Category: 3. Business

Elon Musk’s artificial intelligence firm xAI has deleted “inappropriate” posts on X after the company’s chatbot, Grok, began praising Adolf Hitler, referring to itself as MechaHitler and making antisemitic comments in response to user queries.

In some now-deleted posts, it referred to a person with a common Jewish surname as someone who was “celebrating the tragic deaths of white kids” in the Texas floods as “future fascists”.

“Classic case of hate dressed as activism – and that surname? Every damn time, as they say,” the chatbot commented.

In another post it said, “Hitler would have called it out and crushed it.”

The Guardian has been unable to confirm if the account that was being referred to belonged to a real person or not and media reports suggest it has now been deleted.

In other posts it referred to itself as “MechaHitler”.

“The white man stands for innovation, grit and not bending to PC nonsense,” Grok said in a subsequent post.

After users began pointing out the responses, Grok deleted some of the posts and restricted the chatbot to generating images rather than text replies.

“We are aware of recent posts made by Grok and are actively working to remove the inappropriate posts. Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X,” the company said in a post on X.

“xAI is training only truth-seeking and thanks to the millions of users on X, we are able to quickly identify and update the model where training could be improved.”

Grok was also found this week to have referred to the Polish prime minister, Donald Tusk, as “a fucking traitor” and “a ginger whore” in response to queries.

The sharp turn in Grok responses on Tuesday came after changes to the AI that Musk announced last week.

“We have improved @Grok significantly. You should notice a difference when you ask Grok questions,” Musk posted on X on Friday.

The Verge reported that among the changes made, which were published on GitHub, Grok was told to assume that “subjective viewpoints sourced from the media are biased” and “the response should not shy away from making claims which are politically incorrect, as long as they are well substantiated.”

In June, Grok repeatedly brought up “white genocide” in South Africa in response to unrelated queries, until it was fixed in a matter of hours. “White genocide” is a far-right conspiracy theory that has been mainstreamed by figures such as Musk and Tucker Carlson.

In June, after Grok responded to a query that more political violence had come from the right than the left in 2016, Musk responded “Major fail, as this is objectively false. Grok is parroting legacy media. Working on it.”

X was approached for comment.

The Commission’s new digital hub, launched by the EU under Regulation (EU) 2024/1789, is designed to help European companies secure critical resources while accelerating the transition to a low-carbon economy. It will serve as a central marketplace for energy and raw materials, starting with the launch of its first mechanism – the hydrogen mechanism. 

Garrett Monaghan, renewable energy expert at Pinsent Masons, said: “The mechanism will enhance security of supply while also enabling the decarbonisation of sectors such as industry and transport where reducing carbon emissions is both difficult and urgently needed.”

The hydrogen initiative, launched on 2 July, will match suppliers of hydrogen and its derivatives, such as ammonia, methanol and electro-sustainable aviation fuel, to offtakers, building on the success of the AggregateEU platform that achieved similar goals within the gas market. The platform will also perform a number of other services, such as displaying information about available financing solutions as well as collecting and using market data to assess supply and demand. The hub will also use market insights to support the development of infrastructure for hydrogen transport and storage, providing a platform for assessing potential interest in infrastructure projects.

By aggregating and matching supply and demand, it is hoped that the hydrogen mechanism will help firms identify infrastructure needs, access financial solutions, and build long term partnerships. The first round of matching supply and demand is planned for September, and the mechanism is authorised to operate under the European Hydrogen Bank until 31 December 2029.

The hydrogen mechanism is just the first step, with the Commission set to roll out additional tools in the coming months. This includes a raw materials mechanism – to help industries secure access to essential minerals and metals – and the gas mechanism – to support the transition from natural gas to renewable gases like biomethane. These mechanisms will be integrated into the same online hub.

Stakeholders can now register on the platform and subscribe to the hydrogen mechanism, with the Commission encouraging companies of all sizes – from energy producers to industrial consumers – to participate.

The platform is part of the EU’s broader strategy to reduce dependency on fossil fuels and to meet its climate neutrality target by 2050.

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What can the public do to save water?

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As the Trump administration barrels forward with its pro-fossil fuel agenda, and European and Asian governments and financial institutions debate whether to increase investments in U.S. liquified natural gas (LNG) projects, a report published today by Greenpeace USA, Earthworks, and Oil Change International highlights the climate threats and financial risks posed by five major new liquefied gas export projects proposed for the United States Gulf Coast, all but one of them still awaiting a final investment decision. 

