Latest News
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Uber fined $8.5 Million in a key trial for driver sexual assault
Uber was ordered to pay $8.5 million by a federal jury in Phoenix on Thursday after it found the company liable in a lawsuit brought by a woman alleging she had been sexually assaulted. This verdict could have a significant impact on thousands of similar cases filed against Uber. The case was brought by Jaylynn Dean and it was the first trial of over 3,000 similar lawsuits filed against Uber in U.S. Federal court. Bellwether trials test legal theories, and can help determine the value of claims in order to reach a settlement. Dean, a?resident of Oklahoma, filed a lawsuit against Uber in 2023. This was one month after the alleged assault she suffered?in Arizona. She claimed Uber knew 'about a wave sexual assaults by its drivers but failed to take basic actions to improve safety for its riders. Such assertions have dogged the company for years, attracting headlines and congressional attention. (Reporting and editing by Alexia Garamfalvi, Ethan Smith, Diana Novak Jones)
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US watchdog reviews high failure rate of FAA air traffic training
In response to a chronic shortage of air traffic controllers in the United States, the Office of Inspector General of U.S. 'Transportation Department announced on Thursday that it would open a?a??probe into high failure rate among air traffic control training trainees. The Trump administration has promised to act to combat a chronic shortage of air traffic control personnel. About 3,500 air traffic control positions are not filled by the FAA. The FAA's air-traffic control training academy is facing serious problems. Many of its trainees are working six-day work weeks and mandatory overtime. Inspector General said that "attrition, retirements and 'program washouts' are severely affecting the overall success in increasing the number certified controllers." The failure rate among trainees was over 30% by 2024. The training academy faces many challenges, including a lack of qualified instructors, limitations in training capacity, outdated curriculum and high failure rates. FAA and USDOT did not comment immediately. This week, Congress approved funding for 2,500 new controllers to be hired this year. The inspector general reported that U.S. Transportation secretary Sean Duffy announced in February a campaign to “supercharge” controller hiring. This resulted in over 10,000 applications. OIG reported that more than 8,300 applications were sent to the FAA Academy, resulting in 600 trainees. The FAA academy graduates are given more training in?air traffic towers after they leave the academy. In December, the FAA noted that a 43-day government shutdown had hampered training efforts. The FAA said in December that a 43-day government shutdown had hurt training efforts and noted the high washout?rate. Duffy has taken several steps to "boost the controller staffing." The FAA offers controllers under 56 who are eligible for retirement a lump-sum payment of 20% of their base pay per year that they continue to work. The FAA increased the starting salary for candidates who attend the FAA Training Academy by 30% and has shortened the time to hire by more than four months. David Shepardson, Washington; Chris Reese, Chizu Nomiyama and Chizu Shepardson are responsible for reporting.
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US Attorney says it won't prosecute companies who cooperate with criminal investigations
The U.S. attorney in Manhattan said on Thursday that federal prosecutors will increase incentives for companies who cooperate during criminal investigations. This includes?promises to not prosecute them. Jay Clayton's comments at an "industry" conference come as the Justice Department scales back corporate crime enforcement under the Trump Administration and focuses on immigration and drug cases. Clayton, who spoke at the Securities Enforcement Forum held in New York, said that companies need to be aware of specific benefits to cooperating with U.S. authorities in eradicating?wrongdoers. This includes offering companies so-called Non-Prosecution Agreements, or NPAs - deals that Democrats have criticised in the past. He said: "Our approach is to sign an NPA as soon as possible, which calls for "continued collaboration." Clayton, an appointee by President Donald Trump, said that the new approach to?cooperation' would also benefit shareholders. He was the head of the Securities and Exchange Commission (a civil regulator) during Trump's initial presidential term and focused at that time on retail investors. He said that retail investors remain among his top priorities in white-collar crimes, and that he is also keeping an eye on misconduct involving small-cap stocks as well as private funds, prediction markets, and other areas. He said yes when asked if the so-called "event contracts" would be prosecuted. Clayton also criticised the past enforcement of the Foreign Corrupt Practices Act. This 1977 law prohibits U.S.-based companies from bribing officials abroad. Last year, the Justice Department suspended enforcement of the law and then resumed it in a scaled-back manner. Clayton criticised the law, saying it put the U.S. in a disadvantage compared to other countries. It also penalized companies rather than targeting individuals who were wrongdoing. Clayton stated, "I detest corruption by foreign officials." "I dislike the FCPA in its current form." Reporting by Chris Prentice; editing by Chizu Nomiyama
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HIF Global to save significant capital expenditure on Brazil's $4 billion hydrogen plant
