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FedEx and Advent-led consortium secures more than 89% of InPost's shares in the takeover offer
InPost, a Polish parcel locker operator, announced on Friday that FedEx International, Advent International as well as other InPost shareholders had offered 89.81% of its shares. InPost?reported in a press release that the minimum acceptance threshold of 80% shares had been reached. The consortium agreed in February to purchase InPost for approximately EUR7.8 Billion ($8.95 Billion)?in a cash-only offer of EUR15.60 per equity share. After the transaction is completed, InPost's shares will be removed from Euronext Amsterdam. It is one of Europe's biggest networks of automated parcel lockers. The company operates in nine countries, including Poland. The company will continue to be known as InPost and keep its headquarters and management structure in Poland. Since 2021, the shares of 'its company have been under pressure due to intense competition in its home market and heavy investment expenditure?to support rapid growth.
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Major US airlines reject Air China's bid to schedule more US flights
Air China has been criticized by a group of major US airlines for its plans to schedule additional flights between Beijing and New York, Washington, as part of the President Xi Jinping meeting with Donald Trump. Airlines for America, which represents American Airlines, Delta Air Lines and United Airlines, opposed the request. US carriers are effectively prohibited from flying to China from the US eastcoast because they can't access Russian airspace. Chinese carriers, however, have the ability to fly some US flights. US Airlines said that adding two flights to the schedule would allow Chinese carriers to request additional regular flights, and they should be classified a 'charter flight. The US Transportation Department has proposed that in October 2025 Chinese airlines be banned from flying over Russia on routes between the United States and China. They claim the shorter flight times this practice allows puts American carriers at an unfair disadvantage. The proposal was withdrawn after it faced opposition from US agencies. USDOT and an attorney for Air China did not comment immediately. US airlines have long been critical of the decision to let Chinese carriers use Russian airspace to fly on US routes, because it allows them to reduce their flying time. It also burns less fuel and lowers costs. In its filing, released on Friday, the airline group said that Chinese carriers offer "shorter and less expensive routes?to and from China, as well as more economical flights?from and to the United States." In retaliation to Washington's ban on Russian flights over the US in March 2022, after Ukraine invaded, Russia has banned US airlines as well as many other foreign carriers. Chinese airlines are not banned, and they have used this advantage to gain market share over non-Chinese carriers in international routes.
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Brazil Police seize devices from former iFood Employee in Trade Secrets Probe
According to the investigator, Brazilian police conducted a search and seizure this week on a former iFood worker who was suspected of downloading confidential commercial data before leaving the company to 'join rival 99Food. This case is the latest in a larger investigation into allegations of corporate espionage within Brazil's multi-billion dollar delivery industry. Competition has increased since the entry Chinese-backed platforms Keeta and 99Food owned by ride-hailing company DiDi Global. Angelo Lages is the 'police inspector in charge of the investigation, who led the operation on Wednesday. He said that the purpose of the search is to collect electronic devices to conduct forensic analyses and determine what has happened to the data. 99Food stated that it takes these reports seriously and does not tolerate the use illegally obtained data. It also said the person targeted by this operation is not a member of its staff. Theft of Information Alleged According to the industry group Abrasel, iFood is owned by Dutch investment company Prosus and controls about 80%. Last year, it processed orders totaling about $20 billion. iFood, in recent months, has publicly accused rivals of attempting to gain confidential business information by paying third-party firms for paid consultations and former employees. iFood stated that this week's operations were the result of a complaint they filed involving a?alleged theft by a former worker of confidential and strategic commercial information. They also added that they are pursuing legal measures in order to protect their data and partners. Inspector Lages stated that the former employee resigned iFood by 2025, after informing them he was joining 99Food. He also noted that a later internal review revealed the download of strategic files just before his departure. According to Lages, the former employee informed officers that he was no longer employed by 99Food. He is now working as an independent consultant. Investigators also want to know if other individuals or companies had access to this information. ANTITRUST DISSPUTES Cade, Brazil's antitrust regulator, is currently dealing with a number of competition disputes. Keeta accused 99Food using exclusivity clauses and contract provisions which allegedly made it harder for restaurants operating across multiple platforms. Separately iFood asked Cade earlier this year to examine the expansion strategies Keeta's and 99Food's, alleging that they rely heavily on subsidies and sustained losses in order to gain market shares.
