Amazon has reported record quarterly profits helped by a rise in online sales and demand for its cloud services. Profits hit a record $2.53bn (£1.9bn) in the three months to the end of June - about 12 times more than it made during the same period last year. Sales rose by 39% to $52.89bn, slightly less than analysts had been forecasting. Amazon's shares jumped more than 3% in after-hours trade. "It was a strong quarter," said chief financial officer Brian Olsavsky. "What I attribute it to is continued strength in some of our most profitable areas." At the firm's lucrative cloud services division, Amazon Web Services, sales were up nearly 50% year-on-year to $6.1bn. Amazon is also starting to attract more money from advertising. Revenue from the firm's "other" category, which includes advertising, more than doubled to about $2.2bn. Retail sales in North America were healthy as well, rising about 44% to almost $32.2bn. Recruitment slowed in the quarter. Amazon is also starting to … [Read more...] about Amazon delivers record quarterly profit
Rough trade records
Tesla unveils Shanghai factory plans amid US China trade row
The Shanghai deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets AFP/WANG ZHAO Musk said the plant, which has been in the works for a year, would eventually have an annual production capacity of 500,000 cars, and he hoped it would be "completed very soon." The announcement of the new Tesla venture comes as US companies face pressure from US President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington spar over terms of a trade in a fight that only last weekend significantly hiked the price of imported Teslas sold in China. Analysts noted that the announcement included no details about how much the plant would cost or how it would be financed. China already is the world's biggest electric car market and is expected to grow further due in part to favorable government policies for the environmentally-friendly vehicles. "Shanghai will be the location for the first Gigafactory outside the United States," Musk … [Read more...] about Tesla unveils Shanghai factory plans amid US China trade row
President’s visit to Japan expected to lift two-way trade
President Tran Dai Quang and his spouse at Haneda airport, Tokyo (Source: VNA) Hanoi (VNA) – President Tran Dai Quang’s State visit to Japan from May 29 – June 2 is expected to breath new life into bilateral trade in the near future. Since the establishment of the extensive strategic partnership for peace and prosperity in Asia in March 2014, Vietnam – Japan ties have thrived. According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports to Japan hit 2.7 billion USD as of early March, up nearly 14.3 percent annually, mostly apparel (537 million USD), means of transportation (365.2 million USD) and machinery and equipment (259 million USD). During the period, the country spent 2.705 billion USD on imports from Japan, up nearly 17 percent annually, resulting in a trade deficit of roughly 5 million USD. Most imports were machinery and equipment (675 million USD); computers, electronics and spare parts (392 million USD) and iron and steel … [Read more...] about President’s visit to Japan expected to lift two-way trade
President’s upcoming visit to Japan expected to lift two-way trade
President Tran Dai Quang and his spouse at Haneda airport, Tokyo (Source: VNA) Hanoi (VNA) – President Tran Dai Quang’s State visit to Japan from May 29 – June 2 is expected to breath new life into bilateral trade in the near future. Since the establishment of the extensive strategic partnership for peace and prosperity in Asia in March 2014, Vietnam – Japan ties have thrived. According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports to Japan hit 2.7 billion USD as of early March, up nearly 14.3 percent annually, mostly apparel (537 million USD), means of transportation (365.2 million USD) and machinery and equipment (259 million USD). During the period, the country spent 2.705 billion USD on imports from Japan, up nearly 17 percent annually, resulting in a trade deficit of roughly 5 million USD. Most imports were machinery and equipment (675 million USD); computers, electronics and spare parts (392 million USD) and iron and steel … [Read more...] about President’s upcoming visit to Japan expected to lift two-way trade
Vietnam plays active role in GMS trade, investment cooperation
Hanoi (VNA) – Vietnam has proactively participated in trade and investment cooperation activities in the Greater Mekong Subregion (GMS), which comprises Cambodia, China’s Yunnan and Guangxi provinces, Laos, Myanmar, Thailand and Vietnam, over the past 25 years. Vietnamese Prime Minister Nguyen Xuan Phuc (C) and heads of delegation of the GMS countries (Photo: VNA) The successful hosting of the 6th GMS Summit (GMS-6) and the 10th Cambodia-Laos-Vietnam (CLV) Summit on Development Triangle Area (CLV-10) in Hanoi from March 29-31, 2018 demonstrated Vietnam’s contributions to regional economic cooperation mechanisms. Key achievements A unique characteristic of GMS cooperation is that member countries share land borders, which is convenient for land transport connectivity and economic corridor development. Vietnam holds key nodes in three GMS economic corridors: the Southern Coastal Corridor (GMS-SCC) which links Thailand to southern Vietnam via Cambodia; … [Read more...] about Vietnam plays active role in GMS trade, investment cooperation