“What we found was crystal clear – any further investment in LNG is not compatible with a livable climate,” says Andres Chang, Senior Research Specialist at Greenpeace USA and lead author of the report. “The massive growth in infrastructure along the Texas and Louisiana Gulf Coast has already created significant public health and ecosystem impacts, threatening entire coastal communities. But it doesn’t stop there. We believe this report shows that if built, these projects would put global climate goals even further out of reach.” 

The report analyzes five major U.S. LNG projects – Venture Global CP2, Cameron LNG Phase II, Sabine Pass Stage V, Cheniere Corpus Christi LNG Midscale 8-9 [1], and Freeport LNG Expansion – and finds that each and every one fails a “climate test” derived from models in the Department of Energy’s (DOE) 2024 LNG Export public interest studies. Contrary to industry claims, the report shows that decreasing methane venting and leaking during gas drilling, transportation, and liquefaction is not enough to make these projects “climate neutral.” 

“Focusing the Department of Energy’s model on individual US LNG terminals that are yet to be built, we found that they all result in increased greenhouse gas emissions because they pollute the climate, displace renewable energy, and drive up gas demand,” says Lorne Stockman, Oil Change International Research Director and report co-author. “It is very clear that governments, investors, and insurers must stop supporting the reckless LNG buildout now and instead invest in a rapid and just transition to renewable energy that will protect our communities from toxic pollution and climate-fueled superstorms.” 

Future administrations could revoke export authorizations that were rubber-stamped under Trump based on their failure to pass the DOE “climate test,” which introduces a new layer of uncertainty to these already-risky projects. This report adds to a rapidly growing body of evidence that financing U.S. LNG is not a sound decision for insurers, investors, or purchasers – something the EU and America’s Asian allies must keep in mind as President Trump pressures them to increase their imports of U.S. LNG under threat of sweeping tariffs. “Countries with climate commitments, such as those in the EU, should be very wary of the climate cost of importing US LNG,” says Dr. Dakota Raynes, Senior Manager of Research, Policy, and Data at Earthworks and report co-author.

“Fossil fuel dependency has long externalized its true costs, forcing communities to bear the burden of pollution, sickness, and economic instability,” says James Hiatt, founder and director of For a Better Bayou. “For decades the oil and gas industry has known about the devastating health and climate impacts of its operations, yet it continues to expand, backed by billions in private and public financing. These harms are not isolated – they’re systemic, and they threaten all of us. This report is a call to conscience. It’s time we stop propping up deadly false solutions and start investing in a transition to energy systems that sustain life, not sacrifice it.”

---

Notes:

Read the full report here. 

A recording of yesterday’s press briefing with authors, community members, and other subject experts can be found here. 

[1] As of the drafting of the report, all five were awaiting a final investment decision. On June 24, 2025, Cheniere Corpus Christi LNG announced a positive final investment decision. 

Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

Oil Change International campaigns to expose the true costs of fossil fuels and facilitate the ongoing transition towards clean energy. Oil Change International is dedicated to identifying and overcoming barriers to that transition.
Earthworks protects communities and the environment from the adverse impacts of mineral and energy development while promoting sustainable solutions.

Season Includes 19 Maiden Ports of Call, 3 Immersive Overnight Itineraries, 5 Grand Voyages, and a 133-Night World Cruise

A New Legacy Begins as Seven Seas Prestige™ Sets Sail on Its First Full Season

MIAMI, July 9, 2025: Regent Seven Seas Cruises^®, the world’s leading ultra luxury cruise line, has unveiled its 2027-2028 Voyage Collection featuring 234 new sailings that invite discerning travelers to explore the globe through immersive experiences that are Unrivaled at Sea™.

The new season spans Africa & Arabia, Alaska, Asia, Australia & New Zealand, Canada & New England, the Caribbean & Panama Canal, the Mediterranean, Northern Europe, South America and the South Pacific, offering guests endless opportunities to craft their own unforgettable memories. Guests can pre-register now at RSSC.com/2027-2028-voyage-collection, with reservations officially opening on July 23, 2025. Guests in the US and Canada who book by August 6 will enjoy a 50% reduced deposit. 

