Daily Buzz: 11 September 2026

Iran-Backed Houthis Seize Red Sea Port, Oil Prices Surge

Iran-backed Houthi rebels in Yemen captured the strategic port of Mocha on the Red Sea on Thursday, raising fears of even more disruption to global oil shipping. The Red Sea has been an alternate route for tankers, and Saudi Arabia has been using the Red Sea as a transit point for oil shipped through a land pipeline from the Gulf, after the Iran war crippled traffic through the Strait of Hormuz. A years-long conflict between the Saudis and Houthis in Yemen's civil war has escalated in recent months. Yemen sits on the southwestern corner of the Arabian Peninsula at the gateway to Red Sea access to the Suez Canal.

Global oil prices have surged about 18 percent this month as the US and Iran resumed attacks after a one-month lull. Benchmark Brent crude futures ended New York trading at US$107.63 a barrel.

Ukraine Reports Third Shopping-Mall Attack by Russian Drones in a Week

Ukraine said four people were killed and 60 wounded when a Russian drone attacked a shopping mall in Pavlohrad, a city in Dnipropetrovsk region. The daytime attack occurred when the streets were full of people, the interior ministry said. Shopping malls in two other cities were struck earlier this week. For its part, Russia reported a Ukrainian seaborne drone attack on the resort city of Sochi, injuring 28 people.

Debate About AI Apocalypse Continues

A day after former Anthropic researcher Jacob Coxon posted an apocalyptic prediction about the power of AI superintelligence to destroy the human race, more researchers and staff members at the company have come forth to back up those fears. Anna Wang, who works in Artificial General Intelligence Safety at Anthropic and previously worked at Google's DeepMind, said Thursday that many people at Anthropic want to slow down development and come up with a plan to mitigate risks of emerging models. Drake Thomas, another Anthropic employee, said "things are moving too fast" and he respects Coxon's choice to abstain from building these models that could pose planet-scale risks. Elon Musk, along with the other defenders of the technology, called the doomsday chorus a "psyop."

Trump Pledges Payment to Americans if Republicans Retain Control of Congress

In what analysts called a bizarre promise, US President Donald Trump told a Republican convention on Thursday that every American adult would receive a payment of US$5,000 if Republicans retain control of the House and Senate in November mid-term elections. Democrats accused Trump of attempting to bribe voters, which is against the law. The president didn't say where the US$1.35 trillion to finance the promise would come from in the already deficit-ridden national budget. Even fiscally conservative Republicans in Congress, which must approve all appropriations, expressed doubts that the promise could be kept. Ten months ago, Trump promised Americans would receive dividend checks of US$2,000, paid out of his import tariffs, but the checks never arrived.

Top Business

Huawei, Cambricon, Other Chinese AI Chipmakers Raising Prices

Huawei, Cambricon and other Chinese AI chipmakers raised prices for current and next-generation AI processors to cover the surging costs of high-bandwidth memory, Reuters reported. Huawei has lifted the indicated price of its Ascend 950DT accelerator card, which integrates an AI processor with memory and other components, to above 250,000 yuan (US$37,255), a jump of up to 50 percent from prices quoted two months ago, customers said. Cambricon has also repriced its next-generation chip, tentatively called the 690, at up to 30 percent above earlier indications. MetaX and Iluvatar CoreX have made similar increases, Reuters said, citing industry sources. High bandwidth memory, consisting of vertically stacked memory chips, is crucial to allow AI processors to access vast amounts of data at high speeds.

Sun Hung Kai Posts Annual Profit on Property Recovery in HK

Sun Hung Kai, Hong Kong's biggest property developer, which derives about 11 percent of its income from projects on the Chinese mainland, reported an 11 percent rise in profit to HK$21.4 billion (US$2.7 billion) for the fiscal year ended June 30. Excluding property revaluations, underlying profit rose 4.6 percent to HK$22.9 billion, slightly softer than market forecasts. Revenue rose 18 percent to HK$94.2 billion. Growth was predominantly propelled by a recovery in the Hong Kong property market. Development sales generated HK$48.5 billion in revenue, while recurring property rental revenue remained slightly below expectations at HK$20.1 billion. The company reported HK$10 billion in revenue from property development on the mainland and HK$6.5 billion from property rentals there. Debt fell 28 percent to HK$67.6 billion.

