French regulators are expected to charge Nvidia with alleged anti-competitive conduct. The European Union says Meta's advertising model violates digital competition laws. Skoda is strategically shrinking in the Chinese market. HSBC Holdings slows down hiring. Eli Lilly receives FDA approval for new Alzheimer's disease. France's antitrust regulator is expected to charge Nvidia with alleged anti-competitive practices, making it the first enforcement agency to take action against the company. France's so-called statement of objection or accusation follows an early morning raid on the graphics card industry in September last year, targeting Nvidia. According to the regulations, if Nvidia violates French antitrust regulations, it may be fined the equivalent of 10% of its annual global turnover. Nvidia faces fines of up to $6.09 billion.
The EU said Meta Platforms' paid-or-consent advertising model violated the EU's sweeping digital competition laws. The European Commission, the European Union's executive body, said it had informed the tech giant of its preliminary findings that Meta's advertising model forced users to consent to the merger of their personal data, in violation of the Digital Markets Act.
All products in the upcoming Apple iPhone 16 series are expected to use TSMC's second-generation 3nm technology, which is the N3E process. According to supply chain sources, Apple expects its iPhone 16 series shipments to be between 90 million and 100 million units, and has raised the size of orders for A18 series chips, thanks to the attractiveness brought by upgrades such as generative AI. Apple shares closed 1.62% higher on Tuesday, with a market capitalization of $3.38 trillion. TSMC closed 1.96% higher, with a market capitalization of $911.3 billion. Microsoft closed with a market capitalization of $3.41 trillion on Tuesday, and Nvidia closed with a market capitalization of $3.02 trillion.
OpenAI CEO Sam Altman recently said that the specific release date of the next-generation product GPT-5 has not yet been determined. Altman said GPT-5 is expected to make a major leap forward from its predecessor, GPT-4, which will address many of the mistakes GPT-4 is currently making. But he also stressed that the technology is still in its early stages, with data and algorithmic issues. Moreover, compared to their future potential, these models are not currently being fully exploited for their applications. OpenAI's CTO Mira Murati recently hinted that GPT-5 is expected to be available in late 2025 to early 2026.
Shenzhen Longsys Electronics Co., Ltd. announced that its Brazilian subsidiary, Zilia, has started packaging and production of Longsys' storage production line, marking the official implementation of Longsys' overseas M&A services and technology empowerment. On November 30, 2023, Longsys successfully acquired Zilia (formerly SMART Modular Brasil), a leading semiconductor and electronic components company in Brazil, and changed its name to Zilia Technologies, planning to manufacture dedicated memories in Brazil, customize high-end storage products for the Brazilian market, and expand the overall American market.
Tesla Inc. (Tesla) reported a second consecutive quarter of declining deliveries. The automaker delivered 443956 vehicles in the second quarter, better than the average analyst estimate of 439302 vehicles. Although it fell 4.8% year-on-year, it was an improvement from the 386,810 deliveries in the first three months of this year. Delivered 422405 of the best-selling Model 3 and Model Y models in the second quarter, down from 446915 a year ago. Tesla produced 410831 cars in the second quarter.
Rivian released its latest production and delivery report, which saw the company produce 9,612 vehicles in the second quarter and deliver 13,790 vehicles during that period. The EV maker noted that production and delivery results in the second quarter were in line with its expectations. Rivian's management reaffirmed its full-year production target of 57,000 vehicles.
Chery Holding Group released its sales report for the first half of 2024. In June, the group sold 200412 vehicles, a year-on-year increase of 38%. Among them, 97,034 vehicles were exported, a year-on-year increase of 22.7%; The sales volume of new energy vehicles was 44,851, a year-on-year increase of 230.6%. From January to June, the Group sold a total of 1100621 vehicles, a year-on-year increase of 48.4%, and its semi-annual sales exceeded one million for the first time, creating a record high.
Geely Automobile announced that its total sales volume in June 2024 was 166085 units, up 24% year-on-year. Among them, 121,540 Geely brand vehicles, a year-on-year increase of 14%. ZEEKR 20,106 vehicles, a year-on-year increase of 89%. Lynk & Co 24,439 vehicles, a year-on-year increase of 49%. Proton 10,836 units, a year-on-year decrease of about 25%. Geely Automobile Group's cumulative sales in the first half of the year were 955,730 units, an increase of 41% over the same period last year. The company has decided to raise its full-year sales target by about 5% from 1.9 million units to 2 million units.
Great Wall Motor announced that the company's vehicle sales in June 2024 were 98,080 units, a year-on-year decrease of 6.55%. The cumulative sales from January to June were 559669 units, an increase of 7.79% year-on-year. In June, 38,104 units were sold overseas, and a total of 201,500 units were sold from January to June. In June, 26,107 new energy vehicles were sold, and a total of 132374 units were sold from January to June.
Skoda is undergoing a strategic contraction in the Chinese market. The company's production, channel and brand operation businesses have been integrated into the SAIC Volkswagen system and will be coordinated by SAIC Volkswagen. In terms of production, Skoda closed the first plant in Anting, Shanghai, which used to manufacture the Volkswagen Polo and Skoda Jingrui. With the suspension of production of Jingrui, part of the production line has been relocated to Jiangsu. The Changsha plant retains only Kodiak production, while the Nanjing plant retains Komik and Supai production. In terms of sales, most of the Skoda dealers have also been merged into SAIC Volkswagen, operating in a "shop-in-shop" format, with SAIC Volkswagen taking care of sales, maintenance and finance.
