Media Focus on Multinational Corporations





ExxonMobil, the largest oil and gas company in the United States, plans to invest $10 billion in South China's Guangdong province. Premier Li Keqiang met with ExxonMobil chairman and CEO Darren Woods on Friday afternoon, and welcomed the company to invest in large petrochemical projects. Li said it will better promote the two sides to realize a win-win result. (China Daily)


The Coca-Cola Company announced that it has reached a definitive agreement to acquire Costa Limited, which was founded in London in 1971 and has grown to become a major coffee brand across the world. The acquisition will expand the existing Coca-Cola coffee lineup by adding another leading brand and platform. The portfolio already includes the market-leading Georgia brand in Japan, plus coffee products in many other countries. (Coca-Cola Company)


China's four largest banks - Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Agricultural Bank of China Ltd and Bank of China Ltd - were nation's most profitable listed companies in 2017, according to a report released by Warton Economic Institute (WEI) on Thursday. Industrial & Commercial Bank of China generated profit of 364.6 billion yuan ($53.31 billion), China Construction Bank Corp of 299.8 billion yuan, Agricultural Bank of China Ltd of 239.5 billion yuan and Bank of China recorded profit of 222.9 billion yuan, said the report. (China Daily)


Helsinki, the capital of Finland, national airline Finnair and Tencent signed a strategic cooperation in Beijing on Wednesday to jointly create a smart tourism solution for Chinese tourists in Helsinki and provide them with more digital services. 'There is a lot of room for imagination in this partnership. As the first European airline opening direct sales for flight tickets on WeChat, Finnair hopes it can provide more diversified and better digital services to Chinese passengers in the future,' said Mikko Turtiainen, vice president of global sales at Finnair. (China Daily)


Jack Ma, founder and chairman of Chinese e-commerce tycoon Alibaba will leave his position as the company's chairman on Sept 10, 2019, according to an official announcement today. CEO Daniel Zhang Yong will take over as chairman, reported. Ma will stay as board member of Alibaba after Sept 10, 2019 until the company's annual general meeting of stockholders in 2020, the announcement said. Besides acting as partner of Alibaba, Ma will focus on public welfare and educational business, he said in an open letter to the public on Sept 10, a meaningful day — Ma's birthday, the founding day of Alibaba and also China's Teacher's Day. (Global Times)


Leading Chinese home appliances brand Haier on Friday announced the signing of a memorandum of understanding with the government of India's northern Uttar Pradesh state to set up its second industrial park in the nation. The park will be established over the next four years in two phases in an area in Uttar Pradesh's Greater Noida area. It is expected to begin operations by 2020. The investment is expected to create almost 4,000 new direct employment opportunities and more than 10,000 indirect jobs. (Global Times)


Trump's proposed tariffs on $200 billion worth of Chinese goods would affect the Apple Watch, AirPods and Apple Pencil, the company said in the letter. It would also hit the HomePod, Mac Mini, and adapters and chargers for a host of products. As a result, consumers will have to pay more for Apple products, the company said. In its letter, Apple did not offer an estimate of how much the tariffs would increase its costs. (CNBC)


Mondelez International CEO Dirk Van de Put said the snack food giant isn't considering any broad price hikes increases to combat rising commodity costs. Van de Put rolled out a new strategy Friday at the company's annual investor day meeting in Boston. He said the maker of Oreos, Ritz crackers and Nabisco biscuits plans to expand its e-commerce platform as well as its reach into international markets. Van de Put also intends to give more attention to smaller snack foods the company has acquired in recent years, he said. (CNBC)


Goldman Sachs raised its price target on Apple stock all the way to $240 per share from $200 per share on Thursday, admitting they got the stock completely wrong this summer as it rallied to a $1 trillion valuation. Goldman laid out its expectations for the next generation of iPhones and reversed its previous bearish position on the technology giant. (CNBC)


The world largest social media platform Facebook is losing a large number of young users as about one in four of them had removed the app from their smartphones in the past one year, a new Pew Research Center survey said Wednesday. The survey found that a whopping 44 percent of users aged 18-29 have removed Facebook's app from their phones in the past 12 months, and about 42 percent have taken a break from checking the platform for several weeks or more. (China Daily)


Toyota Motor Corp. is recalling more than one million Prius and C-HR compact crossover vehicles globally for fire risk. Of the 1.03 million vehicles on the recall list, 554,000 will be called back in Japan and 192,000 in the U.S., the Detroit News quoted Toyota spokesman Jean-Yves Jault as saying Wednesday. There has been report of a vehicle emitting smoke, but no injuries were reported, the local newspaper reported. (China Daily)


China Unicom told N it has no knowledge of the reported merger plan with China Telecom, and hasn't received any related notice, in response to a report by Bloomberg that the Chinese government is exploring a merger of the two top wireless carriers to speed up the development of 5G mobile services. The merger rumor started surfacing in the first half of this year. Whenever there is communications technology upgrading, the rumor pops up, primarily due to the enormous pressure from whopping investment in5G. (National Business Daily)


Tencent Thursday announced a strategic partnership with Luckin Coffee. This is counted as a response to the cooperation between Alibaba and Starbucks that was reached one month ago. Prior to this, Tencent and Alibaba have competed head-to-head with each other in multiple industries, including retail, mobility, and finance. Tencent's tie-up with Luckin will expand the battleground to the coffee market. (National Business Daily)