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Rail spikes hammered, bullet train being built from Sin City to the City of Angels

Yesterday marked the groundbreaking for the Brightline West passenger rail system, which aims to connect the Los Angeles area with Las Vegas. This 218-mile rail line, primarily following Interstate 15, is anticipated to be America's first genuine high-speed intercity rail network. The system is expected to accommodate approximately 30,000 daily passengers traveling between Rancho Cucamonga, California, and Las Vegas.

The electric trains operating on this route will be capable of speeds up to 200 mph, drastically reducing the typical four-hour drive to just over two hours. This follows the successful launch of a similar project by Brightline, which last year initiated a Miami-Orlando service where trains reach up to 125 mph. According to the International Union of Railways, high-speed rail is defined as rail services traveling at speeds of at least 155 mph.

The Rancho Cucamonga station will also provide connectivity to Southern California's commuter rail networks. With a budget of $12 billion, the project not only seeks to ease traffic congestion — over 44,000 vehicles were reported to cross the California-Nevada border daily in 2023 on I-15 — but also to enhance transportation efficiency in time for the 2028 Los Angeles Olympic Games. The entire project is slated for completion in four years.

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Apparel retailer Express files for US bankruptcy protection, to close over 100 stores

Yesterday, US apparel retailer Express Inc., known for its menswear brand Bonobos and lifestyle brand UpWest, declared Chapter 11 bankruptcy. As part of its restructuring plan, the company will close over 100 of its approximately 530 stores nationwide, with liquidation sales set to commence today.

Express has caught the attention of WHP Global, a management firm that owns Toys R Us, as an investor group led by WHP has expressed interest in acquiring a majority of the retailer's stores and operations. They have submitted a preliminary, nonbinding letter of intent to purchase Express's assets. In the meantime, Express has secured $35 million in debtor-in-possession financing from its current lenders, pending court approval, and an additional $49 million from the IRS, a relief effort from the pandemic era. Additionally, Express announced the appointment of a new chief financial officer.

Founded in 1980, Express has struggled with falling sales over the last few quarters. The retailer's recent financial challenges culminated last month when it was delisted from the New York Stock Exchange for not maintaining a minimum average global market capitalization of $15 million over 30 consecutive trading days.

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Israel's military intelligence chief quits over 7 October

Yesterday, Israel's military intelligence head, Maj. Gen. Aharon Haliva, resigned, acknowledging a failure to prevent the devastating Hamas attack on October 7, which resulted in the death of 1,200 Israelis and the abduction of over 250. Haliva is the highest-ranking Israeli official to step down following the incident.

In related developments, Israel is preparing for a large-scale military operation targeting the southern Gaza city of Rafah, where over a million Palestinians have sought refuge. This follows a recent report indicating that facilities run by the UN agency for Palestinian refugees have been exploited for political and military purposes, although Israel has yet to substantiate its claims that 12% of the agency’s 13,000 staff are affiliated with Hamas or similar groups.

In the U.S., Columbia University moved to online classes due to sit-in protests demanding the institution divest from companies linked to Israel. The protests, which led to numerous suspensions and arrests, have sparked controversy, including allegations of harassment against Jewish students. Similar protests at Yale University also resulted in multiple arrests.

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