Autodoc's IPO is set to value car parts retailer at $2.8 billion
June 17 (Reuters) - The planned initial public offering of Autodoc is set to value the German online parts retailer at as much as 2.4 billion euros ($2.78 billion), the company said on Tuesday.
The private placement is set at a price range of 58 to 61 euros, which amounts to a total market capitalization of 2.3 to 2.4 billion euros, it said in a statement.
Under the IPO, existing investors plan to sell shares for between 383 million euros and 403 million euros.
The first day of trading on the Frankfurt Stock Exchange is scheduled for June 25, preceded by a private placement between June 17 and June 24, Autodoc said.
The IPO, announced earlier in June, has come as a surprise after many firms previously suspended listing plans amid growing uncertainty from global trade wars.
($1 = 0.8644 euros)
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The Independent
26 minutes ago
- The Independent
Crash dummies used in car safety tests are still modeled after men despite higher risks for women
Maria Weston Kuhn had one lingering question about the car crash that forced her to have emergency surgery during a vacation in Ireland: Why did she and her mother sustain serious injuries while her father and brother, who sat in the front, emerge unscathed? 'It was a head-on crash and they were closest to the point of contact," said Kuhn, now 25, who missed a semester of college to recover from the 2019 collision that caused her seat belt to slide off her hips and rupture her intestines by pinning them against her spine. "That was an early clue that something else was going on.' When Kuhn returned home to Maine, she found an article her grandma had clipped from Consumer Reports and left on her bed. Women are 73% more likely to be injured in a frontal crash, she learned, yet the dummy used in vehicle tests by the National Highway Traffic Safety Administration dates back to the 1970s and is still modeled almost entirely off the body of a man. A survivor becomes an activist Kuhn, who is starting law school at New York University this fall, took action and founded the nonprofit Drive US Forward. Its aim was to raise public awareness and eventually encourage members of Congress to sign onto a bill that would require NHTSA to incorporate a more advanced female dummy into its testing. The agency has the final word on whether cars get pulled from the market, and the kind of dummy used in its safety tests could impact which ones receive coveted five-star ratings. 'It seems like we have an easy solution here where we can have crash test dummies that reflect an average woman as well as a man,' Sen. Deb Fischer, a Nebraska Republican who has introduced the legislation the past two sessions, told The Associated Press. Senators from both parties have signed onto Fischer's 'She Drives Act,' and the transportation secretaries from the past two presidential administrations have expressed support for updating the rules. But for various reasons, the push for new safety requirements has been moving at a sluggish pace. That's particularly true in the U.S., where much of the research is happening and where around 40,000 people are killed each year in car crashes. Evolution of a crash test dummy The crash test dummy currently used in NHTSA five-star testing is called the Hybrid III, which was developed in 1978 and modeled after a 5-foot-9, 171-pound man (the average size in the 1970s but about 29 pounds lighter than today's average). What's known as the female dummy is essentially a much smaller version of the male model with a rubber jacket to represent breasts. It's routinely tested in the passenger seat or the back seat but seldom in the driver's seat, even though the majority of licensed drivers are women. 'What they didn't do is design a crash test dummy that has all the sensors in the areas where a woman would be injured differently than a man,' said Christopher O'Connor, president and CEO of the Farmington Hills, Michigan-based Humanetics Group, which has spent more than a decade developing and refining one. A female dummy from Humanetics equipped with all of the available sensors costs around $1 million, about twice the cost of the Hybrid used now. But, O'Connor says, the more expensive dummy far more accurately reflects the anatomical differences between the sexes — including in the shape of the neck, collarbone, pelvis, and legs, which one NHTSA study found account for about 80% more injuries by women in a car crash compared to men. Such physical dummies will always be needed for vehicle safety tests, and to verify the accuracy of virtual tests, O'Connor said. Europe incorporated the more advanced male dummy developed by Humanetics' engineers, the THOR 50M (based on a 50th percentile man), into its testing procedures soon after Kuhn's 2019 crash in Ireland. Several other countries, including China and Japan, have adopted it as well. But that model and the female version the company uses for