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Baidu reported a 3% decline in third-quarter revenue to $4.78 billion, surpassing market expectations, while net income rose 14% to $1.09 billion, driven by a 12% increase in non-online marketing revenue from its AI cloud business. The company also unveiled Xiaodu AI Glasses, set to launch in the first half of next year, positioning it as a competitor to Meta's Ray-Ban smart glasses. CEO Robin Li emphasized the growing recognition of Baidu's AI capabilities, particularly with the Ernie chatbot, which now has 430 million users.
Baidu Inc. experienced its largest revenue decline in over two years, with a 3% drop to 33.6 billion yuan ($4.6 billion) for the quarter ending in September, reflecting the impact of China's economic challenges on its generative AI initiatives. Net income stood at 7.6 billion yuan, while shares fell over 2% in pre-market US trading.
Oxford University is set to elect a new chancellor amid rising tensions over China's influence in the UK. Leading candidates William Hague advocates for vetting Chinese students due to security concerns, while Peter Mandelson promotes closer ties with China, reflecting a broader geopolitical debate. The outcome will shape the university's future engagement with China and its role in British soft power.
XPENG aims to sell 10,000 units of its innovative 2-person quadcopter drone, which fits inside a 6-wheeled electric van, priced at $276,000. The company showcased an unmanned flight at the Zhuhai Air Show and received 2,000 orders, marking a significant milestone in the flying car industry. Public pre-orders for individual owners will open in December, with production capacity expected to ramp up by the end of next year and deliveries slated for 2026.
Ford plans to cut 2,900 jobs in Germany by 2027, representing 14% of its European workforce, due to significant losses and weak demand for electric vehicles. The automaker cites rising competition, particularly from Chinese rivals, and calls for more government support for EV infrastructure and incentives. Sales in Europe have dropped 17.9% this year, prompting a restructuring that includes closing the Saarlouis plant and previous job cuts.
Nearly 200 nations at the COP29 summit in Azerbaijan are struggling to agree on a climate finance deal for developing economies, with proposed annual goals ranging from $200 billion to $1.3 trillion. As negotiations intensify, concerns grow over the reliance on loans rather than grants, potentially exacerbating debt burdens for cash-strapped nations. The outcome hinges on innovative financing mechanisms and the willingness of developed countries to meet ambitious funding commitments.
Starting December 1, Indian solar companies may face increased costs for key photovoltaic products due to a reduction in Chinese export rebates from 13% to 9%. This change could raise solar module prices by 0.02-0.03 yuan per watt, impacting project costs for developers who previously benefited from lower import prices. The Chinese government"s move aims to address overcapacity in the sector, which has led to bankruptcies and consolidations among manufacturers.
Nio Inc. reported a revenue of 18.7 billion yuan ($2.6 billion) for the quarter ending September 30, falling short of analyst expectations of 19.2 billion yuan, despite delivering a record 61,855 cars. The company also faced a larger-than-expected adjusted net loss of 4.4 billion yuan, exceeding the projected 4.3 billion yuan loss.
The United States is poised to impose nearly 40% tariffs on Chinese imports in early 2025, according to a Reuters poll of economists, which could reduce China"s growth by up to 1 percentage point. This move follows Donald Trump"s election victory and reflects his "America First" trade agenda, raising concerns in Beijing amid China"s current economic vulnerabilities, including a property downturn and weak domestic demand.
UBS has rated Nestlé S.A. as "Neutral" with a target price of 83 francs. As the largest food group globally, Nestlé"s sales are diversified across various sectors, including beverages (26.7%), pet food (20.3%), and pharmaceuticals (16.4%), with significant market presence in the USA and Canada (35%).
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