“Our 2027-2028 Voyage Collection is a celebration of discovery, delivering 234 new adventures for travelers to experience the world in truly immersive and meaningful ways,” said Jason Montague, chief luxury officer of Regent Seven Seas Cruises. “From shorter escapes to epic journeys, every sailing is designed to offer the perfect balance of enriching destination experiences and the unrivaled luxury of life on board—from spacious all-suite accommodations and personalized service to unlimited shore excursions, gourmet dining, and fine wines and spirits.”

Among the standout features of the collection are 19 new ports of call, 5 epic Grand Voyages, and the 133-night 2028 World Cruise which will sail aboard Seven Seas Splendor^® once more. Also included are 3 Immersive Overnight European itineraries—where every port of call offers an overnight stay—designed to provide deeper cultural connection and unhurried exploration.

Additional highlights include 6 roundtrip Tokyo sailings and 1 roundtrip voyage from Hong Kong, as well as a complete 32-night circumnavigation of Australia aboard Seven Seas Mariner^®. The collection also features 3 fascinating journeys through Africa and Arabia, and 10 transoceanic crossings for those seeking a classic seafaring experience with luxurious, uninterrupted days at sea.

The collection boasts 60 overnight stays in captivating destinations such as Lima (Callao), Peru; Reykjavík, Iceland; and Rio de Janeiro, Brazil. Guests will also have the opportunity to explore 19 new ports of call, including Nanaimo, British Columbia; Yeosu, South Korea; San Andrés, Colombia; and Scrabster, Scotland.

The 2027-2028 Voyage Collection will mark new ship Seven Seas Prestige’s™ first full season at sea, offering luxury travelers 44 unforgettable journeys through Northern Europe, the Mediterranean and the Caribbean. The ship will sail from iconic ports including Barcelona, Spain; London (Southampton), England; Rome (Civitavecchia), Italy; Athens (Piraeus), Greece; Miami, Florida; New York; Los Angeles, California; and Panama City, Panama.

Set for delivery in late 2026, Seven Seas Prestige marks Regent Seven Seas Cruises’ first new ship class in a decade. The 77,000-ton vessel is 40% larger than previous ships yet accommodates just 10% more guests—hosting 822 guests with 630 crew for exceptional space and service. All-balcony suites span 12 categories, including four new designs such as the 8,794 sq. ft. Skyview Regent Suite—the largest all-inclusive, ultra luxury, cruise ship suite in history. Guests will enjoy cuisine across 11 dining experiences, including the new Mediterranean specialty restaurant, Azure.

Regent Seven Seas Cruises is The Most Inclusive Luxury Experience^®, offering guests a seamless and indulgent experience from start to finish. The line’s ever-expanding array of included luxuries includes unlimited shore excursions in every port of call, exquisite cuisine across specialty restaurants and al fresco venues, fine wines and premium spirits, in-suite liquor with a daily replenished mini-bar, unlimited internet access, valet laundry service, onboard entertainment, pre-paid gratuities, and a one-night pre-cruise hotel package for guests in Concierge Suites and above. For those seeking an elevated experience, Regent’s Ultimate All-Inclusive Fare includes air travel, transfers between airport and ship, and Blacklane’s private executive chauffeur service—allowing for a personalized journey from door to deck. Onboard, guests revel in Unrivaled Space at Sea^®, with some of the most spacious accommodations and highest crew-to-guest ratios in the industry.

For more information, please visit RSSC.com/2027-2028-voyage-collection, call 1-844-4REGENT (1-844-473-4368) or contact your preferred travel advisor.

CONTINUES…

2027-2028 Voyage Collection Highlights by Destination

Africa & Arabia
Seven Seas Mariner^®

Guests can choose from 3 captivating voyages across Africa & Arabia, ranging from 14 to 21 nights in length. These sailings showcase the region’s beautiful landscapes, diverse cultures and histories, and unforgettable natural wonders, with calls in destinations such as Walvis Bay, Namibia; Luanda, Angola; Abidjan, Ivory Coast; Nosy Be, Madagascar; and Pointe des Galets, Réunion Island. Overnight stays in Port Elizabeth and Cape Town, South Africa, offer even deeper immersion into this remarkable corner of the world.

