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Bloomberg News reports that Tesla has received around 600 orders in India since its launch.
Bloomberg News reported Tuesday that Tesla had received just over 600 orders since it began selling cars in India mid-July. This number fell short of what the company expected, according to people familiar with this matter. Bloomberg News reported that the Elon Musk-led electric car maker plans to send between 350 and 500 vehicles to India in this year. The first batch of cars is expected to arrive from Shanghai at the beginning of September. The report stated that deliveries will be initially limited to Mumbai and Delhi. It also said the company is only able to deliver cars outside of these four cities if it receives full payment for the vehicles. Could not confirm the report immediately. Tesla didn't immediately respond to our request for comment. Tesla launched the Model Y in India at a cost of about $70,000. This price reflects India's high import tariffs for EVs. The U.S. electric car maker has been lobbying India for lower import taxes on cars. Tesla, facing excess capacity and declining sales in global factories, has adopted a new strategy to sell imported vehicles in India despite duties and levies. The automaker targets a niche market of the domestic automobile market where EVs only account for 4% of total sales. Even in the cities, India's road infrastructure is improving, but traffic discipline, such as lane driving, remains rudimentary. EV chargers, too, are few and far between. Stray animals and cattle are also a problem. Reporting by Nilutpal Timsina, Bengaluru. Editing by Sonia Cheema.
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InPost, a parcel locker company, has seen its Q2 profits rise by 13%
InPost, a Polish parcel locker firm, reported on Tuesday a 12.6% increase in earnings for the second quarter. This was due to volume growth both in Poland and abroad. The adjusted earnings before tax, depreciation, and amortization (EBITDA), which is the profit before interest, taxes, depreciation, and amortisation, were 999.5 millions zlotys in the third quarter, as compared to the 887.3 in the previous period. InPost operates in nine countries, including Poland. It is known for its automated package machines, or APMs. These allow customers to pick up or drop off their packages whenever they choose. The company confirmed its 2025 forecast for an adjusted EBITDA growth in the low to mid-20% range, but revised their annual volume and adjusted EBITDA Margin guidance in Poland and Eurozone. It now expects a high single-digit increase in volume this year, compared to its previous forecast of high single-digit or low double-digit growth. The company expects its margin to remain in the high 40%s, as opposed to a target of the mid-40s. The company expects a mid-double-digit growth in its Eurozone markets compared to the low-double-digit or high-single-digit volume increase it expected previously. The UK saw a 177% growth in volume in the second quarter, aided by the recent purchase of a parcel-delivery firm InPost says, "Yodel." The increase was attributed to an increase in volumes outside the marketplace. $1 = 3.6405 Zlotys (Reporting and editing by Matt Scuffham in Gdansk)
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Data shows that the sixth LNG tanker has loaded cargo from Russia's Arctic LNG 2.
According to data provided by analytics firms Kpler & Vortexa, a liquefied gas (LNG), tanker loaded cargo for the sanctioned Arctic LNG 2 plant in Russia last week. This was the sixth time this year that the plant has been used. The cargo was sanctioned due to Russia's conflict in Ukraine. It is the first time since the project began last year that cargo has been received by a final-user. According to Kpler data and Vortexa, six tankers have already picked up cargoes at Arctic LNG 2 this year. The latest was La Perouse which arrived on August 27 and loaded LNG before departing on August 30 and 31. La Perouse is one of five LNG tanks sanctioned last September by the United Kingdom due to its involvement in projects that are important for Russia's future energy supply. According to the shipping database Equasis, Enson Shipping Inc is registered as owner of this tanker with an address in Dubai (United Arab Emirates). The ship's or commercial manager of the tanker is Dreamer Shipmanagement LLC - FZ, with the same address. Could not find any contact information for Dreamer Shipmanagement or Enson Shipping. Kpler data and Vortexa showed that another tanker sanctioned, Arctic Vostok is currently anchored near the Koryak floating-storage unit (FSU) on Russia's Kamchatka Peninsula, which indicates that LNG transfer may be taking place. Kpler data indicates that the Koryak FSU stores LNG from Arctic LNG 2. According to Kpler data, the cargo of Arctic LNG 2 that China received in China last week was loaded at the Koryak FSU. According to Equasis, the registered owners of Arctic Vostok are Lule One Services Inc. and Ocean Speedstar Solutions. Both have their registered addresses in Mumbai (India). Both companies could not be reached for comment. The U.S. imposed sanctions last year on the registered owners of LNG vessels including Arctic Vostok as part of an overall goal to reduce Russia's oil revenues.
