A Baidu AI Cloud advertisement featuring humanoid robots at the Hongqiao International Airport in Shanghai.
(Bloomberg) — Baidu Inc.’s quarterly revenue fell its most in about three years, hurt by an economic downturn that’s capping its ability to fight bigger rivals in AI and make inroads in newer areas.
The Ernie chatbot creator’s sales in the June quarter fell 4% to 32.7 billion yuan ($4.6 billion), weighed down by a slowdown in its core internet search operations. Net income rose 33%, versus projections for a decline, helped by a boost from long-term investments. The company’s shares slid as much as 3% in Hong Kong Thursday.
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China’s internet search leader is betting big on generative AI to drive future growth, but it faces mounting pressure from open-sourced models like DeepSeek as well as a wave of AI-native apps encroaching on its turf. The company will continue to invest in artificial intelligence even as margins and revenue come under pressure in the near term, Chief Financial Officer Henry He said.
That’s while its mainstay search business loses ground to social-video platforms like Xiaohongshu and TikTok’s Chinese twin Douyin. Online advertising revenue declined 15%. But non-marketing revenue grew a better-than-expected 34%, aided by demand for its cloud unit.
“Since the AI search monetization is still in very early stages and has yet to scale, our revenue and margins are under considerable pressure in the near-term with Q3 expected to be especially challenging,” He said. “We see potential for margin improvement as our core advertising business recovers and stabilizes.”
Baidu’s Shares Drop After Revenue Slowdown: Street Wrap
Baidu is counting on Ernie to underpin an AI ecosystem and drive demand for its cloud division, whose sales have grown by double-digits in recent quarters.
It’s also accelerating an overseas push by its Apollo Go robotaxi service, through partnerships with Uber Technologies Inc. and Lyft Inc. Baidu’s driverless rides in the June quarter more than doubled to 2.2 million, with cumulative rides passing 14 million in August, it said.
Baidu plans to take its fleet of self-driving robotaxis — common in Beijing, Guangzhou and Wuhan — to Singapore and Malaysia as early as this year, Bloomberg reported. The company is now running trials in Hong Kong.
But in China’s increasingly crowded AI arena, Baidu faces rivals Alibaba Group Holding Ltd. and Tencent Holdings Ltd. — both with far more firepower and larger global footprints — as well as nimble upstarts. Baidu’s stock price is up around 6% this year, trailing both of the bigger internet leaders.
“We are not yet at the stage for large-scale monetization,” co-founder Robin Li told analysts on a call. “While our AI transformation is progressing rapidly, it is still in the early stages, with considerable room for optimization before reaching its full potential.”
Baidu’s Ernie was one of the first chatbots to launch in the world’s biggest internet arena, but it’s since lost ground to apps from ByteDance Ltd. and Tencent as well as open-sourced models like Alibaba’s Qwen.
What Bloomberg Intelligence Says
Baidu’s weak quarterly results provide confirmation that its outlook remains highly challenged, with its AI ventures set to lose money for the next three years, in our opinion. We expect its search-engine profit to stay under sustained pressure due to rising uncertainty in China’s corporate sector and competition from contemporary social media platforms.
Though the results were better than feared, due to cost-cutting, adjusted operating income still plunged 41% year over year to 4.4 billion yuan. Stronger demand for AI cloud services drove a modest revenue beat, yet the search-related ad revenue of Baidu Core remained very weak, down 15% to 16.2 billion yuan. Gross margin missed forecasts by 120 bps, falling 780 bps annually to 43.9%, as the revenue mix shifted toward lower-margin cloud services.
– Robert Lea and Jasmine Lyu, senior analyst
Click here for the research.
The company has had to abandon its paid subscription model as well as open-source its proprietary Ernie models.
That’s as Baidu’s Netflix-style subsidiary iQiyi Inc. reported an 11% revenue drop. The embattled streaming platform is seeking to raise $300 million for a listing in Hong Kong this year, Bloomberg News has reported.