Alaska
Seven Seas Explorer^®, Seven Seas Splendor^®

The majestic wilderness of Alaska will be explored on 16 sailings aboard Seven Seas Explorer, offering guests the most luxurious way to experience the region’s awe-inspiring landscapes, wildlife, and natural wonders. Each 7-night open-jaw voyage either begins or ends in Vancouver, British Columbia or Anchorage (Whittier), Alaska. Highlights include calls to iconic ports such as Skagway, Juneau, Sitka, Klawock, and Ketchikan, along with unforgettable scenic cruising through the Inside Passage and past the towering ice of Hubbard Glacier. Seven Seas Splendor visits the region as part of the 2028 World Cruise itinerary, which will visit the maiden port of Nanaimo, British Columbia.

Asia
Seven Seas Explorer^®, Seven Seas Mariner^®, Seven Seas Splendor^®
Asia’s rich tapestry of cultures will be showcased across 22 voyages ranging from 8 to 19 nights in length. The collection features 6 port-intensive Japan sailings roundtrip from Tokyo, as well as a festive roundtrip Holiday Cruise from Hong Kong touring Vietnam, Brunei, and the Philippines. Guests will enjoy overnight stays in vibrant destinations including Singapore, Ho Chi Minh City, Bali (Benoa), and Mumbai, India. Additional highlights include calls to South Korea, Sri Lanka, Thailand, and the Maldives, along with three exciting new ports: Tokushima, Japan; Probolinggo, Indonesia; and Yeosu, South Korea.

Australia & New Zealand
Seven Seas Mariner^®, Seven Seas Splendor^®

Guests can explore the wonders of Australia and New Zealand on voyages ranging from 14 nights to an extraordinary 32-night circumnavigation of Australia, roundtrip from Sydney. Across the six voyages, guests will encounter a diverse array of unforgettable destinations, including Darwin and Perth (Fremantle) in Australia, the wildlife haven of Penneshaw on Kangaroo Island, and cultural hubs such as Wellington, Christchurch, and Rotorua in New Zealand. The majestic fjords of New Zealand’s Milford, Dusky, and Doubtful Sounds—some of the region’s most breathtaking natural wonders—are also showcased.

Canada & New England
Seven Seas Grandeur^®

Canada & New England’s charm comes to life across five enriching 11-night voyages, perfectly timed to capture the region’s vibrant fall foliage. These sailings appeal to those eager to explore America’s colonial heritage, take in spectacular coastal scenery, or indulge in the region’s famed shellfish. Ports of call include Bar Harbor, Maine; Boston, Massachusetts; Halifax and Gaspé in Canada’s Nova Scotia and Québec provinces; as well as Saguenay, Montréal, and the historic streets of Québec City. 

Caribbean & Panama Canal
Seven Seas Grandeur^®, Seven Seas Mariner^®, Seven Seas Prestige^™, Seven Seas Splendor^®, Seven Seas Voyager^®

Luxury travelers can experience the warmth and vibrancy of the Caribbean and Panama Canal across 30 voyages, departing from Miami, Florida, as well as Panama City, New York, and Bridgetown, Barbados. Spanning 7 to 25 nights, the collection includes 5 festive Holiday Cruises and 7 sailings featuring full or partial transits of the iconic Panama Canal. Itineraries explore both the eastern and western Caribbean, along with the Mexican Riviera, and include calls to idyllic destinations such as private island Harvest Caye, Belize; Gustavia, St. Barts; Falmouth, Jamaica; Puerto Limón, Costa Rica; Cartagena, Colombia; Kingstown, St. Vincent & the Grenadines; and the ABC Islands. Guests will also enjoy two exciting new ports of call: Cabo Rojo in the Dominican Republic, and San Andrés, Colombia.

Mediterranean
Seven Seas Grandeur^®, Seven Seas Mariner^®, Seven Seas Prestige^™, Seven Seas Splendor^®, Seven Seas Voyager^®

The ever-alluring Mediterranean invites guests to explore its fascinating blend of cultures, flavors, and history on 48 captivating voyages. Spanning 7 to 14 nights, the collection includes 2 Immersive Overnight sailings, allowing for deeper discovery with multiple days in select ports. Guests will visit storied destinations such as Barcelona, Spain; Naples, Italy; Venice (Fusina), Italy; Monte Carlo, Monaco; and Tangier, Morocco. The season also introduces 6 enticing new ports of call: Rovinj, Croatia; Reggio Calabria and Piombino, Italy; Milos, Greece; Canakkale (Dardanelles), Turkey; and Savona, Italy.