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As supply worries are stoked by tensions between Russia and Ukraine, oil prices rise
Early Tuesday morning, oil prices in Asia rose as fears about disruptions to supply grew due to an escalation in the conflict between Russia & Ukraine. Brent crude rose 20 cents or 0.29% to $68.35 a bar by 0039 GMT. U.S. West Texas intermediate crude was $64.82 a bar, up 81cents or 1.27%. Due to Labor Day in the U.S., WTI futures didn't settle on Monday. According to calculations, recent Ukrainian drone attacks have shut down facilities that account for at least 17% or 1.1 millions barrels of oil processing capacity in Russia. After weeks of increased attacks on Russian energy resources, Ukraine's president Volodymyr Zelenskiy announced Sunday that Ukraine is planning new deep-into-Russia strikes. In the last few weeks, both Russia and Ukraine intensified their airstrikes after three and a half war years. Russia has attacked Ukraine's transport and energy systems while Ukraine has attacked Russian oil refineries. "Ongoing risks remain high to the energy infrastructure in Russia." "Ongoing risks to energy infrastructure in Russia remain high," Daniel Hynes, senior commodities strategist at ANZ said on Tuesday. China's vision of "a new world order" may increase geopolitical tensions. During a Monday summit with the leaders of Russia, India and China, Chinese President Xi Jinping pressed for a "new global order" that prioritizes the "Global South", as a direct challenge against the U.S. China and India are two of the largest buyers of Russian crude oil, which is the second-largest exporter in the world. Trump has imposed tariffs on India but not China over the purchases. Investors are now waiting for a meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies to take place on September 7, in order to get any clues about future output increases from the group. (Reporting by Anjana Anil in Bengaluru; Editing by Muralikumar Anantharaman)
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Kim Jong Un's slow train to China:
North Korean leader Kim Jong Un left Pyongyang on Monday in his signature green rail car on his way Beijing. The reclusive nation's leaders use this slow, but specialized form of transportation for decades. Experts say that bulletproof trains are a better alternative to North Korea's aging fleet of passenger planes. They offer more comfort, security, food, amenities and space for large groups. Kim, who became the leader of North Korea in late 2011, has traveled by train to China, Vietnam, and Russia. What's inside the trains? Ahn Byung Min, a South Korean expert in North Korean transportation has stated that multiple trains are needed for security. Ahn stated that these trains each have between 10 and 15 carriages. Some of them are only used by the leader. This includes a bedroom. Other carriages carry medical staff, security guards, or both. He added that they also have room for Kim's desk, communications equipment and a restaurant. They can also accommodate two armoured Mercedes. State media pictures on Tuesday showed Kim and senior officials having a smoke break in front of an emerald green carriage with gold trim and crests, as well as sitting in a wooden-paneled room in front of the North Korean flag and a large gold emblem. Kim's desk was adorned with a laptop computer embossed in gold, a bank telephones, his trademark box of cigarettes, and bottles filled with liquids that were either blue or clear. The windows were decorated with blue and gold curtains. In 2018, a video by North Korean state TV featured Kim with Chinese top officials in a train car with pink couches. State TV footage from 2020 showed Kim on a train, visiting a typhoon hit area. The carriage was decorated with flower-shaped lights and fabric chairs printed in zebra. In his 2002 book, "Orient Express", Russian official Konstantin Pulikovsky describes a journey of Kim Jong Il's father Kim Jong Un made to Moscow over a period of three weeks. According to the book, live lobsters and cases of Bordeaux wine and Beaujolais were also flown into that train from Paris. How does it cross borders? Ahn explained that when Kim Jong Un traveled to Russia in 2023 to meet with President Vladimir Putin at the summit, the wheel assemblies of the train had to be rearranged because the rail gauges are different between the two countries. Kim Han-tae