Daily Buzz: 22 September 2025

UK, Canada, Portugal, Australia recognize Palestinian statehood

The UK, Canada, Portugal and Australia broke ranks with the US and announced formal recognition of a Palestinian state, citing Israel's lack of progress toward ending the war in Gaza, its failure to address the humanitarian crisis in the territory and its refusal to accept the idea of a two-state solution. France is expected to follow shortly. UK Prime Minister Keir Starmer said, "In the face of the growing horror in the Middle East, we are acting to keep alive the possibility of peace and a two-state solution." About 75 percent of the UN's 193 member nations already recognize a Palestinian state. The latest rebuke to Israel was condemned by the US and a defiant Israeli Prime Minister Benjamin Netanyahu, who declared "there will be no Palestinian state."

Meanwhile, as Israel's war in Gaza intensifies, the Trump administration said it plans to sell nearly US$6 billion in weapons to Israel, including 30 Apache helicopters and 3,200 infantry assault vehicles.

China's premier meets US House delegation

Chinese Premier Li Qiang met a bipartisan group of US Congress members on Sunday, the first visit to China by a House of Representatives delegation since 2019. Li told the group that "a stable, healthy and sustainable China-US relationship is beneficial for both sides." The delegation is led by Adam Smith, ranking Democrat on the House Armed Services. Smith said two weeks ago that dialogue with China is important. "China is a big, powerful country. We are a big, powerful country," he told NBC TV network on September 7. "I think we need to talk about that."

NATO jets show heightened alert on Russia aircraft

Britain's RAF jet fighters patrolled Polish airspace during a new wave of Russian attacks on Ukraine, with 600 drones and missiles. The surveillance came after NATO shot down Russian drones over Poland near its border with Ukraine on September 9. Also this weekend, two German Eurofighter jets were scrambled to intercept a Russian military aircraft above the Baltic Sea. The German air force said the Russian Il-20M reconnaissance plane had switched off its transponders and ignored requests to make contact. NATO has been on higher alert after the Polish incursion and after Russian fighter jets violated Estonian airspace on Friday.

Cyber-attack delays flights at several European airports

A cyber-attack on a software system handling electronic check-in and baggage handling disrupted flights in Europe over the weekend, including London's Heathrow Airport and airports in Brussels and Berlin. The software system is provided by US-based Collins Aerospace, which said it was working as fast as possible to fix the issue.

In the US, flight operations at two Dallas-area airports returned to normal operations after disruptions that affected more than 2,000 flights and 100,000 passengers. The Federal Aviation Administration blamed failures in data services provided by Frontier Communications.

Top Business

Huawei launches new smartwatches and overseas version of smartphone series

China's Huawei Technologies unveiled two new smartwatches at a Paris event and rolled out an overseas version of its Nova 14 smartphone series. One new release, the Watch GT 6, is available in two sizes, both extending battery life and improving positioning accuracy. A second, the Watch Ultimate 2, is waterproof at depths of up to 150 meters and is equipped with sonar communication technology. The overseas version of Nova phones comes in two models and highlights portrait photography. Huawei reported shipments of 200 million shipments of wearable digital devices in the first half of 2025, bolstering its reputation as a global industry leader.

Arc'teryx fireworks show sparks backlash

Chinese artist Cai Guoqiang and outdoor brand Arc'teryx apologized on Sunday after staging a fireworks show on a Himalayan plateau in China, sparking public anger over potential environmental damage. Cai set off fireworks at an elevation of 5,500 meters as part of his project Ascending Dragon. Organizers said the powders used were biodegradable and precautions were taken, including relocating livestock and restoring meadows. Critics, however, questioned the long-term effects on the fragile ecosystem, calling the stunt irresponsible. Arc'teryx is owned by Finland's Amer Sports and partly controlled by China's Anta Sports Group. The controversy highlights growing public scrutiny of brands in China that market themselves as eco-conscious. Arc'teryx has been one of Amer's fastest-growing money-spinners, with revenue of US$2.19 billion last year.

China, under new rules, holds 11th round of drug procurement

China held its 11th round of centralized drug procurement under updated rules on how medicines are bought and priced. Unlike previous rounds, the new rules introduce stricter criteria for drug selection, excluding products with high clinical risks. Hospitals are also allowed to report demand by brand rather than only by generic name, giving doctors more flexibility in prescribing. The bidding mechanism has also been adjusted. Instead of basing price ceilings on the lowest bid, the new system uses the higher of two benchmarks: 50 percent of the average valid bid price or the lowest comparable bid. Regulators say this will prevent excessively low offers from distorting competition.

