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Sources claim that Tesla is working on a smaller and cheaper EV.
Tesla is working on a new smaller and cheaper electric SUV, according to four sources familiar with the matter. In recent weeks, the automaker contacted suppliers to discuss the details of its plan for a compact SUV – which?would not be a variant of Tesla’s current Model 3 and Y's, according to the people. They said that the conversations were about the manufacturing process and specifications of various components. Three of the sources said that the compact SUV will be manufactured in China. One?said Tesla aims to also expand production into the United States and Europe. Two sources claimed that the car would have a length of?4.28 meters, or about 14 feet. This is a lot shorter than Tesla Model Y SUV's, which measures approximately 15.7 feet in length. This effort comes after Elon Musk, the CEO of Tesla Motors, decided to abandon a low-cost EV in 2024 to focus on humanoid and robotaxis. The key question is whether or not this latest effort to create a smaller SUV represents a shift in strategy back to mass market human-driven EVs, or if the new model aligns more closely with Tesla's vision of fully autonomous vehicles. According to a Tesla employee who is familiar with its current product philosophy and one of those familiar with the project, a model like this could serve both purposes. Tesla employee refused to confirm or negate details of a specific vehicle, but stated that, in general the automaker is now looking to build models which?would offer a driverless option but also allow for human-driven options. Tesla is aiming to achieve full autonomy in its entire lineup. However, it realizes that many markets will not see significant adoption of driverless cars for several years. The person stated that preserving the option of building a model with or sans driving controls would enable Tesla to increase sales and keep its factories near capacity. Analysts predict that as Tesla pursues a driverless car future, traditional EV sales will decline for a third straight year. These vehicles provide the majority of Tesla's revenue. Tesla has operated a few robotaxis so far in Austin, Texas. Many of them have human safety monitors on the passenger seats. Tesla did not respond to any requests for comments about its plans for a brand new vehicle. Four people who are familiar with the project have said that it is still in its early stages of development. Couldn't tell if Tesla had given the go-ahead for the production of the car. Automakers have a long history of starting product development and then canceling or delaying it. Tesla presented concept cars for a Roadster sports car and a Semi truck in 2017. However, the company has yet to produce either the supercar or the semi. Two sources stated that Tesla intends to "offer the new car at a significantly lower price than the entry-level Model 3 sedan, which begins at $34,000 in China. The model?3 sedan starts at about $37,000 in America. The sources said that Tesla was planning to reduce costs by using a smaller, lighter battery. This would result in a shorter range compared to the Model Y's 306-327 mile driving range. A person added that Tesla would offer a single motor electric instead of two as a performance option for current Tesla models. This person also said that Tesla wants to make it lighter at around 1.5 metric tonnes compared to about two tons for Model Y. Three people stated that the new model will be produced in the Tesla factory in Shanghai. The timing of the production was not clear, but the people who spoke to us said that it is unlikely the car will be produced this year. TESLA'S STOP-START HISTORY FOR AFFORDABLE EVs Musk has said that the real mission of Tesla, which began in 2008 with the production of luxury electric vehicles, was to manufacture affordable, mass-market, electric-vehicles to fight the climate crisis. The company's sporadic efforts to achieve this goal have failed. Musk stated that Tesla would sell 20 million cars annually by 2020, which is nearly twice the number of Toyota's current global sales lead. Musk's project to build a $25,000 electric vehicle, called "Model 2" among Tesla fans and investors was expected to spur explosive growth in vehicle sales. In 2024, it was reported that Tesla abandoned its plans for the Model 2 but still planned to build a driverless robotic taxi on the same platform. Tesla's main EV competitors in China were already producing cheaper EVs. Musk stated that it was "silly and pointless" to make a $25,000 electric vehicle for human drivers, as Tesla would soon be offering driverless cars. Former Tesla manager, a former Tesla employee, said that a new cheaper traditional car will be radically different from the company philosophy by mid-2025. The manager stated that Tesla had abandoned the mass production of an entry-level vehicle in favor robotaxis, which would lower the cost per mile for both riders and car owners who charge them for trips. Musk and other Tesla executives spoke in vague terms about their plans to build new "more affordable" EVs after scrapping the Model 2. The vehicles were stripped-down models of the current Model 3?and Y, but they came in new "standard' trim levels with only a modest price discount. Tesla's sales have not yet been affected by the $36,990 price for the Model 3 Standard in the U.S. and the $39,990 Model Y. Some investors believe that these prices are too high and will not attract a new buyer class. Is the DRIVERLESS CYBERCAB on Track? Musk and Tesla continue to 'emphasize plans for robotaxis and robotoids, which is effective in maintaining Tesla's eye-popping stock market value. Tesla's stock market value is $1.3 trillion, which is far more than its financial fundamentals. Investors approved last year a compensation package that gave Musk up to $1.3 trillion in Tesla stock, tied to a number of product and financial targets. Automaker says it will begin production of the two-door Cybercab roboticaxi this month. The vehicle was first shown as a concept in 2024 and has no pedals or steering wheels. It is not yet known when the car would be sold or used in a Tesla robotaxi fleet. A spokesperson from the National Highway Traffic Safety Administration confirmed that the automaker had not sought federal approval to sell vehicles without pedals or a steering wheel. (Reporting by Zhuzhu Cui, Zhang Yan, Aditi Shah and Chris Kirkham. David Dolan and Brian Thevenot edited the story.
