The version number has been restarted for three months, and few of the first batch of games have been launched so far; China’s real estate development funds are nearly half off-plan

Original link: https://www.latepost.com/news/dj_detail?id=1225

The version number has been restarted for three months, and few of the first batch of games have been launched so far.

In April this year, China resumed issuing game version numbers, which did not seem to have the expected effect of activating the market.

According to Wind data, the actual sales revenue of China’s game market in May was 22.919 billion yuan, a year-on-year decrease of 6.74%, and a year-on-year decrease for three consecutive months. The revenue of the mobile game market has decreased year-on-year for two consecutive months. The revenue in May was 16.595 billion yuan, a year-on-year decrease of 10.85%. Change trends and global synchronization.

As of July 13, only 5 of the first batch of 45 games that have received version numbers this year are on the shelves, namely “The Way Forward”, “Dream Puppy”, “Party Star”, “Casting Time” and “Return of the Great Picture” “. Among them, 2 games have not been updated after obtaining the version number, which means that they still cannot charge users. The launch rate of the first batch of games is only about 11%.

The top two game makers in China, Tencent and NetEase, have yet to get the game version number this year, but they have a lot of games in stock, and games that have passed the review and are still in stock. When compliance requirements are raised, it is likely that the biggest companies will actually be hit less than the small and medium-sized companies in the industry.

The mobile payment market is actually an example. After the third-party payment license with the most comprehensive business scope is suspended, only the large and medium-sized companies that can afford the nine-digit license fee are eligible to enter the market. From station B to Meituan, From Byte to Huawei.

Under the circumstance that the total number of game version numbers is controlled and the quality of new products is limited, the market growth also relies more on heavyweight games, but after years of high growth, whether it is “Honor of Kings” or “Peace Elite”, the growth flexibility is limited. Zheshang Securities Research estimates that the turnover of the two games increased by 0%-10% in the second quarter.

One month after the first edition numbers were released this year, Tencent and NetEase released their quarterly reports. Analysts asked NetEase CEO Ding Lei on the earnings conference call to talk about his views on the regulatory environment of the game industry and his expectations for the company to obtain a new license. Ding Lei is very optimistic about the growth of China’s game market, but he believes that the policy will tend to be more restrictive to players. Helpful and educational game.

Tencent management was also asked similar questions. They believe that the version number will continue to be issued, and they don’t mind if they don’t get the version number. It is reasonable to release games from small and medium-sized companies in advance. Chipping Lau, president, said that the release of the version number “obviously hurts most companies, they have no games and no cash flow, in contrast, the old big companies have enjoyed sufficient cash flow and can get through this period more easily. “

But Tencent feels that, in general, the total number of reviews in the future will be less than in 2018 and earlier, “We have insisted on this belief for several years. This is why in the past two years, we have reviewed from top to bottom. The game business has been adjusted to focus on releasing and developing games with a smaller budget that may work better… We want to make these limited games work as well as possible.” (Gong Fangyi)

Nearly half of China’s real estate development funds rely on off-plan properties

In the process of developing China’s commercial housing market from scratch, it has borrowed some mechanisms from mature markets, such as pre-sale of pre-planned housing, which allows developers to sell houses when the houses are not yet occupied, accelerating the development of the real estate industry.

But market risks and transactional issues have followed, and especially recently, a number of risks are being unleashed rapidly in some areas. For example, on July 13, Securities Times published a front-page commentary article “Beware of the Spread of Risk of Suspension of Unfinished Properties”, which mentioned:

Recently, owners of unfinished properties have collectively decided to stop repaying their loans, which has attracted many owners of unfinished properties to follow suit. If this trend spreads, it may have a negative impact on the property market, which is even more unfavorable for property sales and is not conducive to the stability of the financial system. . If the problem is not solved, not only the owners, but also the entire property market will be hurt. As the property market continues, buyers will be more cautious. Although financial institutions have real estate as collateral, the undelivered real estate can only become bad debts. When bad debts increase, it may also cause systemic financial risks.

Owners are dissatisfied with monthly loan repayments when they can’t get a house and their cash flow is almost depleted, and ask the bank to share the risk. Flush iFind statistics show that as of July 12, a total of 48 real estate projects in 25 cities in 8 provinces were involved. There is a monopoly of 22 real estate.

