Chinese search giant Baidu’s revenue for the second quarter fell 5% as ad sales dropped amid China’s sharp economic slowdown due to Covid-19 lockdowns. Baidu’s Nasdaq-listed stock plunged 6.5% Tuesday after the quarterly results came out. Baidu’s revenue decline reflects the harsh business climate facing China’s biggest internet companies. Earlier this month, Alibaba and Tencent reported their...
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The Electric electric vehicles
The Electric: Western Auto and Battery Makers’ Big Gamble on Indonesian Nickel
For much of the last century, metals companies have made stainless steel from nickel mined in Russia or the Philippines and smelted at temperatures up to 2,900 degrees. But demand for nickel is outstripping supplies because the metal is a key component in most electric vehicle batteries. So metals producers have turned to a new supplier—Indonesia, which possesses vast reserves of a previously...
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