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After a report about a warship being escorted near the UK, Kremlin said that Russia had 'the right' to defend itself against 'piracy.
The Kremlin announced on Thursday that Russia had the right to defend itself against what it called piracy, after Britain's Telegraph newspaper reported that a Russian Navy frigate had escorted UK sanctioned tankers across the English Channel. The?Telegraph reported that a Russian frigate named Admiral Grigorovich escorted through the English Channel two UK-approved oil tankers: the Russian-flagged Enigma and the Cameroon flagged Universal. Dmitry Peskov was asked by the media about the report. He said that Moscow has seen many cases of what he called 'piracy in international waterways.' And that Russia will act to ensure the safety of their own shipping. "We have seen repeated incidents of piratery in international waters over the last few months." Peskov, who spoke to reporters, said that these incidents of piracy, among other things, have harmed Russian Federation's economic interests. "The Russian Federation considers that it is entitled to take measures to protect its own interests and will?certainly? do so." Keir starmer, the British Prime Minister, said in a statement last month that he authorized the military to board and detain Russian vessels in British waters. This was to 'disrupt' a network that his government claims allows Moscow to continue to export oil to Western countries despite Western sanctions. (Reporting and Writing by Dmitry Antonov; Editing and Revision by Andrew Osborn).
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Mitsui O.S.K. CEO of Mitsui O.S.K. says he is waiting for government guidance on safety and vessel departure from the Gulf.
Mitsui O.S.K. Lines' chief executive wants to "start moving their vessels stuck around the Strait of Hormuz as soon as possible" but needs guidance from the Japanese Government. On Tuesday, U.S. president Donald Trump announced a 'two-week ceasefire' with Iran. This came less than two hours before the deadline he set for Tehran to either reopen Strait of Hormuz and thereby avoid devastating attacks against its civilian infrastructure. There is still no sign that Iran has lifted the blockade on the strategic waterway. This has caused the biggest disruption in global energy supply history, and has snarled the supply chains. Jotaro Tamura is the president and chief executive officer of MOL, the Japanese shipping giant. In an interview. When asked about the?conditions, he replied: "It must be confirmed that safety risks are sufficiently low."
