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Kremlin satisfied with arrest of Ukrainian in Italy for Nord Stream attack
After Italy arrested a suspect sought in Germany, the Kremlin announced on Thursday it was satisfied with progress made by a German investigation of attacks on Nord Stream pipelines in 2022 in the Baltic Sea. A court of appeal in Italy confirmed earlier this month the arrest of a 49-year old Ukrainian man who was suspected by Germany of orchestrating the attacks that largely cut off Russian gas supplies into Europe. The suspect, who is identified as Serhii k. according to German privacy laws, could now be extradited back to Germany, where prosecutors claim he was a member of a group that planted devices near the Danish Island of Bornholm, in the Baltic Sea. Dmitry Peskov, Kremlin spokesperson, told reporters: "Ofcourse, it's satisfying that this investigation has begun. We want to believe it will continue to the end and that the perpetrators, as well as those who ordered terrorist acts, will be named." Reporting by Gleb Stallyarov, Writing by Andrew Osborn.
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COSCO faces 'challenges with international investments' amid US trade pressures
COSCO Shipping Ports' managing director, who spoke in Hong Kong Thursday, said that the U.S. Trade War is putting pressure on its international investments. Wu Yu said at an earnings conference, that despite the challenges posed by the United States, his state-owned conglomerate of global ports and shipping was "very focused" on developing opportunities in regional and emerging markets as well as some key hubs. The company stated that although China's exports have decreased to the U.S., those to emerging market countries have increased. It is therefore looking for acquisition opportunities in Southeast Asia and South America as well as Africa and the Middle East. COSCO cited a volatile geopolitical climate as one of its challenges, and when it expanded abroad, the tightening regulatory environments against foreign investments in many countries. Another headwind was the high bidding prices of other port competitors. Wu, however, declined to comment when asked if COSCO would become an investor in CK Hutchison’s sale of global ports assets. Beijing has strongly criticized CK Hutchison's initial plan to sell its ports business worth $22.8 billion to a group headed by BlackRock, a U.S.-based investment firm. The other two groups are Gianluigi Aponte’s family-run MSC and the Italian Gianluigi Aponte’s shipping company MSC. CK Hutchison said that it was in talks with a Chinese'major strategic investor', without naming the company. The consortium is expected to be formed by this "major strategic Chinese investor". The investor, according to sources, is COSCO. COSCO is one of the largest vertically integrated marine transport firms in the world. The plan included 43 ports in 23 different countries, two of which were near the Panama Canal where U.S. president Donald Trump had called for a decrease in Chinese influence. Reporting by James Pomfret in Hong Kong and Clare Jim. Toby Chopra, Mark Potter and Toby Chopra edited the report.
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El Al Airlines' second-quarter profit plunges due to Israel/Iran war
El Al Israel Airlines reported that its second-quarter profits dropped by 55%, citing Israel’s two-week conflict with Iran in early June during which the airspace of the country was mostly closed. Israel's flag-carrier said Thursday that it had earned $66m in April-June, down from $147m a year ago. Revenue dropped 7% to $777 millions. On June 13, Israel began striking Iranian military and nuclear targets. This was met with waves of Iranian missile attacks on Israel. Israel's airspace was closed for over two weeks due to the conflict, except for a few so-called "rescue flights". Yancale Shahar, Chief Financial Officer of El Al, said: "We estimate that the damage to profitability is approximately $100 million." El Al has said that if the conflict with Iran had not occurred, it would have achieved similar results to the same quarter of 2024. El Al shares fell 1.2% Thursday. The shares are up 66% in 2025, after a 130% increase in 2024. El Al is one of the few airlines that fly into and out of Israel. Since October 7, 2023 when Hamas militants attacked Israel, many other carriers have stopped flights to Tel Aviv. El Al's net profit in 2024 increased five-fold. Some customers complained that the airline took advantage of the war by raising airfares. It reported a 19% increase in its first quarter profit. El Al reported that it had increased its capacity by 14% in the second quarter. El Al reported that it had maintained a 93% loading factor in the second half of last year, despite some foreign carriers resuming flights to Israel as early as April or May. El Al's Chief Executive Dina Ben Tal Ganancia stated that the airline was advancing with its fleet-renewal programme. The company added a 17th Boeing 787 Dreamliner and returned another older Boeing 787 into service. Ben Tal Ganancia said that he expects to return two 737 aircraft back to service in 2026 and the final 777 grounded since the COVID-19 Crisis to service. He plans to leave his position as CEO at the end 2025, after serving for more than three year. (Reporting and editing by Susan Fenton; Steven Scheer)
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France's Iliad drops Italian tie-up plan; Telecom Italia shares fall