Sun Hung Kai said homebuyer confidence in major mainland cities showed signs of improvement, helped by further relaxation of home-purchase restrictions in major cities and demand in the high end of the market. Among its newer projects is the ITC Tower B and hotel Andaz Shanghai ITC in Shanghai's Xuhui District, and the Todtown office and mall complex in Minhang District. The company reported "satisfactory" occupancy levels at Shanghai IFC, where the first tower, completed in the first half of 2026, is the highest office block in Puxi.

The company's portfolio also includes the Shanghai IFC Mall in Pudong and the IAMP mall on the West Bank of the Huangpu River. In hotels, Sun Hung Kai said its Ritz-Carlton Shanghai in Pudong delivered record room rates amid a sustained influx of foreign travellers. The company also has hotel, residential and commercial interests in Nanjing, Suzhou, Guangzhou and Hangzhou.

Oracle Profit Jumps, but Cloud Comes at a Cost

US software vendor Oracle beat market expectations with a 60 percent jump in profit to US$4.68 billion in its fiscal first quarter ended August 31. Revenue increased 30 percent to US$19.4 billion. Oracle's earning growth is driven by efforts to expand its position in the AI boom. But in the company's quest to be a player among hyperscalers, it has accrued US$125 billion in debt and showed a negative cash flow of US$362 million in the latest quarter. Capital expenditure surged to US$28.50 billion from US$8.5 billion last year. During the quarter, the company said it delivered 850 megawatts of data center capacity. Cloud revenue soared 62 percent and revenue from cloud infrastructure doubled.

US Probes Nvidia's US$20 Billion Licensing Deal with Groq

The US Department of Justice is investigating whether Nvidia's US$20 billion licensing agreement with AI chip startup Groq was engineered to evade antitrust scrutiny, according to market sources. Regulators are scrutinizing the deal announced last December, which granted Nvidia access to Groq's technology. Under the agreement, Groq's chief executive and operating officers joined Nvidia, while Groq officially remained an independent entity. US lawmakers subsequently asserted that the arrangement functions as a stealth acquisition designed to stifle competition in the AI sector.

Economy & Markets

US Companies in Shanghai More Upbeat About Business Prospects

US companies doing business in China have grown more optimistic about their ‌business prospects after confidence hit a record low last year, according to an annual survey by the American Chamber of Commerce in Shanghai. It found that 58 percent of the 262 companies surveyed were optimistic about their five-year outlook, up 17 percentage points from a year earlier. About 78 percent reported profitable operations last year, the highest number since 2019. The results suggest rising confidence as Washington and Beijing seek to stabilise relations following a trade truce late last year. "There has been a mood shift among our members," said Jeffrey Lehman, chairman of the Shanghai business group. The survey also found that 55 percent deem China's regulatory environment to be transparent

China Cuts IPO Review Times

The China Securities Regulatory Commission is shortening the review process for companies seeking to list on Chinese mainland exchanges to about six months, and under a month for certain IPOs. The commission is seeking to make onshore markets the prime choice for high-tech and emerging growth companies. Mainland markets this year have hosted more than 100 new listings that raised more than US$28 billion, a 50 percent increase over full-year 2025 figures. The commission is also seeking to create more stable markets. Commission Vice Chairman Li Chao said long-term investors – including pension funds, annuities and insurers – have bought more than 600 billion yuan of mainland market shares this year, a sign that efforts to promote long-term investing over short-term profits is taking hold.

Separately, the People's Bank of China said foreign holdings in yuan-denominated assets have topped US$1.6 trillion as the central bank supports Beijing's goal to internationalize the currency.

US Wholesale Inflation Adds to Investor Bets on Rate Hike

The August Producer Price Index in the US rose a faster-than-forecast 5.4 percent from a year earlier. Excluding volatile food and energy prices, factory-gate inflation came in at 4.6 percent. The figures added to speculation that the Federal Reserve will raise interest rates, which coupled with oil prices surging past US$100 a barrel, sent Wall Street markets lower. The S&P 500 index lost 0.6 percent. Treasury yields hit multiyear highs, with 10-year Treasuries up more than 11 basis points at 4.961 percent, the highest level since October 2023.