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise their financial forecasts. In recent weeks, jet fuel prices soared to $150-200 per barrel from $85-$90 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights and the spike in fuel prices will have "notable impacts" on its results for the first quarter. AIRASIA X Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%. AIR FRANCE-KLM The airline group announced that it would increase the price of long-haul tickets to "address rising fuel costs", with cabin fares to be raised by 50 euros ($58). AIR INDIA The Indian flag carrier said that it would revise the fuel surcharge, from a flat domestic rate to a grid based on distance. It said that fuel surcharges for international routes do not compensate for an exponential increase in jet fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was among the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. AMERICAN AIRLINES Fuel prices are on the rise, and American Airlines expects to incur $400 million more in expenses for the first quarter. CATHAY PACIFIC Hong Kong Airlines announced that it will increase its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that the plan to increase passenger capacity by 10% could be changed if fuel prices rise. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. CHINA EASTERN EXPRESS AIRLINES Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge 120 yuan. DELTA AIR LINES Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The price of the first and second checked bags will increase $10 and the third bag will increase $50. The U.S. airline canceled all capacity increases for the current quarter, and predicted profits below Wall Street expectations. The CEO of the company said that it would not update its full-year forecast due to uncertainty about how long fuel prices would rise. EASYJET EasyJet CEO Kentonjarvis warned that European consumers can expect to pay higher ticket prices at the end of the summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have increased dramatically since the airline issued its forecast for the full year. GREATER BAY Airlines The Hong Kong-based firm said that it will increase fuel surcharges for most routes from April 1 while maintaining charges on routes to mainland China and Japan. The carrier has announced that the?surcharge' for flights between Hong Kong, Philippines and other destinations will double. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). British Airways' owner IAG stated on March 10, that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for the Indian government's reduction of fuel taxes. JETBLUE AERWAYS Low-cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses". The airline said that baggage prices would rise either by $4 or $9. Sources with knowledge of the situation have confirmed that KOREAN Air, South Korea's flag carrier, will be in emergency mode as oil prices rise. The airline will implement a phased response based on the oil price level and increase company-wide efficiency to offset rising fuel costs. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had cancelled "a couple hundred" flights. SAS, which had already raised flight prices, stated that the surge in fuel prices would be a major blow to the aviation sector, even if they tried to absorb it. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be revealed later. SOUTHWEST?AIRLINES The American carrier announced that it would increase the fees for checked bags by $10 each for the first two bags. This will bring the cost to $45 and $55 respectively for the first bag. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. TURKISH AIRLINES LUFTHANSA SunExpress,?a joint venture of Turkish Airlines and Lufthansa said that it would impose temporary fuel surcharges of 10 euros per person on routes between Turkey, and Europe, starting May 1. Bookings made after April 1, for departures after May 1, will be subject to the surcharge. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Andrew Nocella, United's Chief Commercial Officer, said that the airline was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier also announced that it would increase first and second checked baggage fees by $10 to customers traveling in the U.S.A., Mexico, Canada, and Latin America. VIETJET Vietnamese budget airline said it had reduced flight frequencies on certain routes due to possible fuel shortages. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were being exacerbated significantly by the Middle East situation. WESTJET Canadian Press reported that the airline would add a C$60 fuel surcharge ($43) to certain bookings, and also combine flights due to rising costs.
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Wall Street Journal, April 9,
These are the most popular stories in the Wall Street Journal. The? has not?verified these stories and does not?vouch for their accuracy. Disney plans to eliminate up to 1,000 jobs in the next few weeks. Many of these will be in the marketing department. Anthropic was denied relief by a federal appeals court Wednesday after the Defense Department declared that Anthropic posed a risk to supply chains. The Trump administration is mulling over a plan that would punish members of the NATO alliance who he feels were unhelpful to the U.S. and Israel during the Iran War. U.S. Treasury secretary Scott Bessent reiterated the need for federal rules to govern digital assets. He said that he wanted rules?that would ensure cryptocurrency investment and development remain in the U.S. Delta Air Lines pulled all of its planned capacity growth for the current quarter on Wednesday and forecast profit that was below Wall Street's expectations. The company warned that the soaring costs of jet fuel due to the Iran War would cost it more than $2 billion in the upcoming June quarter. Meta announced Wednesday a new large-language model, its first new AI model of any significance in over a year. (Compiled by Bengaluru Newsroom)
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UK calls for Strait of Hormuz toll-free, wants Lebanon to be in ceasefire agreement
Yvette Cooper, British Foreign Secretary, will'say on Thursday, that'shipping through Strait of Hormuz must be free of charge, as it carries a tenth of the worlds oil and natural gas. This is to counter a move by Iran to gain control of the crucial waterway. Iran wants to charge ships a fee for passing through the Strait of Hormuz. The strait had been treated as a waterway by the U.S. and Israeli governments before the?war against Iran. "The fundamental freedoms of seas" cannot be sold or withdrawn unilaterally. Tolls are not allowed on international waterways. Cooper will make the statement that navigation "must be free" in his annual speech on foreign policy at Mansion House, London. Cooper will also reiterate the calls of world leaders that?Lebanon be included in a?two-week ceasefire agreement between Iran and?the U.S. agreed on Tuesday. Israel launched its biggest attack yet against Lebanon on Wednesday, targeting Iran-backed Hezbollah. Reporting by Gursimran in Bengaluru, editing by Sonali.