HIF Global's Latin America Chief Executive said that the company expects to see a significant reduction in costs for its green hydrogen plant in Brazil, and hopes to secure funding for the first of four modules by the middle of next. Victor Turpaud, an interviewee, said that the 'e-fuels manufacturer' had?put up a price of $4 billion for the plant at Port of Acu in Rio de Janeiro, Brazil. However, they expect to reduce capital expenses by installing four modules in order to meet demand, rather than doing it all at once, and optimizing the installation process. Turpaud stated that "we have managed to reduce capital expenditure significantly." "We are now below $1 billion per module and continue to optimize until we reach well below $1. billion." Each module will produce 220,000 tons of methanol per year by splitting water molecules with electrolyzers and then combining this gas with carbon from industrial operations in the area. Methanol can be converted into e-fuels that, according to their supporters, are carbon-neutral and offer an alternative to existing fossil fuels such as gasoline. Turpaud stated that the site at Port of Acu is in the process of obtaining a permit for producing eKerosene, also known as E-sustainable Aviation Fuel (eSAF). While eSAF is still expensive to produce the costs are falling rapidly and Brazil could be a major producer and consumer, he said. Turpaud stated that electricity was not a viable option for decarbonizing air travel. Turpaud said, "The only way to decarbonize the huge aviation industry is by using SAF." Turpaud said that Turpaud believes the uncertainty over the rules and regulations governing decarbonization in transport?sectors - including shipping - is slowing down progress globally. He said that it is more difficult for an offtaker who does not know what the requirements of the other party are to agree to a long-term purchase contract for fuel for decarbonization. HIF Global is currently working on securing carbon dioxide supply agreements with companies that provide electricity and other businesses. Turpaud stated that "this year, we are focusing on closing these contracts so we can begin a financing program by the middle next year."
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Senators demand that the US disclose whether FAA administrator has sold stake in airline
Three Democratic U.S. Senators asked the Transportation Department on Thursday if the head?of the Federal?Aviation Administation has sold his shares of Republic Airways, and if he would be forced to forfeit any gains if he did not sell the stake by the required divestment deadline. Bryan Bedford, FAA Administrator at the time, said in December that he hadn't divested his shares but would continue to remain a recusant on issues that might impact the airline’s finances while he worked to sell his holdings. Senator Maria Cantwell said Bedford, who was previously CEO of Republic Airlines, violated his ethics agreement because he hadn't completed the sale of shares, despite having agreed to do so by October 7. Cantwell said, along with senators?Tammy Duckworth, and Ed Markey in a letter that was seen by, that the DOT'should initiate appropriate disciplinary or correctional actions?to deal with Mr. Bedford’s noncompliance. They also said: "A failure to hold senior DOT officials accountable in this case could send the message that they can ignore their ethical commitments with no consequences." The FAA stated that it would directly respond to senators. DOT didn't immediately respond to a comment request. In the letter, Bedford was also told that he "could receive a windfall of millions?of dollar by holding on to his Republic shares for months after his divestment deadline." Bedford, at the time of confirmation, reported that he held Republic shares worth between $6 million and 30 million dollars. Republic completed its merger with Mesa Air Group on November 25. Bedford said to the Senate Commerce Committee that he thought he followed the rules in asking for an extension and relied on the advice of career ethics officials. Bedford stated in December that they were waiting for new shares to be issued, at which time the company would divest them as soon as possible. Cantwell had earlier released an 8 December letter from the Office of Government Ethics stating that Bedford had failed to comply with the ethics agreement, and had requested an amendment in order to extend the timeframe for divestiture. OGE stated that the request was not up to the standard required for an amendment.
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Trump unveils TrumpRx Website on Thursday
The White House announced that President Donald Trump will unveil "TrumpRx.gov" on Thursday night. This website is intended to give consumers discounted access to prescription drugs and to be a key part of his efforts to reduce drug prices in the U.S. Sixteen of the biggest drug manufacturers in the world have joined forces to create a new global alliance. Deals with "most-favorable nation" In exchange for exemptions from U.S. Tariffs,?the Trump Administration will lower drug prices in the United States. These agreements will lower the?prices for Medicaid and cash-paying customers via TrumpRX. Those deals include Agreements with obesity drug makers Eli Lilly and Novo Nordisk will slash prices on?popular GLP-1 diet drugs. According to the government, these drugs would cost between $149-$350 per month for Americans on average. Karoline Leavitt, White House spokesperson, said in a X post that the direct-to consumer?website will be "state-of-the-art" and "will help save millions of Americans' money." The exact website functionality and how much money consumers will be able to save are not yet known. U.S. patients pay much more for prescription drugs, sometimes nearly three times as much, than in other developed nations. Trump has been pressuring drugmakers?to lower prices to levels that are paid abroad. Pfizer Inc. AstraZeneca Merck GSK and Pfizer Inc. are among the other drugmakers who have signed these deals.