Ant International Teams Up With Visa, Mastercard

Ant International, the fintech affiliate of Alibaba, announced Thursday it is joining with Visa and Mastercard to create a new standard for payments made via AI agents. It cited McKinsey projections expecting AI agents to handle up to US$5 trillion of global consumer commerce by 2030. Ant said the collaboration includes building common standards that link each agent to a valid entity, assess each agent's behavior and monitor them. While the two US credit card giants dominate transactions in developed economies, many developing economies tend to use electronic payment systems known as e-wallets, and more than 50 e-wallets have partnered with Ant International, which runs the Alipay+ system.

UBS to End Shenzhen Fund Distribution Business

Swiss investment bank UBS said on Thursday its China fund distribution unit in the southern Chinese city of Shenzhen will cease business at the end of September, Reuters reported. Launched in 2022, the WE.UBS platform was established as an independent fund sales unit targeting wealthy Chinese investors. The fund is believed to have struggled in the highly competitive marketplace. The bank's other operations in China, including brokerage and banking units, also have fund sales licences.

Corporate

TSMC Revenue Hits Fourth Straight Record

Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, reported August revenue surged 53 percent from a year earlier to NT$514.8 billion (US$16.4 billion), the fourth consecutive month of record sales and the first time revenue exceeded NT$500 billion. For the first eight months of the year, the company said revenue rose 39 percent. The company reports monthly revenue but not profit figures. TSMC is benefitting from surging global demand for chips from AI companies.

FinStep, Jiao Tong Open Finance AI Model

Shanghai-based AI startup FinStep and Shanghai Jiao Tong University's Antai College of Economics and Management have jointly open-sourced Alpha-R1, an 8-billion-parameter financial reasoning model designed to improve smart asset allocation. The model uses a "semantic gating" reasoning technology and a two-stage reinforcement learning framework to analyze market conditions, screen investment strategies and explain the logic behind allocation decisions. FinStep said the model integrates market recognition, strategy selection and simulated return feedback into a single training loop, improving reasoning efficiency while keeping the model relatively lightweight.

Lingyi ITech a Supplier for Apple's First Foldable IPhone

Shenzhen-listed Lingyi iTech, a supplier of electronics precision components, is a supplier for Apple's newly released iPhone Duo foldable phone, China Securities Journal reported, citing sources from the industry supply chain. The company, based in Jiangmen, supplies components like hinges, structural parts, screen support plates and ultra-thin vapor chambers. The per-unit value of the products is higher than that of conventional bar-type smartphones. LY iTech shares rose 3.2 percent on the news.

Abu Dhabi Fund, Centurium to Invest US$1 Billion in Luckin Coffee

Abu Dhabi's sovereign wealth fund Mubadala will join Luckin Coffee controlling shareholder Centurium Capital to invest US$1 billion in China's largest coffee chain. Mubadala expressed confidence in the chain's prospects, citing its technology-driven operating model, scale, and product innovation. Luckin has been rapidly expanding overseas. Xiamen-based Luckin operates over 36,000 stores globally.

WeRide Wins Spain Robotaxi Permit

Chinese autonomous driving company WeRide has secured a Spanish permit that paves the way for commercial robotaxi services it is developing with Uber and Avomo, a unit of Moove Cars. The partners plan to begin public robotaxi operations in Madrid this year, enabling users to hail vehicles through the Uber app.

Geely, Volvo Cars Sign European Deal for Lynk

Geely and its Swedish-based Volvo Cars unit have finalized an agreement regarding commercial operations of the Lynk & Co brand in Europe. Starting January, Volvo Cars will serve as the exclusive distributor for the Lynk brand across European markets, taking full charge of local commercial and brand operations. The agreement involves no changes to the equity structure. Geely will retain full control over Lynk's core global operations, including product design, research and development, compliance certification, and overall brand strategy.

Lingbao Gold to Acquire Full Ownership of Papua New Guinea Gold Mine

Lingbao Gold said a wholly owned subsidiary will acquire the remaining 50 percent it doesn't already own in Tabar Islands Holdings, which owns the Simberi gold mine in Papua New Guinea, from Australian-listed St Barbara for 2 billion yuan (US$300 million). Up to 70 percent of the financing will come from a consortium of Chinese banks. Lingbao is based in Henan Province.