Google's defeat in the antitrust case has spilled over to Apple. The first batch of satellites of the Chinese version of "Starlink" was successfully launched. New car sales of Japan's three major automakers in China continued to decline year-on-year in July. Continental will spin off its automotive business and go public. The Nikkei rebounded strongly to set a new record for the largest gain. Fuyao Glass, Yum China, Suzuki Motors, Daikin Industries, Mitsubishi Heavy Industries, Caterpillar, Saudi Aramco, Bayer, Amgen, Kefu, Uber, Airbnb and GF announced results. Google lost a landmark search antitrust case in the United States. A federal judge in United States ruled that Google spent billions of dollars on exclusivity deals to maintain its illegal monopoly in search. It was a landmark victory for the United States Department of Justice in its quest to curb the market power of Big Tech. On Monday, Amit Mehta, the judge in charge of the case in the District of Colombia, called Google a "monopolist" in a 286-page verdict that found the company had violated United States antitrust laws.
A United States court ruled that Google's search business violated United States antitrust laws. As a key partner of Google, Apple has been affected. The United States Department of Justice has accused Google of paying Apple and other companies more than $10 billion a year to maintain its status as the default search engine. United States antitrust court documents show that under the agreement, Google paid Apple $20 billion in 2022 alone to make Google the default search engine in the Safari browser. The ruling could have negative sentiment on Apple's earnings.
Artificial intelligence giant OpenAI co-founder John · Schulman said on August 6 that he would leave OpenAI to join another AI startup, Anthropic. Schulman joined OpenAI nine years ago at its inception and is responsible for leading the post-training of ChatGPT and APIs. At the same time, Peter Deng, vice president of OpenAI and head of ChatGPT, has also left. He has repeatedly said in public that OpenAI's model is actually more powerful than the release, and it should be launched cautiously for safety reasons.
According to data released by Canalys, in the second quarter of 2024, global tablet shipments increased by 18% year-on-year to 35.9 million units. Among them, Apple shipped 13.908 million units, an increase of 18.5% over the same period last year, with a market share of 38.7%. Samsung shipped 6.776 million units, a year-on-year increase of 12.7%, with a share of 18.9%. Huawei shipped 2.501 million units, a year-on-year increase of 50.8%, with a share of 7%. Lenovo shipped 2.485 million units, a year-on-year increase of 16.3%, with a share of 6.9%. Xiaomi shipped 2.144 million units, a year-on-year increase of 106.4%, with a share of 6%.
The first batch of satellites of the Chinese version of "Starlink" was successfully launched. At 14:42 on August 6, at the Taiyuan Satellite Launch Center, the Long March-6 carrier rocket successfully launched the first batch of 18 commercial networking satellites of the Qianfan constellation, and the satellites successfully entered the predetermined orbit, and the launch mission was a complete success. The first batch of 18 commercial networking satellites of Qianfan Constellation is the first batch of Yuanxin Satellite Sail Constellation first-generation satellites (GEN1 satellites). Thousand Sails Constellation will provide low-latency, high-speed and high-reliability satellite (broadband) Internet services for users around the world.
The first car Xiangjie S9 cooperated by Huawei and BAIC Blue Valley was officially launched on August 6, which is the first model of the cooperation between the two parties in Huawei's smart car mode, and it is also the fifth product of the Hongmeng Zhixing family. The new car will be available in two versions, the MAX rear-wheel drive long-range version priced at 399,800 yuan, and the Ultra four-wheel drive flagship version priced at 449,800 yuan, with a total of five colors, and the first to enjoy is scheduled to start delivery on August 7. In recent years, BAIC Blue Valley has faced poor performance in the competitive market and has been in a state of loss for four consecutive years. The cooperation between BAIC Blue Valley and Huawei is seen as the key to turning the situation around.
Changan Automobile announced that it sold 170631 units in July 2024, down 17.86% year-on-year, and sold 1504682 units from January to July, up 5.71% year-on-year. From January to July 2024, Changan Automobile's own brand new energy sold 344483 units, a year-on-year increase of 59.8%; Changan Automobile's overseas sales of its own brand from January to July were 228607 units, up 67.6% year-on-year. Changan sold 919075 Chinese brand passenger cars from January to July, up 1.8% year-on-year. Changan Ford sold 128432 units from January to July; Changan Mazda sold 41,169 units from January to July.
All three major Japan automakers released new car sales in China in July on the 6th. Toyota Motor Co., Ltd. had 143,400 units, down 6.1% year-on-year. Honda sold 52,567 units, down 41.4%. Nissan Motor Production was down 20.8% to 47,102 units. Toyota and Honda's sales have declined for six consecutive months, and Nissan has also lost sales for four consecutive months.
