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)
Trump EPA eliminates emissions limits for US automakers. State rules and lawsuits may follow.
The repeal by President Donald Trump of the federal climate regulations will free automakers of costly emissions standards at the tailpipe. However, the move may spark lawsuits or force businesses to navigate a future of uncertain state and regional rules. Trump's Environmental Protection Agency finalized on Thursday its repeal of "endangerment findings" for vehicles. This was a 2009 determination that greenhouse gas emission endanger the health of humans. The agency was given the authority to regulate vehicle emissions, and those from other sectors which produce or burn fossil fuels. Trump claimed that the "biggest deregulation action" of all time would save companies more than $1 trillion on compliance costs. Environmental groups criticized the move. It was praised by some industry groups, but met with caution by others.
The ten lawyers and analysts interviewed for the said companies are facing a bumpy road, citing impending court challenges as well as the possibility of a patchwork state and regional emission rules replacing one federal regulation.
Rob Bonta is the attorney general of California. The state has been considering a lawsuit. Matthew Leopold is an environmental lawyer at Holland & Knight, who was the EPA's general counsel under Trump's first presidency. He said that the strategies of companies to adjust to the repeal would depend on the speed with which legal challenges are brought before the U.S. Supreme Court and resolved. He said utilities, as well as other large emitters, will want to understand the implications.
This initial rulemaking, while focusing on motor vehicle regulations, will also have ripple effects on the other EPA programs. Leopold said, "It's the basis of all EPA greenhouse-gas regulation in all sectors."
The EPA relies on the finding of endangerment to regulate oil and gas operations, power plants and vehicle manufacturers. About half of U.S. emissions are from transport and power.
Trump called climate change "a con job" and withdrew the U.S. from international efforts against it. The U.S. is the largest emitter in history.
CAUTIOUS REACTION
The first Trump administration didn't want to revisit the endangerment ruling, because industry groups were against it and the then-EPA acting general counsel?David Fotouhi stated that the disruption would be too risky. In a Thursday press release, the EPA said that it was more bold this time, after Supreme Court decisions such as Loper Bright Enterprises v. Raimondo determined that Congress should be making these determinations, and not administrative agencies.
Some industry groups, including the Independent Petroleum Association of America (IPA) and the Marcellus Shale Association (MSA), praised the EPA's decision. Specialty Equipment Market Association (SEMA), a trade association for companies who supply equipment for vehicles with internal combustion engines, has said that the decision will "directly affect the range of vehicle choices available in the coming year."
Environmental groups condemned the move, and pointed out that major industry groups didn't seem to be in agreement either. David Doniger is a senior attorney at the Natural Resources Defense Council. He cited Ford's and Honda's public statements from last fall. Both automakers supported the decision to keep it in place for a stable regulatory climate.
Doniger stated that "they're concerned about the political pendulum swung back in a couple of years."
Honda has not responded to a'request for comments on the EPA decision. Ford applauded the administration's efforts to address the "imbalance" between the current emission standards and the customer choice, but stated that it had advocated for a single national standard rather than separate state standards.
The Alliance for Automotive Innovation said that the Trump endangerment bill repeal was not supported by the Alliance for Automotive Innovation on Thursday, but added "automotive emission regulations finalized under the previous administration are extremely difficult for automakers to meet given the current market demand for EVs."
The American Petroleum Institute stated that it did not support a repeal of endangerment findings, but supported the action taken by the administration to end the electric vehicle mandates.
Dustin Meyer, Senior Vice President for Policy and Regulatory Affair at API, said in a press release that the trade association supports federal regulation on emissions. This includes methane emitted by oil and gas operations.
He said, "Our current focus is on developing policies that will reduce emissions and meet the growing energy demand."
The Chamber of Commerce announced on Thursday that it would take a few extra days to study the new rule and its effects.
Marty Durbin is the president of Global Energy Institute, a part of the Chamber. He said, "We did not ask the EPA to revisit or rescind its 2009 Endangerment Finding. However, we will carefully review the details of this final regulation and engage with our membership to assess the implications and long-term impacts." Edison Electric Institute (EEI), which represents large U.S. utility companies, stated that they are reviewing the new rule and will continue to collaborate with the Administration in order to improve grid reliability and lower energy prices for all customers. Ann Carlson is an environmental law professor from the University of California Law School. She agreed that the federal authority to regulate greenhouse gas emissions would no longer preempt any state action.
She said that if greenhouse gases were not subject to the Clean Air Act then states could regulate them on their own. (Reporting and editing by David Gregorio; Additional reporting by David Shepardson)
(source: Reuters)