Latest News
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FedEx and Advent-led consortium secures more than 89% of InPost's shares in the takeover offer
InPost, a Polish parcel locker operator, announced on Friday that FedEx International, Advent International as well as other InPost shareholders had offered 89.81% of its shares. InPost?reported in a press release that the minimum acceptance threshold of 80% shares had been reached. The consortium agreed in February to purchase InPost for approximately EUR7.8 Billion ($8.95 Billion)?in a cash-only offer of EUR15.60 per equity share. After the transaction is completed, InPost's shares will be removed from Euronext Amsterdam. It is one of Europe's biggest networks of automated parcel lockers. The company operates in nine countries, including Poland. The company will continue to be known as InPost and keep its headquarters and management structure in Poland. Since 2021, the shares of 'its company have been under pressure due to intense competition in its home market and heavy investment expenditure?to support rapid growth.
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Major US airlines reject Air China's bid to schedule more US flights
Air China has been criticized by a group of major US airlines for its plans to schedule additional flights between Beijing and New York, Washington, as part of the President Xi Jinping meeting with Donald Trump. Airlines for America, which represents American Airlines, Delta Air Lines and United Airlines, opposed the request. US carriers are effectively prohibited from flying to China from the US eastcoast because they can't access Russian airspace. Chinese carriers, however, have the ability to fly some US flights. US Airlines said that adding two flights to the schedule would allow Chinese carriers to request additional regular flights, and they should be classified a 'charter flight. The US Transportation Department has proposed that in October 2025 Chinese airlines be banned from flying over Russia on routes between the United States and China. They claim the shorter flight times this practice allows puts American carriers at an unfair disadvantage. The proposal was withdrawn after it faced opposition from US agencies. USDOT and an attorney for Air China did not comment immediately. US airlines have long been critical of the decision to let Chinese carriers use Russian airspace to fly on US routes, because it allows them to reduce their flying time. It also burns less fuel and lowers costs. In its filing, released on Friday, the airline group said that Chinese carriers offer "shorter and less expensive routes?to and from China, as well as more economical flights?from and to the United States." In retaliation to Washington's ban on Russian flights over the US in March 2022, after Ukraine invaded, Russia has banned US airlines as well as many other foreign carriers. Chinese airlines are not banned, and they have used this advantage to gain market share over non-Chinese carriers in international routes.
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Brazil Police seize devices from former iFood Employee in Trade Secrets Probe
According to the investigator, Brazilian police conducted a search and seizure this week on a former iFood worker who was suspected of downloading confidential commercial data before leaving the company to 'join rival 99Food. This case is the latest in a larger investigation into allegations of corporate espionage within Brazil's multi-billion dollar delivery industry. Competition has increased since the entry Chinese-backed platforms Keeta and 99Food owned by ride-hailing company DiDi Global. Angelo Lages is the 'police inspector in charge of the investigation, who led the operation on Wednesday. He said that the purpose of the search is to collect electronic devices to conduct forensic analyses and determine what has happened to the data. 99Food stated that it takes these reports seriously and does not tolerate the use illegally obtained data. It also said the person targeted by this operation is not a member of its staff. Theft of Information Alleged According to the industry group Abrasel, iFood is owned by Dutch investment company Prosus and controls about 80%. Last year, it processed orders totaling about $20 billion. iFood, in recent months, has publicly accused rivals of attempting to gain confidential business information by paying third-party firms for paid consultations and former employees. iFood stated that this week's operations were the result of a complaint they filed involving a?alleged theft by a former worker of confidential and strategic commercial information. They also added that they are pursuing legal measures in order to protect their data and partners. Inspector Lages stated that the former employee resigned iFood by 2025, after informing them he was joining 99Food. He also noted that a later internal review revealed the download of strategic files just before his departure. According to Lages, the former employee informed officers that he was no longer employed by 99Food. He is now working as an independent consultant. Investigators also want to know if other individuals or companies had access to this information. ANTITRUST DISSPUTES Cade, Brazil's antitrust regulator, is currently dealing with a number of competition disputes. Keeta accused 99Food using exclusivity clauses and contract provisions which allegedly made it harder for restaurants operating across multiple platforms. Separately iFood asked Cade earlier this year to examine the expansion strategies Keeta's and 99Food's, alleging that they rely heavily on subsidies and sustained losses in order to gain market shares.
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Virginia tightens restrictions on data centers amid political backlash
Abigail Spanberger, the Governor of Virginia, said that as a result of increasing political backlash against'server warehouses and technology developed in them, Virginia is tightening its environmental, commercial, and permitting controls. Virginia, the state with the highest concentration of data centres in the world, has unveiled plans that include a ban on non-disclosure contracts and clean energy mandates for the projects. This move is in line with a series of similar measures taken by the governors of New York, Texas, and Pennsylvania recently to curb the rapid expansion of data centres, which are increasingly being built?to train artificial intelligence and deploy it. Spanberger said at a press briefing that Virginia's "Data Center Accountability Framework", which was announced in April, is intended to ease public concerns about the secrecy surrounding data centers' development and their impact on energy bills and the environment. "Community members demand action," Spanberger said. Data centers with a capacity of 25 megawatts and above would be exempt from the ban on non-disclosure contracts. The governor also said that data centers would be given incentives to develop solar and wind backup generators instead of diesel or natural gas-fired ones to help power their operations. The state legislatures will have to approve a part of the framework next year.
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Bloomberg reports that Aramco has halted October crude oil deliveries to certain European refiners following a pipeline attack.