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Virginia tightens restrictions on data centers amid political backlash
Abigail Spanberger, the Governor of Virginia, said that as a result of increasing political backlash against'server warehouses and technology developed in them, Virginia is tightening its environmental, commercial, and permitting controls. Virginia, the state with the highest concentration of data centres in the world, has unveiled plans that include a ban on non-disclosure contracts and clean energy mandates for the projects. This move is in line with a series of similar measures taken by the governors of New York, Texas, and Pennsylvania recently to curb the rapid expansion of data centres, which are increasingly being built?to train artificial intelligence and deploy it. Spanberger said at a press briefing that Virginia's "Data Center Accountability Framework", which was announced in April, is intended to ease public concerns about the secrecy surrounding data centers' development and their impact on energy bills and the environment. "Community members demand action," Spanberger said. Data centers with a capacity of 25 megawatts and above would be exempt from the ban on non-disclosure contracts. The governor also said that data centers would be given incentives to develop solar and wind backup generators instead of diesel or natural gas-fired ones to help power their operations. The state legislatures will have to approve a part of the framework next year.
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Bloomberg reports that Aramco has halted October crude oil deliveries to certain European refiners following a pipeline attack.
Bloomberg News reported that Saudi?Aramco informed at least two European refinery?customers on Friday that they would not receive any crude?oil in the next?month due to an attack on Saudi Arabia’s main pipeline into the Red Sea. The report stated that European refiners usually buy Saudi crude under term contracts that guarantee monthly deliveries, but Aramco informed its customers that the next month's delivery will not take place. Saudi Arabia informed European customers earlier that some crude cargoes will be cancelled due to a 'drone attack' which shut down its East-West pipeline, damaged three pumping station and disrupted oil loading at the Red Sea Port of Yanbu. Orlen, a Polish refinery, has sought alternative crudes after the disruption. According to traders, Orlen purchased North Sea grades in order to replace disrupted Saudi imports. Could not verify the information. Saudi Aramco didn't immediately respond to a comment request outside of regular business hours. Bloomberg reported that Aramco is working to 'partially restart the pipeline in days and return it back to full capacity within six weeks. Saudi Aramco also increased crude exports from the Gulf via ship-to-ship transfers off Oman's Sohar port to offset volume losses due to reduced Red Sea shipments.
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London's marine insurance companies expand high-risk zone in the Black Sea as shipping attacks increase
According to a recent advisory, London's marine insurers have widened their high-risk area for the Black Sea as the conflict between Ukraine and Russia escalates. The Black Sea is an important route for the shipment of grain, crude oils and refined products. Russia, Ukraine, Bulgaria, Georgia and Romania all share its waters. In the last two months, Russia and Ukraine have intensified their attacks on each others' commercial shipping, escalating their five-year war. The Joint 'War Committee' (JWC), which is made up of syndicate members in the Lloyd's Market Association, and representatives from the London Insurance Company market, provides guidance to underwriters on insurance premiums. The JWC expanded its reporting requirements for the Black Sea to include the entire Black Sea area this week. "The coastal waters of Russia, Ukraine, and the Baltic States were already listed," Neil Roberts said in a note that accompanied the advisory on Thursday. Roberts is the head of marine and aviation at the LMA, and the secretary of the Joint War Committee. "However voyages in the territorial waters of neighboring countries still do not require notification." In recent weeks, war risk premiums have risen dramatically as a result of the attacks on dozens of ships in the Black Sea.