–With assistance from Vlad Savov and Mark Anderson.
(Updates with shares, BI quote from the second paragraph.)
AI Software Engineer Qamar Zaman Explains Q ALOG. AI-Powered Algorithm So Simple “Even Grandma Can Do This” is now live for beta 2. Now playing on Coffee With Q Podcast
George Town, Cayman Islands, Aug. 20, 2025 (GLOBE NEWSWIRE) —
SPX ZERO DTE ALGO Software Beta 2 Is Live. Test Drive SPY, ES & SPX
SPX ZERO DTE ALGO – Learn to trade zero DTE S&P Options: Beta 2 Is Live. Test Drive SPY, ES & SPX
Cayman Islands-Based Innovator’s Student-Becomes-Teacher Story Features Mentor Achieving Perfect 10/10 Trading Day Using Q’s “Netflix of Trading” System
In a remarkable reversal of roles that epitomizes innovation in financial technology, Qamar “Q” Zaman, a former software engineer turned algorithmic trading pioneer, has developed a revolutionary trading system that has transformed his own mentor into his student. The Q Algo Zero DTE SPX system recently enabled G, Q’s original trading coach, to achieve a perfect 10/10 trading success rate, prompting G to declare he was “Using Jet Fuel!”
Jet Fuel
G’s recent testimonial speaks volumes: “Using Jet Fuel! That’s how I had 10/10 trades today. I finally got a 100% success rate!” The comment underscores the system’s ability to deliver consistent results even for experienced traders.
The achievement represents more than just profitable trades—it validates Q’s mission to democratize algorithmic trading through what he calls “the Netflix of trading,” a system designed to make complex market analysis as simple as following a recipe from grandma’s kitchen.
Breaking Down Barriers to Financial Success
Q’s journey began as a frustrated student who resisted traditional trading education. “I don’t want to learn anything,” he told his mentor G. “Just give me a structure, and then I will trade.” That resistance sparked an innovation that has revolutionized how retail traders approach the markets.
The Q Algo system transforms intimidating technical analysis into intuitive metaphors: blue gift boxes signal bullish opportunities, yellow boxes indicate bearish moves, and “pancakes” replace confusing candlestick charts. Support and resistance levels become “ceilings and floors,” while VWAP indicators are simplified into a “fishing river” where traders catch “green fish” or “red fish” depending on market direction.
When the Student Surpasses the Teacher
The ultimate validation came when G, who originally taught Q the fundamentals of options trading and market psychology, began using Q’s system for his own trades. “If my teacher tells me I’m his teacher, I think it’s more than money,” Q reflected during a recent Coffee with Q podcast demonstration.
Technology Meets Humanity
What sets Q’s approach apart isn’t just the sophisticated AI algorithms running behind the scenes—it’s the deeply personal connection he maintains with his late grandmother’s wisdom. Raised by his grandmother while his parents lived abroad, Q channels her memory in his daily trading guidance and educational content.
“While she’s gone, I remember her, and now grandma is kind of helping me complete this mission,” Q explains. This personal touch has transformed cold technical analysis into warmth-infused education that students find both memorable and actionable.
Proven Results in Real-Time
During a video demonstration, Q showcased the system’s effectiveness with actual trades:
Trade 1: One-minute call option yielding $2.00 premium gain
Trade 2: Five-minute position generating $2.20 premium gain
Trade 3: Strategic put option capturing downward movement
Each trade followed the system’s clear signals, eliminating guesswork and emotional decision-making that typically plague retail traders. Many of Q’s friends and case studies are being rolled out so this is not a 1 trick pony – multiple users across various market conditions are demonstrating the system’s consistent performance and reliability.
The Educational Revolution
The Q Algo system addresses a critical gap in financial education identified by Q: “The people that knew it did not want to make it easy, and the people that did not know it made it very complicated because they didn’t know how to sell it.”