• The pre-sale system of commercial housing (off-plan) first appeared in China’s official document in 1994, “Administrative Measures for Pre-sale of Urban Commercial Housing”. However, it is generally believed that in 1998, the State Council made detailed provisions on the pre-sale system of commercial housing in the “Regulations on the Management of Urban Real Estate Development and Operation”, and this was the starting point for the real rollout of this system.
• The pre-sale system is a system introduced to meet market demand when China’s real estate development funds are limited and the supply of commercial housing is insufficient. One-handedly solve the developer’s funding gap, and one-handedly lower the threshold for buying a house (off-plan houses have discounts). In 2005, 63% of the floor space of new homes sold in China was off-plan.
• According to our calculations, as of May 2022, off-the-plan housing payments (deposits, advance receipts and mortgage loans) accounted for 47.89% of developers’ funding sources for that year.
• This proportion peaked in May 2021, reaching 55.47%.

The calculation and announcement is the current year (personal mortgage loan + deposit and advance receipts)/the total value of the developer’s source of funds. Source: Wind. Click to see larger picture

• However, because the off-plan house is sold when the house is not fully built, it is equivalent to the real estate developer passing on the risks in the development process to the home buyer.
• When banks participate in lending, the counterparty is ordinary people, and the bargaining power of banks is self-evident. This is why personal mortgages are often considered to be the best and safest assets for banks.
• According to statistics from Changjiang Securities, the non-performing mortgage rate of 17 sample banks will remain at a low level of 0.30% at the end of 2021.

• Off-plan housing is not a unique system in China, Japan, Singapore, the United States, and Canada all have them. However, in terms of the scope and intensity of supervision, China seems to be still far from other mature markets. For example, the “Urban Real Estate Management Law” stipulates that the pre-sale money for commercial housing must be used for related construction, but:
• China has yet to establish a unified national regulatory framework. There are government supervision models (Guangzhou, Qingdao), commercial bank supervision models (Shanghai, Nanjing), and joint supervision models (Chongqing, Jinan).
• Although China has set up third-party supervision of pre-sale funds, developers still have the right to use the funds before the project is completed. This is also one of the important reasons for the release of this risk concentration.
• The conclusion of Changjiang Securities is that China focuses on the front-end pre-sale license review, and other regions pay more attention to the middle and back ends such as pre-payment supervision.

• In addition, China is one of the few markets where pre-sale + 100% payment is enabled.
• The proportion of advance payment in Japan and South Korea ranges from 10% to 30%, and the major economies in Europe and the United States are negotiated by both parties. Japan implements “pre-sale housing deposit preservation measures”, and housing companies must apply for insurance for the advance payment.
• In Singapore and Malaysia, the down payment is paid to the developer, and the loan is deposited into the joint account of the loan bank and the developer, and transferred to the developer for construction according to the progress of the project.

• Supervision realized the risks of the pre-sale system earlier. For example, the central bank said in 2005 that housing companies in hot cities pre-sold undeveloped real estate in advance, which intensified consumers’ behavior of buying homes ahead of schedule. “Many market risks and transaction problems stem from the pre-sales of new commercial housing. It is recommended to “consider canceling the pre-sale system”. However, over the years, as the importance of pre-sale funds to the turnover of the real estate industry has become increasingly important, the resistance and pressure of institutional adjustment will increase. (Gong Fangyi)

Tianqi Lithium is listed in Hong Kong for the second time, and 80% of the funds raised are used to repay debts

• Tianqi Lithium, which was listed in Hong Kong today, fell by more than 11% at the opening, but recovered to the issue price of HK$82 per share. In contrast, Tianqi Lithium’s A shares are 128.6 yuan per share; they have risen by more than 11% in the past 1 month and 42% in the past 6 months.

• The rise of A shares is based on the high prosperity of the lithium industry. Lithium is an important raw material for electric vehicle batteries. With the rapid development of the electric vehicle market, lithium prices have been rising. Taking lithium carbonate as an example, it once rose from 50,000 yuan per ton at the beginning of last year to 500,000 yuan per ton. It fell back in April this year, but it still remained at a high of 460,000 yuan.

• The main reason for pushing up lithium prices is the expectation of tight supply and demand – because the lithium production expansion cycle is long, it may not keep up with the unexpected development of electric vehicles. According to “LatePost” , the expansion of mature lithium mines generally takes 1-2 years, and new exploration projects will take several years. However, many voices in the industry believe that there is no obvious gap in lithium production capacity at present, and remind that it is necessary to pay attention to the falling price of lithium.

