The daily business briefing: October 3, 2016

1. India ratifies Paris climate deal

India on Sunday ratified the Paris global climate control agreement, committing the world's third largest greenhouse gas emitter to generating at least 40 percent of its electricity from non-fossil fuels by 2030. The Paris accord, the world's first comprehensive climate agreement, was agreed to by nearly 200 countries last December. It aims to reduce CO2 emissions, widely considered to be a driving force of human-caused climate change, but will only take effect if at least 55 countries producing a combined 55 percent or more of the world's carbon emissions sign on. Next week the European Union is expected to wrap up joint ratification of the pact, which would put the deal over the 55 percent threshold.

BBC News

2. Tesla sets quarterly delivery record

Tesla Motors said on Sunday that its deliveries rose by 70 percent in the third quarter, putting the luxury electric car maker close to its targeted pace for the second half of 2016 after it fell short in the last two quarters. Tesla delivered 24,500 cars in the quarter — a record — and put itself on track to reach its goal of 50,000 cars for the second half of the year. The improvement came as Tesla shook off production problems it faced earlier this year, and reportedly offered customers cheaper lease deals and discounts on some models.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Reuters

3. ING to cut 5,800 jobs as it accelerates digital transformation

Dutch banking giant ING said Monday that it was cutting 5,800 jobs in Belgium and the Netherlands through 2021 as it accelerates its focus to online services. The cuts amount to 11 percent of ING's workforce. "Unfortunately, digital transformation means less jobs," Chief Financial Officer Patrick Flynn said. "The Netherlands and Belgium need to rely less on bank branches." The company said it would invest $899 million in its digital transformation, and expected the improved efficiency to save it about $1 billion by 2021.

Bloomberg The Associated Press

4. India amnesty program uncovers $9.8 billion in undeclared income

The Indian government announced over the weekend that an amnesty program had prompted suspected tax dodgers to disclose $9.8 billion in previously undeclared income. Prime Minister Narendra Modi's government sent letters to 700,000 suspected tax evaders promising they would not be prosecuted if they came clean about hidden assets, or "black money," and paid a penalty. Finance Minister Arun Jaitley said the government received 64,275 declarations of previously undisclosed wealth over four months.

Reuters

5. Mercedes shows off new electric car brand at Paris auto show

Mercedes-Benz unveiled its new brand of electric vehicles, the Generation EQ concept, at the Paris auto show over the weekend. The German automaker said the EQ concept has a range of 310 miles on a full charge, and can go from 0 to 62 miles per hour in under five seconds. The first of the vehicles, a wagon-like SUV crossover, has two electric motors on the front and rear axles, with all-wheel drive. The company said the production version, coming out in 2019, would have fast-charging capability offering a 62-mile range on a five-minute charge.

MarketWatch