Germany parts giant Continental has announced that it will spin off its automotive business and seek to list on the Frankfurt Stock Exchange. A decision on the spin-off is expected in the fourth quarter, and a possible spin-off plan will be submitted to the Annual General Meeting of Shareholders to be held on April 25, 2025 for approval, with the goal of completing the spin-off by the end of 2025 and listing the automotive division independently. The split plans to split Continental into two separate companies, one for the automotive subgroup and the other for tires and other parts. Previously, Continental had spun off its automotive powertrain business and became an independent IPO on Vitesco Technologies. Vitesco Technologies will be acquired by Schaeffler this year.
U.S. stocks closed higher on Tuesday, with major indexes rebounding after yesterday's sharp decline. The Dow rose by 0.76%, the NASDAQ by 1.03%, and the S&P 500 by 1.04%. Nvidia closed 3.78% higher, Apple closed down 0.97%, Microsoft closed 1.13% higher, Meta closed 3.86% higher, Tesla closed 0.88% higher, TSMC closed 5.03% higher, and Uber closed 10.93% higher.
After posting its biggest one-day drop since 1987, the Nikkei Stock Average in Tokyo, Japan, had an extremely strong day on August 6, rising more than 3,400 points at one point, the biggest intraday gain. The index closed up 9.4% in the previous session, recovering most of Monday's 12.4% loss. At the close of the day, the Nikkei closed at 34,675.46 points, up 3,217.04 points from yesterday. It surpassed 2676.55 points on October 2, 1990, setting a new record for the largest increase in points at the close. The Korea Composite Stock Price Index (KOSPI) closed up 3.3% on the 6th, recovering the 2,500-point mark at 2,533.34. Samsung Electronics, which fell more than 10% the previous day, rose 1.54% and rose more than 5% intraday.
Saudi Aramco, the world's largest oil exporter, said demand remained strong and that the sell-off in the global oil market on bad economic news was somewhat excessive. Amin Nasser, CEO of Saudi Aramco, said: "In my opinion, the market is overreacting and the fundamentals do not support the price drop we are seeing today. Amin Nasser said United States refinery operating rates and growing demand for jet fuel, gasoline and chemicals in China will continue to drive market growth. He said Aramco will continue to invest in oil production, natural gas, refining and chemicals.
Carlyle will sell one of the largest natural gas power plant portfolios in the United States for $3 billion. Investor interest in the energy sector has surged as demand for electricity from digital networks has soared. The United States private equity firm will sell Cogentrix Energy to Quantum Capital Group, a private equity group focused on energy investments.
InfoLink Consulting, a new energy research institute, has released its cell shipment rankings for the first half of 2024. Zhongrun Solar jumped to the first place in the world, Jietai Technology rose to second, Tongwei slipped to third, and Aiko fell to fourth, tied with Yingfa Ruineng. According to the data, the total shipments of the top five cell suppliers in the first half of this year were 77.96 GW, down about 7-8% year-on-year.
Ferrero Group unveiled the new Chinese name of its brand Nutella "Yi Zhen Zi" in Guangzhou, and announced the launch of a full range of products for the domestic market, with South China as the first place for the Chinese market, further expanding the Ferrero Group's product line in the field of packaged sweets in the Chinese market. In the era of solid chocolate, hazelnuts, a specialty of Piedmont in Italy, were added to cocoa to develop a delicious hazelnut cocoa sauce, which later became the Nutella spread, which later became popular all over the world.
The new building of McDonald's China Science and Technology R&D Center was officially opened on August 6. The new building is located in the Baijiahui Innovation Community in Xuanwu District, Nanjing, and will serve as the scientific research headquarters of McDonald's China, where more than 450 technical experts will be accommodated, providing a strong impetus for McDonald's "self-developed and innovative" digital development. Within five years, McDonald's China plans to invest 4 billion yuan in digital R&D and innovation to better serve customers, restaurants and enterprises, and help the catering industry to upgrade its industry and develop new productivity.
Financial Reporting Information
Fuyao Glass released a semi-annual report, the company achieved operating income of 18.34 billion yuan in the first half of 2024, a year-on-year increase of 22.01%, a net profit attributable to shareholders of listed companies of 3.499 billion yuan, a year-on-year increase of 23.35%, and a net profit of 3.576 billion yuan after deducting non-recurring gains and losses, a year-on-year increase of 28.05%.
Food and beverage company Yum China announced financial results for the second quarter of 2024. Total revenue for the quarter reached $2.68 billion. Excluding foreign currency effects, total revenue increased 4%. Core operating profit increased 12% year-over-year to $275 million. Net income for the quarter was $212 million. As of June 30, 2024, Yum China's total number of stores reached 15,423, including 10,931 KFC and 3,504 Pizza Hut stores. During the quarter, Yum China added a net 401 stores, 25% of which were franchised stores.
