- Tencent Holding Ltd (OTC:TCEHY) aims to sell technology to help foreign automakers tap China’s enormous electric vehicle market, CNBC reports.
- Tencent Intelligent Mobility VP Liu Shuquan claimed collaboration with 40 auto brands, including Bayerische Motoren Werke AG (OTC:BMWYY), SAIC, and NIO Inc (NYSE:NIO), covering 120 vehicle models. He also cited discussions with German and Japanese companies.
- Liu’s team launched a new cloud computing product for automakers called the “Tencent Intelligent Automobile Cloud” to boost its international strategy.
- Danish online job-search portal Jobindex has escalated antitrust allegations against Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google to European Union regulators.
- Google had allegedly favored its job search service as per the complaint that could revive EU antitrust chief Margrethe Vestager’s scrutiny of the service, Google for Jobs.
- Jobindex’s action comes four years after German media group Axel Springer’s jobs portal Stepstone filed a similar complaint.
- Switzerland courts will rule whether Credit Suisse Group AG (NYSE:CS) stayed away from stopping purported money laundering linked to a cocaine trafficking gang, Reuters reported.
- The investment and financial services provider faces charges for allowing a Bulgarian cocaine trafficking gang to launder millions of euros.
- The alleged money laundering happened between 2004 to 2008.
- The United States and Taiwan will hold trade talks on Monday under a newly agreed-on framework.
- The office of the U.S. Trade Representative said the Deputy Trade Representative Sarah Bianchi would meet Taiwan’s top trade negotiator, John Deng, to discuss an initiative on 21st-century trade; without providing more details, Reuters reported.
- This came days after the Biden administration excluded the Chinese-claimed island from its Asia-focused economic plan, the Indo-Pacific Economic Framework, or IPEF. The IPEF is designed to counter China’s growing influence in the world trade market.
Wall Street Journal
- U.S. customers had to pay 22% more last month to buy electric cars amid growing demand and supply woes for EV makers, The Wall Street Journal reported on Sunday.
- Average EV prices grew 22% year-on-year in May at about $54,000. In comparison, prices for Gas-powered vehicles rose 14% to about $44,400, according to automotive research consultancy J.D. Power.
- Tesla Inc (NASDAQ:TSLA), Ford Motors Co (NYSE:F), General Motors Co (NYSE:GM), Lucid Group Inc (NASDAQ:LCID), and Rivian Automotive Inc (NASDAQ:RIVN) are automakers that have bumped up prices on certain EVs in the recent past, partly to offset surging costs of lithium, nickel, cobalt and other battery-making materials.
- Amazon.com, Inc’s (NASDAQ:AMZN) Prime Day has hit a slowdown as consumers cut down on their order size, the Wall Street Journal reported.
- Amazon, too, appears to have curtailed its investments in the event. Most of the deals have focused on the company’s products.
- Data proves that the discounts on many items failed to surpass those on other days at Amazon, excluding electronics.
- 3M Co’s (NYSE:MMM) foam earplugs, which the company manufactured for the United States military and was bought by the government for ~$7.63 a pair, threaten to become a significant liability for the manufacturing giant, reported Wall Street Journal.
- Many US military veterans have filed lawsuits against Minnesota-based 3M for hearing impairment caused by faults in the company’s military-grade earplugs.
- The company might face billions of dollars in legal settlements or lawsuits after soldiers claimed they returned from combat with hearing damage caused by the earplugs.
- Morgan Stanley (NYSE:MS) strategists led by Michael Wilson say the S&P 500 Index might rally another 5% to 7% before the selloff resumes.
- “We think US equity markets can rally further,” they wrote in a note.
- The decline in bond yields and oil prices have eased some concern around inflation and helped the benchmark break a three-week falling streak.
- South African internet firm Naspers Ltd (OTC:NPSN) and its Prosus NV (OTC:PROSY) unit look to trim down their stake in Tencent Holding Ltd (OTC:TCEHY) to fund a share buyback.
- Naspers reported FY22 revenue growth of 24% year-on-year to $36.7 billion. Ecommerce revenue grew 49% Y/Y to $10.7 billion.
- Core Headline Earnings declined 16% Y/Y to $2.1 billion, reflecting a lower contribution from Tencent after selling 2% of its holdings in Tencent.
- Japan’s leading semiconductor makers, from Toshiba Corp (OTC:TOSYY) to Sony Group Corp (NYSE:SONY), warned against a crisis of engineers threatening the revival of its domestic chip industry.
- The Japan Electronics and Information Technology Industries Association highlighted the correlation between the sector’s success and talent.
- The group expected eight big producers to hire about 35,000 engineers in the next ten years to keep up with the pace of investment.
- Ernst & Young Global Limited valued the troubled Israeli spyware company NSO Group at $2.3 billion just months before it came at the risk of defaulting on its debt.
- According to the documents seen by Financial Times, the EY valuation is more than twice the valuation two years ago made by a Luxembourg-based firm.
- The estimate of NSO’s enterprise value was made without visiting the company or verifying the information its analysts had provided.
- Chinese e-commerce giant Alibaba Group Holdings (NYSE:BABA) said it had been granted a license to test its L4 self-driving trucks.
- Following the widespread use of its low-speed self-driving logistics vehicles, Alibaba said the Deqing county in Huzhou city of Zhejiang province had granted it a license to test its self-driving trucks, CnEVPost reported.
- The company said the Deqing county is the first in China to issue a license allowing companies to conduct public road tests of L4 self-driving trucks without safety officers. Alibaba received one of the first two licenses issued.
- Tesla Inc (NASDAQ:TSLA) has canceled or delayed deliveries of the Model Y Performance variant for reservation holders in Germany due to defects in some vehicles, Teslarati reported on Sunday.
- Model Y Performance reservation holders from Germany began reporting cancellations on Saturday through the Tesla Fahrer and Freunde (TFF) online forum.
- The Elon Musk-led company is expected to inform more reservation holders of cancellations this week.
- Tesla Inc. (NASDAQ:TSLA) has launched a trade-in campaign in China to encourage more traditional, gas-powered engine car owners to switch over to its electric cars amid growing demand and competition, CnEVpost reported on Monday citing Shanghai Securities Journal.
- Tesla’s trade-in benefits are valid for customers who place orders between July 1 and Dec. 31 and complete a vehicle trade-in agreement before delivery.
- The key benefit includes a free 90-day trial of Enhanced Autopilot functionality, which the Elon Musk-led company introduced in China in February last year at $4,943, half the price of its Full Self-driving (FSD) option.
- Bitcoin and Ethereum traded lower, but Dogecoin spiked on Sunday evening, as the global cryptocurrency market cap declined 2.3% to $942 billion at press time.
- Bitcoin and Ethereum slipped into the red as the S&P 500 and Nasdaq futures fell 0.5% each at press time.
- The two largest coins saw muted volumes owing to the weekend. In contrast, Dogecoin soared with 24-hour trading volumes surging 113.1% to $908.65 million, according to CoinMarketCap data.
- Former President Bill Clinton has opened up about the Supreme Court’s Roe v. Wade decision on abortion.
- Attacking the ruling by SCOTUS, Clinton said it has put “democracy at risk.”
- He went on Twitter to share his thoughts and said Supreme Court’s decision had put partisanship ahead of precedent and ideology ahead of the evidence.
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