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The small English club Oxford Utd apologizes for the 'United 93 clothing line'
Oxford United, a third-tier English club, has withdrawn its clothing line featuring the slogan "United 93%" and apologized for not knowing 'its historical context. United 93 is the callsign of one of the hijacked passenger jets in the 9/11 Al Qaeda attack on the United States. The merchandise was meant to be a nod to the club's founding date of 1893. A club statement stated that the range was released "without an understanding of its historical context and associated associations." "It should not have been sold and we take full responsibility for failing to do proper due diligence. We have immediately removed the collection and are reviewing our processes to make sure that nothing similar happens again. We would like to record our'sincere apologies' for this mistake and any?offence that may have been caused. After being hijacked by terrorists on September 11, 2001, United Airlines Flight 93 crashed into rural Pennsylvania in Shanksville. All 44 passengers and crew were killed. The 2006 documentary "United 93" chronicled the tragic events of the plane's flight towards the US Capitol Building.
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Malaysian regulator will ask publicly traded firms to submit El Nino plans and is looking for deeper Middle East relations
Malaysia's Securities Commission will ask companies how they are preparing for El Nino, as it is concerned that businesses in the country may not be prepared for its effects. Forecasters warn of a super El Nino that could bring heat and drought to Southeast Asia. Conditions that are hotter and drier can affect crop yields, straining water supplies. This poses a risk to Malaysia's palm oil industry. "We are going to write to all major companies and ask: What is your El Nino Plan?" Mohammad Faiz said in an interview during an investor roadshow held in the UK. "And we'll then?have a conversation with them next to see if it worked or failed." Since a while, a number of regulators have required that companies disclose information about climate and weather impact. However, requests for specific events are typically not made public, even when they're made. Mohammad Faiz stated that the initiative will test whether climate-risk disclosures by companies translate into effective preparation. He argued many firms have not "seriously" considered how they would deal with drought, because Malaysia has historically abundant water resources. Separately he stated that the commission was?exploring closer ties with regulatory?in the Middle East in order to deepen Islamic financial links and channel more funds into Southeast Asia. In a first step regulators will examine the differences between how different jurisdictions classify stock as being compliant with Islamic Law, or Sharia. In July, Malaysia's Securities Commission signed an agreement that allows companies seeking dual listing to use one prospectus and a set of submission documents starting this month. Mohammad Faiz stated that Sarawak Energy is one of the IPO candidates which the commission encourages to consider a dual listing in order to achieve a higher valuation. He claimed that the company could reach a market valuation of $10 billion. Sarawak Energy didn't?respond to an?request for comments outside of office hours. Mohammad Faiz, when asked if AirAsia is on the regulator's watch list, said that he "neither confirmed nor denied" this. He added that the government has hired?consultants who will review the carrier's financials, though he wasn't aware of any plans to?takeover. AirAsia has not responded to a request for a comment. Tony Fernandes, AirAsia co-founder, said that the company had not been in contact with the government and that they did not require any bailout or rescue. Mohammad Faiz, speaking of the plans for the stock exchange, said that the government planned to increase the capitalisation of Bursa to 6.3 trillion Ringgit ($1.55 trillion), from the current 4.5 trillion Ringgit.
Trump's Freedom Trucks celebrate the US 250th Anniversary with a 'gift of God' message
In the six "Freedom Trucks," which will travel across the nation to celebrate America’s 250th anniversary, an AI-generated George Washington welcomes visitors. He says: "Thy Rights are a Gift from God," under a ceiling that reads "In God We trust."
The "Freedom 250", a fleet of mobile museums, have been parked from Washington State, on the west coast, to North Carolina, on the east coast, in anticipation of the Independence Day holiday. The trucks are part of what supporters call a 'year-long patriotic salute' to the American Revolution and nation it spawned.
Freedom 250's spokesperson Rachel Reisner stated that the organization is "sparking a unifying motion across all 50 States which celebrates the American Spirit and showcases America at its best." The trucks have also sparked some criticism. Local media in Massachusetts reported in June that residents in one town had objected against a Freedom Truck visit and it was cancelled. The critics say that the Freedom Trucks and other celebrations present an overly-religious version of American History and gloss over issues such as slavery and racism. Democrats claim that private donations and taxpayer money for Freedom 250 and the trucks are not accountable. The Institute of Museum and Library Services (an independent federal agency) provided a grant of $14 million for six trucks, which was paired with $10 million by Freedom 250.
On March 3, a group of U.S. Senate Democrats wrote to Interior Secretary Doug Burgum to ask why government funds were being directed to "a privately owned entity that is not accountable to the American people," and whether these funds are mixed with private funds, "potentially from foreign sources."
