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On May 14, Iranian Foreign Minister Araqchi stated that there is no military solution to the Iranian issue, and the Iranian people will never succumb to any threats or pressure. Araqchi also stated that Iran is prepared to fight to defend its freedom and territory, and is also prepared to continue resolving the issue through diplomatic channels.May 14th - The peak summer grain procurement season for 2026 is about to begin. Recently, ten departments, including the National Development and Reform Commission and the National Food and Strategic Reserves Administration, jointly issued a notice requiring the smooth operation of the 2026 grain procurement work. Through measures such as strengthening the overall organization of grain procurement, reinforcing the implementation of grain procurement policies, and continuously optimizing procurement services, the notice aims to ensure smooth channels for farmers to sell their grain and maintain the stable operation of the grain market. During this years summer grain procurement period, the state will continue to implement the minimum purchase price policy in major producing areas, adhering to a dual-drive approach of "market-led and policy-supported." Central state-owned enterprises such as China Grain Reserves Corporation (Sinograin) and COFCO will take the lead in entering the market and remain actively involved, improving service efficiency through "online appointments + offline procurement" to ensure that "money and warehouses are ready for grain," thus guaranteeing farmers income.Indian government data shows that the fuel price index in the wholesale price index rose 24.71% year-on-year in April.On May 14th, Jozsef Varadi, CEO of European low-cost carrier Wizz Air, stated that despite the impact of the conflict in Iran, the company expects revenue to increase by 2% year-on-year during the crucial summer travel season, thanks to its low fares attracting a large number of passengers and helping to offset the impact of the conflict. Varadi noted, "For the summer peak season, we have not only seen an increase in passenger volume but also observed an increase in revenue." This forecast sends a positive signal at a time when the air travel market is struggling with soaring fuel prices and concerns about declining passenger numbers.Iranian Foreign Minister Araqchi: Tehran calls on BRICS members to unequivocally condemn the aggression against Iran by the United States and Israel.

Tencent Music's income exceeds estimates due to a rise in subscriptions

Aria Thomas

Aug 16, 2022 10:39

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Tencent Music Entertainment Group (NYSE:TME) quarterly revenue predictions were surpassed on Monday, as a slate of original content and pandemic-driven lockdowns helped its Spotify-like music streaming platform attract more paying customers.


In extended trading, the company's U.S. shares surged by 3% following the report that the number of paying online music users increased by a quarter to 82.7 million as a result of China's tight stay-at-home orders. The revenue generated from music subscriptions grew by 18%.


A push for new content, including a partnership with Tencent Holdings (OTC:TCEHY) to generate music from popular video game titles, was also beneficial to the company.


However, there were signs that tight competition and a slow economy as a result of Beijing's zero-COVID policy were affecting Tencent Music's business.


Sales for social entertainment, the company's largest revenue source and home to its karaoke app WeSing and live concert platform Kuwo Music, decreased by 20%.


Tencent Music claimed that it hopes to boost the division's growth by offering audio live streaming capabilities.


Last year, the company was forced to cede its exclusive ties with major music labels due to regulatory scrutiny, eroding its competitive advantage against Cloud Music and Bytedance's short-video sharing platform Douyin.


According to Refinitiv IBES figures, total revenue for the second quarter ended June 30 was 6.91 billion yuan ($1.02 billion), exceeding analysts' expectations of 6.62 billion yuan.


The company's earnings per American depository share (ADS) were 0.63 yuan, which was above the average estimate of 0.56 yuan per ADS.