Long Petrol Queues Frustrate Tunisians

 Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
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Long Petrol Queues Frustrate Tunisians

 Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui

Frustrated motorists queued in long lines outside Tunisian petrol stations on Tuesday even after the energy minister had said a shortage would end on Monday with a new delivery of fuel.

Many petrol stations started running out of fuel over the weekend as imports slowed and national supplies dropped, leading to lines of cars stretching kilometers in some places, causing bad traffic in Tunisian cities.

Mohamed Neji, who had been waiting for an hour and a half in the Ariana district of Tunis, told Reuters he didn’t go to work on Tuesday.

“We’ve become like refugees in our own country,” he added, alluding to other shortages that have struck Tunisia in recent weeks including flour, sugar, butter, milk and cooking oil.

Tunisia faces a crisis in public finances. The influential labor union, which has branches in government and national supply sectors, says the state has struggled to pay for imports of goods that it sells at subsidized rates.

President Kais Saied, who moved to rule by decree after shutting down parliament last year and expanding his powers with a new constitution, has blamed hoarders and speculators for goods shortages.

Tunisia hopes soon to finalize a staff-level agreement with the International Monetary Fund for a rescue program that could also unlock billions of dollars in bilateral support from other countries.

However, it is not clear if it can push through the reforms that the IMF wants, including reductions in subsidies that are opposed by the labor union.

Tunisia’s petroleum reserves are sufficient for one week, down from the usual 60 days of strategic reserves, said Salouan Smiri, a senior official in the oil section of the UGTT union.

Near petrol stations in Tunis on Tuesday there was furious honking from cars as lines of waiting motorists blocked traffic lanes, with vehicles crammed into the spaces around.

Cars at many petrol stations were only allowed to fill up to 30 dinars ($9) worth of petrol, or about 13 liters. At some, petrol station workers were distributing petrol from plastic bottles to ease congestion at the pumps.

“I waited my turn for two hours. It’s a nightmare we live every day. I no longer have confidence in the state. It’s bankrupt, but they in government keep telling us everything is available,” said Zara, a woman waiting in Ariana.



flynas Says Direct Flights Between Riyadh, Milan Start Thursday

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)
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flynas Says Direct Flights Between Riyadh, Milan Start Thursday

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)

flynas has announced the launch of direct flights connecting Riyadh with Milan, SPA reported.

Starting Thursday, the airline will operate three weekly direct flights between King Khalid International Airport and Milan Malpensa Airport.


SpaceX Reveals Plans for What Could be Biggest-ever Initial Public Offering

FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
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SpaceX Reveals Plans for What Could be Biggest-ever Initial Public Offering

FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo

Elon Musk announced plans Wednesday for one of the biggest stock sales ever by taking public a space company that is currently losing billions of dollars a year.

A filing shows that his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have put it at $75 billion or so.

SpaceX, formally known as Space Exploration Technologies Corp., has said the money will help finance projects to put people on the moon and Mars in its quest to make humans an intergalactic species as they face existential threats that could wipe out civilization.

“We do not want humans to have the same fate as dinosaurs,” the filing states.

The prospectus reads in part like a Hollywood fantasy version of the future, detailing in one section how part of Musk’s compensation will be granted only if he maintains “a permanent human colony on Mars with at least one million inhabitants.”

Short of that, the stock sale alone could make Musk, a major owner who founded SpaceX in 2002, the world’s first trillionaire. Forbes currently puts his net worth at $839 billion.

In addition to making reusable rockets to hurl astronauts into orbit, SpaceX has other businesses, some successful, some struggling — and with plenty of questions marks.

The document shows that Starlink, the world’s largest satellite communications company, is a big source of cash for the company, generating $4.4 billion in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.

Among the struggling businesses are two Musk units that were recently acquired by SpaceX — his social media platform X, formerly Twitter, and his artificial intelligence business, xAI.

Those purchases were blasted by some SpaceX investors as bailouts because they are big money losers.

