Latest News
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NYT: Musk wants SpaceX IPO banks buying Grok AI subscriptions
The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests for comment. JPMorgan Chase declined to comment. Goldman Sachs also declined. Citigroup, Bank of America and Citigroup did not respond. Morgan Stanley did not respond immediately to our queries. Bloomberg News reported a day before that the Starbase rocket maker in Texas had boosted its target valuation for an initial public offering above $2 trillion. This could be the largest stock market listing ever. The company hopes to raise $75 billion, which is a record amount. This would be a far cry from previous mega-IPOs like 'Saudi Aramco 2019 or Alibaba 2014'. (Reporting and editing by Bill Berkrot, Mark Porter, and Savyata Mihsra from Bengaluru)
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Afghanistan earthquake 5.9 causes eight deaths
The National Disaster Management Authority reported that eight people died and one child was injured when a house in Kabul collapsed following the earthquake in Afghanistan. The German Research Centre for Geosciences, GFZ, reported that an earthquake measuring?5.9 magnitude struck Afghanistan's Hindu Kush on Friday. GFZ said that the quake was at a depth 177 km (110 mi). Witnesses reported feeling strong tremors in the Indian capital New Delhi and Kabul, Afghanistan's capital. Afghanistan is surrounded by rugged mountains and therefore prone to natural disasters. The most deadly are its earthquakes, which kill?about 560 people a year on average. The 6.3-magnitude earthquake that struck the country in November killed at least 27 people and destroyed hundreds of homes. Mohammad Yunus 'Yawar, reporting from Kabul; Akanksha 'Kushi, writing in Bengaluru; Kanjyik 'Ghosh, in Barcelona; Kevin Liffey and Emelia Sithole Matarise editing.
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Emirates Global Aluminium estimates that full recovery of production from the attack could take up to a year
The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary aluminium industry to fully recover. PARTICULAR OPERATIONS EGA stated that the Al Taweelah refining plant, which produces alumina (the raw ingredient of aluminium), and the Al Taweelah Recycling Plant could restart some production sooner, "depending?on?the final?assessment of the site damages". The conflict in the Middle East has caused the price of aluminum to rise the most in almost two years. Benchmark three-month aluminum on the London Metal Exchange rose?10.4% in the last month, and reached its highest level in almost four years -- $3,546.50 a metric ton -- on March 12. The London Metal Exchange's benchmark three-month aluminium reached its highest level in nearly four years - $3,546.50 per metric ton - on March 12. Al Taweelah Aluminium Smelter of EGA will produce 1.6 million tonnes of cast metal in 2025. Al Taweelah is also home to an alumina refinery, which produced 2.4 millions tons of aluminium last year. Hatem Maher (Reporting) Tomasz Janovski and Barbara Lewis (Editing)
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Meloni, Italy's Meloni, visits Saudi Arabia, Qatar, and the UAE amid Gulf tensions and energy concerns
A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil & gas 'flows. Qatari liquefied gas covered about 10% of Italy’s total gas consumption before the war. Middle East oil made up around 12% last year of Italy’s total oil imports. Italy received a notification last week that its Gulf supplier would be halting LNG deliveries due to the near-closure?of the Strait?of Hormuz. They will not ship 10 cargoes?between?April and?mid June. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, told?that Iranian attacks had also crippled 17% of Qatar’s LNG export capability. Last month, QatarEnergy's?CEO and state minister for energy affairs told?ajungiaparatulletzten??letztenbackbackééletzten Two sources with knowledge of the situation said on Thursday that Italy would begin to receive liquefied natural gas (LNG), from the Golden Pass LNG facility in the United States, from June. (Reporting and writing by Giuseppe Fonte, Crispian Balmer and Gavin Jones).
