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India seeks safe passage for nine ships as Hormuz truce falters

India seeks safe passage for nine ships as Hormuz truce falters

India is considering diplomatic and operational measures, including possible talks with Iran, to secure safe passage for at least nine laden tankers carrying crude oil and liquefied petroleum gas waiting in the Persian Gulf. India is considering options including holding talks with Iran in order to secure safe passage for at least nine laden tankers waiting in the Persian Gulf, as attacks in the waterway threaten an already fragile interim ceasefire. Prime Minister Narendra Modi’s government is closely monitoring movement of these vessels loaded with crude oil and liquefied petroleum gas, people familiar with the matter said, asking not to be named because the discussions are private. Among other steps, the country’s foreign ministry will contact Iranian authorities over the safety of Indian seafarers in the region, the people said, with hundreds stranded for months since the Strait of Hormuz was effectively closed. That includes the 198 mariners onboard the nine tankers ready to transit through the thoroughfare. India is particularly concerned about crews after at least three Indian seafarers were killed in US strikes on commercial ships in the Gulf of Oman in June, the people said. Officials at the ministries of foreign affairs, oil and shipping didn’t immediately reply to emailed queries. An interim peace agreement between the US and Iran in June temporarily increased transits through Hormuz, but those numbers have slowed to a trickle once again after vessels were attacked on Tuesday and the US struck targets in Iran overnight in retaliation. Underscoring the threat to the existing temporary agreement, US President Donald Trump, speaking at NATO’s annual summit in Ankara, called peace talks “a waste of time.” Still, vessels have continued to transit through the strait on Wednesday — six vessels bound for destinations including India attempted to cross just hours after Tuesday’s strikes. However, at least one India-flagged supertanker, Lila Vadinar, reversed course after reaching the tip of Oman’s Musandam Peninsula, an example of heightened concern among ship operators. Since the war started in late February, only about 50 India-bound vessels have transited the strait, the people said. Shipments remain well below normal because Indian buyers have yet to fully resume imports of crude oil, liquefied petroleum gas and liquefied natural gas from Middle Eastern suppliers. Almost 40% of India’s crude imports, 60% of its LNG shipments and 90% of LPG inflows passed through Hormuz before the war began. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Broker’s Call: Minda Corp (Buy)

Broker’s Call: Minda Corp (Buy)

Minda Corp is structurally positioned to outperform the auto ancillary space, riding four powerful tailwinds simultaneously for market share expansion — premiumisation, EV transition, localisation and export scale-up. The shift from analogue to TFT clusters (8x ASP uplift) and increase in high-voltage wiring harnesses are expected to be key triggers for content per vehicle growth. Beyond electronics, Minda is simultaneously scaling exports, adjacent product categories and order-backed capacities. Despite gradual premiumisation, vehicle access continues to provide stable and margin-accretive growth supported by ASEAN exports. Flash Electronics and Turntide agreements would not only catapult 2W EV kit value by 3x versus ICE 2W but also mark Minda’s entry into high power motor controllers. With a large order backlog of ₹1,000 crore comprising new products like sunroofs and switches (Toyodenso JV) and existing products (die casting for EV) further diversify the growth algorithm. We expect Minda to deliver 19 per cent/20 per cent/28 per cent Revenue/EBITDA/PAT CAGR over FY26-28E. Therefore, we value Minda at a premium multiple of 34x FY28E EPS to arrive at a TP of ₹825 and initiate coverage with a Buy rating, reflecting the company’s increasing electronics mix, diversified growth architecture and improving earnings quality. Key risks include slower TFT adoption, weaker underlying industry growth, delays in utilisation ramp-up, slower localisation progress and export execution risks. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Sun Mobility t3-55T electric trucks with world’s first modular battery swapping at Pravaas 5.0

Sun Mobility t3-55T electric trucks with world’s first modular battery swapping at Pravaas 5.0

