 million as punitive damages. The lawyers for the plaintiffs claimed that this was the first trial involving wrongful death resulting from Autopilot. Plaintiffs sought $345million. Tesla has been involved in many lawsuits involving its self-driving vehicles, but most have been settled or dismissed before trial. Tesla's attempt to dismiss the case was rejected by a judge Early in the summer Experts said that this could encourage other plaintiffs to sue the EV manufacturer. Musk, the richest man in the world, could be hindered by Friday's decision. Investors: How to persuade them Tesla is a leader when it comes to so-called "autonomous driving" for private cars and robotaxis, which the company plans to produce next year. The shares fell by 1.8% on the Friday. According to reports, Tesla intends to appeal. Tesla, based in Austin, Texas, and its attorneys did not immediately reply to multiple requests for comment. The trial was based on an incident that occurred on April 25, 2019. George McGee drove a 2019 Model S, at 62 mph or 100 kph (100 km/h), through an intersection and into the victims parked Chevrolet Tahoe while they were standing next to it. McGee reached down to grab a phone he dropped in his car and received no alerts, according to reports. He then ran through a stoplight and a stopsign before crashing into the SUV of the victims. Philip Koopman is a professor of engineering at Carnegie Mellon University and an expert on autonomous technology. The jury's only option to rule against Tesla would have been to find a software defect in Autopilot. It's a huge deal." Angulo was said to have suffered serious injuries while Benavides Leon reportedly died after being thrown 75 feet. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but did not restrict its use elsewhere. Elon Musk also claimed in his statement that Autopilot was better than human drivers. He added that "today's verdict represents Justice for Naibel and Dillon's tragic deaths, as well as their lifelong injuries." Tesla's quarterly sales dropped by more than 10 percent last month and its profit missed Wall Street expectations. (Reporting and editing by Sandra Maler; Additional reporting and reporting by Tom Hals)
-
Tesla ordered to pay $329 Million by Florida jury in Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot. Elon Musk ordered his automaker to pay the $329 million in damages to the families of the deceased woman and the injured survivor. The settlement includes $129 Million in compensatory damages as well as $200 Million in punitive damages. Tesla was sued in court by Naibel Benavides León's estate and her ex-boyfriend Dillon Angulo. The lawsuit relates to an incident that occurred on April 25, 2019, when George McGee drove a 2019 Model S, at 62 mph (10 kph), through an intersection and into parked Chevrolet Tahoes while the victims were standing next to them. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but deliberately did not restrict drivers' use of it anywhere else. The verdict today is justice for Naibel and Dillon. Tesla did not respond immediately to comments. Reporting by Jonathan Stempel, New York; Editing Sandra Maler
-
Chevron CEO: Exports of Venezuelan crude oil to resume in this month
Chevron's CEO stated on Friday that the company expects to resume its Venezuelan crude exports to the United States this month. This follows a limited license issued by the Treasury Department this week to operate within the sanctioned nation and to do oil swaps. In a conference call to announce the company's quarter-end results, Chevron CEO Mike Wirth said that exports would begin with "a limited amount" and that he did not expect that flows will have a significant impact on the third-quarter results. Chevron has suspended its exports of Venezuelan crude oil since April when the state-owned PDVSA cancelled cargoes that it had planned for its joint venture partner due to payment issues related to U.S. sanctioned against Venezuela. In March, the U.S. administration of President Donald Trump revoked Chevron's license that was granted under former president Joe Biden. Trump's administration gave Chevron, along with a few PDVSA partners, until late May to complete transactions. Washington reinstated Chevron’s license last month after a successful prisoner exchange with Venezuela. Members of Congress in the United States also urged granting oil authorizations to stop Venezuelan barrels going to China. According to sources within the company, PDVSA has not yet authorized its European partners to resume operations or export oil into their refineries in Venezuela. According to vessel movement data, Chevron had exported around 250,000 barrels of Venezuelan crude per day in the first three months before the licenses were cancelled. This was 29% of Venezuela's total exports. According to U.S. officials and sources, the new authorization is similar in nature to that of Biden's license but prohibits payment to Venezuelan President Nicolas Maduro’s administration using any currency. Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the license. Sources said that the agreement is likely to include payment of mandatory royalties to Venezuela, either in kind or by way of oil swaps. Chevron could provide Venezuela with diluents. Shipping sources say that Chevron Venezuela also ordered a new inspection of PDVSA loading terminals before any vessel chartering contract. U.S. Gulf Coast Refineries Snapped Up higher volumes Ship tracking data revealed that in July, the United States imported Middle Eastern and South American crudes to compensate for the Venezuelan barrels lost. Matt Smith, lead oil analyst at Kpler, said: "Although deliveries will return to the U.S. within a short time, comments by CEO Mike Wirth suggest that we shouldn't be expecting a quick rebound to volumes seen earlier this year."
