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Taiwan's Evergreen claims ship struck by unknown object near Oman
The Taiwanese firm said that a ship owned by?Evergreen Marine, which was struck by an unknown object near Oman has now safely departed the?Strait?of Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard side?bridge of Ever Lovely, which is owned by its Singapore subsidiary, had been hit by an unknown object just 3.6 nautical mile off Oman’s Khawr Naiwah. After a?initial crew inspection, damage was discovered around the bridge windows. The crew, vessel, and cargo were all safe. The company reported that the main engine, navigation instruments and seaworthiness are all working normally. The'ship' was said to be following the route recommended by the British Navy agency UKMTO while passing through the strait. UKMTO said on Thursday that an Omani cargo ship reported a suspected attack while it was attempting to pass through the Strait of Hormuz.
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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
The robotaxi industry will be shaped by the radical differences between Tesla and Waymo.
Elon Musk, the CEO of Tesla, told investors in June that the driverless taxis of the company would be available for "half of the U.S. population" by the end this year.
Alphabet Waymo, the U.S. leader for autonomous ride-hailing, launched a similar service in Phoenix eight years ago. It operates in areas that have about 3% U.S. residents.
Musk's statements about Tesla's robotaxis expanding at a "hyperexponential" rate contrast with Waymo, which takes a deliberate approach before entering new markets. Musk believes Tesla's use of cameras and AI will allow it to scale faster than Waymo, which uses more sensors and high definition mapping. These differing strategies will have a profound impact on the early rankings in the emerging autonomous-driving market. Some analysts and investors believe that the market could grow to a multi-trillion dollar one over the next fifteen years.
Waymo’s expansion plan involves mapping out new cities and gradually introducing autonomous ride-hailing, after testing it with employees and drivers as passengers. Tesla claims its robotaxis are powered by a different autonomous techniqe than Waymo, which allows them to skip much of the tedious preparation work. These cars, which are still in testing, use AI to react to road conditions like a human. Tesla claims that this requires less extensive road testing and mapping.
Musk said in an April conference call that once the technology is able to work in some cities, it can be used anywhere in America. Musk has described Waymo as "fragile" and said its expansion is "limited". Many investors have embraced Musk's vision. Analysts attribute the majority of Tesla stock market value to its autonomous driving capabilities. Investors are betting that Tesla can scale up much faster than Waymo. Robotaxi could be a major growth engine for Tesla if it is successful in its rapid commercial expansion.
We interviewed 12 current and former executives in the industry, as well as regulators, police officers, and city planners, to compare Tesla's initial expansion efforts with those made by Waymo. The differences between their technical and marketing strategies were striking.
Former Waymo executives and current Waymo executives agree that the market-by-market mapping and testing prior to expansion is crucial to ensure safety. This helps factor in the particularities of each city’s roads, such as steep inclines on San Francisco's streets, which make it hard to see ahead.
Aman Nalavade said, "We need to really understand the core components of each of these towns," in an interview. There are a lot more risks involved in getting this wrong.
Musk has also spoken about the importance safety. Musk said in a statement last month that he didn't want to risk anything, so he would proceed cautiously.
Tesla has not responded to any requests for comment.
CONTRASTING TECH
Tesla and Waymo use AI for autonomous driving. Waymo uses a more step-by-step approach, where the system gathers data from high-definition mapping and advanced sensors in order to identify objects and plan its vehicle's route.
Tesla says that its system is more human-like in the way it makes driving decisions. The company claims to use an AI method in which video taken by the car's cameras are interpreted by software, and then instantly translated into driving choices. This is unlike the waymo system.
Waymo experimented with some aspects of Tesla’s approach, but stated in a research report last year that its performance has "challenges" and "limitations". Musk has set a deadline of "millions" of Teslas autonomously driving by the second half next year. This compares to Waymo fleet of approximately 2,000 vehicles. Tesla launched its pilot program in Texas back in June. It is now awaiting approval from Arizona, and it hopes to expand into other states such as Nevada and Florida. Tesla is under pressure to fulfill these promises because its electric vehicle business is facing headwinds. The company's global vehicle sales are down, with a steep drop in Europe. If Musk's robotaxi timeline is not met, it would delay the creation of a new revenue stream.
