1. Biden Faces Intensified Calls to Step Aside
2. Meta Plans to Invest in Ray-Ban
3. Amazon Prime Day Sales Surge
4. Tesla Loses Market Share in California
5. Canadian Condo Sales Plunge 57%
6. Apple Streaming Buys More Film Rights
7. Blackstone Invests Heavily Before Fed Rate Cuts
1. Biden Faces Intensified Calls to Step Aside
This Wednesday, President Biden tested positive for COVID-19 and is likely unable to attend a key speech to a Latino advocacy group.
Leaks from within the Democratic Party suggest that many high-ranking officials believe Biden cannot defeat Trump, and that continuing his campaign would only bring more risks and complications for other party members.
ABC News reported that Senate Majority Leader Chuck Schumer openly expressed his wish for Biden to step down. House Minority Leader Hakeem Jeffries also told Biden that continuing his candidacy could result in the loss of Congressional control for the Democrats.
On Tuesday evening, Biden’s rival, Ron DeSantis, voiced his support for Trump.
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2. Meta Plans to Invest in Ray-Ban
Meta Platforms is in talks to acquire a minority stake in Ray-Ban’s parent company, Luxottica, as part of its push to advance the development and mass adoption of smart glasses.
Sources indicate that Meta is considering purchasing up to 5% of Ray-Ban’s shares, which could value the company at $4.9 billion.
Following this stake acquisition, Meta would strengthen its relationship with the world’s largest eyewear company, paving the way for the launch of augmented reality and virtual reality glasses in the future.
Meta has previously collaborated with EssilorLuxottica to create Ray-Ban smart glasses.
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3. Amazon Prime Day Sales Surge
According to Adobe’s statistics, during Amazon’s 48-hour Prime Day sale, U.S. consumers spent over $14.2 billion online, marking an 11% year-on-year increase.
Vivek Pandya, an Adobe analyst, noted that the Prime Day discounts were significant, and consumers eagerly added items to their shopping carts. Amazon’s Prime Day promotion is considered one of the most significant drivers of online shopping every year.
On average, each household spent $152 during this year’s Prime Day, slightly less than last year. The most popular items included protein powder, Amazon Fire TV Stick streaming devices, and Glad trash bags.
During Prime Day, Amazon accounted for 60% of all online sales in the U.S.
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4. Tesla Loses Market Share in California
The California New Car Dealers Association reported today that the number of new Tesla electric vehicles registered in California during the second quarter dropped by 24% year-on-year. Tesla’s total sales in the state fell by 17% this year.
Currently, the Model Y remains the best-selling electric vehicle in California. In the first six months of the year, Tesla held 53.4% of the state’s electric vehicle market share, down from 64.6% a year ago, signaling intensifying competition.
Rivian, Ford, and Hyundai have launched new electric vehicles and captured more of the California market share.
Tesla is facing increasing competition in its key California market.
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5. Canadian Condo Sales Plunge 57%
Urbanation’s latest survey reveals that new condo sales in Toronto for the first half of the year plummeted by 57% to 3,159 units, marking the lowest sales figure since 1997. High interest rates and limited inventory are the main contributing factors.
In June, Canada’s central bank cut rates for the first time this year, but the 25-basis-point reduction failed to ease the pressure on the housing market. While inflation continues to ease, unemployment is rising, and the central bank is expected to continue cutting rates.
The rate cuts are seen as the best hope for buyers who can afford homes.
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6. Apple Streaming Buys More Film Rights
Sources reveal that Apple plans to acquire more film rights from major movie studios to expand its Apple TV+ streaming platform’s content.
Currently, Apple is in talks with several major Hollywood studios to purchase the rights to their film libraries. Unlike other competitors, Apple TV+ offers primarily original content.
According to MoffettNathanson, only 11% of U.S. households subscribe to Apple TV+, significantly lower than Netflix’s 55%.
Netflix maintains the lowest churn rate in the industry, as its content is constantly updated.
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7. Blackstone Invests Heavily Before Fed Rate Cuts
Private equity giant Blackstone revealed that it invested $33.7 billion in the second quarter and committed to reinvesting another $19.1 billion, marking its most active quarter of investments since 2022.
Chairman Jonathan Gray noted that the company sees inflation cooling, the job market slowing, and the Federal Reserve having room to cut rates.
With property and business valuations no longer as inflated as in 2021 and early 2022, Blackstone has found attractive investment opportunities.
Investors expect the Federal Reserve to cut rates by 50 basis points this year.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.