Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Tuesday.
Singapore – Oil Prices Down in Asia: Crude prices slipped in Asian trade Tuesday as slumping manufacturing output in the world’s major economies weighed on markets, analysts said.
NEPTUNE ORIENT LINES LTD
– The container shipping firm, which has reported losses for the past five quarters, plans to sell its Singapore headquarter building to raise funds.
American President Lines Ltd, part of Neptune Orient Lines, won a deal valued at up to $1.7 billion from the U.S. Transportation Command, the Pentagon’s daily contract digest said.
The Slovak unit of German automaker Volkswagen kept a bullish outlook for this and the coming year, expecting production close to full capacity of 400,000 cars, mainly thanks to strong demand for its sport utility vehicles (SUV).
CAR REGISTRATION TAX
Slovaks buying expensive and luxury cars could pay a registration fee worth up to 3,000 euros ($3,800) to help the government to boost state budget revenue, Finance Minister Peter Kazimir said. Employers warned the fee could hit small business vans and hurt business.
VDIK and KBA are due to publish the figures of new car registrations for the month of June.
Italian new car sales fell 24.4 percent in June from the same month a year ago to 128,388 vehicles, Italy’s Transport Ministry said on Monday, their lowest level since 1979.
A summer price cut promotion for motorists by Italy’s Eni has proved successful enough to push up prices for diesel across the entire Mediterranean oil market and left the company scrambling for more fuel.
Russia’s third-largest oil producer TNK-BP, owned by BP and the AAR consortium of Soviet-born billionaires, is studying possibility of joining the Nord Stream gas pipeline project, Kommersant business daily reports. It says earlier, AAR has blocked BP’s attempt to take part in the project.
Algeria’s Sonatrach is looking for exploration partners and expects to reach an agreement with Repsol, reports Expansion, citing Algerian government official.
India’s Hero MotoCorp June sales up 4.3 pct y/y to 534,091 vehicles from 512,244 vehicles a year ago.
* India’s automobile industry on Monday announced a voluntary code on vehicle recalls and recommended that the government take action if members fail to declare one when it’s required. However, the Society of Indian Automobile Manufacturers (Siam) lobby group said manufacturers violating the code won’t be penalized.