Latest News
-
US bans Chinese airbag components linked to 10 fatal crashes
After ten fatal accidents, the National Highway Traffic Safety Administration banned Chinese airbag inflators that were substandard. They said they posed a serious risk to American drivers. The U.S. Auto Safety Agency said that it had been made aware of 12 accidents in the United States where there were deaths or serious injuries caused by ruptured replacement inflators manufactured in China by Jilin Province Detiannuo Automobile Safety System Co Ltd (also referred to as DTN) and illegally imported in the U.S. All the deaths have occurred in GM and Hyundai vehicles. In a NHTSA filing, the company said it "cannot prove that the inflators questioned" were manufactured by it. "Nor can it be proved?that accidents were caused by defective inflated." DTN stated that it had never sold any of the substandard inflators to the U.S. marketplace. The company cited NHTSA investigation findings that at least five Chinese companies produce these devices. NHTSA stated that the DTN airbag inflators failed in crashes where drivers survived. "Large metal fragments were sent into driver's chests, necks and eyes." The agency issued a?warning urgent to owners and repairers Shops in January. NHTSA reported that the latest death in Clarksdale in Mississippi occurred on February 16, in a '2020 Chevrolet Malibu. The replacement airbag inflators for nine of the fatal? NHTSA confirmed that three crashes were found in Hyundai Sonatas and two in used Chevrolet Malibus, but said they could not confirm whether the risk was limited to these models. NHTSA: "Whoever brings them into the country, and installs them, is putting American Families in danger." If you are a consumer who is?buying a used vehicle that was?in an accident where the 'airbag deployed, it should be checked. It should be inspected right away to make sure it's a valid NHTSA says that the replacement part is equivalent to the original.
-
Avis Budget's sixth consecutive day of declines follows a quarterly loss
Avis Budget shares were headed for a sixth consecutive session of declines after the car rental firm announced a second 'consecutive quarter loss' and a major investor slashed its stake. Stocks of the company have been on a roller coaster this month. Shares reached an all-time-high of $847.7 in April and then plunged about 80%. Analysts attributed the stock’s eye-watering rise to a “short squeeze” – where investors who bet against the company were forced to unwind their positions because of a rapidly increasing share price. According to data analytics company Ortex, short interest in the stock was last recorded at?around 69% of its total free float. This is down from an all-time record of 94.2% last week. Avis shares fell 7% last week to $169.2, a new four-week low. Stocktwits, a retail investor forum, ranked the stock as?the fifth trending ticker. The Parsippany-based New Jersey-based company reported a smaller first-quarter loss on Wednesday of $8.01 per common share, compared to a loss per share of $14.35 a year earlier. The U.S. rental car industry has continued to experience steady demand for their services, but profits have been squeezed due to high operating costs, increasing interest expenses, and increased vehicle depreciation. Avis, Hertz, and other companies have suffered losses due to their earlier investments in?electric cars. Weaker-than-expected demand has forced them to dispose of tens or thousands of EVs, sometimes at reduced prices, which accelerated depreciation. Filings?on?Tuesday showed that a major investor, Pentwater Capital Management had sold millions of Avis?shares?between April?22-April 23. LSEG data shows that two hedge funds – SRS Investment Management (SRS) and Pentwater (Pentwater) – own 64% of Avis’ total outstanding shares. Pentwater reduced its stake in Avis from 7.77 million shares to 4.33 millions shares. Pentwater didn't immediately respond to an inquiry for comment. Avis reported a 4% 'rise' in revenue for the first quarter, to $2.53 Billion, beating analysts' estimates of $2.43 Billion, according to LSEG. According to LSEG calculations the company recorded an adjusted loss per share of $7.85, compared to expectations of a $6.84 loss per share. (Reporting from Shashwat Chand in Bengaluru; Additional reporting by Shivansh Tiwary, Editing by Diti Pjara)
-
AerCap, a lessor of aircraft, says that high oil prices can bring about opportunities.
