Company briefs: Alphabet, Meta Platforms

Alphabet's Google and Meta Platforms' Facebook have submitted to Indonesian regulations that grant Jakarta sweeping powers to shut down content it deems undesirable and tax digital sales.

The Indonesian regulations allow the government to block services that fail to remove within 24 hours content that could potentially "incite unrest" or "disturb public order", such as those that promote child pornography or support terrorism.

They also allow the government to levy a value-added tax on the sale of digital goods, from content to virtual items.

BLOOMBERG

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Volvo

Volvo reported second-quarter earnings that came in ahead of analyst estimates as the Swedish truck maker raised prices to pass on higher production costs. Adjusted operating profit for the three months through June came in at 13.75 billion kronor (S$1.85 billion), it said yesterday, beating the average analyst estimate of 12.5 billion kronor.

Net sales climbed 31 per cent to 118.9 billion kronor amid good momentum in vehicle sales and in the service business, the company added, saying it continues to expect production issues due to problems in the supply chain.

BLOOMBERG

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Sinopec

China's Sinopec said yesterday it has tapped a daily flow of 30 tonnes of oil and 1,500 cubic metres of gas at a mature oil field in east China's Jiangsu province.

The company said the flows, from exploration well Hua-2-ce in the Jiangsu oil field, marked a breakthrough in unlocking 1.1 billion tonnes of prospective shale oil resources in the Subei basin.

The firm will accelerate the construction of a pilot shale oil production zone in the area, Sinopec said, without giving further details.

REUTERS