is a former South Korean train engineer and author of a book about North Korea's railroads. While China does not have such a requirement, a Chinese engine pulls the train after it crosses the border because a local train engineer knows the rails system and signals. According to media images, Kim's special train carriages were usually pulled by DF11Z engines, Chinese-made engines with the China Railway Corporation emblem, and at least three serial numbers. Ahn noticed that the serial numbers of the engines were either 0001 and 0002, indicating China provided him with engines reserved only for senior officials. When Kim traveled across China in 2019 to his summit with U.S. president Donald Trump in Vietnam his train was drawn by a locomotive red and yellow emblazoned China's railway logo. Ahn stated that the train could reach speeds of up to 80 km/h (50mph) in China, as opposed to a maximum speed of 45 km/h (28mph) for North Korea. Who uses the trains? Kim Il Sung's, Kim's, grandfather, was the North Korean founding leader. He travelled regularly abroad by train during his reign, until his death in 1995. Kim Jong Il only used trains to travel to Russia three times. This included a 20,000 km journey to Moscow in 2001. The carriage from his mausoleum is displayed in his train. He was reported to have died of a heart attack late 2011, while riding on one of the trains. State propaganda has focused on the train as the main vehicle for the Kim family to travel long distances by train in order to meet North Koreans. State television in 2022 showed Kim Jong Un on what they called an "exhaustive tour by train" of North Korea, inspecting corn crops and promoting a "communist paradise". (Reporting and editing by Frances Kerry, Edmund Klamann and Josh Smith)
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Tens of thousands march through the capital of Serbia to demand snap elections
On Monday, tens of thousands silently marched through Belgrade to honor the 16 victims killed in a railway station roof collapse. They demanded snap elections that they hoped would force President Aleksandar Vucic out of power and his ruling SNS Party. Around 7 pm (1700 GMT), the protesters, who were invited by students from high schools, gathered in front of Belgrade's old railway station. Sixteen students from high school walked along the Savski trg square while holding a white rose as the names of victims were read. In addition to Novi Sad and Kragujevac, protests also took place in Aleksinac. "Corruption is at the core of all our social problems." "Elections are the only way to solve this problem," said Srdjan a 35-year old scientist who attended the demonstration. The 16 deaths in Serbia last November triggered months of protests throughout Serbia. This has shaken Vucic's SNS party. The protests had been mostly peaceful up until the 13th of August, when clashes resulted in the injuries of dozens police officers and civilians. The protesters are calling for early elections to remove Vucic from power and have accused the corruption of the Novi Sad train station disaster. Students, anti-corruption groups and opposition groups have accused Vucic of having ties with organized crime, using violent tactics against political opponents, and suppressing freedom of the media - accusations they deny. (Reporting and editing by Andrea Ricci; Ivana Sekularac)
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CPC reports that two of three oil moorings it has are operational
The difference between Brent and Urals crudes dated on Monday was stable, while Caspian Pipeline Consortium said that two of their three oil moorings were now operational. CPC, which transports about 1.5% global oil, has announced that it has brought back one of its Black Sea docking points after maintenance to offset the risk of export restrictions. CPC announced late last week that it had shut down the second oil mooring due to an oil leak, limiting terminal export capacity to only one mooring. This mooring is not capable of handling the full export volume. CPC announced that its third oil mooring is back in operation after planned maintenance was performed on Monday. Traders said that CPC Blend oil was not affected by the accident because it was resolved quickly. Hardeep Singh Puri said that India does not profit from Russian oil imports. Its purchases have stabilized markets and kept prices from increasing to $200 per barrel. PLATTS WINDOW On Thursday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window. Three sources with knowledge of the situation said that Saudi Aramco, Iraq's SOMO state oil company and India's Nayara Energy have all stopped selling crude to the Russian-backed refiner in India after the European Union imposed sanctions in July. (Reporting by Editing by Sandra Maler)
