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On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The notice includes measures to enhance the high-quality supply capacity of the modification industry; studying the establishment of an access permit system for modified automotive parts; studying and improving the CCC certification system for automotive parts; strengthening product quality, safety, and environmental supervision; increasing the training and management of professional and technical personnel in automotive modification; encouraging technical interaction between automotive racing organizations and civilian vehicle modification companies; and optimizing services related to compulsory motor vehicle traffic accident liability insurance and commercial insurance to support the standardized development of automotive modification.Xiaomi Group (01810.HK) shares in Hong Kong continued to fall, currently down more than 5%.On June 23, according to Futures News, as of June 22, the closing price of benzene in the mainstream market in East China was 7185 yuan/ton, a decrease of 485 yuan/ton from 7670 yuan/ton on June 1. Progress in US-Iran negotiations and the drop in European and American crude oil futures to their early March lows dragged down market confidence. Coupled with the continued pressure of losses in downstream industries, there was low enthusiasm for purchasing raw material benzene, with priority given to fulfilling existing contracts. Spot trading was inactive, putting downward pressure on benzene prices to some extent. However, the lack of imported cargo ships arriving at major ports in East China for an extended period provided support at the market bottom, limiting the decline in benzene prices. Looking ahead, inventory reduction at major ports in East China is expected to continue in June, and market sentiment remains cautious, with few willing to short sell. The market is expected to remain weak in the short term, but the downside is limited.On June 23rd, Futures News reported that crude oil prices fluctuated significantly during the day. Following the strait blockade, oil prices initially rose, but subsequently retreated from their highs after the successful negotiations between the US and Iran and the reopening of the strait. The Middle East situation remains the core factor driving wide price fluctuations. Zhuochuang Information predicts that with the successful US-Iran negotiations and the resulting agreements, market anxieties have significantly eased, and the center of gravity for oil price fluctuations will gradually shift downwards. In the short term, oil prices are expected to continue their weak trend.Indias preliminary composite PMI for June was 57.4, below the expected 59 and the previous reading of 59.3.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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