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Homegrown Huawei Network
Huawei and China Mobile [9041:HK], in partnership with Tsinghua University, have built a 3,000-km internet network in China, connecting Beijing to the south of the country. As well as having been built using solely homegrown technology, Tsinghua claims it is the world’s first network with a “stable and reliable” bandwidth of 1.2 terabits per second, Bloomberg reported.
New Chinese EV Range
Chinese automaker BAIC Group [BMCLF] is seeking regulatory approval to produce two Xiaomi-branded [XIACY] electric vehicles (EVs), Reuters reported. Elsewhere in the space, Renault [RNLSY] has said its EV unit Ampere will triple its revenue to €10bn in 2025. Toyota [TM] is to launch a hybrid version of its best-selling Camry sedan in the US.
Pfizer to Cut 500 UK Jobs
As part of its $3.5bn cost-cutting plan, Pfizer [PFE] is to cut 500 jobs at its site in Kent in the UK. The cost-cutting scheme was announced last October, following a drop-off in demand for its Covid-19 vaccine. The drugmaker is looking to the weight-loss drug market to fill the gap left by Covid-19, and it has an experimental obesity pill, danuglipron, in the works.
Solid Quarter for Tencent
A rebound in online advertising helped Tencent [TCEHY] beat analyst estimates in its quarterly earnings report. Divisions including gaming and fintech registered growth but online advertising grew the fastest, with a 20% revenue spike for the segment. The firm saw a 10% gain in revenue overall, to RMB154.6bn, although net income slid 9% due to an increase in spending on content.
Siemens Energy’s Berlin-Backed Backstop
The German economy ministry announced on Tuesday that the government was to provide Siemens Energy [ENR:DE] with €7.5bn in project-related state guarantees, reported CNBC. The company later announced a loss of just short of €5bn for the fiscal year. The ministry said the backstop was part of a €15bn package in guarantee lines granted by private banks and other stakeholders.