Waymo, the only ride-hailing company in the United States that offers a fully autonomous service for a fee to everyone, is unique. It is available in parts of Los Angeles and Phoenix, as well as Atlanta, Atlanta, Austin, and San Francisco Bay Area.
Waymo tests its technology in virtual simulators and on closed courses, including a 113-acre California track, before expanding into new markets.
It took more than three year for Phoenix to offer test rides in which a driver was in the driver's seat. In 2020, the public could pay for driverless ride hailing. Waymo took almost four years to open autonomous service at any time in Phoenix's terminals. This was August 2024.
Waymo claims it will reduce the time for testing in new cities, as its autonomous technology becomes more experienced and learns from previous experiences.
Bank of America analysts estimated that Waymo lost $1.2 billion to $1.5 billion in 2017. Analysts expect Waymo to be profitable in the future as vehicle costs drop and ridership increases.
Morningstar analysts predicted in a report published in March that Waymo will have a rapid ramp-up over the next several years, while Tesla's initial robotaxi rollout would be "slower" because its software would not be "ready." Morningstar anticipates Tesla to launch fully-autonomous robotaxis by 2020 and surpass Waymo’s ride-hailing share by the end the decade.
"A HUGE CONCERN"
Even though Waymo has been meticulous in its approach to analyzing new markets, some city officials have complained about the problems it has encountered.
Austin Police Lieutenant William White said that Waymo's vehicles have been known to ignore the hand signals of officers and drive in dangerous situations.
In May, the driver of a Waymo car drove into floodwaters and had to get out. White said that this is a major concern for us. If that person had been killed, we would have faced a serious crime.
A Waymo vehicle repeatedly tried to get around an officer blocking the road during a charity event in downtown Austin last year. White said that the police eventually disabled it by wrapping tape around its sensor.
White explained that Austin police had to develop a new traffic citation system to deal with repeated incidents where Waymo cars froze up and blocked traffic. Since March, the police have issued three traffic citations. The process of issuing citations to a driverless car can be so lengthy that officers often avoid doing it.
White stated that if they pursued it each time, there would have been hundreds of citations.
As the service is still in its early stages, there has been limited interaction between the department and Tesla's Robotaxi service.
Chris Bonelli, a spokesperson for Waymo, said that the company had been "robustly engaged" with Austin fire and police officials for over two years. Waymo "takes all observations and concerns serious" and uses this feedback "to improve our technology," said Chris Bonelli, a Waymo spokesperson.
SOOTHING SKEPTICS Besides technical challenges, autonomous vehicle firms must navigate a patchwork regulations and reassure community leaders who may be apprehensive of driverless cars.
Waymo, for example, began meeting with local officials over a year prior to its launch in March and participated in city-organized meetings, including those with representatives of the Texas School for the Deaf. Before the launch, school representatives rode in Waymo cars.
Peter Bailey, the school superintendent, said that he met with Tesla representatives a few weeks before Tesla's launch in June. He learned of this timing through news reports. A reporter saw a Tesla robotaxi traveling between 40-45 mph near the school in a zone where the speed limit was 35 mph. The sign nearby warned drivers to be aware of deaf pedestrians.
Bailey declined to comment about the community outreach strategies of Waymo or Tesla. He stated that he expected "all drivers to obey posted speed limits, including autonomous cars, and drive with caution in school zones." Waymo's experiences show how different regulations across the country can stymie expansion plans. Washington, D.C., where the company hoped to launch its autonomous vehicle in 2026, is one example. However, it's not clear if the city can pass necessary regulations on time.
Before moving forward, the D.C. City Council waited years for the transportation department to submit a report on recommendations for commercial rules for driverless vehicles. Charles Allen, a councilmember, stated that while the regulations could be ready by 2026, the timeline for their passage is not known.
Waymo hired three outside lobbying companies and circulated online petitions asking residents to "help Bring Waymo to DC!"
D.C. Department of Transportation says Tesla hasn't reached out. Reporting by Chris Kirkham, Norihiko Shrouzu, in Austin, Texas, and Rachael LEVY in Washington. Additional reporting by Abhirup RAY in San Francisco. Editing by Mike Colias, Matthew Lewis.
(source: Reuters)