• As for Tianqi Lithium itself, its business focuses on lithium mining and fully benefits from this wave of industry dividends. In 2021, revenue will increase by 137% year-on-year to 7.7 billion yuan, and net profit will be 2.6 billion yuan; in the first quarter of this year, net profit will be 3.9 billion yuan, a year-on-year increase of 2263%.

• However, Tianqi Lithium’s A shares fell by the limit this week, coupled with the differentiation of Hong Kong A shares pricing, suggesting that there may be risks in itself. Some analysts pointed out that Tianqi Lithium last year had a production capacity of 44,800 tons and an output of 43,700 tons, which was close to full production. It is difficult to improve its performance in the short term. In addition, due to aggressive acquisitions, it was still in debt crisis at the beginning of last year. At the end of the first quarter of this year, the debt was still as high as 24.2 billion yuan. The net amount raised this time was 13.06 billion Hong Kong dollars, and over 80% of it was used to repay debts.

• The broader risk is that there is no absolute threshold for lithium mining. With the clear prospect of electric vehicles and the continued high price of lithium, car companies and battery companies with strong financial strength have gone upstream to buy mines. Compared with Ganfeng Lithium, Tianqi Lithium has a single role in the industry chain, and the future space may be crowded out. (Lin Guangying)

CICC: U.S. abolition of tariffs, limited boost to China’s exports

• According to the General Administration of Customs, China’s total import and export value in June was 3.77 trillion yuan, up 14.3% year-on-year; of which exports were 2.21 trillion yuan, up 22% year-on-year, and imports were 1.56 trillion yuan, up 4.8% year-on-year. In the first half of this year, the total value of imports and exports was 19.8 trillion yuan, of which exports increased by 13.2% and imports increased by 4.8%.

• Analysts believe that in the first half of the year, the growth rate of exports fell as a whole, and the growth in value was partly driven by price increases ; in the second half of the year, with the slowdown of the global economy, the outlook for exports is also uncertain. There is also a point of view that the United States has recently considered canceling tariffs on some Chinese goods, which may provide some support for exports.

• CICC pointed out that even if the U.S. removes tariffs, the boost to Chinese exports will be limited. The reason is that its actual impact may be overestimated at the moment. For example, US importers will under-report imports to avoid tariffs, and there is diversion trade.
• According to the General Administration of Customs of China, China exported US$52 billion to the US in May this year; while the US Department of Commerce data showed that the US imported US$43.9 billion from China, a gap of US$8.1 billion; the gap between the two in the past 12 months was US$67.9 billion , there is a clear deviation.
• The data showed that the main reason for the divergence was the underestimation of U.S. imports from China after the tariffs were imposed. The reason may be that US importers underreported imports from China in order to avoid tariffs, low-value goods were not included, and the calculation of import value was different.
• On the other hand, the imposition of tariffs also promotes diversion trade, that is, goods imported by the United States from other regions may actually still come from China.
• According to CICC estimates, considering the above factors, if the U.S. completely removes the tariffs on Chinese consumer goods, it will increase China’s exports by less than 1%. (Lin Guangying)

How does Uber expand globally?

• Recently, a batch of Uber confidential documents revealed that more than 124,000 records show how Uber deals with dignitaries from various countries, lobbying it to change laws and support Uber’s development. content include:
• Hundreds of thousands of dollars paid to prominent academics to support “research” on Uber’s economic model;
• Ask Obama’s senior advisers how to approach leaders, officials, and diplomats;
• Using ties to the UK Conservative Party to lobby Prime Minister Boris Johnson to stop TfL from introducing new regulations;
• Working with government-backed Russian oligarchs, including by offering them Uber shares, in an attempt to secure a Russian market position;
• Fully supported by the then French Minister of Economy, and made a “deal” for Uber with the French cabinet;
• Set up a “kill switch” to prevent sensitive data from police raids;
• …

• This week, Mark MacGann, a former top lobbyist for Uber’s European division, admitted he was the whistleblower, and went into more detail:
• Disregard for privacy: Uber View can be secretly used internally by Uber employees to monitor the real-time movements of users around the world;
• Advocating violence: Uber once triggered a strike by taxi drivers in France, and founder Kalanick advocated for Uber drivers to take to the streets to protest, even if it may be dangerous, and believes that “it is worth it, violence guarantees success”;
• Inciting the media: MacGann himself praised employees in an email for telling the media about driver attacks, saying that a “narrative of violence” could put pressure on the Dutch government;
• …

• MacGann said the disclosure was out of remorse, especially after speaking with the platform’s drivers and realizing that Uber had actually harmed them. He said Uber’s approach was flouting the law by misleading the benefits of the “gig economy”, saying it would be good for drivers, creating more jobs, and then convincing officials to change the law.