Through the Coffee with Q platform, users receive:
14-day observation period to learn without pressure
Multi-panel dashboard showing momentum, direction, and timing
AI-powered signal generation without technical complexity
Community-driven learning through member success stories
Weekly podcast reviews analyzing real market conditions for members.
Industry Impact and Future Vision
Q’s innovation represents a paradigm shift from complexity-based trading education to clarity-focused results. The system’s success has attracted attention from retail traders seeking alternatives to overwhelming traditional approaches that often lead to analysis paralysis and emotional trading mistakes.
“We want this adoption to happen,” Q states. “We’re not a service announcing trades. We want people to watch us, learn, and develop their own confidence through systematic approaches rather than emotional decision-making.”
About Qamar “Q” Zaman and Coffee with Q
Qamar Zaman is a successful digital marketing executive and software development entrepreneur based in the Cayman Islands. After transitioning into algorithmic trading, he developed the Q Algo Zero DTE SPX system to democratize access to sophisticated trading tools. The Coffee with Q platform serves as both an educational resource and community hub for traders seeking systematic approaches to market participation.
The complete educational breakdown and system demonstration is available at: https://www.coffeewithq.org/q-algo-zero-dte-spx-algo-from-student-to-teacher-how-qs-revolutionary-trading-algorithm-transforms-complex-markets-into-simple-decisions/
Media Contact: Coffee with Q Media Relations Email: digital@kisspr.com Website: www.coffeewithq.org
Investment Disclaimer: Trading involves substantial risk and is not suitable for all investors. Past performance does not guarantee future results. This press release is for informational purposes only and does not constitute investment advice.
Note to editors: High-resolution images, additional quotes, and interview opportunities with Q are available upon request. The complete video demonstration featuring live trades and system walkthrough can be accessed through the Coffee with Q platform.
###
Trading Involves Risk
Trading financial instruments, including but not limited to stocks, options, futures, and currencies, involves a high degree of risk and is not suitable for every investor. You should carefully consider whether trading is appropriate for your financial situation. Only risk capital should be used when trading.
Q Factor is a software tool designed to assist traders in analyzing market data, developing strategies, and managing trading decisions. It is not a trading signal service, brokerage, advisory service, or educational course. Q Factor does not execute trades on your behalf, provide individualized investment advice, or guarantee any trading results.
All outputs generated by Q Factor—such as indicators, analytics, strategy suggestions, or performance reports—are for informational and research purposes only and should not be construed as investment advice. The accuracy, completeness, and timeliness of data or analysis generated by Q Factor are not guaranteed. Any trading decisions you make based on information from Q Factor are made entirely at your own risk.
You are solely responsible for assessing the potential risks and consequences of your trading activities. Past performance, whether simulated or historical, is not necessarily indicative of future results.
Market Opinions Are Not Investment Advice
Any market commentary, forecasts, back testing results, or strategy ideas generated or displayed by Q Factor are general market opinions and not specific investment recommendations. We accept no liability for any loss or damage, including but not limited to loss of capital or profit, that may arise directly or indirectly from the use of Q Factor or reliance on its outputs.
Technology & Internet Risks
Trading with the assistance of internet-connected software carries inherent risks, including but not limited to:
Hardware or software failures
Internet connectivity issues
Data transmission delays
System compatibility problems
Q Factor and its developers cannot control third-party data feeds, signal strength, or internet reliability, and therefore accept no responsibility for communication failures, errors, or delays in market data delivery.
U.S. Government Required Disclaimer – CFTC Rule 4.41
Futures and options trading has large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you cannot afford to lose. This software is neither a solicitation nor an offer to buy/sell futures, options, or any financial instruments. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
Hypothetical or Simulated Performance Disclaimer:
“HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. In fact, there are often sharp differences between hypothetical performance results and the actual results subsequently achieved by any trading program.”
Factors such as market volatility, emotional discipline, slippage, and order execution can significantly impact real trading results and cannot be fully accounted for in simulated performance.
