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Russian fuel crisis leads to rush for Chinese electric vehicles
A Moscow car dealer is struggling to meet the 'demand' for new electric vehicles imported from China, as drivers try to avoid a fuel shortage that has caused long queues and skyrocketing prices in much of Russia. In recent weeks, the escalating Ukrainian attacks on Russian energy infrastructure has caused gasoline and diesel to be restricted in many regions. According to calculations, retail gasoline prices have reached some of the highest levels ever recorded in Europe. The Russian EV market has been slowed by the harsh climate and distances in Russia. Some motorists are switching to EVs because of the rising fuel costs. EN Cars, a company that specializes in Chinese brands, sells two to three EVs a day. This is up from two to three a week just a few short weeks ago. He said that the demand for both budget and premium vehicles has increased since fuel prices have become more complicated. Sergei Udalov executive director of the analytical agency Autostat said that sales volumes of EVs, plug-in hybrids, and electric vehicles are increasing, but they remain low because manufacturers and importers weren't ready for this gasoline crisis and didn't have enough inventories. He said, however, that if this crisis persists, the sales of Chinese goods will grow significantly in the near future. SALES ACCELERATING - The showroom was filled with electric SUVs from Chinese automaker Geely. Fuel prices were up by more than 12% between January and April, which led to a rise in demand for EVs. Autostat reports that the top-selling EVs and hybrids in Russia are from Chinese manufacturers Geely Dongfeng GAC and Chery. Evolute is the top-selling EV in Russia, and is made from Dongfeng assembly kits. According to Autostat and Ministry of Industry and Trade, the number of plug-in hybrids sold in the five months of this year was 24,600, an increase of?125% on the previous year. Meanwhile, the sales of fully electric vehicles rose by 19%, to 4,460. Fuel shortages accelerated sales in June. According to Autostat's Sergei Tselikov, the number of plug-in hybrids registered last week was 1,754, up by nearly a third from the week before and almost 50% over the average weekly rate this year. According to the digital map service 2GIS, the number of charging stations in Russia increased by 20% between July 2026 and 2017. Vasiliy, a customer in the dealership said that he was happy to have already purchased a hybrid car and an EV. He said, "Especially under the current circumstances, I've had no problems at all." Though he added that he didn't expect the general interest to last. "I live on a farm in a private home. I installed my charging station at home. It is difficult to charge in Moscow. According to Autostat, EVs and plug-in hybrids only accounted for 4.3% of Russia’s total car sales last year. Russians are increasingly equipping their vehicles with special equipment in order to switch from diesel and gasoline to liquefied gas, which is more readily available and cheaper. Izvestia quoted the national association of gas fuel as saying that the use had increased by 35% between March and April last year. (Anastasia Lyrchikova contributed additional reporting. Writing by Alessandra Prentice. Mark Potter (editing)
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Sources say that MBK Actis and Bain are bidding for KKR Central Tank Terminal.
MBK Partners Actis and Bain Capital are among the bidders of KKR's Central Tank Terminal - a Japanese liquid storing company. The deal could be worth over $600,000,000 including debt. One of the sources said that binding bids must be submitted by August. Sources spoke under condition of anonymity as the matter is private. KKR Capital and Bain Capital declined comment. Actis stated that it does not comment on speculation about deals. MBK or Central Tank Terminal didn't immediately?response to a comment request. Central Tank Terminal stores and?handles liquid goods, including oil products, chemicals and other cargoes, near major Japanese port sites. KKR purchased Central Tank Terminal in 2021 from an affiliate Macquarie Infrastructure and Real Assets for an undisclosed amount. Central Tank Terminal provides storage, management and logistics services for liquid chemicals. According to its website, it also manages and designs tanks and loading equipment, leases storage, transport and equipment, and provides?truck transportation?services. According to its website, the company has sites in key Japanese ports including Kawasaki and?Yokohama?, Nagoya?, Osaka?, Kobe?, Hiroshima?, and Moji?. According to a separate website, the group has also a South Korean operation?through Central Terminal Korea (formerly?Taeyoung Industry). (Reporting from Yantoultra ngui in Singapore, Kane Wu in Hong Kong and Anton Bridge in Tokyo. Editing by Christian Schmollinger.)