-
Democrats protest extra US scrutiny on solar and wind projects on public land
Four Democratic U.S. Senators, on Friday, criticized the directive issued by Interior Secretary Doug Burgum last month requiring his office review all decisions made on wind and solar projects on federal land. They said it would lead to delays and discourage investment at a time when power demand is increasing. The lawmakers claimed that the directive would create a bottleneck, and thereby halt progress in wind and solar power, which made up the majority of the new U.S. electricity added to the grid during the past year. The letter from Senators Martin Heinrich and Ron Wyden to Burgum stated that "rather than ensuring a process of efficient approval for all energy sources, this directive appears to actively disfavor renewable projects, in favor more expensive and more polluting technologies", such as fossil fuels. They called on Burgum to withdraw the directive and reinstate a transparent, timely and efficient framework for renewable energy. The Interior Department made no comment on the letter. A spokesperson stated that "the enhanced oversight will ensure that all evaluations are thorough, deliberative and comprehensive." Donald Trump has called solar and wind unreliable, expensive and has promoted policies to increase U.S. oil, gas, and coal production. Heinrich is the ranking Democrat in the Senate Energy Committee. He represents New Mexico which has abundant oil, gas and wind resources. Interior said that the review would include rights-of-way and leases as well as construction, permits, and other activities. Trump has taken several steps to limit wind and solar. His spending bill accelerated the phase out of tax credits for renewable energy sources by several years. Solar and wind companies said Interior's directive contradicted Trump's larger goal to reduce burdensome regulations, boost energy for data centers and artificial Intelligence which is increasing U.S. demand for power for the first time since two decades. The senators stated that the Interior Department of former President Joe Biden had reviewed more than 65 onshore clean energy utility projects. Nearly 200 others were in line, they added. (Reporting and editing by David Gregorio; Timothy Gardner)
-
Delta Air assures US lawmakers that it will not personalize its fares by using AI
Delta Air Lines announced on Friday that it would not use artificial intelligence in order to determine the personalized price of tickets for its passengers, after being criticized by U.S. legislators. Last week, Democratic senators Ruben Galego, Mark Warner, and Richard Blumenthal stated that they believed Atlanta-based airlines would use AI in order to set individual prices. This would "likely" mean that fares would increase up to the individual consumers' personal "pain points." Delta plans to deploy AI revenue management technology on 20% of its domestic networks by 2025, in partnership with Fetcherr. Delta informed the Senators via a Friday letter that it had never used or tested fares that target customers with personalized prices based upon personal data. "Our ticket prices never take into account personal information." The senators cited comments made by Delta President Glen Hauenstein in December that Delta's AI-based price-setting system is capable of setting prices based on "the amount of money people are willing pay for premium products compared to base fares." Robert Isom, CEO of American Airlines, said last week that using AI to determine ticket prices could harm consumer confidence. This is not about trickery. Isom stated on a earnings call that "this is not about tricks" and added, "talking about AI in such a way, I do not think it's right." It's certainly not something that we will do from American. Delta Airlines said that airlines have been using dynamic pricing for over three decades. Pricing fluctuates depending on factors such as overall demand, fuel costs, and competition, but not the personal information of a particular consumer. "With tens and millions of fares, hundreds of thousands routes available at any time, using new technology is a must." Delta's letter stated that "AI technology promises to streamline our analysis of existing data, and to increase the speed at which we are able to respond to changes in market dynamics." The letter said that AI could "assist [our] analysts with pricing, by reducing manual process, accelerating analyses and improving time-to-market for pricing adjustments." (Reporting and editing by David Shepardson, Chizu Nomiyama, and David Gregorio).
-
Delta won't use AI to determine personalized ticket prices
Delta Air Lines announced Friday that it would not use artificial intelligence in order to determine the personalized price of tickets for its passengers, following harsh criticism by U.S. legislators. Last week, Democratic senators Ruben Galego, Mark Warner, and Richard Blumenthal stated that they believed the Atlanta-based carrier would use AI in order to set individual fares, which "would likely mean fare prices increasing up to each consumer's individual 'pain points'." Delta plans to deploy AI revenue management technology on 20% of its domestic networks by 2025, in partnership with Fetcherr. Delta informed the senators that it has never used, tested or planned to use a fare product that targeted customers with personalized prices based upon personal data. "Our ticket prices never take into account personal information."