Daily reports are generated by Q ALGO algorithms for informational purposes only.
All analysis represents algorithmic processing of market data and should not be construed as investment advice. Users are responsible for their own trading decisions and risk management.
Information may contain errors or omissions; users must independently verify all data and assume full responsibility for trading decisions – Q Factor disclaims liability for any inaccuracies or resulting losses.
Watson Farley & Williams (“WFW”) advised MUFG Bank, Ltd. (“MUFG”) on the financing of two Boeing 737 MAX-8 aircraft for South Korean low-cost carrier Jeju Air Co., Ltd. (“Jeju Air”). The aircraft were delivered in June and July 2025.
Jeju Air’s obligations under the leases are supported by an Aircraft Non-Payment Insurance (“ANPI”) policy structured by Itasca MGA (UK), providing risk mitigation for MUFG.
MUFG Bank is Japan’s largest bank and the core banking subsidiary of Mitsubishi UFJ Financial Group, one of the world’s leading financial institutions with a global network spanning over 40 countries. Jeju Air is a leading South Korean low-cost carrier, with a fleet of more than 40 aircraft.
The WFW Tokyo Aviation team that advised was led by Assets & Structured Finance Partner Simon Collins, supported by Counsel Christian Orton and Paralegal Saira Oshiro.
Simon commented: “We’re pleased to have advised MUFG on this strategic financing for Jeju Air, which underscores the aviation sector’s resilience and growth across the Asia-Pacific region”.
The recently revived Jhal Magsi gas field, operated by Oil and Gas Development Company Limited (OGDCL), is likely to save Pakistan about $298 million annually through the substitution of imported regasified liquefied natural gas (RLNG).
The savings have been estimated based on the prevailing LNG import price of $12.72 per million British thermal units (mmBtu). With its supply of 14 million standard cubic feet per day (mmscfd) of natural gas and 45 barrels per day (bpd) of condensate, the Jhal Magsi gas field has emerged as a symbol of resilience and a milestone in Pakistan’s drive towards energy self-reliance.
OGDCL has successfully commissioned the Jhal Magsi field, located in Balochistan, bringing it online after nearly a decade of dormancy. The field is now supplying 14 mmscfd of sales-quality natural gas and 45 bpd of condensate to the transmission network of Sui Southern Gas Company (SSGC), a development that marks a significant boost to Pakistan’s energy sector at a time of rising demand and costly fuel imports.
Development activities began in February 2024, led by the projects department. OGDCL hired Gasco Engineering, a local engineering, procurement, fabrication and construction firm, to provide critical support for rehabilitating the 10-year-old equipment and machinery. Gasco ensured that gas processing facilities were upgraded in line with modern safety and performance standards.
The revival of the Jhal Magsi field is seen as a model for unlocking the hydrocarbon resources in Pakistan. The country has more than 22 identified marginal or stranded fields with estimated reserves between 0.5 and 1 trillion cubic feet. The success at Jhal Magsi demonstrates how strong government backing, innovative pricing policies and effective execution can revive dormant projects, reduce reliance on imported energy and stimulate upstream investment in remote areas.
Located in the remote Jhal Magsi district of Balochistan, the gas field faced prolonged technical, security and logistical challenges. In 2013, OGDCL initiated procurement activities and invested $15.8 million in plant, equipment and machinery. However, the project stalled when SSGC was unable to construct a 98-kilometre pipeline from Jhal Magsi to the Shori Valve Assembly. In January 2017, OGDCL declared force majeure under Rule 72 of the Pakistan Petroleum Exploration and Production Rules 1986, effectively putting the project on hold.
Several attempts were made to allocate Jhal Magsi gas to third parties, but the project was deemed commercially unviable under prevailing policies. On December 31, 2022, the field was certified by an independent consultant as a marginal gas field, confirming that additional investment was needed due to its distance from infrastructure.
