Latest News
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Lucid misses its first-quarter vehicle deliveries estimates due to supplier disruptions
Lucid 'Group missed Friday its expectations for the first quarter vehicle deliveries, hurt by an unauthorized supplier and a temporary sales halt. The company was unable to meet the demand for its luxury electric SUV Lucid Gravity during the third quarter because of a quality issue with the second-row seat. The company reported that it delivered 3,093 vehicles in the March 31st quarter. Visible Alpha analysts had predicted Lucid would produce 5,967 cars and deliver 5,237. Lucid's Chief Executive Marc Winterhoff said that deliveries were especially affected in February when they paused for a few minutes to "reverse the changes and inspect already produced vehicles." Lucid recalled 4,476 'Gravity SUVs' built between December 2024 and February 2020 earlier this week due to seatbelt welds not meeting safety standards. The shortfall highlights the gap between Lucid's ability to produce cars and its production capacity, which has plagued Lucid as well as other EV startups when demand falls. Winterhoff acknowledged that supply challenges are still a concern. The company's forecast to?produce 25,000?to 27,000? vehicles this year was conservative, suggesting a growth of up to 50%. It maintained this forecast on Friday. By 2025, the production will have nearly doubled. Lucid has also been battling a chip shortage, uncertain supplies and an October fire at an aluminum supplier.
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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)
Why is it important to attend the COP30 Climate Summit?
The U.N. Climate conference generates hundreds of headlines every year about global efforts to save the world from a climate catastrophe. The conference begins in Belem, a Brazilian rainforest city.
What exactly takes place at these annual summits, then? What you should know
WHAT IS A COP? The annual Conference is called a COP. This stands for Conference of the Parties who signed the U.N. Climate Treaty of 1992. The U.N. The Framework on Climate Change Convention, or UNFCCC, committed countries to work together to combat climate change.
The treaty established the principle "common, but differentiated responsibility", which means that the countries with the highest emissions of greenhouse gases have a greater obligation to solve the problem.
Brazil is currently the rotating presidency. It sets the agenda for the summit and works throughout the year to rally government leaders toward common goals and actions. The two-week summit is then hosted by the rotating presidency, now held by Brazil. This draws global attention to the problem while allowing national leaders to exchange ideas and be held accountable.
The annual summits are a hub for geopolitical, financial and civil society discussion. They project the idea of "a global village" which welcomes all nations, businesses, and financiers.
Why should we care about COP30 this year?
This year's climate summit is a momentous occasion for many.
Brazil hosted the Rio Earth Summit, where the UNFCCC Treaty was signed 33 year ago. The country has insisted that the event will return to its roots this year by acknowledging those who are most vulnerable, including indigenous groups. Some of these groups have joined the talks. Brazil has asked nations to focus on implementing past promises such as a COP28 commitment to phase out the use of fossil fuels, instead of making new ones. COP30 also marks the first time that the previous goal of preventing a warming over 1.5 degrees Celsius has been failed. Brazil chose to host COP30 at the Amazonian city of Belem in order to highlight the importance of the world forests, which remain targets for industries such as logging, mining and farming.
Who are the main players at the Summit?
The majority of national governments send teams. Many countries will speak in groups that share similar interests.
The G77+China bloc of developing nations and the Alliance of Small Island States, which faces an existential danger from rising seas are two of the most prominent voices.
The BASIC Group, which includes Brazil, South Africa and India, and the Africa Group are also influential. The United States, which announced in January that it would quit the Paris Climate Change Treaty, has now stepped down from its previous leadership role. China, Brazil, and other countries have filled the void.
What Happens at the Summit?
The sprawling COP Campus is often a hive, with campaigns trying to bring attention to their cause while corporations lobby for policy changes and seek business opportunities. This year, the side events were not held as usual. Instead, financiers met in Sao Paulo and local leaders in Rio de Janeiro. These events were held in conjunction with a gathering of world leaders at Belem to generate support and momentum in preparation for the COP30, which runs from November 10-21.
In the first week of the summit, negotiators from each country will set out their priorities and assess one another's position. Themes will begin to emerge as countries and companies announce their action plans and financial pledges for projects.
During the second week of negotiations, national ministers are usually present to discuss final decisions and legal and technical details.
This sounds easy, right?
The COPs are rarely smooth, as countries compete for deals that suit their national interests and draw red lines. Sometimes the talks can stall and cause acrimony.
Negotiators spend many nights in frantic sessions to find compromises. The countries then reconvene and approve the decisions by consensus rather than unanimity.
The closing session, which is marked by the hammering of a gavel, almost always takes longer than expected - sometimes even several days. Bring snacks. (Reporting and editing by Kati Daigle, David Gregorio, and William James)
(source: Reuters)