White House clarifies new US$100,000 visa fee on foreign skilled workers

The White House, responding to industry dismay and confusion about a new US$100,000 fee on visas for foreign skilled workers, said the levy won't affect current visa holders nor their applications for renewal. India, whose nationals hold about 70 percent of the visa, said the attempt to restrict mostly technology-related skilled workers will have "humanitarian consequences." Chinese nationals are the second-largest group affected. Some technology companies in the US have advised current holders of the visas not to travel overseas. The new fee is 60-fold higher than the old fee. About 400,000 of the visas were approved in 2024, and half of those issued in the first half of this year went to foreigners working for Amazon.

Economy & Markets

European Commission proposes sanctions on countries that buy Russian oil

The European Commission has proposed sanctions on Chinese companies involved in buying Russian oil and gas, apparently testing US President Donald Trump's vow to take stronger action against buyers of Russian energy if EU and NATO countries do likewise. "We are now going after those who fuel Russia's war (in Ukraine) by purchasing oil in breach of sanctions," commission President Ursula von der Leyen said. "We will target refineries, oil traders and petrochemical companies in third countries, including China." The proposal will need approval by the EU's 27 member states. Von der Leyen also noted that European purchases of Russian energy have dropped 90 percent in three years, a decline she called "turning that page for good."

Trump has been threatening for months to impose tariffs of up to 100 percent on countries that buy Russian oil and gas, but he has taken no action yet beyond a 25 percent tariff slapped on India, which along with China are the two biggest purchasers of Russian energy.

Wus Printed Circuit plans Hong Kong listing

Kunshan-based Wus Printed Circuit said it plans to list in Hong Kong, pending agreement from directors, shareholders and regulators in China and Hong Kong. Wus specializes in printed circuit boards used in artificial intelligence, data centers, automotive electronics and telecom equipment. Demand from AI and high-speed network infrastructure have driven strong earnings growth. In the first half of 2025. Wus reported revenue rose 57 percent from a year earlier to 8.49 billion yuan (US$1.2 billion) and net profit was up 48 percent at 1.68 billion yuan. Wus is already listed on the mainland's Shenzhen stock exchange. A secondary listing in Hong Kong would give the company greater access to international capital markets and diversify funding sources as it expands globally.

China foreign reserves rise, US debt holdings decline

China, the third-largest creditor to the US, cut its holdings of US Treasury bonds in July to the lowest level since 2009, according to the US Department of Treasury. China's holdings of US government debt have remained below US$1 trillion since April 2022 and have steadily been declining. Japan and the UK remain the top two buyers of US bonds. At the same time, China's foreign-exchange reserves, which include US debt, rose US$29.9 billion in August from July to US$3.32 trillion, the State Administration of Foreign Exchange said.

Corporate

Weibo, Kuaishou told by Chinese regulators to clean up their act

Weibo and Kuaishou, two popular social media platforms in China, received official warnings from the Cyberspace Administration of China for mismanaging online content. The regulator said the companies have allowed too much celebrity gossip and trivial personal information to dominate their trending lists, harming the online environment. Sina-owned Weibo, China's version of X, and Tencent-backed Kuaishou, a TikTok-style video-sharing platform, were reprimanded and ordered to rectify mistakes within a specified timeframe. Both platforms said they accept the censure and will address the regulatory concerns. Under the central government's Clean Internet campaign, initiated in June, online platforms have also been accused of failing to protect minors using their platforms and not doing enough to weed out illegal accounts and false information.

Berkshire Hathaway ends investment in BYD

Prominent US fund Berkshire Hathaway completed its exit from its equity investment in Chinese electric vehicle maker BYD. In 2022, Berkshire began reducing its holding of 225 million shares, purchased in 2008 for US$230 million.

Pony.ai to begin robotaxi service in Singapore

Chinese autonomous driving company Pony.ai said it will deploy robotaxis in Singapore by the end of the year as part of its expansion in Southeast Asia. The Guangzhou-based company said it will partner with Singapore taxi company ComfortDelGro in the venture and the first robotaxis will drive on fixed routes.

Fengshan joins university research team to develop electrolytes

Fengshan Group said it is partnering with a research team at Tsinghua University in Beijing to develop solid-state electrolytes and sodium-ion battery electrolytes. The Jiangsu Province-based maker of fine chemicals, said it will provide 2 million yuan (US$281,200) for the project.

Shanghai-listed shares in the company, which is expanding its focus from mainly development of herbicides and pesticides, have risen 77 percent this year.