Bengaluru-based battery swapping company Sun Mobility is making its biggest push yet into India’s commercial electric vehicle market with the launch of what it describes as the world’s first modular battery swapping platform for electric trucks and buses across the 3-tonne to 55-tonne segment. The company is planning to showcase the product which has been developed and demonstrated with the Tata Motors’ Starbus 12m EV. Backed by a $78 million (about ₹650 crore) investment through its IndoFast Swap Energy joint venture with Indian Oil Corporation Ltd (IOCL), the platform marks the company’s entry into the heavy commercial vehicle market after establishing its battery swapping technology in two- and three-wheelers. It will make its public debut at Pravaas 5.0 in Gandhinagar from July 9 to 11. If adopted by multiple manufacturers, the OEM-agnostic battery architecture could create a common energy infrastructure for commercial electric vehicles, replacing proprietary battery ecosystems with a shared swapping network. “We are not accelerating the transition to electric mobility. We are eliminating the barriers that slowed it down with the world’s first modular multi-battery swapping technology,” said Chetan Maini, Co-Founder and Chairman of Sun Mobility, ahead of the launch. The platform received AIS-038 certification from the Automotive Research Association of India (ARAI) in March, becoming the first indigenously developed high-voltage swappable battery platform for trucks and buses to secure this approval. The certification validates its thermal, electrical and mechanical safety standards, clearing a key regulatory milestone for commercial deployment. Designed for vehicles ranging from 3-tonne light commercial vehicles to 55-tonne multi-axle tractor-trailers and intercity buses, the platform supports both 330-volt and 660-volt electrical architectures. It uses modular 50 kWh and 100 kWh battery packs that can be automatically swapped in under three minutes. Sun Mobility is targeting one of the biggest hurdles to commercial vehicle electrification: battery economics. Electric buses and trucks typically use fixed battery packs of 200-400 kWh, increasing vehicle acquisition costs while reducing payload because of battery weight. Charging these vehicles can take between 90 minutes and four hours, lowering fleet utilisation for operators whose revenues depend on keeping vehicles on the road. The opportunity is significant because private operators own nearly 90 per cent of India’s commercial buses and trucks, making operating economics and vehicle uptime critical to EV adoption. Sun Mobility’s strategy mirrors a battery swapping model that has gained significant traction in China, now the world’s largest market for electric commercial vehicles. Sun Mobility’s Battery-as-a-Service (BaaS) model separates battery ownership from the vehicle. Fleet operators purchase the vehicle while paying only for the energy consumed. According to the company, the model reduces the upfront acquisition cost of an electric bus or truck by about 40 per cent, bringing prices closer to comparable diesel and CNG vehicles. Operators can also optimise payload by carrying only the battery modules required for a particular route instead of oversized fixed battery packs. Commercial deployment will be led by IndoFast Swap Energy, the company’s joint venture with IOCL, which will establish automated battery swapping stations across IndianOil’s fuel retail network, while Sun Mobility supplies the battery technology, swapping systems and manufacturing.