Temasek has been backing a wave of international mergers and acquisitions at some of its biggest companies, and the Singaporean state-owned investment company is under pressure to boost the returns of its S$382 billion (US$282 billion) portfolio. The global investor has been an influential backer "behind the scenes" of major mergers and acquisitions at its holding companies, including Singtel, ST Engineering, Singapore Airlines and Sembcorp Marine. The state-owned fund is urging the homegrown businesses it supports to become more global and grow through acquisitions.
HSBC Holdings has slowed hiring and asked investment bankers to rein in travel and entertainment spending. The outgoing chief executive, Qi Yaonian, is looking for ways to reduce the company's costs. Some businesses have been told to suspend hiring across the board, but that doesn't mean it will affect customer-facing positions. HSBC encourages investment bankers to schedule at least three client meetings a day to make the most of their travel time. In recent days, at the company's staff meeting, HSBC reminded employees of some departments about business travel expectations.
Shell announced on Tuesday that it was suspending plans to build a biofuel plant in the Netherlands in a bid to reduce the cost of the project. Located at Shell's energy and chemical complex in Rotterdam, the project will process 820,000 tonnes of SAF and renewable diesel per year. According to the statement, the suspension of on-site construction will help the company "control costs and optimize the project sequence". Shell says it remains committed to achieving net-zero emissions by 2050, while using shareholder capital in a measured and disciplined manner to create more value with less emissions.
Eli Lilly's Alzheimer's disease treatment has been approved in the United States, becoming the second drug to slow the progression of the brain-snatching disease that afflicts 6 million Americans. This is a huge win for Eli Lilly and its investors, who have been eagerly anticipating the drug since it showed promise in clinical trials three years ago. The drug, called Kisunla, has experienced multiple regulatory delays in the process of gaining approval. It will compete with Eisai's Leqembi, which has been listed in the U.S. in early 2023. The drug to treat Alzheimer's disease will cost $32,000 in the first year of treatment.
Novartis China's radiopharmaceutical production project officially started construction in Haiyan, Zhejiang. This is Novartis' first radioligand therapy production base in China, expanding the production and supply capacity of innovative radioligand therapies in China and the world, helping the clinical application and development of China's medical industry, and further fulfilling Novartis' commitment to continue to cultivate the Chinese market and bring efficient and safe innovative therapies to more Chinese patients. The project is Novartis' second innovative drug production base in China, and it is located in the Nuclear Technology Application (Isotope) Industrial Park in Haiyan County, Zhejiang Province, with a total investment of 600 million yuan.
Some of the biggest restaurant chains in the U.S. are fighting it out over deals and discounts. McDonald's has jumped into the fray with a new $5 value package. McDonald's is targeting rivals Burger King, which launched its own package earlier in June, and Starbucks, whose latest promotion is to get customers four drinks for $20. Fast food chains are looking to win back diners by offering discounted packages. However, some customers would like to see the menu prices lower.
Jollibee Group, the Philippines' largest restaurant operator, announced on Tuesday that it would acquire a 70 percent stake in South Korea's Compose Coffee, the latest move by the company to grow its coffee and tea business. The investment will serve as the company's gateway to South Korea's fast-growing international value coffee market, which has the world's third-largest per capita coffee consumption. Happy Bee, known for its fried chicken, is looking to boost growth by expanding its brand in international markets, including China, as well as expanding its coffee and tea business. The Company has controlling stakes in The Coffee Bean and Tea Leaf and Highlands Coffee in Vietnam.
Low-cost shopping apps such as Temu are reshaping the air cargo market for exports from China, with the two companies quickly eating up air capacity, driving up freight rates and raising concerns about tight capacity for the peak season later this year. Cargo traffic from manufacturing hubs in southern China is growing at a particularly rapid pace, sparking increasing competition for space in aircraft. June is usually the off-season before the year-end holiday shopping season, but freight rates in this busy air freight region are up about 40% compared to the same period last year.
Manhattan's posh Fifth Avenue is known for high-end stores like Tiffany's and Chanel, but soon there's a more practical tenant: Ikea. Ingka Investments, the investment arm of Ingka Group, a major IKEA retailer, said it would acquire a minority stake in a new building under development on New York City's main retail street, paving the way for the Swedish furniture group to open a "customer meeting point" in the iconic shopping district, marking the Swedish furniture group's latest move in the U.S. expansion.
奢侈品巨头历峰集团(Richemont)周二表示,路易·费拉(Louis Ferla)将取代西里尔·维格内隆(Cyrille Vigneron)担任旗下卡地亚珠宝品牌的CEO。 费拉目前是瑞士手表品牌江诗丹顿(Vacheron Constantin)的首席执行官,他将取代领导卡地亚八年后即将退休的维格内隆。
Fosun International announced that it will sell Hoshino Resorts TOMAMU, a resort facility in Champuka Village, Hokkaido, Japan. The sale amount is approximately 40.8 billion yen (approximately 1.8 billion yuan). The majority of the shares of the subsidiary company held by Hoshino Resorts Tomamu as an asset will be sold to YCH16, a real estate investment company. Hokkaido's ski resorts are popular with Chinese tourists, and Fosun acquired Hoshino Resorts Tomamu in 2015 from Dutch funds and others.
Shipping giant Maersk said on Monday that the coming months will be challenging for shipping companies and businesses as disruptions to container shipments through the Red Sea will continue into the third quarter of this year. Since December, Maersk and other shipping companies have detoured ships to the Cape of Good Hope in Africa to avoid Houthi attacks in the Red Sea. Longer routes around the southern tip of Africa have led to soaring shipping costs and caused congestion at ports in Asia and Europe, threatening to disrupt global supply chains again. The company also claimed that escort operations in Europe and the United States have failed so far, and that governments need to strengthen security cooperation in the Red Sea region.
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