Apple’s total shipments for the quarter ending in June stood at 9.7 million units, down from 10.4 million units in the same quarter last year, Canalys data shows.
Bharti Airtel’s Africa business reported a modest $31 million net profit in Q1 compared to a $151 million net loss a year ago, due to a sharp fall in finance costs. However, quarterly revenues fell on-year due to currency devaluation in Nigeria, affecting revenue by 16%. The company’s net finance cost for Q1 was $139 million, 34% lower on-year and 2.11% less sequentially.
Missouri State Treasurer Vivek Malek’s push to divest from Chinese companies has made the state one of the first to do so. Now, Malek is emphasizing this stance in his reelection campaign against Republican challengers, reflecting a broader opposition to financial ties with China among U.S. candidates.
China’s central bank made an unexpected cut to a medium-term interest rate by the most in over four years to stimulate economic growth. This follows recent benchmark rate cuts and attempts to revive consumption and tackle high youth unemployment. Beijing targets five percent growth, but recent data shows slower recovery.
Boeing agreed to plead guilty to a fraud charge for misleading the FAA about the 737 Max, leading to two crashes and 346 deaths. The plea deal includes probation, fines, and compliance investment. Victims’ families criticize the deal as too lenient and seek harsher penalties, including a trial and charges against Boeing executives.
Rupert Murdoch, in a legal dispute with three of his children over the family’s media empire, sought to ensure his son Lachlan would lead the company. Murdoch argued this was necessary to maintain its conservative stance and commercial value. A trial is set for September to determine if his actions were in good faith.
Porsche’s CEO revealed that the carmaker’s vulnerability to the recent aluminum supply shortage stems from its high proportion of pre-ordered, highly specific vehicles and low production volumes. CFO Lutz Meschke noted that, despite efforts to restore output, the company cannot fully compensate for the production disruptions.
The Russian government is considering a ban on diesel exports to combat rising domestic prices, with Kommersant sources suggesting that a decision has not yet been made. Russia, a leading seaborne exporter of diesel, is also restricting gasoline exports. The Energy Ministry is yet to comment on the potential export ban.
Tesla reported its lowest five-year profit margin, missing Wall Street earnings targets. CEO Musk announced 2025 models amid rising AI expenses and layoffs. Self-driving taxis and China-made EV sales dipped. Gross margin was 14.6%. Cybertruck production is progressing. Net income was $1.48 billion with $25.50 billion revenue. Shares fell 8%.
The BBC will cut 500 jobs by March 2026, aiming to save £200 million amid inflation and funding challenges. Shifting to a digital-first approach, active licences dropped to 23.9 million. A 10 percent headcount reduction occurred previously. Facing a 30-percent income cut and £80 million loss, Tim Davie seeks government funding for the BBC World Service.
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Modi 3.0’s first Budget aimed to boost India’s economy by cutting tax rates for foreign companies, attracting more overseas investors amidst the global supply chain shift from China. The move aligns with India’s goal to reach a $5 trillion economy, emphasising FDI and positioning India as a global manufacturing hub. India’s ambitious vision to become a global manufacturing hub relies on a comprehensive approach, including policies like PLI, lower corporate tax rates, and infrastructure development.
Julius Baer appoints Swiss citizen Stefan Bollinger as CEO by February 2025 after Philipp Rickenbacher was ousted due to losses from Signa and Rene Benko loans. Chairman Romeo Lacher leads firm post-8% share drop, previous EFG International takeover talks, and private debt exit. Bollinger expanded EMEA at Goldman Sachs, Zuercher Kantonalbank, J.P. Morgan.
Airline disruptions continue due to a faulty software update, with over 750 flights cancelled in the US. Delta Air Lines accounts for majority of cancellations. CEO working to resolve issues and offer waivers to affected customers. Inclement weather adds to delays in Southeast.
SAIC Motor defended itself against the EU’s ruling, stating the EV probe involved commercially sensitive information beyond the normal scope. The European Commission had imposed up to 37.6% tariffs in July, ignoring critical information and inflating subsidy rates for many projects. SAIC, being the most affected, filed to safeguard its legitimate rights amid claims the investigation exceeded standard boundaries.
China unexpectedly reduced a key short-term policy rate and benchmark lending rates on Monday to stimulate growth in the world’s second-largest economy. This move follows last week’s underwhelming second-quarter economic data and a significant meeting of China’s top leaders.
Boeing is facing challenges in building two delayed Air Force One presidential aircraft, which were due to supply chain, inflation, and workforce issues. The planes, designed to fly in worst-case security scenarios, are heavily modified with military avionics, advanced communications, and a self-defense system. Boeing has lost over $2 billion on the project, and the company has invested heavily in workforce training and efficiency.
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