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☆ Oil prices jump on escalating tensions in the Middle East after strike on Iran
▼ + stars: | 2024-04-19 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Oil prices jumped on Friday while Asian markets tumbled, with global investors worrying about an escalation in conflict in the Middle East after explosions were reported near the Iranian city of Isfahan. Iran launched the attack in retaliation for a suspected Israeli strike on its embassy compound in Syria earlier this month. “Israel’s response could determine whether oil supplies are ultimately under threat.”Elsewhere, ongoing oil disruptions remain high, the analysts added. In Hong Kong, PetroChina, Asia’s largest oil and gas supplier, advanced 2.3%. Sinopec, the world’s largest oil refining company by capacity, rose 1.3%.

Persons: Brent, Benjamin Netanyahu, Israel, ”, “, Korea’s Kospi, Cosmo Energy Organizations: Hong Kong CNN, CNN, ANZ, United, Stock, Nikkei, China’s, Energy, Eneos Corp, Oil Corp Locations: Hong Kong, Iranian, Isfahan, Israel, Iran, Syria, United States, Mexico, Asia, China’s Shanghai, Tokyo, Seoul

Recovering profit margins may prompt complex refiners to maximise yields of transport fuels, causing excess naphtha output as a byproduct in a tepid petrochemical market and further depressing feedstock margins. Mandell expects margins to continue to perform well throughout the year heading into higher-demand crop planting season and into winter in the United States. "The healthy margins reflect the bull market for diesel combined with still strong gasoline cracks even if gasoline did weaken sharply on week. U.S. oil companies said during recent second quarter earnings presentations that strong global demand for fuels and low product inventories are driving robust profits. "Global capacity additions continue to progress slower than anticipated, and we believe that global demand growth will remain strong," Hennigan added.

Persons: Brian M, Mandell, Eugene Lindell, bullish HSFO, FGE's Lindell, Lindell, ENEOS, Phillips, Michael J, Hennigan, Mohi Narayan, Laura Sanicola, Ahmad Ghaddar, Jeslyn Lerh, Tony Munroe, Muralikumar Organizations: NEW, Phillips, Saudi, Reuters, Petronas, Hyundai, India's Reliance Industries, Oil, Marathon Petroleum, Marathon, Thomson Locations: NEW DELHI, WASHINGTON, Latin America, Asia, United States, Europe, Singapore, Malaysia, South Korea, U.S, New Delhi, Washington, London

☆ Japan's Suzuki to make 'flying cars' with SkyDrive
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 20 (Reuters) - Japanese automaker Suzuki Motor Corp (7269.T) said on Tuesday it had reached an agreement with SkyDrive Inc to make "flying cars". The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a wholly owned subsidiary to make the aircraft and Suzuki will help with preparations for the manufacturing, including securing talent, the automaker said. Headquartered in the city of Toyota in central Japan, SkyDrive has trading house Itochu Corp (8001.T), tech firm NEC Corp (6701.T) and a unit of energy company Eneos Holdings Inc (5020.T) among its main shareholders. The two companies signed a deal in March last year to team up in research, development and marketing of flying cars.

Persons: Suzuki, SkyDrive, Satoshi Sugiyama, Robert Birsel Organizations: Suzuki Motor Corp, SkyDrive Inc, Suzuki Group, Toyota, Itochu Corp, NEC Corp, Eneos Holdings, Thomson Locations: TOKYO, Japan

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

☆ Factbox: Investments flow to automated vehicles in non-auto settings
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - Corporate and private investors have turned from funding autonomous trucks and passenger cars to companies and applications in a variety of non-automotive settings, from construction and mining to airports and agriculture. Among them:Company: Aurrigo (AURR.L)Headquarters: Coventry, UKStatus: publicFounded: 1993Focus: urban & airport shuttlesMarket capitalization: $40 millionCompany: OxboticaHeadquarters: Oxford, UKStatus: privateFounded: 2014Focus: passenger shuttles, warehouse vehicles, last-mile deliveryInvestors: ZF, BP, Ocado, Eneos, AXA, TencentMoney raised: $256 millionValuation: $720 millionPartners: ZF, BP, OcadoCompany: EinrideHeadquarters: Stockholm, SwedenStatus: privateFounded: 2016Focus: logistics yardsInvestors: Maersk, Ericsson, TemasekMoney raised: $655 millionPartners: Maersk, Bridgestone, InBev, GECompany: OutriderHeadquarters: Golden Colorado, USAStatus: privateFounded: 2017Focus: yard & warehouse vehiclesInvestors: Nvidia, Sumitomo, Abu Dhabi Investment FundMoney raised: $200 millionValuation: $550 millionCustomers: Georgia-PacificCompany: TeleoHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2019Focus: construction & mining equipmentInvestors: UP Partners, Trucks, F-Prime, K9Money raised: $12 millionValuation: $44 millionCompany: Parallel SystemsHeadquarters: Los Angeles, USAStatus: privateFounded: 2020Focus: railcarsInvestors: Anthos, Congruent, Embark, RiotMoney raised: $53 millionValuation: $188 millionCompany: KodiakHeadquarters: Mountain View, California, USAStatus: privateFounded: 2018Focus: trucks, defense vehiclesInvestors: BMW, Bridgestone, PilotMoney raised: $198 millionValuation: $506 millionCustomers: IkeaCompany: Fox RoboticsHeadquarters: Austin, Texas, USAStatus: privateFounded: 2017Focus: forkliftsInvestors: Menlo, Eniac, Congruent, AMEMoney raised: $33 millionCompany: Apex.AIHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2017Focus: agriculture equipmentInvestors: Toyota, Airbus, Agco, Daimler Truck, ZF, Jaguar Land Rover, Volvo Group, Hella, ContinentalMoney raised: $74 millionValuation: $297 millionSources: PitchBook, companiesReporting by Paul Lienert in Detroit Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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☆ Oxbotica raises $140 mln to deploy self-driving commercial vehicles
▼ + stars: | 2023-01-11 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Jan 11 (Reuters) - Self-driving software startup Oxbotica has raised $140 million from investors to speed deployment of autonomous vehicles (AVs) in areas including heavy industry, ports and airports. The Series C round includes funding from new investors including Japanese insurer Aioi Nissay Dowa Insurance, the venture capital arm of software company Trimble (TRMB.O) and the venture capital arm of Japanese oil refiner Eneos (5020.T). Oxbotica has now raised about $225 million in total and the company said that additional investors are expected to sign up before the funding round closes in a few months. Once regulations catch up with the industry, the company will start running tests on limited routes for Ocado in 2025, Jackson said. "The proceeds (of this funding round) will really accelerate deployment for our commercial customers."

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