• Uber responded to most of the criticism, including banning the inappropriate use of “Uber View” in 2017, Uber drivers now earning near-record levels, and more.

• The founder Kalanick’s statement mentioned that he never advocated violence, saying that “Uber’s expansion has been led by more than 100 leaders in dozens of countries around the world and has always been under direct supervision.” Uber currently operates in more than 10,000 cities around the world. (Lin Guangying)

The Inside Story of Apple’s Eight-Year Difficulty

Apple started a self-driving car project called “Titan” in 2014 and adjusted its product route several times. This week, Silicon Valley technology media The Information interviewed more than 20 employees of the project, pieced together the reason why this rather mysterious project has been difficult to produce so far, and also revealed some highlights of the new car.

• In terms of new car progress, the article mentioned that the Apple car has a curved ceiling similar to the roof of the Volkswagen Beetle and four face-to-face seats, which are convenient for passengers to talk face-to-face. Engineers have other goals, like adding a lift screen and a liftable trunk compartment behind the seat, and creating some space inside the car where passengers can sleep.
• Larger, more flexible interior space means giving up something. Apple is trying to get a waiver from the National Highway Traffic Safety Administration to axe the steering wheel and brakes.
• Google also announced its steering wheelless driverless car in 2014, pictured below.

Google driverless car models. Click to see larger picture

• The article believes that the project’s poor progress over the years is partly due to Apple’s top management not paying attention to car building, such as Apple CEO Cook’s reluctance to give strategic guidance, reluctance to go to the project office, and refusal to invest a lot of resources in mass-producing cars.
• It is reported that the annual research and development cost of the Titan project exceeds 1 billion US dollars. Apple spends tens of billions of dollars in research and development every year.
• But it seems hard to blame Cook too much for this. On the contrary, the “cost” of Cook’s refusal to meet Musk, who wanted to sell Tesla, was greater. But Cook did not admit that Musk approached him.
• When Apple started the Titan project, Tesla had been selling electric cars for 6 years, and Google’s driverless technology had been implemented for 5 years. At that time, Apple was even dubbed “Tesla Grave” for frequently poaching people from Tesla.

• The Titan project has undergone 4 management changes. Different leaders have different ambitions, resulting in frequent changes in strategic direction.
• At the heart of the early Titan project were four senior Apple employees whose goal at the time was to build a complete vehicle and focus on the passenger experience. They wanted to throw away decades of car company experience and redefine automotive engineering, an effort that seemed futile, causing the project to stall. forward.
• Former Apple executive Bob Mansfield, who later retired, restarted the project, focusing on fully self-driving software. During this time Apple’s first test car (internally codenamed Sahara) hit the test streets in Arizona.
• In 2018, when Doug Field, a former Tesla executive, joined Project Titan, the team’s priority became designing physical cars and selling them directly to consumers, rather than providing Robotaxi services. Project Titan developed steadily during this period. Deep learning is invested in improving functions such as prediction and path planning of autonomous driving systems.
• In 2021, Doug Field and at least five executives will leave one after another, and Kevin Lynch, the head of Apple Watch, will start to lead the Titan project. (intern Xue Yujie)

Microsoft joins big company layoffs

• Microsoft announced on Tuesday (July 12) that it will lay off employees, involving consulting, solutions and other departments, distributed in multiple regions, with a total of no more than 1,800 people, accounting for less than 1% of the overall. Microsoft said the layoffs were not because of a worsening economy, but because of organizational adjustments. However, the last time it announced layoffs was in 2017. At the end of May, it also reminded mature businesses to be cautious about hiring, including Windows, Office, Teams (conference software), etc. In June, it lowered its revenue forecast due to unfavorable exchange rates.