The ECC, on December 15, 2022, approved the transition from the Petroleum Policy of 1997 to the Marginal Field Gas Pricing Policy, which offered incentives such as higher wellhead prices and faster cost recovery.
Delta Air Lines and United Airlines have been sued by passengers who claim they were charged extra for a window seat but found themselves sitting next to a blank wall.
The lawsuits, filed separately against the US carriers, seek millions of dollars in damages for more than a million customers of each airline.
They said the companies do not flag that the seats are windowless during the booking process, even when charging a premium for them.
United declined to comment as it is an ongoing legal matter. The BBC has contacted Delta for comment.
The lawsuits, which are similarly worded, seek refunds of extra fees for passengers who said they had paid for window seats but got windowless ones instead.
Both lawsuits, which have been seen by the BBC, were filed by legal firm Greenbaum Olbrantz.
The complaints said some Boeing and Airbus passenger planes have seats that do not have windows because of the positioning of air conditioning ducts, wiring or other components.
These seats are not flagged by Delta and United during the booking process, according to court documents.
The lawsuits say people buy window seats for various reasons including addressing fear of flying and motion sickness, keeping children occupied or for the view.
Some passengers would not have chosen those seats – or paid more for them – if they had known they did not have windows, according to the complaints.
Both airlines describe every seat along the sides of their planes as a “window seat”, even when they know some are not next to a window, the documents said.
Passengers may be charged more to select a window seat compared to a standard seat.
Lawyers representing each case described the practice as “deceptive” and “unlawful”.
Other carriers, like American Airlines and Alaska Airlines, operate similar jets but disclose during the booking process if a seat does not include a window, they added.
Japan’s manufacturing activity contracted for the second month in August as U.S. tariffs weighed on overseas demand, a private-sector survey showed on Thursday.
The S&P Global flash Japan Manufacturing Purchasing Managers’ Index increased to 49.9 in August from July’s final 48.9, but it remained below the 50.0 threshold that separates growth from contraction for two straight months.
“The recovery in manufacturing output may be hard to sustain unless we see an improvement in sales in the near-term,” said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence, which compiled the survey.
Manufacturing output showed a modest recovery, with the output index rebounding to growth from a contraction logged in July. However, new orders continued to decline, reflecting weak demand both domestically and internationally.
Foreign orders for Japanese goods fell at the fastest pace in 17 months, underscoring the fragility of the export-reliant manufacturing sector.
Official trade data showed on Wednesday Japan’s exports in July posted the steepest drop since February 2021 given the intensifying impact of U.S. tariffs.
The U.S.-Japan trade deal reached last month would lower Trump’s tariffs on Japanese goods to 15%. Some manufacturers grew more confident about business conditions but overall remained cautious, a Reuters poll found earlier this month.
For manufacturers, input costs also edged up, while selling price inflation eased to its lowest in more than four years, the PMI data showed, indicating higher pressure on profit margins.
In the services sector, activity continued to expand but at a slower pace, with the flash services PMI falling to 52.7 in August from July’s final 53.6.
The composite PMI output index, which aggregates manufacturing and services, rose to 51.9 in August from 51.6 in July to mark the fastest expansion in six months.
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. — AFP
ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58 per cent of the total burden, according to the government’s latest Debt Management Strategy (DMS) for 2026-2028.
“The external debt portfolio is predominantly denominated in a few major currencies. The United States Dollar leads with a 57.8 per cent share, followed by Special Drawing Rights (SDRs) at 29.88pc, Chinese Yuan 5.21pc, Japanese Yen 3.95pc, and the Euro 2.62pc,” the DMS revealed.
The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities. However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability. A $1 billion Panda Bond program has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term. Preparatory work is also under way for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.
Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve. In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.
To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets. Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.
Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the IMF programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025. By March 2025, guarantees worth Rs405 billion—equivalent to 0.35 percent of GDP—had been issued, raising the total outstanding stock to Rs4,548 billion. These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.