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world food prices rose in March, reaching their highest level since last September. They could rise even more if the Middle East conflict continues to push up energy costs. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict continues for more than 40 days, and input costs are high, farmers can reduce their inputs, plant fewer crops, or switch to less intensive fertiliser crops. He added that "these choices will impact future yields, and shape our food supplies and commodity prices throughout the remainder of this year and the following years." FAO Food Price Index (which measures changes in global traded food commodities) rose 2.4% over its revised February level. The index is now 1% higher than it was a year ago. However, the value of the index has dropped by nearly 20% from its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in international wheat due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser costs. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Due to the timing of harvest and weaker import demand, rice prices fell 3.0%. Vegetable oil price increases are now at 5.1% for the third month in a row. The higher quotations for palm, soya, sunflower and rapeseed oils reflected the impact on rising global energy costs and expectations of stronger demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices?jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The price of meat increased by 1.0% in Brazil and Europe, with pig prices rising in the EU. In a separate document, the FAO raised slightly its estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Morocco will stop fewer illegal migrants in 2025 due to route changes
Morocco will prevent?6.4% less attempts by illegal migrants to reach?Europe in 2020 compared to the previous year. The interior ministry announced this on Thursday. It added that people are using different routes, and the problem is not going away. The ministry responded to questions via email that in addition to stopping 73,640 attempts at illegal migration, they also dismantled over 300 migrant smuggling networks. The Sahel region of Africa has been ravaged by conflict for years. High unemployment, and the impact of climate change in farming communities is also a factor that drives migrants to Europe. Morocco has long been a major starting point for African migrants who are trying to reach Europe through the Mediterranean or Atlantic routes or by climbing fences around the Spanish enclaves in northern Morocco, Ceuta or Melilla. The level of cooperation with Spain has increased Since 2022, Morocco and Spain have strengthened their cooperation in the area of undocumented immigration. This follows the resolution of a previous diplomatic dispute. A senior official from the directorate of migration and border controls said that following tightened controls migrants have 'begun to use other departure points in West Africa, and parts of the southern Mediterranean. The marked drop in interceptions indicates a gradual decrease in irregular migration flows, reflecting a steady 'drying out' of the migration routes transiting through Morocco," he stated. The ministry reported that Morocco saved 13,595 migrants from drowning at sea by 2025. Meanwhile, 4,372 irregular migrants participated in voluntary return programs to their countries of origin. The official stated that voluntary returns are a reflection of Morocco's "human centered approach" to migration management, which "strikes an balance between firmness & responsibility". (Reporting and editing by Barbara Lewis; Ahmed El Jechtimi)
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The PM's Office says that the UK will deploy Rapid Sentry air defense system to Kuwait.
The office of Prime Minister Keir Sterne announced on Friday that Britain is sending its Rapid Sentry air defence system to Kuwait in order to protect British and Kuwaiti interest in the Gulf. This follows an Iranian drone attack on a Kuwaiti petroleum facility overnight. Starmer and Kuwait's Crown prince Sabah al Khalid?al Sabah discussed the deployment in a phone call on Friday morning. A spokesperson for Downing Street confirmed this. The spokesperson stated that "the Prime Minister started by condemning the reckless drone attack overnight on a Kuwaiti oil refinery." "He reaffirmed that the UK stands by Kuwait and our Gulf allies." The spokesperson stated that the leaders discussed the deployment to Kuwait of the UK air defence system, designed to shoot down low-flying drones, and other aerial threats. This would protect Kuwaiti?personnel? and?interests? in the region while avoiding an escalation to a larger conflict. Starmer and 'the crown prince' also discussed a 'disruption of global shipping through Strait of Hormuz. They welcomed a meeting on Thursday, chaired by British Yvette Cooper to develop a plan for reopening the crucial shipping route. (Reporting and editing by Tomasz janowski)
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North American farmers are cutting back on their farm machinery to save money as the season of unprofitable growing approaches
Salespeople for farm machinery are closing out a disappointing season of farming shows in North America, as farmers prepare to plant their spring crops without much new equipment. Farmers are still buying but have cut back on big-ticket purchases due to the high cost of fuel, machinery and fertilizer. They also avoid purchasing expensive items because global grain gluts have driven down crop prices. The manufacturer Degelman Industries' Chad Jones said, "They may not buy a million-dollar combine but they will buy a $100,000 tool." He was standing in front of his yellow-painted rockpickers and rippers, as well as other equipment from the company, at Canada's Farm Show, held in March. According to the Association of Equipment Manufacturers (AEM), a group that represents the major players in North American agriculture, farmers are still spending, but at a much lower level than they did in previous years. The group said that in March, sales of large-ticket items such as tractors and combine were down between 30 %?and 40 % in the U.S. compared to last year. Farm machinery sales are being hammered due to the squeeze on farmer's finances, exacerbated by President Donald Trump's tariffs in his trade war that has increased the cost of production for already expensive machines such as tractors and combine harvesters. The items are made from a large amount of steel, and sometimes with imported components. Trump's administration plans to impose a 25% tariff, rather than a 50% one, on finished goods imported from abroad that contain aluminum and steel. This will increase the price of these products. Goods that are primarily made of steel and aluminum such as tractors and combine will still be subject to the 50% tariff in place since almost a full year. John Deere's official stated that in its latest quarterly earnings call the company estimated tariffs would cost $1.2 billion by 2026. He also said that 2025 tariff costs were not passed onto farmers. Trump called for price cuts from manufacturers last Friday to help farmers. Trump's tariffs may be the cause of the industry's woes, but they are not the only problem. Kip Eideberg of Association of Equipment Manufacturers said that the easiest way to reduce the price of machinery would be to "significantly scale back the tariffs which are hitting the manufacturer, and the retaliatory?tariffs which are hitting farmers." The trade wars between the U.S. and China have affected U.S. crop sales. The soybean export market has been depressed for several months, resulting in huge stocks and a drop in crop prices. Leigh Anderson, economist at Farm Credit Canada, said that the farmers were concerned about their profitability for the next growing season. This has led to a delay in replacing equipment. He said that farmers have delayed purchases and hung on to older equipment longer. The farm show in Regina showed that farmers were not interested, as they did not test drive tractors or other large machinery. The show attracted over 5,000 attendees, but many of the displays were quiet. Eideberg, from AEM, said that it is fair to say that the purchasing behavior has changed. AEM hopes to cut tariffs because it is difficult to lower the cost of machinery and fertilizer production once they are high. Eideberg said, "That is the immediate relief which will make a difference for both farmers and manufacturers." (Reporting and editing by Emily Schmall, Aurora Ellis and Ed White)
Mutual aid networks are growing as Trump cuts disaster response.