ISMA defends E20 fuel, silent on mileage drop

ISMA defends E20 fuel, silent on mileage drop

In a statement on Wednesday, ISMA said that according to the Ministry of Petroleum and Natural Gas (MoPNG), India’s Ethanol Blending with Petrol Programme (EBP) is scientifically validated, rigorously tested, and continuously monitored, in consultation with oil marketing companies (OMCs), automakers, fuel testing agencies, and other stakeholders. The Indian Sugar and Bio-Energy Manufacturers Association (ISMA) has dismissed the public concern over E20 ethanol blended petrol saying the ongoing public conversation should be guided by scientific evidence, verified data and official clarifications, rather than misinformation being circulated on social media. Of late, there has been a major concern over drop in mileage attributed to adoption of E20 fuel even as auto makers claim it to be very marginal 3-3.5 per cent whereas people are claiming it to be 20-30 per cent. An social media user on X said: “Hybrid system is inherently highly efficient, boasting an official fuel economy to 23.24 kmpl. However, because ethanol delivers lower thermal energy per litre than pure petrol, real-world E20 mileage drops to around 16–18 kmpl depending on driving conditions.” Several people have shared on social media that their cars have a reduced mileage of 2-3 km (or 20-30 per cent) after shifting to E20. Former Delhi chief minister and AAP national convenor Arvind Kejriwal on Wednesday wrote to 29 automobile manufacturers, seeking their response on the impact of E20 fuel on vehicle mileage and performance and asked them to reply within seven days. Sharing his letter with Toyota Kirloskar Motor’s Vikram Gulati, Kejriwal asked the company if a pre-2023, non-E20-compliant vehicle experiences a mileage drop of more than 10 per cent after using E20 fuel, would be compensated for the loss. In a statement on Wednesday, ISMA said that according to the Ministry of Petroleum and Natural Gas (MoPNG), India’s Ethanol Blending with Petrol Programme (EBP) is scientifically validated, rigorously tested, and continuously monitored, in consultation with oil marketing companies (OMCs), automakers, fuel testing agencies, and other stakeholders. “The government said no incidents of engine failure or vehicle breakdown had been linked to E20 petrol since its rollout. The ministry said that fuel-grade ethanol is produced through industrial processes such as fermentation and distillation and does not resemble its original agricultural feedstock. It is made from multiple sources, including sugarcane juice, molasses, broken rice, and maize, and must meet fuel-quality standards before being blended with petrol, ISMA said. Highlighting the recent press briefing by select automobile manufacturers, ISMA said the automakers, OMCs, Society of Indian Automobile Manufacturers (SIAM), Federation of Indian Petroleum Industry (FIPI) and the Automotive Research Association of India (ARAI) have publicly defended E20, saying concerns about vehicle breakdowns stem from ‘hearsay, misinformation and misunderstanding’. Industry representatives said mileage variation, where observed, was marginal, while E20 helps cut emissions, reduce oil imports, save foreign exchange and support farmer incomes. “India’s ethanol programme is one of the country’s most successful examples of aligning energy security, farmer welfare and cleaner mobility,” ISMA Director General Deepak Ballani said in the statement. “It is therefore important that public debate is anchored in facts and not fear.” he said adding E20 had been introduced through a calibrated, science-backed process involving the government, OMCs, automakers and testing agencies and that claims the fuel was unsafe or unregulated were not supported by evidence. “Misinformation of this nature risks undermining a programme that has helped India reduce crude import dependence, save foreign exchange and create value for the rural economy,” he said. The Ethanol Blending Programme was launched to cut India’s dependence on imported crude oil, strengthen energy security and promote cleaner fuels. Ethanol blending has helped India save more than Rs 1.4 lakh crore in foreign exchange by reducing crude oil imports, according to government estimates, while generating demand for agricultural feedstocks and additional income for farmers, ISMA said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Victims of 23andMe data breach to get $47m payout, judge rules

BBC Business7/7/2026

Victims of 23andMe data breach to get $47m payout, judge rules

Victims of a 2023 data hack at genetics testing company 23andMe are set to receive a multi-million payout from the firm. A California bankruptcy court judge ruled on Tuesday that Chrome Holding, which last year took control of 23andMe after its bankruptcy, should pay out $46.75m (£35m) in compensation. 23andMe compiles genetic profiles of people through DNA testing kits, but it was heavily criticised after as many as 6.9 million people had their data breached in the 2023 hack. Chrome Holding, which operates under the name TTAM Research Institute, is operated by 23andMe's co-founder, Anne Wojcicki. She won the company's assets last year through a bankruptcy auction with a bid of $305m. The ruling said the settlement will be first paid to Kroll Restructuring, which is representing the victims, within five business days from Tuesday. The appointment of companies like Kroll is typical in corporate bankruptcy proceedings. The BBC has contacted the legal team representing the victims to ask how many people will receive the payout. 23andMe early last year filed for bankruptcy, about 18 months after hackers were able to access roughly 14,000 user accounts. Because the company offered "comprehensive" genetic profiles of people who submitted their DNA, including genetic markers related to their health and family history, some of the information accessed by hackers was highly personal. While the number of accounts accessed directly in the breach only represented a small fraction of 23andMe's total users, the hackers were able to access the profiles of those users' relatives. That gave them access to millions of profiles that 23andMe hosted. The breach led to investigations and fines, including a £2.31m fine by the Information Commissioner's Office (ICO), a UK watchdog. The ICO said 23andMe had failed to put adequate measures in place to secure sensitive user data prior to the incident.