AerCap's head, who is the world's largest leasing company, stated on Wednesday that while higher fuel prices are not having a significant impact on airlines, they could benefit from a sustained spike. Aengus Kelley, AerCap's chief executive, said that demand for AerCap aircraft is strong and that airlines have not changed their behavior because of the Middle East conflict. In the first quarter, more than half of AerCap's 202 leasing deals were signed after the Middle East conflict began in March. Kelly stated that if jet-fuel prices remain at the current levels for a period of three to six month, airline 'profitability and balance sheet would be under pressure. This could potentially accelerate the retirement of older aircraft. He told analysts on a conference call that if fuel prices remain high for more than six months, AerCap will have additional growth potential. The company had beaten its first-quarter expectations and increased its outlook for the full year. He said that it was likely we would see more sale/leasebacks as airlines seek to fund growth, while prioritising cash and preserving liquidity. Kelly responded that AerCap did not agree to material assistance when asked if customers had requested concessions in order to offset rising costs. Kelly said that if fuel costs remain high, more requests may be made and they will be evaluated on a case by case basis. Kelly said that airlines that were able to reroute to Europe and Asia via the Gulf of Mexico, would be the "winners" in the current disruption. Kelly added that there was a strong demand for extra capacity. "But I wouldn't write off Middle Eastern carriers. They will return," he said. Reporting by Padraic HALpin. Conor Humphries, Mark Potter and Conor Humphries edited the report.
-
The largest US grid operator begins processing new power plant project
The largest U.S. grid operator –?PJM interconnection – announced on Wednesday that it would begin processing new power plant applications this coming week, after working through a backlog of years-long projects. PJM controls the flow on electricity transmission lines in 13 Midwest and Mid-Atlantic States. However, the company is experiencing electricity shortages because of a recent surge of power demand by data centers, which has outpaced new supply. The grid operator that serves about 1/5 of Americans began accepting applications for new power plants to connect to grid several months back. The deadline for submissions was Monday. PJM reported that the grid had received over 800 applications for new power generation projects to connect to its network under a newly reformed process of interconnection. PJM reported that 349 of the projects were battery storage. 157 were gas-fired power stations. 142 were solar farms. 65 were wind farms. Some 45 of the projects were hybrids between solar-storage and nuclear energy. Other projects included 11 projects that were hydropower and 45 others were classified as "other". David Mills, interim president and CEO of PJM, said: "We're encouraged by the variety of generation types seeking to join PJM's generation fleet." This is great news, because we are in need of all the generation that we can get. The new projects can generate about 220 gigawatts. After PJM became overloaded with projects that sought to?connect to grid, it effectively stopped reviewing applications in 2022 as it worked through the backlog of applications and implemented a number of reforms. According to an update released by PJM this month, PJM will have processed 170 gigawatts worth of projects by 2025. That's enough power to supply 130 million homes. PJM reported that 31% had been offered or signed agreements for grid connections. Some politicians and energy trade groups were critical of the decision to freeze the entry point into the grid for 2022. This was especially true among those who supported wind and solar power, which accounted for the majority projects that applied to PJM. "Reopening of the 'queue' is a welcome indication of 'progress. Our industry is eager to know if PJM can study and connect more energy projects in the future," said Jon Gordon. He is a senior policy director for Advanced Energy United which represents developers.
