Media Focus on Multinational Corporations





Volkswagen plans to produce 11.6 million electric cars in China by 2028, according to a statement released by Volkswagen Group China on Monday. Volkswagen will cooperate with joint ventures including FAW-Volkswagen and SAIC Volkswagen to accomplish the goal. Volkswagen plans to make 22 million electric cars around the world by 2028. (China Daily)

Samsung is deepening its strategic cooperation with Chinese commercial giant Suning Holdings Group in both online and offline retail channels, in a bid to gain more market share in China's cutthroat smartphone sector. Samsung's smartphones will cover the brick-and-mortar stores owned by Suning in fourth to six-tier cities, and the sales of its smartphones via Suning's online platform is expected to increase 300 percent this year. (China Daily)

Amazon plans to close its domestic marketplace business in China by mid-July, people familiar with the matter told Reuters on Wednesday, focusing efforts on its more lucrative businesses selling overseas goods and cloud services in the world's most populous country. (China Daily)

Airbus Helicopters said it strongly believes in the growth potential of the helicopter market in China, as it put into operation its first H135 helicopter final assembly line outside of Europe in Qingdao, Shandong province, on Wednesday. With an investment of 10 million euros ($11.3 million), the plant serves as the first helicopter final assembly line built by a foreign manufacturer in China. The first helicopter assembled in Qingdao is expected to roll off the production line in the latter half of the year. (China Daily) 

Apple Inc and Qualcomm Inc on Tuesday decided to drop all ongoing litigations and settle their royalty dispute, reaching an agreement on global patent license and chipset supply. The settlement also includes a payment from Apple to Qualcomm, whose size the two companies did not disclose. (National Business Daily)


Huawei said on Tuesday that it did not have discussions with Apple Inc on selling 5G chips to the latter and the company's strategy of not being an independent chip seller has not changed. Hu Houkun, rotating chairman at Huawei, said the company already has a sprawling business structure and it has no intention of making its chip business independent. (National Business Daily)

Profits rose at Wells Fargo in the three months through March, the embattled lender said on Friday, beating Wall Street estimates as investors eagerly await any new information from the bank on its search for the next top executive. Net income at the San Francisco-based company was $5.9 billion in the first quarter, or $1.20 per share, higher than Wall Street expectations. Revenue in the period was $21.6 billion, slightly down year-over-year but also beating analysts predictions. (National Business Daily)

Wanda Group plans to invest about 45 billion yuan ($6.7 billion) in Northwest China's Gansu province in the next three years, as the Belt and Road Initiative (BRI) boosts local consumption. The new investment will mainly flow to cultural tourism and modern services in the form of a mega cultural tourism project, five Wanda Plazas and three five-star hotels, according to Wanda board chairman Wang Jianlin. (National Business Daily)

UnitedHealth Group beat first-quarter expectations and hiked its 2019 forecast, but shares of the nation's largest health insurer continued their slump as investors worry about growing Congressional scrutiny of how the company and its competitors do business. Shares of health insurers and pharmacy benefit managers, or PBMs, have bounced up and down this year, as Democratic presidential candidate Bernie Sanders launched a renewed push for a 'Medicare for All' plan that could replace private coverage and as Congressional committees grilled PBM executives over their role in soaring drug costs. (Global Times)

CVS Health has agreed to pay $535,000 to resolve federal allegations that it filled dozens of Percocet prescriptions its pharmacists should have known were forged. The U.S. attorney for Rhode Island and the head of the Drug Enforcement Administration's New England office announced the penalty Tuesday. (Global Times)

Profits rose by double-digits percentage points at Bank of America in the first quarter of 2019, underscored by a bustling consumer banking operation amid what its top executive called solid U.S. economic growth. Net income at the Charlotte, North Carolina-based company rose to $7.3 billion, or 70 cents per share, higher than Wall Street expectations. Revenue in the three months through March was $23 billion. (Global Times)

Microsoft announced on Wednesday to offer a grant to the Queensland University of Technology's (QUT) Institute for Future Environments and the Australian Institute for Marine Science, to design an artificially intelligent (AI) system that can quickly process data from the nation's iconic Great Barrier Reef using cloud computing services. (Global Times)