The CEO of French telecommunications company Iliad said that the group will look at domestic consolidation options but won't pursue any further discussions with Telecom Italia. TIM shares fell by nearly 8% after his announcement. Iliad, which is not listed on the stock exchange, wants to consolidate mainly its domestic market. A possible split of SFR's parent company Altice from rival SFR would reduce France's mobile network operators from four to three. Orange CEO, who is a rival to SFR, confirmed in July that preliminary talks between operators about SFR had already taken place. Thomas Reynaud, the chief executive of the company, told reporters that "very preliminary talks" were held in June with rivals. He added that "if one of our competitors was for sale, then it would be our responsibility to investigate this matter." Reynaud's position on Italy was clearer: "There has been no discussion with Telecom Italia in early April and they won't resume. The consolidation prospects for Italia have now passed and the central hypothesis of a four-operator marketplace is the prevailing hypothesis." Iliad was unable to reach a deal to purchase the Italian operations of Vodafone in 2024. By 1010 GMT, shares of Telecom Italia, a Milan-listed company, were down 7.7% at 0.42 euros. Including today's drop, the stock has gained almost 70% in this year. Investors in Italy have lowered their stakes on a TIM/Iliad merger after the state-backed Poste Italiane has become TIM's largest investor. "The CEO of Iliad made some remarks today that seemed quite simple and they triggered a sale after TIM's rally in the stock this year". To overcome the intense price competition in Italy, telecommunications providers have been pushing consolidation. They want to reduce the number of mobile network operators to three from four. Iliad announced earlier on Thursday that its half-year revenue had increased by 3.8% to 5,09 billion euros ($5,96 billion), largely due to a stable performance from France and the continued growth of customers in Italy. The number of Free subscribers in France remained constant at 23,1 million. Poland added 100,000 subscribers to reach 15.5 million. Italy saw a net increase of 505,000 to reach 12.5 million. (Reporting and editing by Matt Scuffham, Elvira Contemori and Laura Contemori, Additional reporting by Gianluca Nostro and Leo Marchandon; Editing and Reporting by Gianluca lo Nostro)
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Tracking data reveals that a tanker in China is using berths sanctioned by the Russian Arctic LNG 2 cargo docks.
Data from Kpler and LSEG showed that a tanker loaded with liquefied gas from Russia’s Arctic LNG 2 plant, sanctioned by the United Nations, moored on a southern Chinese import terminal Thursday after having been laden at a Russian facility in June. The first cargo to arrive from the Arctic LNG 2 Project would be if the LNG tanker discharges at the terminal. Western sanctions are targeting the project because of Russia's conflict with Ukraine. According to LSEG data and Kpler, the Arctic Mulan LNG Tanker sat idle off the coasts of Egypt between February and April, before traveling through the Suez Canal and Red Sea, and Bab al-Mandab Strait, in early May. The ship then headed north, through Southeast Asia, before turning back east to reach the Koryak floating-storage unit (FSU) on Russia's Kamchatka Peninsula by June 3. Kpler data indicates that Arctic LNG 2 has been the only cargo to reach the Koryak floating storage unit (FSU) in Russia's Kamchatka Peninsula on June 3. Arctic Mulan, after loading at Koryak FSU in southern Guangxi Province on August 28, sailed to China's Beihai LNG Terminal. The operator of the Beihai LNG Terminal, PipeChina, did not respond immediately to a comment request. Go Katayama, Kpler analyst, said: "While discharge has not yet been confirmed this appears to the be the first Arctic LNG 2 shipment since loading began in August 2024." The timing could coincide with President Putin's visit to China in the near future, but the buyer is still unknown. Next week, the Russian President Vladimir Putin is among many foreign heads of government and state who will attend a military display in Beijing to commemorate Japan's formal surrender during World War Two. In an effort to target Russia's oil revenues, the U.S. has also imposed sanctions on owners and managers registered with several LNG vessels. Equasis, a shipping database, lists Skyhart Management Services with an address registered in India as the ship or commercial manager of Arctic Mulan. Ownership of the tanker is registered by Zinnia International Co, with the same address listed as Skyhart. I was unable find a contact number for Skyhart or Zinnia. Rystad Energy analyst Jan Eric Fahnrich stated that the tanker's visit to China was primarily a test for Washington's stance regarding sanctions, due to China's almost non-existent spot demand for LNG. He said that the reaction of U.S. President Donald Trump will determine whether or not this transaction is a one-off, or if it opens up the Northern Sea Route to a number vessels heading east. Arctic LNG 2, owned by Novatek, a Russian company, is set to be one of the largest LNG plants in the country, with a target production of 19,8 million tons per annum. Sanctions have clouded its prospects, despite the fact that it has loaded several cargoes on sanctioned tanks in the last year. According to Kpler, eight cargoes from Arctic LNG 2 were loaded onto sanctioned LNG ships last year. Four of these were discharged in the Koryak FSU. Five cargoes from the project have already been loaded this year. The sanctioned tankers are now travelling east along Northern Sea Route. Two of them are north of Russia and the other three near the Koryak FSU.