Airbnb data identifies illegal social home sublets

BBC Business7/8/2026

Airbnb data identifies illegal social home sublets

Local councils and Airbnb have begun sharing data to identify the illegal subletting of social homes on the short-term rental platform. The scheme, coordinated by the Cabinet Office's fraud team, external, allows councils to cross-check social housing records against Airbnb listings in an effort to tackle what the government calls "social housing fraud." It is suspected nearly 6,000 social homes in England are illegally sublet on short-term rental platforms, according to the Tenancy Fraud Forum, a not-for profit organisation. Early results suggest 470 cases of social housing fraud have been identified so far across participating local authorities, with offenders facing penalties including eviction, fines and up to two years in prison. However, some campaign groups say tackling illegal subletting will have "very little impact on the acute housing crisis." According to the Cabinet Office, whether a tenant can sublet a room depends on the terms of their individual tenancy agreement and may require the council's permission, but subletting an entire social housing property is an offence. Fraudsters could include people who have more than one home or are living abroad. The government estimates on average, each case costs taxpayers around £78,300 - a figure which could include paying for temporary accommodation for genuine applicants, the legal costs to recover property, and rent foregone during the void period between tenancies. The Tenancy Fraud forum estimates at least 1,000 social homes are illegally advertised for short term lets on Airbnb in London over a period of a year, but if other platforms are included, this number is likely to be far greater. BBC London has spoken to residents who are convinced illegal holiday lets are operating in their buildings. They describe lockboxes appearing outside flats, a constant stream of unfamiliar people arriving with suitcases, and in some cases antisocial behaviour. Geraldine Girardi has lived in a mixed-tenure Notting Hill Genesis block in King's Cross for 26 years. A leaseholder and member of the Social Housing Action Campaign, she believes one social housing flat has been illegally sublet as short-term accommodation.

Australia dock workers call for 28-hour week in AI talks

BBC Business7/8/2026

Australia dock workers call for 28-hour week in AI talks

Australian dock workers are demanding a 28-hour work week with no loss of pay as the use of artificial intelligence (AI) and automation expands across the country's ports. The AI push is being led by port logistics giant DP World, which the Maritime Union of Australia (MUA) said has put workers' jobs "in the crosshairs". The union said: "If DP World wants AI and automation, then they must pay the social dividend. The new technology doesn't have to cost our members their jobs or put their livelihoods at risk just so a terminal operator can boost profits." DP World, which is based in Dubai, is increasingly testing AI tools to manage employees and work schedules in its operations, according to a study by the Centre For International Corporate Tax Accountability and Research, which was commissioned by the MUA. The automation programme is part of a pattern of pushing AI into operations "without genuine consultation" and that it threatens up to a thousand jobs or more than 60% of the dock and maintenance workforce, the study said. The company has also proposed the use of AI-assisted remote-control cranes and driverless vehicles, it added. The technology "should be used to improve workers' lives, not destroy them," the union said in a statement on 3 July as it called for a 28-hour work week. DP World dock workers are believed to currently work around 32 to 35 hours a week, depending on their location, according to the Australian Financial Review, which first reported the negotiations. The state-owned DP World is one of the world's largest port operators and is ultimately controlled by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. In Australia, it moves millions of shipping containers each year through its ports in Sydney, Melbourne and other parts of the country. With operations in 84 countries and more than 126,000 employees around the world, the firm handles around a tenth of global container traffic.