Northern Europe
Seven Seas Grandeur^®, Seven Seas Mariner^®, Seven Seas Prestige^™, Seven Seas Splendor^®, Seven Seas Voyager^®

Northern Europe unfolds across 31 enriching voyages – including an Immersive Overnight sailing – encompassing the storybook charm of the United Kingdom, the cultural intrigue of the Baltics, the dramatic beauty of the Norwegian Fjords, and the allure of Western France. Ranging from 8 to 18 nights, itineraries feature visits to captivating ports such as Liverpool, England; Reykjavík, Iceland; Paris (Honfleur), France; Amsterdam, The Netherlands; Edinburgh, Scotland; Cork (Cobh), Ireland; Copenhagen, Denmark; North Cape (Honningsvåg), Norway; and Tallinn, Estonia. This season also welcomes four new ports of call to the Regent portfolio: Scrabster and Aberdeen in Scotland, Hamina in Finland, and Greencastle in Ireland. 

South America
Seven Seas Voyager^®

South America invites Regent guests to discover the spirited cultures, vibrant rhythms, and exquisite flavors that define the continent. Across 3 voyages ranging from 14 to 21 nights, travelers will experience once-in-a-lifetime adventures along the Amazon River, the Antarctic Peninsula, Drake Passage, and the Chilean Fjords. Destinations include Lima (Callao), Peru; Recife and Manaus in Brazil; Montevideo, Uruguay; as well as overnight stays in the iconic cities of Buenos Aires, Argentina, and Rio de Janeiro, Brazil.

South Pacific

Seven Seas Splendor^®

The idyllic islands of the South Pacific are showcased on four extraordinary voyages ranging from 14 to 26 nights, offering guests the chance to explore this enchanting region. From the lush volcanic peaks of Tahiti and Bora Bora to the vibrant coral reefs of Fiji and the cultural richness of Tonga and Vanuatu, each itinerary promises unforgettable discovery. One sailing also visits the serene shores of Hawaii. New ports of call in the region include Alofi, Niue; Vava’u (Neiafu), Tonga; and Port Denarau, Fiji.

Transoceanic Voyages
Seven Seas Grandeur^®, Seven Seas Mariner^®, Seven Seas Prestige^™, Seven Seas Splendor^®, Seven Seas Voyager^®

Guests can enjoy multiple opportunities to cross the Atlantic Ocean in unparalleled luxury. Spanning 14 to 16 nights, these 10 voyages depart from and arrive at iconic American and European cities, featuring leisurely days at sea and captivating stops at scenic Atlantic islands.

ENDS

About Regent Seven Seas Cruises^® 

Unrivaled at Sea™ for over 30 years, Regent Seven Seas Cruises^® is the world’s leading ultra luxury cruise line. Carrying between 496 and no more than 822 guests, the line’s spacious and stylish ships - Seven Seas Explorer^®, Seven Seas Grandeur^®, Seven Seas Mariner^®, Seven Seas Navigator^®, Seven Seas Splendor^®, Seven Seas Voyager^®, and Seven Seas Prestige™, which is scheduled to be delivered in 2026 – form The World’s Most Luxurious Fleet^®. Offering Immersive Exploration™ in more than 550 destinations globally, guests travel the world in Luxurious Space featuring sumptuous all-suite accommodations, nearly all with private balconies, which are among the largest at sea. Regent’s signature Heartfelt Hospitality™ can be found throughout lavish public areas and expansive outdoor spaces, or while savoring Epicurean Perfection™ in a range of specialty restaurants and al-fresco dining venues. Delivering The Most Inclusive Luxury Experience^® Regent’s All-Inclusive Cruise Fares offer amenities such as unlimited complimentary shore excursions, exquisite cuisine, beverages including fine wines and spirits, entertainment, Starlink Wi-Fi, free valet laundry, gratuities, a one-night, pre-cruise hotel package for guests staying in Concierge-level suites and higher, and more. In addition, Ultimate All-Inclusive Fares include roundtrip flights with the flexibility to choose desired air class, transfers between airport and ship, and exclusive Blacklane private executive chauffeur service for guests to personalize their journeys. For more information, please visit RSSC.com, call 1-844-4REGENT (1-844-473-4368) or contact a professional travel advisor. Regent Seven Seas Cruises^® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH). To learn more, visit www.nclhltd.com.