• Google also announced on the same day that it would slow hiring in the second half of the year due to the uncertain economic outlook. CEO Sundar also said that the future is more urgent and focused, which in some cases means “integrating where overlaps and streamlining processes” and in others “focusing resources to higher priorities” “. The wording was seen as a prelude to the layoffs.

• The stagnant Meta is shrinking more and more aggressively. At the beginning of May, he said there were no layoff plans. At the end of last month, Zuckerberg said that he would strengthen performance management and screen out unqualified employees. According to media reports, a senior Meta executive recently instructed managers to identify underperforming subordinates and give them a deadline to leave. In addition, more than 300 outsourced cleaners and catering service personnel were laid off.

• Several U.S. tech companies have recently announced layoffs, including Netflix, Tesla, Twitter, Coinbase, and more. Reasons include, but are not limited to, rising costs, users curtailing spending, a worsening macro environment reducing advertising revenue, and weakening liquidity causing the crypto industry to collapse.

• Peloton, an interactive fitness platform benefiting from the rapid development of the epidemic, also announced 570 layoffs yesterday. The company said it plans to outsource spinning and treadmill production to save costs as people return to gyms and demand for home fitness equipment falls. (Lin Guangying)

OTHER NEWS

On July 12, there were “57+204” new cases of local new coronavirus infections in mainland China, and there were no cases in 6 provinces in the mainland.

• On July 12, 57 new cases were confirmed locally, including 16 in Guangdong, 8 in Gansu, 7 in Anhui, 5 each in Shanghai, Shandong and Jiangsu, 4 in Inner Mongolia, 3 in Henan, 3 in Hainan and 1 in Jiangxi. There were 204 new asymptomatic infections in the mainland, including 61 in Gansu, 50 in Shanghai, 33 in Shandong, 22 in Henan, 14 in Jiangsu, 6 in Guangdong, 6 in Hainan, 4 in Jiangxi, 3 in Anhui, and 3 in Guangxi. , 2 cases in Fujian.
• As of 12:00 on July 13, the newly added “13+14” related cases in Zhuhai kindergarten were Omicron BA.5.1 mutants, all of which were found in the close contact population that had been quarantined and controlled.
• On July 12, Gansu added a new local infected person “8+61”, and all communities in Lanzhou implemented closed management.
• As of July 12, the provinces with no confirmed cases were Xinjiang, Hebei, Guangxi, Guizhou, Ningxia, and Tibet.
• The WHO warned that the BA.4 and BA.5 variants of Omicron would lead to an increase in the number of infections, with Europe and the United States at the center of a new wave of cases, urging governments and health care systems to take measures to curb the spread of the new coronavirus.

The National Standing Committee emphasized stable employment, mentioned graduates, migrant workers, and flexible workers, and prohibited discrimination against those who had recovered from the new crown.

The National Standing Committee pointed out on July 13 that the employment situation in June was better than that in April and May, but the task was still arduous, emphasizing that employment should be prioritized and employment should be stabilized to support the economy, including providing up to 200,000 guaranteed loans to start-ups and individual industrial and commercial households. , to help graduates and migrant workers find employment, and mentioned the prohibition of discrimination against people who have recovered from the new crown, and the protection of the rights and interests of flexible employment groups. The meeting also mentioned the expansion of consumption and demanded to accelerate the release of the consumption potential of green smart home appliances.

Haidilao’s overseas restaurants expanded to 73 in 6 countries in 3 years, with a compound annual growth rate of 15.8% in revenue.

On July 13, Haidilao’s overseas business spin-off company Tehai International Holdings Co., Ltd. submitted an application for listing in Hong Kong. The joint sponsors were Morgan Stanley and Huatai International. The materials show that Haidilao’s overseas restaurant network expanded from 24 restaurants in 5 countries as of January 1, 2019 to 97 restaurants in 11 countries as of March 31, 2022. Revenue from overseas operations increased from US$233.1 million in 2019 to US$312.4 million in 2021, representing a CAGR of 15.8%. Overseas operations also recovered from the impact of the epidemic in 2022, with revenue increasing from US$68.3 million in the three months ended March 31, 2021 to US$109.1 million in the three months ended March 31, 2022. The overall turnover rate in the first quarter of 2022 was 2.7 times/day, and before the impact of the epidemic, the turnover rate had reached 4.8 times/day.

Building energy conservation, recycling of waste, and carbon emissions in urban and rural construction will peak by 2030.