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The German LNG import terminals
Germany has opened a second terminal for the import of liquefied gas, marking the latest in its efforts to replace Russian gas piped into Ukraine since Moscow invaded Ukraine in 2022. The first step was to deploy floating storage units (FSRUs), which receive seaborne LNG. In the long term, it plans to build shore-based regasification facilities and terminals to import and manufacture ammonia and hydrogen green. The latest news is summarized below: MUKRAN The LNG terminal at Ruegen Island in the Baltic Sea is supplied to onshore grids via Gascade's OAL link, operated by Norway-based Hoegh Evi. ReGas is relying upon EU decisions for extending the requirements to fill underground storage facilities. ReGas, in long-term agreements, has launched a bid round to expand Mukran’s capacity. They are offering 5 bcm more per year between 2027 and 2043. It plans to restart a second FSRU and restore the full capacity of 13,5 bcm in 2027. ReGas reported this month that S%P Global Platts added Mukran to its benchmark price assessment for Northwest Europe LNG delivered ex-ships (DES) as of Sept. 16. LUBMIN ReGas, Hoegh and Gascade plan to turn the Baltic Sea port - a precursor of Mukran - into an ammonia/hydrogen export terminal. Once it is completed, Gascade will connect with its customers. WILHELMSHAVEN Utility Uniper launched Germany’s first FSRU operations, Wilhelmshaven 1 in the North Sea, 2022. Uniper has plans to build a 200-MW electrolyser that will be powered by local wind energy and a land based ammonia reception terminal. After months of testing and preparation, DET will begin commercial operations at Wilhelmshaven 2 via the Excelerate Energy operated FSRU Excelsior on Friday. Last month, all available slots for 2025 and 2026 regasification were assigned to gas market participants. Hanseatic Energy Hub took a final decision in 2024 to invest in a terminal that is ammonia ready and will be located at the Elbe River inland port. The terminal will start operating in 2027. The terminal will cost approximately 1 billion euros ($1.17billion). DET and HEH have cancelled their contracts after they could not resolve disputes over construction schedules or payments. BRUNSBUETTEL Brunsbuettel FSRU was operational in 2023 along the North Sea Coast. It was initially chartered by RWE and operated as a trading arm before being handed over to DET. This is a forerunner to a land-based LNG installation that has been approved to receive state support of 40 million euros. The terminal could begin operations by the end of 2026 when an adjacent ammonia facility, which was recently inaugurated, could also be put into operation. Reporting by Vera Eckert and Editing by Clarence Fernandez.
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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.
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Cosco faces "challenges", citing U.S. Trade Pressures, with its international investments
Cosco Shipping Ports' managing director, who spoke at a Hong Kong earnings conference on Thursday, said that the U.S. Trade War is putting pressure on its international investments. Cosco's director of communications, Wu Yu, told reporters that despite the challenges posed by the U.S. market, "we also have our eyes on the development opportunities available in regional and emerging markets as well as some key hubs." She refused to comment on reports that Cosco could become an investor in CK Hutchison’s controversial sale global ports assets. Beijing was highly critical of CK Hutchison's initial plan to sell its ports business worth $22.8 billion to a group headed by BlackRock, and Italian Gianluigi Apponte's MSC family-run shipping company. Reporting by James Pomfret in Hong Kong and Clare Jim; editing by Toby Chopra
Didi reports Q2 losses of $350m on lawsuit provisions, despite revenue increases
Didi Global, the Chinese ride-hailing company, reported a net loss of 2,5 billion yuan (US$350 million) in its second quarter, mainly due to a one-off expense, despite revenue growth of 10.9%, largely due to growth overseas.
The main reason for the loss was due to a provision made of 5.3 billion Yuan in connection with a shareholder lawsuit that had been previously disclosed. Marketing and other expenses also increased as a result of intensifying competition at home.
Didi's dominant position in China’s ride-hailing industry is maintained, but rivals are increasing their pressure.
Alibaba and Meituan, for example, have integrated ride-hailing into their broader digital offerings. This has attracted users who prefer super-apps that are consolidated.
These platforms act as aggregators and connect passengers to ride-hailing services, including smaller regional operators.
The revenue rose from 50.9 billion to 56.4 billion Yuan in the previous year.
While still a small part of total revenue, the overseas business has grown quickly, with a growth of 28 % in the second quarter.
Didi began expanding its business in early 2023 after a crackdown on the company in 2021, which was triggered by an IPO in the United States without Beijing's consent. $1 = 7.1529 Chinese Yuan Renminbi (Reporting and editing by Toby Chopra, Clarence Fernandez and Brenda Goh)
(source: Reuters)