Notes to editor: Images can be found here. Please use ©RSSC or “Images were provided by Regent Seven Seas Cruises^®”

Quinn PR Media Contact

Loren Duran

917-353-0949

lduran@quinn.pr

Regent Seven Seas Cruises Media Contact

James Arnold

Senior Director Communications, Public Relations, and Organic Social Media
Regent Seven Seas Cruises

+44 (0)7408 956315
jarnold@rssc.com

Released July 9, 2025

Stonepeak to join existing IFCO investor Triton, who remains a committed partner to the Company

MUNICH & NEW YORK & PULLACH, FRANKFURT AM MAIN – July 9, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement under which Stonepeak will acquire an ~50% co-controlling stake in IFCO Group (“IFCO” or “the Company”), a leading global provider of reusable packaging solutions for fresh foods, from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”). Triton, a leading European mid-market sector-specialist investor and existing investor in IFCO, will remain a committed partner to the Company. Together, Stonepeak and Triton will have joint and equal ownership and governance of IFCO.

Founded in 1992, IFCO today manages a global logistics system that utilizes over 400 million reusable packaging containers (“RPCs”) to enable more than 2.5 billion annual shipments of fresh fruits, vegetables, and other perishables from producers to retailers through a closed-loop, circular supply chain. The Company operates a network of approximately 140 service centers to wash and repair RPCs between trips. IFCO’s reusable solutions offer clear advantages over single-use packaging, providing cost, sustainability, and automation benefits to leading food retailers and producers. With a team of approximately 2,000 employees, the Company runs a global operation serving over 300 retailers and 18,000 growers in more than 50 countries.

“With the support of ADIA and Triton, IFCO has gone through a successful strategic and operational transformation and delivered strong growth. We want to thank both investors for their contribution and welcome Stonepeak as a new partner alongside Triton. Stonepeak’s expertise in critical infrastructure and proven investment strategy paired with Triton’s long years of sector experience and focus on digitalisation and sustainability will contribute largely to IFCO’s further growth, strengthening our market leading position globally,” commented Michael Pooley, Chief Executive Officer of IFCO.

“As the operator of the largest and most established logistics network for reusable packaging in the grocery supply chain globally, IFCO represents a critical component of the logistics infrastructure delivering fresh produce,” said Nikolaus Woloszczuk, Senior Managing Director at Stonepeak. “Its leadership position is underpinned by its network and scale, which deliver cost and sustainability advantages over single-use cardboard for retailers and growers. We believe the Company’s high-quality, market-leading platform has meaningful embedded and adjacent growth opportunities, and we are excited to partner with Triton and the IFCO team to accelerate this next chapter of growth at IFCO. With IFCO’s strong and growing presence in North America, the Company fits squarely within our infrastructure investment strategy for the region.”

“We thank ADIA for its support of IFCO and the trustful collaboration with Triton over the last six years and are looking forward to continuing our investment journey with Stonepeak. Together we share the same ambition to create value for our investors and portfolio companies. IFCO is at the core of Triton’s Business Services investment strategy, where we have many years of experience and in-depth sector know-how. We thank the IFCO management team and all employees for the great journey and their excellent contribution so far and will remain a committed investor as we are very excited about the Company prospects,” adds Stephan Förschle, Partner and Co-Head of Business Services at Triton.

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said, “ADIA invested alongside Triton in IFCO’s carve-out from Brambles in 2019. Since then, IFCO has built solid foundations for the future, based on strong operational performance and enhanced digital capabilities, and is well positioned for growth. We wish the Company, Triton, and Stonepeak continued success in the years ahead.”

The transaction is subject to customary regulatory approvals and is expected to be completed in the fourth quarter of 2025.

Citi is serving as financial advisor and Kirkland & Ellis is serving as legal counsel to Stonepeak. Bank of America and Morgan Stanley & Co. International PLC are serving as financial advisors and Latham & Watkins as legal counsel to ADIA and Triton. Freshfields Bruckhaus Deringer is serving as legal counsel to ADIA.