On July 13, the Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission released the Implementation Plan for Carbon Peaking in Urban and Rural Construction. In addition, there are a number of goals: by 2025, the photovoltaic coverage rate of new public institutions and new factories will reach 50%; by 2030, the utilization rate of urban domestic waste will reach 65%; It accounted for more than 80%, and prefabricated buildings accounted for 40% of the new urban buildings that year. At the same time, encourage banking financial institutions to innovate credit products and services to support energy conservation and carbon reduction in urban and rural construction.

By 2025, Beijing will build 2-3 world-class business districts with a scale of 100 billion.

On July 13, the Beijing Municipal Government Information Office held a press conference on the first anniversary of Beijing’s nurturing and building an international consumption center city. According to reports, looking forward to 2025, Beijing will build 2-3 world-class business districts with a scale of 100 billion. Each district has at least one modern comprehensive business district and one commercial pedestrian street, and each Plain New Town has at least one five-star hotel. The number of inbound tourists increased by more than 5% annually. Attract international and domestic brands to open more than 3,000 first stores, innovative stores and flagship stores in Beijing. The total number of Beijing time-honored brands has reached about 230, and more than 90% of the time-honored brands will be “on the Internet”. Incubate more than 100 new consumer brands, and introduce about 500 well-known food brands at home and abroad.

In the first half of the year, the total business income of the postal industry reached 654.31 billion yuan, a year-on-year increase of 6.5%.

On July 13, the State Post Bureau announced the operation of the postal industry in the first half of 2022. The data shows that in the first half of the year, the business income of the postal industry (excluding the direct operating income of the Postal Savings Bank) has reached a total of 654.31 billion yuan, a year-on-year increase of 6.5%; the total business volume has reached a total of 680.85 billion yuan, a year-on-year increase of 6.0%. The national express service business volume A total of 51.22 billion pieces were completed, a year-on-year increase of 3.7%; a total of 420 million pieces of postal mail were completed, a year-on-year decrease of 28.1%; a total of 8.550 million pieces of parcel business were completed.

The Hong Kong SAR government plans to gradually relax the foreign-related epidemic prevention policy, and those who arrive in Hong Kong before November may be exempted from quarantine conditions.

The newly appointed Director of the Hong Kong Special Administrative Region Government’s Medical and Health Bureau, Lu Chongmao, recently revealed that the Hong Kong Monetary Authority plans to hold an “International Investment Summit” in early November, when the form of quarantine for those arriving in Hong Kong may change. Although nucleic acid testing is still required, it cannot be ruled out that it can be changed to medical surveillance, during which high-risk activities such as going to bars are prohibited. It is reported that the Hong Kong SAR has recently relaxed its quarantine requirements with overseas countries several times. For example, from July 6, the circuit breaker measures for individual flights have been suspended to reduce the uncertainty of flight exchanges. In addition, the eighth round of designated quarantine hotels announced on July 12 expanded to 1,500 quarantine rooms, which is also a measure to reduce worries about arrivals in Hong Kong.

Many homeowners unilaterally announced to suspend loans because they could not receive the building, and experts warned that they may be sentenced to compulsory execution.

According to media reports, since July, more than 12 cities and 19 real estate owners in six provinces across the country have issued “compulsory loan suspension notices”, including Zhengzhou, Nanchang, Wuhan, Changsha, Taiyuan, Suqian and other cities, Evergrande, Greenland and other well-known real estate Enterprise. According to preliminary statistics, the participating owners may exceed 50,000. According to reports, legal professionals believe that the bank’s illegal lending is an important indirect cause of unfinished buildings. In judicial practice, few courts will support the owner to directly stop the loan; the owner’s rush to stop the loan will not only affect the credit investigation, but also may Sentenced to be enforced.

Another “Big Four” accounting firm has resigned as an auditor of a mainland real estate company.

According to Fantasia’s announcement, Deloitte will no longer serve as an auditor since July 11. The announcement stated that due to the impact of the epidemic and the departure of key personnel, the progress of the financial report was seriously delayed. The management believed that the appointment of another auditor would help speed up the process; Deloitte said that the appointment of another auditor made the professional relationship between the two parties unsustainable, so it decided to resign . Since the beginning of this year, Deloitte, PricewaterhouseCoopers, etc. have resigned from their positions as auditors of many mainland real estate companies. Some people believe that this may mean that the two sides cannot reach an agreement on auditing issues.