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ESR raises $850 Million from existing shareholders for Asia Growth
The Asia-Pacific asset manager and owner?ESR announced on Thursday that it has secured $850m in new equity from its existing shareholders to fund growth?in the data centres, real estate and logistics businesses. In a press release, the Singapore-based group stated that it would use this new capital to strengthen its balance sheet as well as support its expansion in Asia-Pacific with an emphasis on logistics assets and data centers. The fundraising is part of a larger strategy overhaul that ESR will be implementing after being taken private in July 2025 by a consortium including Starwood Capital Group and Warburg Pincus. ESR stated that the new equity is a result of more than $2 billion in net proceeds generated by divesting non-core assets and recapitalising balance sheet assets since January 2025. In a statement, ESR President Phil Pearce stated that "ESR is entering its next phase of expansion with a strengthened capital base and?a more specialized platform." The company stated that it would use the capital for growth initiatives in "priority markets" including Australia, Japan, and South Korea. It also said they were pursuing opportunities within Greater China, India, and Southeast Asia. ESR stated that it has a pipeline of development worth $9 billion and serves more than 1,500 customers in the logistics industry. It said that its data centres business had a pipeline of?more than 3 gigawatts for phased development on key markets. (Reporting and editing by Yantoultra ngi; Toby Chopra).
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FedEx and pilots reach tentative wage agreement after years of discussions
FedEx and the union that represents more than 5,000 of its Pilots reached a tentative agreement on Wednesday. This paved the way for wage increases after years of negotiation. Since May 2021, FedEx and the Air Line Pilots Association have been in discussions. The union stated that under the tentative agreement, hourly wages for pilots would increase by approximately 40% in 2026. This would be followed by annual increases of about 3% between 2028 and?2030. First?officers could receive up to $102,500 in retroactive pay for the time they missed out on during negotiations. The union stated that "the tentative agreement will be next presented to the FedEx Master Executive Council, for their review." It added that the deal had been reached during talks overseen by National Mediation Board. FexEx confirmed that it had reached a tentative agreement with the 'pilots' union. FexEx operates the largest cargo air fleet in the world, with 390 'cargo' jets and 313 'turboprop' planes. The delivery company's pilots narrowly rejected an agreement in 2023 that would have offered a?30% pay increase? and improved pension benefits? over younger pilots' fears about outsourcing. Reporting by Fabiola Aramburo and Mrinmay dey in Mexico City, editing by Sumana Nady
Portugal's TAP profits slump 92% due to one-off charges, but bookings are solid
Portugal's TAP airline said that its 2025 profits?fell by 92% because of a one-off charge in the fourth quarter which?outweighed increased revenue from higher passenger numbers and better margins.
TAP stated that it is "actively" monitoring the developments of the 'Iran -war and will "respond quickly" to any changes in operating conditions.
TAP CEO Luis Rodrigues stated that, despite the challenging environment with its cost inflation, significant supply chain and operation constraints and industry-wide, TAP "maintained resilient profit margins and strengthened their financial position".
Rodrigues stated that TAP would?launch two routes to Brazil increasing its network to 15 destinations. It will also expand operations at Porto by adding new routes and creating a maintenance center.
The state-owned carrier, which will be?partially privateised, has booked a profit of only 4.1 million euro ($4.78m), down from a previous 53.7m euros in 2024. The airline's fourth consecutive year of profitability was achieved in this year.
The fall was mainly due to an 'unique 42 million euro charge in the fourth quarter from a downward valuation of deferred assets, future tax credits that it will use. This happened after the parliament cut corporate tax rates from 20% to 17% until 2028.
TAP reported a loss of 51 million euro in the fourth quarter.
Rodrigues stated that TAP had delivered "solid results" despite the one-off charge. This was supported by the resilient demand in its network and particularly during the second half of the calendar year.
TAP stated that "resilient demand" and a positive 'booking momentum' should support higher load factors and greater unit revenues. Fuel price increases will be partially offset by ticket price hikes.
The full-year revenue increased?1.2%, to 4,31 billion euros. This was due to a 1.6% rise in the number of passengers to over 16 million.
Fuel costs were lower in 2025 but increased traffic, staffing and depreciation costs were higher.
Earnings before interest, taxes and depreciation increased by 4.4%, to 725.8 millions euros. EBITDA margin, a measure for profitability, rose to 16.8% in 2024 from 16.3%. ($1 = $0.8579 euros)
(source: Reuters)