-
Walmart invests $350 Million in a third U.S. dairy processing facility
Walmart announced on Wednesday that it had opened a third milk processing plant in the United States, with an investment of more than $350m. This is part of a decade long effort to strengthen its perishables supply chain. The 'facility' in Robinson, Texas will process and bottle all sizes and types of milk for Sam's Club's Member's Mark and Great Value private label brands. Walmart says the facility will create 400 new jobs. The company will supply more than 650 Sam's Clubs and Walmart stores in the South Central U.S. Retail bellwether?has approximately 5,200 stores and club across the U.S. In early 2016, the company announced its first foray into milk processing, at a period when margins were being squeezed by high investments in labor as well as in e-commerce. Walmart also tries to keep prices low for consumers amid fierce competition from competitors such as Kroger. The first milk processing facility opened in Fort Wayne, Indiana in 2018 and the second in Valdosta Georgia in December of last year. As of fiscal 2025 more than two thirds of the company's total U.S. spending was on products?grown, produced or assembled on-shore. In 2024, Walmart also announced that it ?would build ?five new warehouses equipped with automation technology that can handle temperature-sensitive products like milk, meat and vegetables and ?fruits as it worked to speed up deliveries ?for groceries. Walmart's?delivery service is a popular choice for many Americans, especially those with higher incomes. The company reported that the number of shoppers who requested delivery within three hours or less was up by more than 60% during its fiscal 2026. In addition, the contribution to U.S. e-commerce sales almost doubled for their most recent quarter. Reporting by Juveria tabassum from Bengaluru, and editing by Shailesh Kuber
-
Avis Budget's sixth consecutive day of declines follows a quarterly loss
Avis Budget shares were headed for a sixth consecutive?session of declines Wednesday, after the car rental?firm announced a second successive quarterly loss. A major 'investor' also reduced its stake in the company. This month, the company's stock has been on a roller coaster, with its shares reaching an all-time-high of $847.7 in April and plummeting 78% since that date, in what is being called a "memestock" frenzy. Analysts attributed the stock’s eye-watering rise to a “short squeeze” – where investors who bet against the company were forced to unwind positions because of a rapidly rising share price. According to data analytics company Ortex, short interest in the stock was last at 69% of its?free float?, down from an all-time record of 94.2% recorded last week. Avis shares were down 4.4% in early trading to $ 174 and was the third trending ticker at Stocktwits, a retail investor forum. Parsippany in New Jersey reported a smaller first-quarter loss on Wednesday of $8.01 per shares, compared to a loss per share of $14.35 a year earlier. Filings from Tuesday revealed that between April 22-23, Avis's majority shareholder, "Pentwater Capital Management", had sold millions of shares. Data compiled by LSEG revealed that two hedge funds – SRS Investment Management and Pentwater – owned more than 64% Avis’ total outstanding?shares. Pentwater reduced its holding from 7.77 million to 4.33 million shares. Pentwater didn't immediately respond to an?request for comments. Avis reported a 4% increase in revenue for the first quarter, reaching $2.53 billion. This was compared to an average analyst estimate of $2.43 'billion. According to LSEG calculations the?company clocked a loss adjusted of $7.85 per?share, compared to expectations of a $6.84 loss per share. (Reporting from Shashwat Chand in Bengaluru; Additional reporting by Niket Nishan; Editing by Diti Pjara)
-
Transport Minister: Italy has enough jet-fuel until the end of May
Matteo Salvini, the Italian Transport Minister, said on Wednesday that Italy's jet-fuel reserves are enough to cover airport operations until at least the end of May. He also urged the European Union (EU) to relax its budget rules so governments can respond to the energy shortage. The 'Iran War' has disrupted Europe’s imports from the Middle East of jet fuel, raising fears about a shortage before the peak summer travel season. Since the U.S. and Israel's war against Iran began on February 28, the price of jet fuel is up 84%, but carriers are largely surviving the crisis. Salvini stated during a session of question and answer in the lower chamber of parliament that the jet fuel reserves in Italy are enough to operate at least until May 31. He also said: "We monitor the fuel supply chain on both a national and European level to ensure the system operates without interruption, at least through the summer." Salvini, the leader of the eurosceptic League, a far-right party, stated that Italy had "more fuel reserves" than most European countries, and was not in an emergency. However, he called on Brussels to take swift action. He reiterated Italian calls for an ETS review, saying that it would "help lower energy costs across the 'EU" and that the bloc needed to allow nations to adjust their budgets to the economic impact of the war. Reporting by Angelo Amante Editing Alvise Armellini & Peter Graff
-
Aena, a Spanish travel agency, warns that the Iran conflict has brought new levels of uncertainty to the travel industry.
