00:00The new European Union migration pact has come into effect on Friday,
00:05reforming migration and asylum rules after months of political wrangling.
00:11SpaceX, the rocket and satellite company controlled by Elon Musk,
00:15began trading publicly on the Nasdaq.
00:20The European Union's new immigration and asylums reforms
00:24have come into effect on Friday after months of political wrangling.
00:28The new rules are designed to boost member states' autonomy
00:31in response efforts to cases of irregular migration
00:34after several EU countries protested the old policy, calling it ineffective.
00:40The reforms are set to beef up security screenings at the border points in a major way.
00:45Member states can now undergo identity and security check processes
00:49lasting up to seven days and store biometric information in a database.
00:54The screening aims to determine who should receive an accelerated
00:58or a normal asylum application process
01:00and who should be returned to their home country or a transit point.
01:04The new measures will also roll in a new fast-track rejection model
01:08where decisions can be carried out expeditiously in a matter of days.
01:13A solidarity mechanism is now also in place to ease the burden
01:17off nations who receive the bulk of migrants like Greece, Italy and Malta.
01:22Other countries are now expected to take on at least 30,000 asylum seekers a year
01:28under this new relocation system
01:30or opt out by paying 20,000 euros per migrant for another country to process.
01:36Critics say the new system will de facto result in increased detention times for migrants
01:41and are designed to prioritize speed over international obligations,
01:45forcing humanitarian concerns to take a backseat.
01:51Occhio XIV landed in Tenerife on Friday for the final stop of his tour of Spain,
01:56focusing directly on the migration crisis affecting the Canary Islands.
02:00During a visit to the Las Reyes' reception center,
02:04the pontiff told hundreds of residents that migration is part of the human condition,
02:08stating that in one way or another, we are all migrants.
02:12Later, the leader of the Catholic Church met with organizations
02:15to issue an appeal for greater protection on dangerous sea routes,
02:19declaring that God's love knows no borders.
02:23Describing integration as a process of shared responsibility,
02:26the supreme pontiff explained that those arriving in a new country
02:30must learn the language, respect the law, get to know local customs
02:33and play an active part in community life.
02:37However, he warned that many still face a silent shipwreck after all,
02:41finding themselves alone and exposed to exploitation.
02:45Before concluding his trip with a massive open-air mass
02:48in the port of Santa Cruz de Tenerife,
02:50the Pope also delivered a direct message to human trafficking gangs,
02:53urging them to reflect on the suffering they caused and abandon the practice.
03:02The moment Wall Street has been anticipating all year is finally here and with a bang,
03:07as SpaceX began trading publicly on the Nasdaq
03:10in what has by some margin become the largest initial public offering
03:14in the history of financial markets.
03:17The Space Exploration Company opened its initial trading at $150,
03:22more than 10% above its IPO price of $135.
03:27But within just minutes of the IPO,
03:30shares were already quickly trading at close to $170.
03:34The company led and controlled by the world's richest man,
03:38Elon Musk, made available $555.6 million worth of Class A shares,
03:44valuing the company at a staggering $1.78 trillion.
03:48Speaking at the launch of the successful IPO,
03:51Musk admitted that he wouldn't believe that a company founded in a warehouse
03:55in El Segundo in 2002 would reach these heights.
03:59And let me tell you, if people had told me this was going to happen,
04:04I was like, man, you must be smoking some really good crack.
04:09Because I think this company is going to fail.
04:13I mean, I gave SpaceX less than a 10% chance of succeeding at all, to be clear.
04:26SpaceX going public has enriched Musk some $200 billion overnight,
04:31pushing him into uncharted trillionaire territory,
04:34according to Forbes' valuation, at a net worth of $1.1 trillion.
04:38The company is expected to be fast-tracked into the Nasdaq 100 stock index,
04:43consisting of 100 of the largest and most actively traded non-financial companies
04:48listed on the New York-based exchange.
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