The prospectus said its AI business lost $6.4 billion in operations last year.

The original SpaceX business, making rockets and staging launches, has been helped by massive government contracts, which raises questions that could come back to haunt the company. Given Musk’s close relation to the Trump administration, government ethics lawyers and watchdogs have asked if he has gotten special treatment to win taxpayer money and whether that good luck will run out once President Donald Trump is out office.

SpaceX has won contracts worth $6 billion from NASA and the Defense Department and other government agencies in the past five years, according to USAspending.gov. The company noted in its filing that a fifth of its revenue last year was from the federal government, The Associated Press reported.

Musk was the biggest donor to Trump’s presidential campaign and is still a big backer despite their sometimes rocky relationship after his stewardship of the government cost-cutting effort called DOGE early last year.

Like many corporate CEOs, Musk’s compensation will go far beyond his annual salary, which was $54,080 in 2025 and has remained unchanged since 2019, according to the filing.

The prospectus says stock grants for him would be sliced into 15 nearly equal amounts — 67 million shares each — and would vest only as the company achieves preset market cap goals. In addition to the Martian colony, SpaceX’s stock market value would have to reach $7.5 trillion for him to receive the full award.

He would get even more stock awards if SpaceX manages to get giant data centers the size of football fields in space.

The document shows Musk will be able to exert big control over the business.

It says he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes for each share they hold. Those shareholders will be able, among other things, to elect a majority of the company’s board of directors.

“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX said in a warning to prospective investors.

SpaceX will be able to pitch the offering to investors — in what’s known in Wall Street parlance as a “road show” — 15 days after making its prospectus public. In this case, that works out to June 4.


Gold Eases on Higher Yields, Firm Dollar; US-Iran Talks in Focus

Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
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Gold Eases on Higher Yields, Firm Dollar; US-Iran Talks in Focus

Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)

Gold edged lower on Thursday as higher Treasury yields and a firm dollar weighed on the metal, while hopes of a resolution to the US-Iran conflict limited losses.

Spot gold was down 0.3% at $4,528.03 per ounce, as of 0611 GMT. Bullion had gained more than 1% on Wednesday after falling to its lowest level since March 30 earlier in the day.

US ‌gold futures for ‌June delivery fell 0.1% at $4,528.90.

The dollar rose ‌0.1%, ⁠making greenback-priced bullion expensive ⁠for other currency holders.

"Inflation expectation, rising yields, and stronger dollar are the headwinds keeping gold prices under pressure. And these factors will continue to remain in place until we get clarity on how long the conflict is going to persist," said ANZ analyst Soni Kumari.

Gold has fallen more than 14% since the war began in late February, as ⁠the non-yielding metal tends to decline on expectations of ‌higher interest rates.

Iran said it ‌was reviewing Washington's latest position on ending the war after US President Donald ‌Trump suggested he was prepared to wait a few days to "get ‌the right answers" from Tehran, Reuters reported.

The yield on the US 10-year Treasury bond was up 1 basis point at 4.578%, resuming its climb after snapping a three-day streak of declines.

Markets are increasingly pricing in possibilities of the Federal Reserve ‌tightening monetary policy this year, with a 39% chance of a 25 basis-point hike expected in December, ⁠per CME Group's ⁠FedWatch tool.

"The overall trend of 10-year US Treasury yield, since the start of early March, is still in a medium-term uptrend phase. Hence, gold bulls may not be so aggressive in beating up prices at this juncture," said Kelvin Wong, a senior market analyst at OANDA.

Minutes of the Fed's April meeting showed a majority of policymakers felt "some policy firming would likely become appropriate" if inflation stays persistently above the central bank's 2% target.

Gold is expected to remain weak in the upcoming sessions, with resistance seen at $4,645 levels and support at $4,456 levels, said Wong.

Spot silver was down 1.1% at $75.19 per ounce, platinum lost 0.9% to $1,933.13, and palladium fell 0.8% to $1,359.20