According to Senate staff, they haven't yet received a reply.
House of Representatives Democrats are investigating whether funds appropriated by Congress to fund "America 250" celebrations have been diverted instead to the White House Freedom 250 celebration. At a House of Representatives hearing, Democratic Representative Jared Huffman, of California, said that the soaring achievements of our secular, enlightenment based founding are obscured by a gauzy Christian nationalism fiction. He was speaking about Freedom 250 sponsored events, such as the truck museum. Republicans challenged Democratic characterisations during congressional hearings. Bruce Westerman of Arkansas reminded Democrats of a preamble to the Declaration of Independence that states: "We believe these truths are self-evident. That all men are equal, and that they are endowed with certain unalienable rights by their Creator." In May Public Employees for Environmental Responsibility filed a lawsuit against the U.S. Interior Department refused to answer a Freedom of Information Act Request for documents about Freedom 250 funding and activity. The group is also investigating reports that federal workers are being used to promote private entities, funds are being used to push a political agenda and Trump's access is being sold.
Aaron Lloyd, senior counsel at PEER, said that all the decisions about what events to attend, how much money to spend, and where money goes are in a "black box". "I want to see the documents from the government that show where money was spent."
The White House didn't directly respond to questions regarding the role of religion within the truck exhibitions or 250th anniversary celebrations. In an email statement, Davis Ingle stated that "2026 will see a renewed patriotism" and "national pride."
A "JUBILEE of PRAYER"
On May 17, a Freedom Truck with its side painted in the iconic painting "Washington Crossing the Delaware" was parked only blocks from the U.S. Capitol. It served as the anchor for a "Rededicate 250 : A National Jubilee of Prayer Praise and Thanksgiving." The White House website features a Freedom 250 page entitled "America Prays." The site encourages visitors to spend an hour per week in prayer for the U.S. The site lists "pray.com", as a participant organization. The social network for religious organizations says that it collects data about its users, which it could share with other firms.
Freedom Trucks was developed by Hillsdale College - a private Christian liberal arts school - and PragerU - a non-university that creates "edutainment", or content, promoting Judeo-Christian principles. PragerU created a video that?explores the ways in which elections can be robbed, showcasing mail-in ballots as a suspect, echoing Trump's widely debunked claims since he lost to Democrat Joe Biden in 2020.
"Pride Month: Why do we do this?" Another video. The June celebrations of LGBTQ communities were questioned.
PragerU has not responded to requests for comment regarding financial arrangements that it obtained from Freedom 250.
A RELIGION INFLUED BIRTHDAY CELEBRATION? Some historians question the relevance of religious presentations to the celebration of the 250th anniversary by the Trump White House.
Kate Carte is a Southern Methodist University professor of history who specializes in early American history. She noted that, during the American Revolution both Protestant "British" loyalists in the American colonies and the opposing "patriots", believed they were following their religious values.
Carte said in a phone interview last week that "the conflict between Britain's colonies and Britain really had nothing to do with the religion." She added that America's founding fathers were "very aware" that religion can be divisive and decided to avoid establishing a central religion. A study conducted by the Pew Research Center in 2023-2024 found that 62% of U.S. adult citizens identify themselves as Christians. The evangelical Protestants make up 23% of this group. This is more than any single faction. Around 29% of American adult are "religiously non-affiliated". Atheists, agnostics, and 19% of Americans who say they are "nothing" in particular make up this group.
The semiquincentennial of the United States is not just about religion.
The Trump administration is embroiled in court cases for its attempts to remove interpretive material from national parks, including exhibits on slavery and climate changes. People who remember the 1976 U.S. Bicentennial remember it as a more peaceful celebration.
Alan Spears is the senior director of Cultural Resources at the National Parks Conservation Association. He said that 50 years ago the U.S. did not engage in public discussions about the contributions made by its African American and indigenous people.
Spears added that "the 1980s changed this," adding that the country has moved away from portraying its history as "guys riding horses with swords." (Reporting and editing by David Gregorio; Richard Cowan)
(source: Reuters)