1.TESLA: -Tesla Inc is hiring managers for legal and external relations teams in China, according to a job post on its Wechat account, as the electric-car maker faces public scrutiny in the country over safety and customer service complaints.
U.S.-based Tesla, which is making electric Model 3 sedans and Model Y sport-utility vehicles in Shanghai, is hiring external relation managers in several Chinese cities including Beijing, Shanghai and Shenzhen.
The job advertisement did go into details of external relation positions, but separate posts showed the managers will handle government relations as well.
Reuters reported in May, citing people familiar with the matter, that Tesla was boosting its engagement with mainland regulators and beefing up its government relations team.
The company is hiring lawyers specialised in construction, anti-monopoly and data privacy protection areas, while also looking for public relations managers.
In April, Tesla was targeted by state media and regulators after a customer, angry over the handling of her complaint about malfunctioning brakes, climbed on top of a Tesla car in protest at the Shanghai auto show. Videos of the incident went viral.
Last month, the automaker sold 32,968 China-made vehicles in July, including 24,347 for export, industry data showed.
2.TENCENT:Tencent Music Entertainment Group said on Monday China’s copyright rules were unlikely to have a big impact on its online subscriptions, and its chief executive believes regulators want to promote healthy development of the music industry.
Tencent Music’s second-quarter profit beat Wall Street expectations on Monday, as its advertising business rebounded and more people subscribed to its music streaming platform.
Paid subscribers for the company’s online music service grew 41% to 66.2 million, a record high, boosted by investments in long-form audio and a refreshed music library expanded by licensing deals with Universal Music Group, Sony Music and other labels.
Shares in Tencent Music rose 3.1% in extended trading after its earnings release, paring back losses that saw it fall 9% earlier on Monday.
The shares have lost half their market value this year due to Beijing’s crackdown on its tech giants and a ruling that barred the company’s parent, Tencent Holdings Ltd, from exclusive music copyright agreements.
Tencent Music’s CEO Liang Zhu told analysts that they believed Chinese regulators ultimately were keen to promote the healthy development of the music industry and the firm fully accepted the government’s policies.
The company expects the decision on copyright agreements to have some impact on its operations, it said in its report without specifying a figure, but Liang said they did not think it would have a big impact on its online subscriptions.
3.LG:- LG Display Co Ltd said on Tuesday it plans to invest 3.3 trillion won ($2.83 billion) in small- to mid-size organic light-emitting diode (OLED) panel facilities.
The investment will take place starting this month until March 2024, the display panel maker said in a regulatory filing, without giving other details.
4.BIOGEN:-Warren Buffett’s Berkshire Hathaway Inc said on Monday it trimmed or eliminated its stakes in several pharmaceutical companies, and reported a small new stake in a Merck & Co spinoff, Organon & Co.
In the second quarter, Berkshire said it exited a $180 million stake in Biogen Inc and reduced investments in Abbvie Inc, Bristol-Myers Squibb Co and Merck.
It also shed a $411 million stake in paint maker Axalta Coating Systems Ltd, a Berkshire holding since 2015.
The changes were disclosed in a regulatory filing detailing Berkshire’s U.S.-listed holdings as of June 30.
Berkshire has been a net seller of stocks in 2021, including in the second quarter when it sold $1.1 billion more stocks than it bought.
That suggests Buffett and his investment managers Todd Combs and Ted Weschler remain wary of valuations as stock prices regularly set new highs.
.5.SPACE X – Jeff Bezos’ Blue Origin sued the U.S government over NASA’s decision to award a $2.9 billion lunar lander contract to Elon Musk’s SpaceX.
Blue Origin said its lawsuit filed in the U.S. Court of Federal Claims on Friday is “an attempt to remedy the flaws in the acquisition process found in NASA’s Human Landing System.”
It added it believes “the issues identified in this procurement and its outcomes must be addressed to restore fairness, create competition, and ensure a safe return to the Moon for America.”
Last month, the Government Accountability Office (GAO) sided with the National Aeronautics and Space Administration over its decision to pick a single lunar lander provider, rejecting Blue Origin’s protest.
Blue Origin’s lawsuit remains under seal. NASA must file a response to the challenge by Oct. 12.
“NASA officials are currently reviewing details of the case,” the agency said in a statement. “With our partners, we will go to the Moon and stay to enable science investigations, develop new technology, and create high paying jobs for the greater good and in preparation to send astronauts to Mars.”
The agency added, “as soon as possible, the agency will provide an update on the way forward for returning to the Moon as quickly and as safely as possible under Artemis.”
Blue Origin and defense contractor Dynetics have argued that NASA was required to make multiple awards. The GAO said it “denied the protest arguments that NASA acted improperly in making a single award to SpaceX.”
Blue Origin, the rocket company founded by Amazon.com Inc’s founder, billionaire Bezos, said earlier it remained convinced there were “fundamental issues” with NASA’s decision and that GAO was not able to address them “due to their limited jurisdiction.”
Blue Origin said it will continue to advocate for two immediate providers as it believes that to be the right solution.