Daikin Industries announced results for the fiscal first quarter ended June 30, 2024. Quarterly net sales were 1,251 billion yen (about 100 million US dollars), compared with 1,094.7 billion yen in the same period last year, a year-on-year increase of 14.3%. Operating profit for the quarter was 115.4 billion yen, compared to 117.9 billion yen in the same period last year. Net income attributable to owners of the parent company for the quarter was 63.1 billion yen, compared to 80.3 billion yen in the same period of the previous year, a decrease of 21.4% year-on-year.
Mitsubishi Heavy Industries (MHI) announced its results for the first fiscal quarter (April-June) ended June 30, 2024. Quarterly revenue was 111.15 billion yen, compared to 983.9 billion yen in the same period last year, a year-on-year increase of 13%. Net income attributable to owners of the parent company for the quarter was 62.2 billion yen, compared to 53.1 billion yen in the same period of the previous year, an increase of 17.1% year-on-year. Among them, the power system business revenue was 391.5 billion yen, the industrial and infrastructure business revenue was 175.1 billion yen, the logistics, heat and transmission system business revenue was 320.9 billion yen, and the aerospace and defense business revenue was 211.7 billion yen.
SUZUKI MOTOR ANNOUNCED ITS RESULTS FOR THE FIRST FISCAL QUARTER (APRIL-JUNE) ENDED JUNE 30, 2024. Quarterly revenue was 1,457.6 billion yen, compared with 1,204.4 billion yen in the same period last year, a year-on-year increase of 21%. Operating profit for the quarter was 157.557 billion yen, compared to 97.979 billion yen in the same period of the previous year, a year-on-year increase of 60.8%. Net profit attributable to owners of the parent company for the quarter was 114.233 billion yen, compared to 72.366 billion yen in the same period of the previous year, a year-on-year increase of 57.9%.
Oil major Saudi Aramco reported its second-quarter 2024 results. In dollar terms, quarterly revenue and other income was $125.497 billion, compared to $119.552 billion in the year-ago quarter. Net income for the quarter was $29.07 billion, compared to $30.083 billion in the same period last year.
Bayer Group announces results for the second quarter of 2024. Sales for the quarter amounted to 11,144 million euros, compared to 11,044 million euros in the prior-year quarter. EBITDA profit for the quarter was 2,111 million euros, compared to 2,527 million euros in the prior-year quarter. Net loss for the quarter was 34 million euros, compared to a net loss of 1,887 million euros in the prior-year quarter. Sales in Crop Science amounted to 4,981 million euros, compared to 4,924 million euros in the prior-year quarter. Sales in the Pharmaceuticals business amounted to 4,605 million euros, compared to 4,557 million euros in the prior-year quarter. Sales in Consumer Health amounted to 1,458 million euros, compared to 1,466 million euros in the prior-year quarter.
Biotech company Amgen reports second-quarter 2024 results. Total revenue for the quarter was $8,388 million, compared to $6,986 million in the year-ago quarter. Net income for the quarter was $746 million, compared to $1,379 million in the year-ago quarter.
Kenvue Inc. Announced results for the second quarter of 2024. Net sales for the quarter were $4.0 billion, compared to $4.011 billion in the year-ago quarter. Operating profit for the period was $154 million, compared to $702 million in the year-ago quarter. Net income for the quarter was $58 million, compared to $430 million in the year-ago quarter.
Caterpillar Inc. Announced results for the second quarter of 2024. Total sales revenue for the quarter was $16.689 billion, compared to $17.318 billion in the year-ago quarter. Net income attributable to common shareholders for the quarter was $2,681 million, compared to $2,922 million in the year-ago quarter.
Electric vehicle company Rivian announced its second-quarter 2024 results. Quarterly revenue was $1,158 million, compared to $1,121 million in the year-ago quarter. Net loss for the quarter was $1,457 million, compared to a net loss of $1,195 million in the year-ago quarter.
GlobalFoundries reports second-quarter 2024 results. Net revenue for the quarter was $1,632 million, compared to $1,845 million in the year-ago quarter, down 12% year-over-year. Net income for the quarter was $155 million, compared to $237 million in the year-ago quarter, down 35% year-over-year.
Uber reports second-quarter 2024 results. Quarterly revenue was $10.7 billion, compared to $9.23 billion in the year-ago quarter, up 16% year-over-year. Net income attributable to the Company for the quarter was $1.015 billion, compared to $394 million in the same period last year, an increase of 158% year-over-year. Quarterly adjusted EBITDA profit was $1.57 billion, compared to $916 million in the year-ago quarter, up 71% year-over-year.
Airbnb reports second-quarter 2024 results. Quarterly revenue was $2,748 million, compared to $2,484 million in the year-ago quarter. Net income for the quarter was $555 million, compared to $650 million in the year-ago quarter.
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