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Cheniere submits application for massive LNG plant to be built in Texas
Cheniere Energy, the largest exporter of liquefied gas in the world. The company has submitted a request to build a 24 metric tons per year LNG plant in Corpus Christi, Texas. According to a Federal Energy Regulatory Commission filing, the proposed project will be an expansion of Cheniere's Corpus Christi?plant. The plant currently has a capacity of 18 mtpa but could soon produce?as much as 25 mtpa with the ongoing Stage 3 expansion expected to be completed by 2026. The project is an expansion of Cheniere Corpus Christi's?plant. It currently has a production capacity of 18 mtpa, but it could soon reach 25 mtpa. If the Stage 4 Project is approved, Corpus Christi's capacity will eventually rise to 49 mtpa. According to FERC's filing, the latest expansion will include adding four 'new LNG processing plants', or?trains?, which will produce each 6 mtpa LNG. Cheniere estimates that Stage 4 will require 3.3 billion cubic feet of gas every day. It hopes to receive federal approval for the project by May 2019. According to preliminary data provided by financial firm LSEG, the U.S. will export 111 million metric tons of LNG in 2025. The United States. The?U.S. Cheniere and Venture Global have been competing to be the first U.S. company to reach 100 mtpa. Cheniere currently has a capacity of 52 mtpa, with an additional 8 mtpa in construction. Venture Global's capacity is 40 mtpa, with an additional 28 mtpa in construction.
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Woman washed away by Storm Leonardo in Spain, man drowned in Portugal
On Thursday, Storm Leonardo lashed the Iberian Peninsula with torrential rainfall, prompting "more" flood warnings. A man died in a deluge while attempting to save his dog, and Spanish rescuers were searching for a woman who was swept by a river when she tried saving her pet. Leonardo is one of a half dozen winter storms that have hit Portugal and Spain in the past five years. Several people were killed, roofs were ripped off and towns flooded. Scientists say that flooding is becoming more common in Europe due to climate changes. The atmosphere is warming and retaining more moisture. In October 2024, 237 people died in Spain's Valencia Region due to unprecedented flash floods. Authorities in Portugal said that a man aged around 70 years old died Wednesday after his car was swept off a road near a dam on a flood-prone area. Authorities in southern Spain's Malaga Province searched for a woman who was dragged by the Turvilla River as she tried to save her dog. Yesterday, we spent all day and night searching. Manuel Marmolejo, Malaga's fire chief, said on Spanish TV that they found the dog but not the woman. "At First, We Thought It Was an Earthquake" The authorities ordered the evacuations of Grazalema’s 1,500 residents after water began to seep through the walls and steep streets of this popular mountain village. We were terrified. We thought at first it was an earthquake but it wasn't. The creaking was what we heard. Maria Fernandez said, "It was an awful night," as she swept the water out of her home. Juan Manuel Moreno of the regional government in Andalusia said that Grazalema received as much rain in 16-hours as the Madrid region receives in an entire year. Two reservoirs located down the mountainside from Grazalema?were in danger of overflowing. He said that authorities planned to drain the reservoirs. People in southern Portugal waded up to their waists through Alcacer do Sal when the river Sado broke its banks. Sandbags were stacked up in front of the doors of homes and shops to protect them from flooding. Anabela Ramalho said that everything was destroyed in the nursing home. She said, "Only walls remain." "There is a feeling that we can't do anything... "I don't recall seeing anything like that." Aemet, the state weather agency, predicts that Storm Marta will hit the region this weekend. Reporting by Jon Nazca, Miguel Pereira, and Emma Pinedo, in Gdansk; and Charlie Devereux and Alexandra Hudson, in Lisbon.
Urals diffs under pressure amid weak Indian demand
Urals crude differentials are under pressure after Thursday's'sellers' faced weak demand from India following a?trade?deal? that New Delhi made with Washington, which will result in India cutting purchases of Russian oil.
The Russian oil market is increasingly exposed to China, so traders were forced to offer greater discounts to China as the largest buyer of Russian crude oil.
The discounts on Russian oil exported to China have reached a new record this week, as sellers reduced prices to attract demand from the world's largest crude importer. They also cut their prices to offset the loss of India sales.
PLATTS WINDOW
Traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on the Thursday.
Trade sources reported on Thursday that India's Reliance industries?has purchased 2 million barrels from Vitol. This is its first purchase of Venezuelan oil in almost a year.
Reliance Industries partially unloaded a jet fuel shipment in Italy. This is?India's?first export to the area since a European Union ban on products derived Russian oil went into effect on January 21. (Reporting and Editing by Susan Fenton).
(source: Reuters)