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Take Five: War and peace
Data releases are slowing down, earnings season is not yet underway and no major rate decisions are imminent. However, the markets will be kept busy by a NATO summit, Kevin Warsh's inaugural meeting as head of the Federal Reserve, and an uncertain oil price. Rae Wee, Lewis Krauskopf, Amanda Cooper, Marc Jones and Alun John in London all give their take on the upcoming week. 1/ 'SCOURING FOR CUES' Investors will be looking for more clarity about the direction of U.S. rates in the coming week as they analyze the minutes from the latest Federal Reserve Meeting -- the first meeting under the new chairman Kevin Warsh. The minutes of the June meeting will be examined on Wednesday to determine if there are any divisions in the central bank, and what policymakers think about the impact of the recent drop in energy prices. Investors interpreted the meeting as being surprisingly hawkish, and bets on rate increases increased following it. Warsh has stated that he will adhere to the Fed's inflation target of 2% and "disappoint anyone" who expects a loose monetary policy. PepsiCo's and Delta Air Lines' reports will give the markets an early look at a crucial second-quarter U.S. earning season. NATO's TRUMP CARD On July 8-9, Turkey will host the leaders of the 32 NATO member countries as well as other nations from the Gulf. This is shaping up to a pivotal 2-day summit for a fraying military alliance. Last year's summit produced a historic?commitment by member countries to spend 5% of their GDP (except for Spain) on defence. Leaders are under pressure in Ankara to meet the commitments made at the last summit and avert new threats by U.S. president Donald Trump to pull out of the 77-year old Atlantic alliance. Mark Carney, the Canadian Prime Minister, is a strong advocate of a new NATO Bank. This news could be a welcome distraction from the usual money talks and worries about U.S. security. The deeper and more difficult question is also there. Can an alliance built on consensus be as fast as it needs to be in order to meet the global challenges of today? It's too calm... You'd be blind and miss it if you blink. Oil futures have returned to the levels they reached 'before the war began in late February. Brent crude futures have fallen from a four-year peak of $126 per barrel in May to just over $70 today, following a rapid decline. In 2022, just a few weeks after the Russian invasion of Ukraine, Brent futures for the front month were still 13% higher than pre-war prices, and crude oil delivery was 10% more expensive. The global inventory levels are not at their lowest, but need to be replenished after record-low drawdowns. Oil flows through the Strait of Hormuz in fits and start. The production facilities that were damaged in the war have not yet recovered to their original state. Few may have considered the risks of a further leg up in crude oil prices. The OPEC+ meeting on Sunday could provide some additional insight. 4/ EUROPE’S FACTORIES BUSTER The growing trade gap between China, the European Union and China is causing anxiety in Brussels where the EU’s trade chief just met with China’s commerce minister. In the next few days, a slew of new data and events will help put this situation in context. German and French data on trade for May will be released, along with industrial production in Germany - Europe’s traditional economic powerhouse. Investors and politicians are looking for signs that the ceasefire between the U.S.A. and Iran has boosted the industry. Volkswagen's decision to close four German factories, and cut up to 100,000 jobs, is a further indication of the state of manufacturing in the heart of Europe. These plans will be discussed by VW's supervisory council at its meeting on July 9, according to reports. Join the Club The Reserve Bank of New Zealand announces their rate decision on Tuesday, and investors believe that they will join Australia's central bank in raising rates. Some brokerages have reduced their 'rate-hike predictions after the fragile U.S. Iran ceasefire brought oil prices?back to pre-war levels. However, inflation is expected remain above RBNZ target band for a while. This strengthens the argument for tighter policies, even though they could result in further weakening of the labour market. According to the International Monetary Fund, New Zealand's recovery from the oil price shock and increased global uncertainty has been delayed. In other parts of Asia, data on inflation due this week from China, Thailand and the Philippines could show further effects of the rise in energy prices resulting from the Middle East conflict.
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Lagarde will not rule out an early departure by the ECB
Christine Lagarde, President of the European Central Bank (ECB), said that it is still possible for her to leave before the end of her term in 2027 in order to "weigh in" on French politics. However, running in the French presidential elections next spring was not currently on Lagarde's agenda. In response to a French newspaper's question, "Would you rule out the possibility of leaving early to participate in French politics?" she replied: "It is possible." I think that the French debate on presidential elections needs to include a European perspective. Lagarde previously downplayed resignation rumours. She said that a "ship's Captain" would not leave in turbulent times as inflation soared due to an oil price spike triggered by the Iran War. She stated that her baseline was to "remain in the position until the end of her term at the beginning of October 2027." She did not say it again, but she seemed to be ruling out running for the French elections next spring. She said, "I will think about it" before adding: "I am joking." I don't believe that's on the agenda at this time. She said that her main task would be to "bring an argument for Europe into national politics". Lagarde stated that she would "speak with both a French and an European voice, because I am deeply both," regarding her potential role in the elections. "I would tell the students that France must play an important role in our continent's economic future. "Our economic prospects are uncertain without the European environment, anchoring and structure," she said. Balazs Koranyi is the reporter. Mark Potter edited the article.