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Slovak Prime minister Fico will meet Xi and Zelenskiy in the next week
Fico announced on Monday that the Slovak prime minister Robert Fico would hold bilateral meetings this week with Russian President Vladimir Putin and Chinese President Xi Jinping at China's World War Two Anniversary celebrations in Beijing. In a Friday statement, he announced that he would meet Ukrainian President Volodymyr Zelenskiy in the eastern part of Slovakia. Fico has had tense relationships with Zelenskiy, who is the leader of a NATO member and EU country, but opposes Western sanctions against Russia. Fico has also broken ranks with European Allies. In December, he met Putin in Moscow. Fico is the only European Union leader who will attend the celebrations of Xi's birthday in Beijing. Xi, along with the leaders of North Korea and Iran and Myanmar, will be flanked in a display of solidarity by the West. Fico stated in an email that he "respects every victim of the struggle against fascism" and has stood in the past with respect before memorials in Moscow or Washington. "I regret and admit that I don't understand why only Slovakia is going to be in Beijing." "A new world order, new rules for multipolarity, and new balance of power are being created, which is very important for world stability." He stated that it was important to take advantage of the chance to meet world leaders and that he informed EU officials about his trip. He did not specify his agenda for the meetings with Zelenskiy or in Beijing. The Slovakian government reacted angrily when Ukraine refused to renew the contract for Russian gas shipping to Slovakia at the end last year. This forced Slovakia to look for alternative suppliers and use other routes to get Russian gas. The Slovakian government is also keen to continue the imports of Russian crude oil via the Druzhba pipe, which temporarily stopped in the last two weeks following Ukrainian attacks against the pipeline in Russia. (Reporting and editing by William Maclean in Prague and Rod Nickel.)
As supply worries are stoked by tensions between Russia and Ukraine, oil prices rise
The price of oil rose on Tuesday, as fears about disruptions in supply grew due to an escalation in the conflict between Russia & Ukraine.
Brent crude rose 40 cents or 0.59% to $68.55 per barrel at 0149 GMT. U.S. West Texas intermediate crude was up $1.05 or 1.64%, and it was $65.06 per barrel.
Due to Labor Day in the U.S., WTI futures didn't settle on Monday.
According to calculations, recent Ukrainian drone attacks have shut down facilities that account for at least 17% or 1.1 millions barrels of oil processing capacity in Russia.
After weeks of increased attacks on Russian energy resources, Ukraine's president Volodymyr Zelenskiy announced Sunday that Ukraine is planning new deep-into-Russia strikes.
Three-and-a-half-years into the war, Russia and Ukraine have both intensified airstrikes in recent weeks. Russia has attacked Ukraine's transport and energy systems while Ukraine has targeted Russian oil refineries.
"Ongoing risks remain high to the energy infrastructure in Russia." "Ongoing risks to energy infrastructure in Russia remain high," Daniel Hynes, senior commodities strategist at ANZ said on Tuesday.
China's vision of "a new world order" may increase geopolitical tensions. During a Monday summit with the leaders of Russia, India and China, Chinese President Xi Jinping pushed his vision for a "new global order" that prioritizes the "Global South", as a direct challenge against the U.S.
China and India are two of the largest buyers of Russian crude oil, which is the second-largest exporter in the world. Trump imposed tariffs on India but not China over the purchases.
Investors are now waiting for a meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies to take place on September 7, in order to get any clues about future output increases from the group. (Reporting by Anjana Anil in Bengaluru; Editing by Muralikumar Anantharaman)
(source: Reuters)