Singapore was upgraded to the top market after Temasek slowed investment amid uncertainty over the outlook.

Temasek, which is 100% controlled by the Singapore government, has a net portfolio value of 403 billion yuan in fiscal 2022 (as of the end of March this year), a record high, with a one-year total shareholder return of 5.81%. Among them, the proportion of the Singapore market investment portfolio increased to 27%, an increase of 3 percentage points from the previous year, and China, which had the highest proportion for the past two consecutive years, decreased by 5 percentage points to 22%. Temasek said the pace of investment would slow in the new financial year due to the uncertain outlook for the global economy.

BMW began charging for heated seats in the U.S. and South Korea markets.

According to media reports, BMW continues to expand the range of software service charges. The cost of heated seats in the United States is $18 a month, $180 a year, $300 for three years, and $415 for a long time; markets such as the United Kingdom and Germany have already begun to charge. BMW has been charging for software functions since 2020, including automatic high beams, adaptive cruise control, etc. However, users believe that they have already paid for heated seat hardware, and it is unreasonable to pay for software. Mercedes-Benz previously charged separately for rear-wheel steering on its flagship electric car in China.

Twitter formally sued Musk, and the acquisition dispute went to court.

Twitter formally sued Tesla on Tuesday over a $44 billion acquisition. Twitter pointed out that Musk regretted the acquisition because of the recent decline in the stock market and shrinking wealth, and the fake account was just an excuse. A Boston College law professor also pointed out that the Twitter argument is strong, and Musk clearly knew about the existence of bot accounts, including a tweet before signing the deal “We either beat the spam bots or disappear.” Musk announced the acquisition in April this year and announced the termination on Friday, and Tesla’s stock price fell by more than 30% during the period. Twitter’s latest stock price is also nearly 37% below the acquisition price.

Virgin Atlantic debuts the Airbus A330neo with the unveiling of its most spacious suite ever.

Virgin Atlantic has debuted the highly anticipated Airbus A330neo with brand new seats in the airline’s upper deck and the Retreat Suite, the most spacious suite in Virgin Atlantic’s history. It is reported that the Retreat Suite consists of two exclusive suites at the front of the cabin, including a direct bed of about two meters and a 27-inch touch screen, with Bluetooth connection and wireless charging, for up to four people to dine, chat or play games. The A330neo is expected to fly to Boston on its first customer flight in early October.

Click to see larger picture

Victoria’s Secret named the head of the Pink brand as CEO, slashing 160 management positions following the restructuring.

Victoria’s Secret on Tuesday named Amy Hauk the CEO of Victoria’s Secret and Pink. It is understood that since the separation of Victoria’s Secret from retail group L Brands last August, the company has cut about 160 management positions, accounting for 5% of its head office staff. In addition to this, the company has hired former Amazon executive Christine Rupp as CCO as part of the restructuring. L Brands is now renamed Bath & Body Works.

Boeing delivered 51 planes in June, the highest monthly level since March 2019.

Boeing delivered 51 planes in June, taking its first half to 216 jets, up 38 percent from a year earlier, the latest data showed. The June deliveries crossed the 50 threshold for the first time since March 2019, including 43 Boeing 737 MAXs, which delivered a Boeing 737 MAX plane to Ethiopian Airlines in June, indicating the MAX is on the way from its nearly two-year history. recover from a security crisis. Monthly MAX production reached its target of 31 planes, but has not stabilized at that level as aerospace faces global hurdles in the supply chain, the people said.

NFT blessing, the most expensive champagne ever sold for $2.5 million.

Brothers Giovanni and Piero Buono from Italy won a bottle of champagne with an NFT for $2.5 million at a private auction on Friday. It is reported that the bottle of 2017 wine sold by Foch on Champagne Avenue is the first limited edition “Magnum 2.5” created by champagne connoisseur Shammi Shinh and the artist behind The Bored Ape Yacht Club NFT. The bottle of champagne is imprinted with five NFTs, and the purchase includes the transfer of digital ownership. “I think it’s going to be a good investment,” the buyer said.

Click to see larger picture

Text | Gong Fangyi, Lin Guangying, intern Xue Yujie, intern Zeng Xing

Editor | Gong Fangyi

The title picture comes from the movie “Countdown Time”

This article is reprinted from: https://www.latepost.com/news/dj_detail?id=1225
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