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Chief Minister of Kerala, India says that MSC did not consult the state on its $1.4 billion port investment.
BENGALURU - The state's chief Minister said late Thursday that the MSC Group had not consulted Kerala about its $1.4 billion investment planned in Vizhinjam Port in partnership with Adani 'Ports' and 'Special Economic Area'. Adani Ports announced on Tuesday that MSC will acquire a 49 percent stake in the Vizhinjam port. This is expected to be 'the largest private foreign investment in India’s port infrastructure. The world's largest container shipping company, based in Switzerland, is?MSC. "I conveyed the State Government's strong resentment to the management of?Adani Ports and Special Economic Zone Ltd", Chief Minister V.D. Satheesan?stated?in a?post?on X. The government must approve any change to the shareholding structure of a concessionaire. This will be done strictly in accordance with the terms and conditions of the concession contract and the applicable regulations. Adani Ports didn't immediately respond to our request for comment. The shares of the company fell by as much as 1 % on Friday, and they were last down by 0.2% during afternoon trading. After the announcement, the stock gained?about?6% over the last three trading sessions. Vizhinjam, India's first deep-water container transshipment?port, is expected to handle domestic and region cargo at a cheaper cost than routing it through Sri Lanka. Adani Ports, a private concessionaire, is developing and operating this port.
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India allows four Chinese-linked companies to bid on government projects
According to a government directive, India has permitted 'four Chinese manufacturers of power equipment with factories in the country' to participate in governmental tenders for critical 'power projects. The order from the Indian Ministry of Finance, dated June 24, and reviewed by said, allows TBEA Energy to participate in tenders. The document stated that India's Power Ministry?had requested the exemption in January of entities with manufacturing units located in India involved in critical energy projects. In January, it was reported that India is looking at a broader relaxation of the rules for Chinese bidders to win government contracts. New Delhi requires that Chinese bidders register with the government panel, and obtain political and security clearances before they can compete for state contracts. India is accelerating its expansion of its transmission system to meet the rising demand for?electricity and renewable energy. The order stated that the exemption was valid for a period of two years from the date it was issued and should not be viewed as a precedent by other companies. (Reporting and editing by Christian Schmollinger; Sarita Singh, Sethuraman N.R.
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India's coal-fired electricity output in June is the highest since November 2023
India's coal-fired electricity generation surged in June to a near three-year high due to increased cooling demand from higher temperatures caused by an extended heatwave, and lower-than-average rainfall during the monsoon season. India's total electricity generation rose?10.4% in June from a year earlier to 178.31 kilowatt-hours. This is according to Grid-India, which calculated daily data. The data shows that coal-fired electricity generation increased by 14% on an annual basis to 120.20 billionkWh in June, which is the highest level since November 2023. According to data from the weather office, India's June was its fifth-driest since 1901, due to an El Nino pattern. The searing heat prompted a demand for cooling. El Nino, or a warm Pacific Ocean off South America, is the cause of a hot and?dry climate in South and Southeast Asia. Lack of battery storage limits the use of solar power at this time, despite India's overall increase in renewable energy generation. Data showed that the share of renewable energy generation in India's electricity mix reached a new record in June. The total renewable generation in June was 33.81 billionkWh, a 23% increase from the previous year. Ankit Jain is vice president and co-group leader for corporate ratings, at the credit rating agency ICRA. He said that despite new additions to renewable capacity, thermal power production could increase in this fiscal year. This would be done to meet higher electricity demand during peak consumption periods. Data showed that the lower monsoon rains also contributed to a lower hydropower production?in June. The output fell 24.4% compared to a year ago to 14 billion kWh. This was the steepest drop since February 2024. The data revealed that natural-gas-based generation fell 30.1% from a year earlier in June. India's coal-powered generation will fall annually in 2025 for the first year since COVID-19 was implemented in 2020.
