Daily Buzz: 11 May 2026

Top News

US Rejects Iran Counter Offer for Peace, Oil Prices Jump Again

Iran responded to the latest US peace proposal with a counter offer that President Donald Trump called "totally unacceptable," leaving global hopes of ending the two-month war at square one. Amid the latest dashed hopes for peace, oil prices jumped, with benchmark Brent futures priced at above US$104 a barrel when trading in New York resumed on Sunday evening.

The US 14-point plan calls for resumption of free transit through the Strait of Hormuz, a moratorium on Iran's uranium enrichment and a framework for later talks on its nuclear program. The Wall Street Journal reported that Iran's counter-proposal suggested a shorter moratorium, a dilution of the purity of part of its highly enriched uranium stockpile and transfer of the remainder to a third country, and a refusal to accept the total dismantling of its nuclear facilities. Iran's Tasnim news agency said Tehran's proposal, sent via mediator Pakistan, also calls for an immediate end to the war on all fronts, including Lebanon; a halt to a US naval blockade of Iranian ports; the lifting of sanctions and the release of frozen Iranian assets; and guarantees of no further attacks on Iran.

Israeli Prime Minister Benjamin Netanyahu, no fan of the US proposal, said there is "still more work to be done" and the joint offensive against Iran will continue as long as Iran has a stockpile of enriched uranium. Meanwhile, Israel stepped up attacks against Iran ally Hezbollah in Lebanon, despite a ceasefire agreed on April 16 with the Lebanese government. Israeli attacks over the weekend killed 51 people, including children and medics, raising the death toll in that conflict to about 2,800, the country's health ministry said.

Tehran warned that any country enforcing sanctions against Iran will "face problems" if their vessels try to transit the Strait of Hormuz. It said it will allow ships from friendly countries through the strait for a US$2 million toll. The UK's Maritime Trade Operations Center, which monitors international shipping, said a bulk carrier was hit by an unknown projectile in the Persian Gulf on Sunday, causing a small fire but no casualties. Iran said the vessel was sailing under the US flag. Kuwait said it had intercepted drones fired by Iran.

Putin Says Ukraine War Nearing an End

Russian President Vladimir Putin told reporters on Saturday that he thinks the Ukraine war is coming to an end, hours after he promised victory in the conflict in a speech at Moscow's annual Victory Day parade celebrating the defeat of Nazi Germany in World War II. "I think that the matter is coming to an end," Putin said of the four-year war. However, there is no indication that Moscow will drop its demand for Ukraine to cede a vast swathe of territory in the east of the country. Peace negotiations mediated by the US stalled after Washington's attention was diverted to the Iran war.

Hungary Steps Through 'Gate of Regime Change'

Péter Magyar was sworn Hungary's new prime minister after his party ended the 16-year reign of Victor Orbán in a landslide election victory last month. Orbán was Russia's closest friend in the EU, and US President Donald Trump endorsed his reelection. "Let's write Hungarian history together, and step through the gate of regime change," Magyar posted ahead of the swearing-in ceremony. He has promised to restore Hungary's democratic institutions eroded under Orbán's rule and to repair frayed relations with the EU.

WHO Says Hantavirus Outbreak Isn't Another Covid

The World Health Organization is reassuring people still reeling from the covid pandemic that the outbreak of hantavirus on a cruise ship that killed three people and left at least six others ill poses no global threat. Most concerned were the residents of the Spanish island of Tenerife, where the stricken Dutch-flagged MV Hondius dropped anchor offshore on Sunday to evacuate dozens of passengers to be flown back to home countries. WHO said all precautions were taken to isolate the passengers from island residents. The virus, spread by rodents, can take up to six weeks to produce symptoms, requiring long quarantines for repatriated passengers.

Separately, British paratroopers and medics were dropped onto the island of Tristan da Cunha in the South Atlantic, Britain's most remote overseas territory, after a case of suspected hantavirus was confirmed there.

China Advances Taiji Space Mission

A Chinese research team achieved a key breakthrough in the country's Taiji space-based gravitational wave detection program, according to the Institute of Mechanics under the Chinese Academy of Sciences. Researchers developed a full-function interferometer optical bench, a core component designed to improve the precision of gravitational wave measurements in space. The team also completed construction of a first-generation testing system and carried out initial calibration work. The Taiji program aims to detect gravitational waves generated by cosmic events such as black hole mergers. The latest findings were published in the international journal Research.

