Markets

Chinese authorities in Zhejiang Province warned against sophisticated telecom fraud after police in Tongxiang City rescued a woman, Ms. Li, from a scam. Fraudsters, posing as “Douyin customer service,” tricked her into installing a screen-sharing app, gaining control of her phone and linking her bank cards to online platforms. The scam began with a false claim about unwanted live-streaming fees. Police intervened, seizing the remotely controlled phone and preventing financial loss by removing the SIM card. Authorities emphasize similar scams target users across various platforms.

A debate sparked by tech blogger @Fenng centers on Zhejiang province’s initiative to reduce excessive PowerPoint use in government, aiming to combat unproductive “internal involution.” He criticizes wasted resources on superficial presentations and screens lacking genuine informational value. Tencent’s Zhang Jun argues the core problem is a culture of excessive reporting, suggesting a ban will simply shift the problem elsewhere. Zhejiang’s review of official PPTs and videos has shown early success, with one subdistrict reducing PPT/video volume and costs by over 70%.

Sam’s Club faces accusations of “shrinkflation” despite its massive daily revenue. Members are reporting diminished product quality, specifically citing a decline in the weight and durability of the private-label purple facial tissues. Customers have documented weight reductions of up to 8.2% in tissue packages purchased between 2022 and 2025. Disgruntled members question the lack of transparency regarding these changes and whether membership fees are truly being reinvested in product quality. A customer service representative only offered a refund.

DJI and Insta360, leaders in drones and panoramic cameras respectively, are intensifying their competition by entering each other’s core markets. DJI, dominating the drone sector with 70% market share, is launching its first panoramic camera, challenging Insta360’s 67.2% leadership. In response, Insta360 is entering the drone market. With saturated niche markets and increasing demand for aerial footage, this competition is expected to drive innovation and benefit consumers with better products and prices.

China’s *People’s Daily* advocates a shift from price wars to value-driven strategies for sustainable growth, criticizing “burning money” tactics as detrimental to long-term quality and innovation. The article emphasizes that focusing on customer satisfaction and technological advancements, supported by legal safeguards and industry collaboration, can foster healthy competition, benefit all stakeholders, and drive high-quality economic development. Initiatives are underway to curb “involutionary” competition and promote fair market practices.

Absci (ABSI) announced the pricing of its public offering of 16,670,000 shares at $3.00 per share, expecting gross proceeds of $50 million. Underwriters have a 30-day option to purchase an additional 2,500,500 shares. Absci will use the funds for program advancements, platform investment, and general corporate purposes. Morgan Stanley, J.P. Morgan, Jefferies, and TD Cowen are managing the offering, expected to close around July 25, 2025.

On July 22nd, millionaire CEO Francois Christian Conradie, 39, was killed at the Gondwana Private Game Reserve in South Africa after being attacked by a bull elephant. Conradie, attempting to move the herd away from tourist areas, was gored and trampled. Witnesses described a brutal, brief attack. Conradie, head of a sports management firm, was known for his passion for elephants and conservation, holding degrees in zoology, business, and marketing. The reserve is investigating the incident and has requested privacy for Conradie’s family.

Motorola Solutions is introducing “AI nutrition labels” for its public safety and enterprise security products, aiming for transparency in AI deployment. These labels will detail aspects like AI type, data ownership, human oversight, and intended purpose. The initiative, stemming from the Motorola Solutions Technology Advisory Committee (MTAC), showcases the company’s commitment to responsible AI, providing clear information about AI’s role in protecting communities and supplementing human capabilities during incidents.

VeriSign’s latest Domain Name Industry Brief (DNIB) reports continued growth in the global domain name market, reaching 371.7 million registrations by the end of Q2 2025, a 0.9% increase from Q1 and 2.6% year-over-year. .com and .net registrations collectively totaled 170.5 million. ccTLDs also saw growth, reaching 143.4 million registrations. The report indicates a maturing but expanding market driven by global digitization. DNIB.com, backed by Verisign, provides detailed domain name industry analysis.

Sturgis Bancorp (STBI) reported a strong Q2 2025 with net income increasing to $1.6 million and earnings per share reaching $0.76. The net interest margin improved significantly to 3.62%. Deposits grew by $40 million to $882 million. Wholesale funding dependence was reduced. However, noninterest expenses increased, and noninterest income decreased year-to-date. The bank maintains a strong capital position with a Tier 1 leverage ratio of 8.00%.