France Fines Google €500M over news copyrights
The French Antitrust Agency said on Tuesday fined tech giant Google €500 million due to the company failing to reach a deal with publishers on using their content on the platform.
“The sanction of €500 million takes into account the exceptional seriousness of the breaches observed and what Google’s behavior has led to further delay the proper application of the law,” the agency’s President Isabelle de Silva noted.
JP Morgan Q2
JPMorgan Chase & Co. on Tuesday reported its financials for the second quarter of 2021 with revenue landing at $31.4 billion, marking a 7% decrease year-on-year. The bank reported a 154.9% increase in net income to $11.9 billion, compared to the same period in 2020.
“This quarter we once again benefited from a significant reserve release as the environment continues to improve, but as we have said before, we do not consider these core or recurring profits,” CEO Jamie Dimon commented on the results.
PepsiCo’s Q2 Financials
PepsiCo net revenue for the second quarter of 2021 rose by 20.5% to $19.22 billion.
“We are pleased with our second quarter results as we delivered very strong double-digit net revenue and earnings per share growth. Given the strength of our results, we now expect our full year organic revenue to increase 6 percent and core constant currency earnings per share to increase 11 percent,” CEO Ramon Laguarta commented.
Shares of PepsiCo gained more than 2% on Tuesday, reaching a record high, after realising the results.
Goldman Sachs Group Q2
Goldman Sachs Group on Tuesday announced that its revenue in the second quarter of 2021 rose 16% year-over-year to stand at $15.39 billion.
Operating expenses decreased 17% to $8.64 billion, while its net earnings came in at $12.32 billion, 677% higher compared to the prior year’s second trimester.
“Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic,” Goldman Sachs CEO David Solomon said in a statement.
United Airlines to buy 100 electric planes
United Airlines on Tuesday agreed to conditionally purchase 100 ES-19 electric planes from Heart Aerospace.
The airline stated it was investing in the startup alongside Mesa Airlines, which will also buy 100 aircraft, and Breakthrough Energy Ventures. The purchase is a part of United’s plan to cut greenhouse gas emissions 100% by 2050.
“Breakthrough Energy Ventures is the leading voice of investors who are supporting clean-energy technology creation. We share their view that we have to build companies who have real potential to change how industries operate and, in our case, that means investing in companies like Heart Aerospace who are developing a viable electric airliner,” United’s VP Michael Leskinen said.
S. Africa’s largest oil refinery shuts down amid unrest
South Africa’s largest crude oil refinery South African Petroleum Refineries (Sapref) declared force majeure on Tuesday and shut down amid the unrest that has taken over the country following the jailing of former President Jacob Zuma.
Located in Durban, the Sapref refinery is owned by Shell and BP and announced it will keep customers posted about its reopening once the situation settles in the area.
According to the latest estimates, the death toll in the South African riots now stands at 72.
ByteDance delayed IPO after gov’t data security request – report
TikTok app owner ByteDance Ltd. has delayed its plans to launch an initial public offering (IPO) of its shares abroad after the Chinese government requested that the company examine data-security risks related to its business.
According to The Wall Street Journal, ByteDance founder Zhang Yiming decided to take that step after meeting Chinese regulators back in March.
The Beijing-based social-media giant, last valued at $180 billion in a funding round in December, had been weighing an initial public offering of all or some of its businesses in the U.S. or Hong Kong, according to the Journal.
Unlike ByteDance, Didi Chuxing Technology decided to go through with its IPO in the United States despite government warnings and has been under intense pressure from the Chinese authorities ever since.
Macron announces new COVID measures for France
French President Emmanuel Macron announced on Monday new measures to help stop the spread of COVID-19 in the country as the Delta variant leads to a new spike in infections.
According to Macron, a curfew will be reinstated in the French territories of Martinique and Reunion Island, while health passes will be required for entering various establishments in mainland France starting this August. These include bars, restaurants, cafes and shopping malls, the president noted.
The French leader also outlined current progress in the economic recovery from the pandemic, raising the country’s GDP growth forecast from 5% to 6% for 2021.