Top Business

ByteDance Lifts Spending on AI

ByteDance has raised its 2026 capital expenditure target by about a fourth to more than 200 billion yuan (US$30 billion) as competition in artificial intelligence intensifies, the South China Morning Post reported. The TikTok owner boosted spending to expand AI infrastructure and offset rising memory chip costs. The company is also allocating a larger share of its budget to domestically produced AI chips, reflecting China's efforts toward semiconductor self-sufficiency. The heightened spending comes as global cloud and AI companies ramp up investment in data centers and computing capacity. TrendForce estimates the combined capital expenditure of nine major cloud providers, including Google, Microsoft, Meta, Alibaba and ByteDance, could reach US$830 billion this year. ByteDance's AI ambitions are supported by rapid growth in its chatbot Doubao, which had 345 million monthly active users in March. The company recently began testing paid subscription services for the app.

Mother's Day Spurs Mini-Travel Boom

Mother's Day sparked a weekend increase in travel in China, with online booking agency Qunar reporting ticket and hotel bookings arranged for moms by adult children rising 20 percent. Women aged between 31 and 50 were the largest spending group. Female travelers spent also an average 20 percent more on hotels than male consumers, the agency said. According to travel agency Tuniu, 44 percent of mothers aged 50 or older chose domestic trips, while 39 percent opted for overseas travel.

Economy & Markets

Southeast Asia Remains China's Largest Export Market

Southeast Asia remained China's biggest export market, according to trade figures released on Saturday, which showed a 14.2 percent surge in overall overseas shipments. Trade with Southeast Asia Nations rose 15.7 percent in the month, followed by the EU with a 13.2 percent gain and the US with an 11.3 percent increase. Exports to the US recovered from a sharp drop of 26.5 percent in March. Overall Chinese imports rose 25.3 percent in April. Private companies accounted for about 57 percent of trade. For the first four months of the year, exports of mechanical and electrical products rose 17.6 percent, electric cars jumped 68 percent, lithium battery shipments rose 43 percent and wind turbines grew 42 percent. Key imports included crude oil, iron ore and soybeans.

China Shipbuilding Tops Global Market

China State Shipbuilding Corp remained the world's biggest shipbuilder as China's industry retained global leadership in the first quarter, despite US attempts to undercut its maritime dominance. Industry-wide, China's completed ship volume rose 46 percent to 16 million deadweight tons, new orders almost tripled to 60 million tons, and the order backlog rose 44 percent. according to the Ministry of Industry and Information Technology. In the quarter, China accounted for 57 percent of global shipbuilding completions, 85 percent of new orders and 70 percent of global order backlogs. South Korea is the world's second-largest shipbuilder. China is advancing manufacture of luxury cruise ship manufacturing, with the Adora Flora City scheduled for delivery later this year.

Demand for Gold in China Increases

China's gold consumption edged up 4.4 percent in the first quarter to 303.3 metric tons, driven by strong demand for gold bars and coins, the China Gold Association reported. Bullion bars and coins surged 46 percent while gold jewelry dropped 37 percent. Inflows into gold exchange-traded funds surged 115 percent, lifting holdings to 298 tons by the end of March. Gold is considered a safe investment in times of uncertainty.

US Adds Chinese, Other Entities to Iran-War Related Blacklist

The US State Department imposed new sanctions on 11 entities and three individuals in China, Belarus, the United Arab Emirates and Iran for allegedly helping Iran in its war efforts, the State Department said. The latest blacklist includes several Chinese companies providing satellite imagery to aid Iran attacks against US forces in the Middle East, Secretary of State Marco Rubio said in a statement. China in the past has censured similar sanctions.

Corporate

Alibaba Set to Link AI Agent With Online Shopping Platforms

Alibaba is poised integrate its ‌Qwen AI agent with its e-commerce platform Taobao, creating a system whereby consumers can browse, compare prices and order goods through conversations instead of keyword searches, Reuters reported, citing an industry source. The Qwen app will have access to the entire Taobao and ⁠Tmall catalogue of over 4 billion products. It will also offer shopping advice based on users' ‌shopping history and preferences. Alibaba's move into AI-driven shopping is in contrast to Western online platforms like Amazon, who have been reluctant to grant such full autonomy in shopping sites.

Spring Airlines Remains China's Most Profitable Listed Carrier

Shanghai-based budget carrier Spring Airlines retained its position as the most profitable listed airline in China last year, Yicai reported after a review of airline financial reports. Spring Airlines posted net profit of 2.3 billion yuan (US$340 million), up 2 percent from a year earlier. The carrier also showed the highest employee salaries among listed carriers, though top executives were not among the highest paid.