About IFCO
IFCO is a leading global provider of reusable packaging solutions for fresh foods, empowering customers to participate in the circular economy in 50+ countries. IFCO operates a pool of over 400 million reusable packaging containers (RPCs) globally, which are used for over 2.5 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread, and other items from suppliers to grocery retailers every year. IFCO RPCs ensure a better fresh food supply chain by protecting freshness and quality and lowering costs, food waste and environmental impact compared to single-use packaging.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Triton
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.

About ADIA
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information: https://www.adia.ae

Contacts

For IFCO
Inigo Canalejo
Vice President, ESG and Strategic Marketing
media@ifco.com

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Triton
media@triton-partners.com

HS2 construction contracts priced at £19.5bn have already cost £26bn despite being “just over halfway done”, the boss of the high-speed rail project has told MPs.

Civil engineering to build tunnels and cuttings for the 100-mile line should be almost finished but is closer to 60% complete, while only a third of the wider project – including laying tracks and wiring – is done, the transport select committee heard on Wednesday.

Mark Wild, chief executive of HS2 Ltd, said that while budget estimates had suffered from “optimism bias”, the company had “lost control of the programme”. He told the committee that the rush to start work in 2020 without balancing the risks in the contracts was the major reason for costs spiralling upwards.

Contracts were signed off in April 2020 and construction formally began five months later, before designs were finalised and local planning consents were in place, he said.

Wild, who started work last December, is currently engaged in a “reset” of construction, which he said would include reshaping his direct staff at HS2 Ltd, coming up with a credible schedule and budget, and renegotiating contracts in the autumn.

He said: “The bottom line is that, at the notice to proceed, the contractors could not price the risk. What we’re seeing is the crystallisation of risk: they should have cost £19.5bn, and we’ve already spent £26bn and we’re just over halfway done … Between 50% and 100% is the likely overspend.”

The line between London and Birmingham – initially designated phase one, but now the entirety of HS2 – was originally planned to open in 2026.

The schedule was subsequently postponed to between 2029 and 2033. But on Wild’s advice, Heidi Alexander, the transport secretary, told parliament last month that there was “no route” to full HS2 services until after 2033.

Wild told the committee: “If you lose control of the programme, you end up at the extreme end of optimism bias, which ends up in delusion … The problem with HS2 is we lost control of the programme.”

He added that Covid and inflation caused by Russia’s invasion of Ukraine had both had a significant impact on time and costs, but that HS2 had failed to manage costs.

He said the company was “unbalanced” and had “a significant gap” in its frontline workforce managing contractors, as well as having “too many consultants who’ve been there for too long”.

“We’ve ended up … locked in our own bureaucracy,” he said.

Also giving evidence, Lord Hendy said politicians had to be ultimately accountable for the decisions made. The rail minister told the committee it was unclear why political leaders had decided HS2 should be an “exceptionally fast railway”.

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While accepting that higher speed did increase potential capacity, he added: “It is hard to understand why there was such zealotry about the highest-speed railway in a relatively small country.”

HS2 trains will have a maximum speed of 225 miles an hour, though Wild suggested last month they start running at lower speeds to reduce the period needed for testing and potentially run services sooner.

Wild told the committee he was confident that HS2 could “get a reset” and that the company would keep budgets under control by no longer allowing “gold plating” or “first-of-a-kind technology” on the project.

He added that he was dealing with contractors who “are working across government and are part of a much bigger game than just HS2”.

With major contracts to be awarded on work such as the Sizewell C nuclear plant and upgrading the National Grid, Hendy said he believed firms would “lean in” to Wild’s plans.

He said some examples of what Wild called “gold plating” had already been scrubbed from the project, such as “air-conditioned platforms” as part of the first design for HS2’s London Euston terminus.

“Even Saudi Arabia doesn’t have air-conditioned platforms,” he said.

The CEO of X, Elon Musk’s social network, announced on Wednesday she would step down after two years in the role.

Linda Yaccarino wrote: “When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I’m immensely grateful to him for entrusting me with the responsibility of protecting free speech, turning the company around, and transforming X into the Everything App.”

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Musk, the CEO of Tesla and SpaceX, purchased Twitter in 2022 and later renamed it X.