Aena, a Spanish airport operator, said that the conflict in Iran and the potential for a jet-fuel crisis have created unprecedented levels of uncertainty ahead of the summer holiday season. Aena's CFO Ignacio Castejon told analysts that the company is awaiting greater visibility before it can provide an update regarding its current forecast for passenger traffic growth of 1.3% for this year. "We're seeing news of flights being canceled or airlines confirming that flight tickets are going up... We see many?trends. He said it was too early to place a figure on the situation, given the level of uncertainty. "I believe that this is the most uncertain I have ever seen in my professional career." Spain's tourism industry continues to be boosted by strong demand, as tourists avoid the Middle East. Airlines operating in Spain have increased capacity for the summer, but the industry has warned of a?potential risk from a fuel?supply?crunch that could affect travel. Many European airlines have warned of the high cost of jet fuel while the Strait of Hormuz remains closed, which is the route through which 20% of world oil is transported. Castejon stated that jet fuel and kerosene supplies had been secured to last the next few weeks. He said that "of course, everything?will depend on the duration of the war". Aena operates all airports in Spain, as well as in Latin America and Britain. It announced earlier Wednesday that its first-quarter profit had risen 9.3% compared to a year ago, as the passenger traffic into and out of Spain increased by 3.2%. The company reported that it 'booked a profit of 329.4 millions euros ($385.37million), exceeding the LSEG-compiled average of 325million euros. Aena shares dropped 3.9% after the company reported a first quarter EBITDA of 661 million euros ($773.57 millions), which was 3.1% lower than a consensus provided by the company. The first quarter revenue grew by 11.6%, to?1.47bn euros. This was slightly higher than the analysts' expectations of 1.42bn euros. However, expenses increased 14.7% due in part to higher employee costs.
Sources say that despite the attacks, Russian oil exports were steady in April, but may increase in May.
According to industry sources, Russia managed to maintain crude oil loadings in its western ports at the same level as March despite 'ongoing drone attacks.
Drone attacks on ports and pipelines in the Baltic Sea and Black Sea ports in late March or early April slowed down crude oil loadings, but not overall.
The estimated exports and transit shipments in April of Urals, Siberian Light, and KEBCO crudes from?the port of Primorsk?, Ust-Luga?, and Novorossiysk?, including carryovers from the initial schedule for March?and top-ups?, is around 2.2 millions barrels per day.
The data from the market showed that this figure is in line with the revised March number.
Crude exports were suspended from Ust-Luga on 'March 25 due to a series attacks. They resumed on 'April 7th. The traders reported that the loadings at the port were the lowest in the beginning of the month.
After a four-day suspension due to a drone strike, Novorossiysk resumed part of the crude and oil products trans-shipment process on April 9.
Market participants anticipate that Russia will be able increase its loadings by May due to seasonal improvements in the weather at ports, an accumulated crude oil surplus, and improved weather conditions.
Source: "There's a lot oil in the system. Everyone is interested in exports." New drone attacks on 'ports and pipelines could disrupt plans for increasing exports.
The resumption in crude oil supplies to Slovakia and Hungary through the southern 'leg' of the Druzhba pipe could also ease the pressure on Russia’s ports, as deliveries to these two countries may total up to 200,000 barrels of crude oil per day.
Even so, the halting of Kazakhstan's crude transit into Germany will result in an increase in transit volumes from Kazakh producers arriving at Russian ports.
Russia announced that it would divert oil supplies originally intended for Germany through the Druzhba Pipeline to other routes. (Reporting and editing by PhilippaFletcher).
(source: Reuters)