comparison, the THOR 5F (based on a 5th percentile woman), have been met with skepticism from some American automakers who argue the more sophisticated devices may exaggerate injury risks and undercut the value of some safety features such as seat belts and airbags. A debate over whether more sensors mean more safety Bridget Walchesky, 19, had to be flown to a hospital, where she required eight surgeries over a month, after a 2022 crash near her home in Sheboygan, Wisconsin, that killed her friend, who was driving. While acknowledging the seat belt likely saved her life, Walchesky said some of the injuries — including her broken collarbone — were the result of it pinning her too tightly, which she views as something better safety testing focused on women could improve. 'Seat belts aren't really built for bodies on females,' Walchesky said. 'Some of my injuries, the way the force hit me, they were probably worsened.' The Alliance for Automotive Innovation, an industry trade group, said in a statement to the AP that the better way to ensure safety — which it called its top priority — is through upgrades to the existing Hybrid dummy rather than mandating a new one. 'This can happen on a faster timeline and lead to quicker safety improvements than requiring NHTSA to adopt unproven crash test dummy technology,' the alliance said. Humanetics' THOR dummies received high marks in the vehicle safety agency's early tests. Using cadavers from actual crashes to compare the results, NHTSA found they outperformed the existing Hybrid in predicting almost all injuries — including to the head, neck, shoulders, abdomen and legs. A separate review by the Insurance Institute for Highway Safety, a research arm funded by auto insurers, was far more critical of the dummy's ability to predict chest injuries in a frontal crash. Despite the vast expansion in the number of sensors, the insurance institute's testing found, the male THOR dummy was less accurate than the current Hybrid dummies, which also had limitations. 'More isn't necessarily better,' said Jessica Jermakian, senior vice president for vehicle research at IIHS. 'You also have to be confident that the data is telling you the right things about how a real person would fare in that crash." The slow pace of changing the rules NHTSA's budget plan commits to developing the female THOR 5F version with the ultimate goal of incorporating it into the testing. But there could be a long wait considering the THOR's male version adopted by other countries is still awaiting final approval in the U.S. A 2023 report by the Government Accountability Office, which conducts research for Congress, cited numerous 'missed milestones' in NHTSA's development of various crash dummy enhancements — including in the THOR models. Kuhn acknowledges being frustrated by the slow process of trying to change the regulations. She says she understands why there's reluctance from auto companies if they fear being forced to make widespread design changes with more consideration for women's safety. 'Fortunately, they have very skilled engineers and they'll figure it out,' she said.
Daily Mail
2 hours ago
- Daily Mail
Shock gas price hike revealed as oil markets are rocked by Trump's Iran strikes - and it's set to get even worse
Gas prices at the pump are expected to rise a further five cents per gallon as the aftershock of US missile strikes in Iran continue to rock the stock market. National average gas prices rose five cents to $3.22 per gallon when Israel struck Iran's nuclear facilities last week, and experts have warned they're due to rise by a similar amount again as a result of Donald Trump 's intervention on Saturday night. Andy Lipow of Lipow Oil Associates told the Daily Mail that further retaliatory strikes from Iran could cause petrol prices in the US to rise to around $3.27 per gallon in the coming days. 'It usually takes about a week or two for the change in oil prices in the futures market to filter into the gasoline price at the pump,' Lipow said on Sunday night. 'Early when the market opened we were seeing futures up about 10 cents a gallon, but it's now only five cents a gallon, while diesel futures are up about 10 cents a gallon. 'Over the next week we expect gasoline prices overall will continue to rise another five to six cents a gallon. Lipow added that 'any retaliatory attacks could impact gas prices further'. GasBuddy expert Patrick De Haan also said on X that he expects gas prices to rise to a maximum of $3.50 per gallon, up from the current national average of $3.22. GasBuddy expert Patrick De Haan said average diesel prices have 'seen their biggest seven-day rise since August, 2023', increasing by 17 cents per gallon He said the average diesel prices have 'seen their biggest seven-day rise since August, 2023', increasing by 17 cents per gallon. The situation could also dramatically worsen if Iran closes the Strait of Hormuz, the sea passage out of the Persian Gulf which acts as a conduit for at least 20 