In November, the Trump panel will offer reform recommendations
The cities would struggle to replace federal funds
Mutual aid networks report a growing response.
By Carey L. Biron
Her neighbors were also in the same situation - if there were any doors left over after the storm of September 2017, which caused 3,000 deaths and $115 billion worth of damage.
Aviles-Vazquez stated that it felt like residents of the U.S. island territory were all alone, but they also had each other.
She said, "I could hate the neighbor but we couldn't get through this if we didn’t help one another."
Over the next few months, residents built mutual assistance networks and cleared roads, checked up on distant neighbors, and stabilised homes.
It became a chain, said Aviles-Vazquez. He is the founder of Agroecology Institut, which empowers farmers.
As climate change impacts have increased, hyperlocal responses and preparedness for natural disasters has gained more attention.
Now that President Donald Trump is looking to reduce the federal government's role in disaster preparation and response, the focus has increased even further.
In his first few days as president, Trump published a critical review of the Federal Emergency Management Agency. A panel will make recommendations for reforms by November.
Experts are worried that the panel may raise the threshold for requesting assistance or eliminate the agency altogether.
FEMA employees warned last month that the cuts were already having "cascading" effects on their agency's response capabilities.
Abigail Jackson, White House spokesperson, said in an email the FEMA's over-sized role had "created a bureaucratic bloat that disincentivised state investment in resilience."
She wrote that Trump wants to empower the "state and local government by enabling them better understand and plan for their citizens' needs, and finally address those needs."
"PERIOD of Uncertainty"
FEMA's purpose today is in large part a result of Hurricane Katrina, which was the most devastating natural disaster to hit the United States, and when the government response was criticized as being too slow. Sara McTarnaghan co-leads the work on climate change and communities at the Urban Institute.
She said that FEMA is now focusing on encouraging local communities to develop pre-disaster preparedness, especially in poorer areas.
She said that the future is uncertain.
"I have a lot of sympathy for the emergency planners at state and local levels. McTarnaghan stated that we are in an uncertain period and it is not clear yet what responsibilities will be required.
McTarnaghan, her colleagues and themselves found that the Trump administration's proposed changes - like halting federal aid for snowstorms- would result in more than 70% disasters no longer receiving presidential emergency declarations.
SBP, an organization that assists communities in recovering from disasters and helps them identify their priorities, develop plans, and raise money, works with local governments across nine states.
Reese May is the chief strategy and innovation office at SBP. She said that many Americans live in small and medium-sized towns where disasters are a possibility. However, their government has limited resources and cannot go to these communities to get information on their risks.
'LIKE WILDFIRE'
Local and volunteer groups report a surge in interest and demand for their services.
Team Rubicon was formed to aid in Haiti after the 2010 earthquake. It has grown from just a few volunteers to over 200,000 today.
Jeff Byard is the senior vice president for operations. "We do lots of hard, physical labor - repairing homes, removing debris," he said. "We want be the last ones out and first ones in."
Byard stated that Rubicon has increased its local work to prepare for funding and capacity gaps in the wake of federal reforms.
KD Chavez is the executive director of Climate Justice Alliance. This national network, which includes about 100 organizations, has said that communities are becoming more organized and recruiting volunteers as a result of natural disasters.
The alliance has developed a "brigade model" to receive disaster warnings directly from the field, and then respond with a surge of resources.
Chavez stated that "one of the deepest benefits of the Alliance is that we mobilize a lot of people on the ground when we're in the waiting period."
Organizers of another national group, Mutual Aid Disaster Relief say that its decentralized community response network includes hundreds of people who are in communication channels and working groups, and thousands of general volunteers.
It has also supported pop-up clinics and community air filter programs.
Devin Ceartas is an organizer with Triangle Mutual Aid in North Carolina, who participated in the Hurricane Helene response last year.
He said that mutual aid spreads like wildfire when people are passionate about it. It's a magical thing. "People truly come alive."
He said that Triangle Mutual Aid saw a surge in interest, with 500 new volunteers joining the organization after new floods hit the state in late July.
Ceartas hopes to take advantage of the momentum and make preparations, such as building crews or getting licensed to operate radio communication equipment.
Ceartas stated that "there's nothing FEMA can provide that's not already available and that people couldn't give each other."
(source: Reuters)