-
Six people arrested after roof collapse at Serbia Railway Station
Six people including a former Minister were arrested Friday for their involvement in the reconstruction of a train station whose roof collapsed in November, killing 16 people and triggering Serbia’s largest anti-government demonstrations in decades. Tomislav Mojii, the former minister of infrastructure, was arrested by the office of prosecutor for organized crime. The six men are suspected of inflating the invoices of a consortium consisting of two Chinese companies, China Railway International Co. and China Communications Construction Co. who were tasked with reconstructing the Novi Sad railway station and its tracks. The statement stated that the Chinese consortium was able to benefit $18.8 millions by inflating their invoices, and they are suspected of damaging state budgets by $115.6 Million. On December 11, 11 people including Momirovic’s successor Goranvesic were arrested on suspicion of committing an act against the public safety. The protests in Serbia, which followed the collapse of the roof, and the university closures, have shaken the government of President Aleksandar Vucic. A former ultranationalist, Vucic converted to the cause for EU membership in 2008. They demand that Vucic, and his party, be removed from power within 13 years. They accuse Vucic, and his allies, of having ties with organised crime and violence against rivals. Vucic denies these accusations. (Reporting and editing by David Holmes; Ivana Sekularac)
What Moscow could do if Trump stopped Russian oil exports to India
The U.S. president Donald Trump's request to India to stop Russian oil imports may threaten billions of dollars in Russian revenue, and Moscow could retaliate with the shutdown of a major U.S. oil pipeline. This could lead to another global supply crisis.
India, the third-largest oil importer in the world, is now the largest buyer of Russian crude oil. It purchases up to 2,000,000 barrels of oil per day, which represents 2% of the global supply. China and Turkey are also among the top buyers.
Analysts at JP Morgan stated this week that the Indian route was so vital to the Kremlin, if it were disrupted, it would prompt the Kremlin to take retaliation by shutting the CPC pipeline in Kazakhstan, which is owned by U.S. oil giants Chevron & Exxon.
The U.S. Bank said that Russia has leverage.
Trump has threatened to impose tariffs up to 100 percent on countries who buy Russian oil, unless Moscow agrees to a peace agreement with Ukraine before August 7-9. On Friday, a 25% tariff will be applied to all U.S. imports of goods from India.
Reports on Thursday indicated that Indian state refineries halted their purchases of Russian crude oil in the wake of Trump's threats.
REALIGNMENT
India has only been buying large amounts of oil from Russia since 2022, when it became the second largest oil exporter in the world. After Europe, Russia’s former largest client, banned Russian oil due to its military actions against Ukraine, India became the top importer. Rosneft, the Russian oil giant, has a large stake in India's largest oil refinery.
According to data from the Indian government, India will be 35% dependent on Russian oil imports in 2024-25. These imports are expected to total $50.2 billion.
Aldo Paribas' Aldo Spangjer said that cutting off the flow would require massive realignment in trade flows. He added that global supply is already stretched.
According to LSEG, India purchases all types and grades of Russian crude oil, including Urals and Sokol from Western ports and ESPO and Sokol in the Pacific, as well as some grades from the Arctic.
India would be the worst affected if it stopped buying Urals, as India purchases up to 70 percent of Russia's largest export grade. India's oil ministry said that the country could find an alternative supply.
India would have to increase imports of Middle Eastern and U.S. crude oil or reduce refining operations, which could lead to an increase in diesel prices in Europe.
Neil Crosby, from Sparta Commodities, said that Indian refiners may have to paring runs because they will struggle to replace heavy Russian crude.
Falling Income
Russia continues to sell oil despite international sanctions since 2022, even though it does so at a discount to global prices.
The fall in global prices has already put pressure on Russia's income. The finance ministry reported that its oil and gas revenues fell 33.7% on an annual basis in June, to their lowest level since January 2023. Calculations show that revenues will drop 37% in July as a result of lower global oil prices, and a stronger rouble.
The traders stated that if India ceases to buy oil, Russian companies will be forced to store it on tankers, pay extra for shipping costs, and offer large discounts to new customers.
Traders said that a loss of 2,000,000 bpd in exports could also prompt Russia to gradually reduce its oil production, which is currently at 9,000,000 bpd. Russia's production is currently regulated by OPEC+ quotas.
How can Russia respond?
JP Morgan reported that Russia could divert up to 0.8 million barrels per day of oil towards Egypt, Malaysia Pakistan, Brunei South Africa, and Indonesia.
Moscow could also interrupt the CPC pipeline in order to ensure that the West suffers the consequences of higher oil prices. ExxonMobil, ChevronShell, ENI, TotalEnergies and Chevron ship up to one million barrels per day via CPC. The pipeline has a total capacity of about 1.7 million barrels.
Crosby said that if we have a noticeable and substantial problem clearing Russian crude, and Putin shuts down CPC, the oil price could rise to well over $80 a barrel.
The CPC pipeline crosses Russian soil and the consortium clashed against Moscow which ordered that it suspend operations in 2022 or 2025 for several days citing environmental regulations and tanker regulations.
If CPC and Russian oil flows were to be stopped together, it would disrupt global supply by 3.5 million barrels per day or 3.5%.
JP Morgan stated that the Trump administration will find it impossible to sanction the second largest oil exporter in terms of causing oil prices to spike.
(source: Reuters)