percent of the world's oil supply. Iran's Parliament voted on Sunday in favor of closing the narrow passage - but the move is yet to be approved by the country's Supreme National Security Council. The final decision hangs in the balance, since closing the strait would also have devastating impacts for Iran's own economy. Donald Trump entered the conflict between Israel and Iran on Saturday night by using American warplanes to target Iranian facilities in Fordo, Natanz and Isfahan. Known as Operation Midnight Hammer, the strike involved more than 125 US military aircraft, along with submarines. Iran has warned that there will be repercussions, and Trump hit back by saying that any retaliation would be met with 'even greater force than what was unleashed today'. The Middle Eastern country launched more missiles on Tel Aviv in Israel on Sunday morning, and Iran's Houthi allies in Yemen also said they would join the retaliation. GasBuddy expert Patrick De Haan also said on X that he expects gas prices to rise to a maximum of $3.50 per gallon, up from the current national average of $3.22 There have already been hundreds of casualties. Iran's health ministry said Israeli strikes killed at least 400 people and injured 3,000, while at least 24 people in Israel have died in missile strikes from Iran. The conflict escalated 10 days ago when Israeli Prime Minister Benjamin Netanyahu launched attacks on Iran's nuclear and military strikes. Israel first warned people in Tehran's District 18, which comprises military buildings and residential neighborhoods, to evacuate. Hours later, the first volley of strikes were reported in the area. Netanyahu said the attacks, called Operation Rising Lion, targeted Iran's nuclear program. 'If not stopped, Iran could produce a nuclear weapon in a very short time,' Netanyahu said. Iran's Supreme Leader Ayatollah Ali Khamenei said Israel 'should anticipate a severe punishment', while its foreign minister called the strikes a 'declaration of war'.
Reuters
3 hours ago
- Reuters
Dollar firms as markets brace for Iran response to US attacks
SINGAPORE, June 23 (Reuters) - The U.S. dollar firmed slightly on Monday as anxious investors sought safety, although the moves were muted so far suggesting markets were waiting for Iran's response to U.S. attacks on its nuclear sites that have exacerbated tension in the Middle East. The major moves were in the oil market, with oil prices hitting a five-month high, while global stocks slipped in the first market reaction to the U.S. attacks over the weekend. In currency markets, the dollar advanced broadly against most rivals. It was up 0.25% against the Japanese yen at 146.415 after touching a one-month high earlier in the session. The euro was 0.33% lower at $1.1484, while the Australian dollar , often seen as risk proxy, weakened 0.2% to $0.6437, hovering near its lowest level in over three weeks. That left the dollar index , which measures the U.S. currency against six other units, 0.12% higher at 99.037. Sterling was 0.25% lower at $1.34175, while the New Zealand dollar also fell 0.24% to $0.5952. Carol Kong, currency strategist at Commonwealth Bank of Australia, said the markets are in wait-and-see mode on how Iran responds, with more worries about the positive inflationary impact of the conflict than the negative economic impact. "The currency markets will be at the mercy of comments and actions from the Iranian, Israeli and U.S. governments. The risks are clearly skewed to further upside in the safe haven currencies if the parties escalate the conflict." Iran vowed to defend itself a day after the U.S. dropped 30,000-pound bunker-buster bombs onto the mountain above Iran's Fordow nuclear site. American leaders urged Tehran to stand down while pockets of anti-war protests emerged in U.S. cities. In a step towards what is widely seen as Iran's most effective threat to hurt the West, its parliament approved a move to close the Strait of Hormuz. Nearly a quarter of global oil shipments pass through the narrow waters that Iran shares with Oman and the United Arab Emirates. "Markets appear to be treating the U.S. strikes on Iran as a contained event for now, rather than the start of a broader war," said Charu Chanana, chief investment strategist at Saxo. "The muted haven flows suggest investors are still assuming this is a one-off escalation, not a disruption to global oil supply or trade." While the dollar has reprised its role as a safe haven due to the rapid escalation in geopolitical tension, the relatively muted moves suggested investors remain wary of going all in on the greenback. The U.S. currency has dropped 8.6% this year against its major rivals as economic uncertainty from President Donald Trump's tariffs and concern over their impact on U.S. growth has led to investors scurrying for alternatives. In cryptocurrencies, bitcoin was up 1.3% in early trading after dropping about 4% on Sunday, while ether rose 2.3% on Monday after sliding 9% in the previous session.