Bloomberg News reported that Saudi?Aramco informed at least two European refinery?customers on Friday that they would not receive any crude?oil in the next?month due to an attack on Saudi Arabia’s main pipeline into the Red Sea. The report stated that European refiners usually buy Saudi crude under term contracts that guarantee monthly deliveries, but Aramco informed its customers that the next month's delivery will not take place. Saudi Arabia informed European customers earlier that some crude cargoes will be cancelled due to a 'drone attack' which shut down its East-West pipeline, damaged three pumping station and disrupted oil loading at the Red Sea Port of Yanbu. Orlen, a Polish refinery, has sought alternative crudes after the disruption. According to traders, Orlen purchased North Sea grades in order to replace disrupted Saudi imports. Could not verify the information. Saudi Aramco didn't immediately respond to a comment request outside of regular business hours. Bloomberg reported that Aramco is working to 'partially restart the pipeline in days and return it back to full capacity within six weeks. Saudi Aramco also increased crude exports from the Gulf via ship-to-ship transfers off Oman's Sohar port to offset volume losses due to reduced Red Sea shipments.
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London's marine insurance companies expand high-risk zone in the Black Sea as shipping attacks increase
According to a recent advisory, London's marine insurers have widened their high-risk area for the Black Sea as the conflict between Ukraine and Russia escalates. The Black Sea is an important route for the shipment of grain, crude oils and refined products. Russia, Ukraine, Bulgaria, Georgia and Romania all share its waters. In the last two months, Russia and Ukraine have intensified their attacks on each others' commercial shipping, escalating their five-year war. The Joint 'War Committee' (JWC), which is made up of syndicate members in the Lloyd's Market Association, and representatives from the London Insurance Company market, provides guidance to underwriters on insurance premiums. The JWC expanded its reporting requirements for the Black Sea to include the entire Black Sea area this week. "The coastal waters of Russia, Ukraine, and the Baltic States were already listed," Neil Roberts said in a note that accompanied the advisory on Thursday. Roberts is the head of marine and aviation at the LMA, and the secretary of the Joint War Committee. "However voyages in the territorial waters of neighboring countries still do not require notification." In recent weeks, war risk premiums have risen dramatically as a result of the attacks on dozens of ships in the Black Sea.
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The small English club Oxford Utd apologizes for the 'United 93 clothing line'
Oxford United, a third-tier English club, has withdrawn its clothing line featuring the slogan "United 93%" and apologized for not knowing 'its historical context. United 93 is the callsign of one of the hijacked passenger jets in the 9/11 Al Qaeda attack on the United States. The merchandise was meant to be a nod to the club's founding date of 1893. A club statement stated that the range was released "without an understanding of its historical context and associated associations." "It should not have been sold and we take full responsibility for failing to do proper due diligence. We have immediately removed the collection and are reviewing our processes to make sure that nothing similar happens again. We would like to record our'sincere apologies' for this mistake and any?offence that may have been caused. After being hijacked by terrorists on September 11, 2001, United Airlines Flight 93 crashed into rural Pennsylvania in Shanksville. All 44 passengers and crew were killed. The 2006 documentary "United 93" chronicled the tragic events of the plane's flight towards the US Capitol Building.
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Malaysian regulator will ask publicly traded firms to submit El Nino plans and is looking for deeper Middle East relations
Malaysia's Securities Commission will ask companies how they are preparing for El Nino, as it is concerned that businesses in the country may not be prepared for its effects. Forecasters warn of a super El Nino that could bring heat and drought to Southeast Asia. Conditions that are hotter and drier can affect crop yields, straining water supplies. This poses a risk to Malaysia's palm oil industry. "We are going to write to all major companies and ask: What is your El Nino Plan?" Mohammad Faiz said in an interview during an investor roadshow held in the UK. "And we'll then?have a conversation with them next to see if it worked or failed." Since a while, a number of regulators have required that companies disclose information about climate and weather impact. However, requests for specific events are typically not made public, even when they're made. Mohammad Faiz stated that the initiative will test whether climate-risk disclosures by companies translate into effective preparation. He argued many firms have not "seriously" considered how they would deal with drought, because Malaysia has historically abundant water resources. Separately he stated that the commission was?exploring closer ties with regulatory?in the Middle East in order to deepen Islamic financial links and channel more funds into Southeast Asia. In a first step regulators will examine the differences between how different jurisdictions classify stock as being compliant with Islamic Law, or Sharia. In July, Malaysia's Securities Commission signed an agreement that allows companies seeking dual listing to use one prospectus and a set of submission documents starting this month. Mohammad Faiz stated that Sarawak Energy is one of the IPO candidates which the commission encourages to consider a dual listing in order to achieve a higher valuation. He claimed that the company could reach a market valuation of $10 billion. Sarawak Energy didn't?respond to an?request for comments outside of office hours. Mohammad Faiz, when asked if AirAsia is on the regulator's watch list, said that he "neither confirmed nor denied" this. He added that the government has hired?consultants who will review the carrier's financials, though he wasn't aware of any plans to?takeover. AirAsia has not responded to a request for a comment. Tony Fernandes, AirAsia co-founder, said that the company had not been in contact with the government and that they did not require any bailout or rescue. Mohammad Faiz, speaking of the plans for the stock exchange, said that the government planned to increase the capitalisation of Bursa to 6.3 trillion Ringgit ($1.55 trillion), from the current 4.5 trillion Ringgit.
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.
(source: Reuters)