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BHP employees approve Pilbara Labour Deal, Unions Cite Persistent Concerns
Unions said on Friday that workers at BHP's South Flank iron ore operation and the?Mining Area C?iron ore operation in Western Australia voted for approval of a new labour agreement, but noted that many were still dissatisfied. The Combined BHP Ports Unions reported that 58% of workers voted for the agreement proposed by?the mining company, ending a series of negotiations about pay?and entitlements. Tim Day, WAIO Asset President at BHP said in an email that the agreement included a guaranteed 16% increase in pay?over a four-year period, as well as increases to site-based benefits and a payment scheme for delayed flights. Day said that the deal covered 1,814 employees, and 1,618 participated in the ballot. A spokesperson for the Combined BHP Ports Unions said that a significant minority voted against the agreement, citing the fact that it didn't adequately address certain issues such as the selective utilisation of company policies or the lack of a?clear progression and classification structures. Negotiations are ongoing at Port Hedland following a strike vote by workers last month. Port Hedland, Australia's largest iron ore loading port and one of the biggest in the world, is connected to BHP mines located in the Pilbara area.
Tesla's sporty, two-seater robotaxi style puzzles specialists
Tesla's. expose of a robotaxi created as a lowslung, twoseater, stylish. coupe quite the opposite of a typical taxi with space for. a number of passengers and luggage flummoxed financiers and. experts. CEO Elon Musk dished out the cool design for the prototype of the. Tesla robotaxi, dubbed Cybercab, at a muchhyped occasion near Los. Angeles late on Thursday. These will enter into production some. time in 2026 and cost less than $30,000 a pop, he stated.
However in real Musk style, he skipped over expectations of how. a two-seater robotaxi would serve the needs of households headed. to a restaurant or to the airport, or if he anticipated these to. appeal just to a niche clientele. Investors mocked the design and the absence of financial detail,. with Tesla stocks tumbling 9% on Wall Street on Friday.
When you consider a cab, you think of something that's. going to bring more than 2 people, said Jonathan Elfalan,. lorry screening director for the automobile site Edmunds.com. Making this a two-seat-only car is extremely difficult.
Tesla did not react to an e-mail looking for comment.
Experts stated robotaxis would best replicate regular taxis with. lots of space, a high style and sliding doors. Musk did. display a futuristic robovan that could seat up to 20 individuals. but did not say when that would be readily available.
The marketplace for two-door robotaxis would be very restricted,. said Sandeep Rao, a senior researcher at Take advantage of Shares, an. investment management company with assets of about $1 billion,. including in Tesla.
Two-door cars represent just 2% of cars and truck sales in the. U.S., excluding SUVs and pickups, according to information from. analytics firm J.D. Power.
Musk stated he wanted to make robotaxis more affordable than mass. transit to run and predicted an operating expense of 20 cents. per mile with time for the Cybercab.
But he did not say how rapidly Tesla could mass-produce. Cybercabs and secure regulatory approvals, or how it might beat. Alphabet's Waymo, which already runs robotaxis in. some U.S. cities.
Waymo has a fleet of about 700 Jaguar Land Rover automobiles that. fit 4 passengers, like the seating capacity in Amazon's. Zoox robotaxis.
Waymo's former CEO John Krafcik stated Tesla's style looked. more spirited than severe, which the two-door setup. postured obstacles for older guests and those with. disabilities.
' MORE PLAYFUL THAN SERIOUS'
Providing the robotaxi and catching a still nascent and. firmly controlled market will be vital for Tesla.
Musk this year scrapped strategies to build a smaller, more affordable. automobile in the middle of slowing EV demand and shifted focus to the. advancing Tesla's autonomy ambitions. The robotaxi organization. might catapult Tesla's valuation to $5 trillion, he has said,. from about $700 billion now.
Two-seaters have been proposed for years as commuter. automobiles. They just have not removed, stated Sam Fiorani, vice. president at research study company AutoForecast Solutions. Tesla will. ultimately require to build bigger robotaxis, he stated.
Blake Anderson, senior financial investment analyst at Carson Group, a. Tesla financier, said that if the Cybercab is supposed to be a. lower-cost, mass-market design to widen Tesla's appeal, the. two-seat design does not make good sense.
It's probably a manner in which they can introduce something quick. to market, he said.
(source: Reuters)