China is making a splash with an upcoming report on June’s trade data and after invalidating a court ruling that it has no legal basis to impose rights on South China Sea. Across the Pacific, the U.S. sees these disputes as an opportunity to establish ties with India to maintain order in the region. Time will tell how the disputes will be solved. Without a doubt, the news caught the attention of the Sentifi crowd, but it is just one of many stories the crowd is discussing, so read on.
1/ China Econ: Reports trade data for June, South China Sea disputes continue to raise
The most populous country in the world is to report its trade data for June very soon with an expected surplus balance of $46.64 billion, while imports dropped 4.1% and exports fell 5%. Meanwhile, the Permanent Court of Arbitration in The Hague held an international tribunal and ruled that China has no legal basis to impose historic rights on South China Sea. Chinese President Xi Jinping later rejected the decision and said the court had no jurisdiction in the case.
2/ Alphabet: Acquires startup for Spaces
Google has hired the Kifi team, a small startup that developed extensions to collect and search links shared in social apps and provide recommendations for further links. The team will join Google’s Spaces team which developed the group messaging app that hasn’t seen any success. Google is determined to improve Spaces with this acquisition against the commentaries saying that Spaces lacks execution and focus.
3/ Tesla Motors: Safety regulators inquire about the crash
The National Highway Traffic Safety Administration has asked Tesla for documents and information about the automated driving systems installed in the Model S that collided with a truck and led to the death of the driver. Tesla doesn’t plan to scale back on the Autopilot feature, instead plans to educate drivers and boosts its commitment to the autonomous tech. The recent crash has surrounded the tech with doubts, with most recently the governor of Missouri vetoing a bill aiming to establish a pilot program for testing automated long-haul trucks using platooning technology.
4/ Nintendo Co Ltd: Stock increases 59% in one week thanks to “Pokemon Go”
The virtual-reality game “Pokemon Go” has been a mass success for Nintendo, as the company’s market value has gone up $7 billion. The game now has more users than Tinder and is on its way to beat Twitter in active daily users. Analysts think Nintendo shares can go even higher, increasing another 35%.
5/ Airbus Group: Cuts production of A380 double-deck jet
The airlines haven’t shown a big appetite for supersize aircraft, thus forcing Airbus to halve the production of its A380 aircraft to only 12 planes per year starting in 2018. But that’s not too bad of a news for the planemaker as it is sealing more deals at the Farnborough Air Show in Britain than its rival Boeing.
6/ HSBC: Under scrutiny for a shady settlement with the U.S. Department of Justice
In 2012, HSBC was involved in a global money laundering case, and the U.S. Department of Justice was tasked to prosecute the bank. But, the former U.S. Attorney General Eric Holder decided to punish the bank with a $1.9 billion settlement, despite receiving recommendations for a prosecution. The decision was made after George Osborne and the U.K. banking regulator made an intervention saying that prosecuting Britain’s biggest bank could result in a global financial disaster.
7/ George Osborne: Comments on Brexit, ties with HSBC settlement with the U.S. Department of Justice
George Osborne may play a hand in the settlement between HSBC and the U.S. Department of Justice in a money laundering case that saw the bank allow terrorists and drug dealers to launder money. His intervention is being scrutinized and may lead to some backlashes. On the other hand, he said Brexit is actually a golden opportunity for Britain to establish strong trade ties with the U.S., urging the country not to turn its back on the U.K.
8/ Boeing: Makes deals with China and South Korea
Donghai Airlines of China has signed a $4 billion deal with Boeing for a total of 30 airplanes. The American planemaker also announced a deal to supply airplane electronic equipment to the Korean company Huneed Technologies in exchange for $14.65 billion. These deals represent Boeing’s increased focus in Asia.
9/ DJIA: Hits record high as Brexit fears start to ease
The Dow Jones Industrial Average rose 0.7% to beat the previous closing record set in 2015. The investors seem to ease up about Brexit and the global economy, which reflected in the gain.
10/ Siemens AG: Decides to remain in the U.K.
Just three months ago, Siemens threatened to leave the U.K. if a Brexit happened. Today, the company announced that it is “here to stay,” with the CEO vowing to continue to invest in the region despite Brexit.
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