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Today's news:
1. Italy plans to impose a sugar tax from July 1st. Recently, the Italian government announced plans to impose a sugar tax on beverages such as juice, cola, and sports drinks from July 1 this year (with the possibility of postponement not ruled out). In the initial stage, the tax rate is set at 5 euros per hectoliter of beverages, and from July 1, 2026, it will rise to 10 euros.
2. The results of the Indian general election are out, and Modi is re-elected. Indian Prime Minister Modi announced that the National Democratic Alliance, led by the ruling Bharatiya Janata Party, won the general election. According to the final vote count of the 18th election of the Indian Lok Sabha (lower house of parliament) announced by the Indian Election Commission in the early morning of the 5th, the National Democratic Alliance led by the ruling Bharatiya Janata Party won more than half of the seats, and Modi became the first Indian prime minister to be re-elected for three consecutive terms after the founding prime minister Nehru.
3. Walmart ranks first in the Fortune US 500 list. On the 4th, Fortune Plus APP and the English website released the 2024 Fortune US 500 list simultaneously around the world. This is the 70th year that Fortune has released this list. Overall, this year's entry threshold has dropped from $7.2 billion last year to $7.1 billion. Walmart has topped the list for the twelfth consecutive year with its operating income.
4. Maersk raises full-year profit forecast again. Recently, Maersk, the global leader in shipping trade, raised its full-year profit forecast for the second time in a month. Maersk said it expects basic earnings before interest, taxes, depreciation, and amortization (EBITDA) to be between $7 billion and $9 billion this year, compared with a previous forecast of $4 billion to $6 billion. Maersk also raised its full-year free cash flow from -$2 billion to at least $1 billion.
5. FedEx will establish logistics facilities in Qatar. Recently, FedEx Logistics and the Qatar Free Zone Management Committee signed a strategic cooperation memorandum to promote the establishment of regional logistics operation facilities in Qatar Free Zones. The facility is located in the Ras Bufontas Airport Free Zone and is operated by FedEx Logistics' FedEx Trade Network Transportation and Brokerage Business Company, featuring advanced logistics offices.
6. The number of containers waiting to berth in Singapore surged in May, reaching a peak of 480,600 twenty-foot standard containers in late May. Congestion at major Asian ports, especially Singapore, has also led to an increase in container shipping prices. Interface News reports that Japan Casting, a subsidiary of Japan's JFE Steel Group, has developed a technology that can use 3D printers to reduce the manufacturing costs of metal machinery parts by 20-30%. The technology will be used to mass-produce parts for industrial machinery and other purposes as early as 2024, and the sale of technology licenses will also be discussed.
7. Canalys: In the first quarter, the global personal smart audio device market showed a return to growth, with a year-on-year increase of 6% and shipments exceeding 90 million units. The growth was mainly due to the strong performance of true wireless earbuds (TWS) and wireless headphones, with shipments of both increasing by 8% and 12% respectively. Japanese Finance Minister Suzuki Shunichi said that the government's intervention in the foreign exchange market more than a month ago had worked to a certain extent. This is the first official acknowledgement of intervention after data released by the Ministry of Finance showed that the authorities had spent a record amount of money to support the yen.
8. AlixPartners: Currently, autonomous driving technology is at a turning point towards L3 level. Previously, large-scale commercial applications still focused on L2 and L2+ levels, while L3 and above levels were still in the stage of road testing and small-scale semi-fixed/fixed scene commercial applications. However, as L3 pilots and policy access are gradually launched around the world, it can be foreseen that autonomous driving technology will soon usher in a wave of commercialization.
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