Daily Buzz: 14 July 2026

Trump Declares US Control Over Strait of Hormuz, With 20 Percent Toll

President Donald Trump declared the US the "guardian angel" of the Strait of Hormuz and said America will charge a 20 percent fee on merchant ships transiting the oil-vital waterway as protection money for safe passage. He also said the US will reimpose its blockade on Iranian ports near the strait. The announcement came after the US for months has condemned Iran's plans to charge transit tolls as illegal. Oil prices jumped and Wall Street markets fell following Trump's announcement. Global benchmark Brent crude futures surged almost 10 percent to close New York trading at US$83.30 a barrel.

US attacks on Iran continued as the June 17 ceasefire crumbled further. The US deployed sea drones for the first time. Iran, which claims control of the strait, retaliated with further strikes on US military facilities in Bahrain and Kuwait and claimed to have hit a US vessel with cruise missiles. The United Arab Emirates said two of its oil tankers were targeted by Iranian missiles in Omani waters near the strait, killing a one crew member and wounding eight. Iran-backed Houthi militia in Yemen fired missiles at Saudi Arabia for the first time in four years, targeting an international airport in the Abha region.

Separately, Dubai-based port operator DP World is planning to build a new port and container terminal on the eastern coast of the United Arab Emirates facing the Gulf of Oman, which would allow ships to bypass the Strait of Hormuz. Dubai's flagship Jebel Ali Port is on the western coast, facing the Persian Gulf, which requires shipping to pass through the waterway, the Financial Times reported.

Chinese President to Keynote World Artificial Intelligence Conference

Chinese President Xi Jinping will address the opening of the 2026 World Artificial Intelligence Conference in Shanghai on July 17, attending the event for the first time to underscore the top priority Beijing places on development of the technology. Organizers said the event will feature 1,400 guests, 1,100 exhibitors and more than 300 global product debuts, including Huawei's Atlas 950, Unitree's GD01 manned transforming mecha and next-generation humanoid robots. Alongside the four-day conference, a meeting on global AI governance will begin on Friday.

Bilibili's World Expo Draws 400,000 Anime Enthusiasts

Bilibili World 2026, Asia's largest expo for animation, comic, game and novel enthusiasts, closed in Shanghai after drawing 400,000 fans from around the world. The three-day event featured

170 exhibitors and more than 700 booths. Bilibili operates a Chinese video-sharing and gaming platform. Attendees included Kevin Feige, president of Marvel Studios, who made his first trip to China in seven years to promote the July debut of "Avengers: Doomsday," Yicai reported.

Top Business

Taiwan Semiconductor Beats Forecasts with Q2 revenue

Taiwan Semiconductor Manufacturing (SMIC), the world's largest contract chipmaker, reported second-quarter revenue of NT$1.27 trillion (US$39.6 billion), beating market expectations with a rise of 36 percent from a year earlier. The company, a major supplier to Nvidia and Apple, cited booming demand for AI applications. The company is scheduled to release full second-quarter earnings on July 16.

Sinopec Completes Merger with China National Aviation Fuel

China Petroleum & Chemical Corp (Sinopec), the Chinese mainland's largest refiner, said it completed its merger with China National Aviation Fuel Group, China's largest jet-fuel supplier. The integration, approved earlier this year by Chinese regulators, creates a vertically integrated giant that removes logistics barriers between Sinopec's massive refining capacity and National Aviation Fuel's nationwide airport network. The Oxford Institute for Energy Studies said the merger will impact China's jet fuel supply dynamics, market structure and pricing.

Jiangnan Shipyard Secures US$900 Order From Abu Dhabi

Jiangnan Shipyard, a subsidiary of China's largest shipbuilding conglomerate China State Shipbuilding Corp, signed a US$900 million deal to build four next-generation liquefied national gas carriers for Abu Dhabi National Oil. The new vessels are scheduled for delivery in 2029, expanding the Gulf state's shipping capacity. The Abu Dhabi company earlier purchased eight carriers from Jiangnan Shipment, valued at US$1.2 billion.

Meta Expands Mega US AI Data Center to 5 Gigawatts

Meta announced on Monday that it has increased the planned capacity of its Hyperion data center in the US state of Louisiana – its largest project to date – to 5 gigawatts from an initial 2 gigawatts. The expansion takes investment in the project to over US$50 billion. Meta earlier said it would

lease computing capacity to external customers, but Chief Executive Mark Zuckerberg tried to reassure investors that leasing does not indicate investment in overcapacity.

Economy & Markets

SK Hynix Shares Plunge in Seoul After Dazzling Wall Street Debut

SK Hynix shares plunged a record 15.4 percent to close at 1,845,000 won (US$1,227) in Seoul on Monday following the chipmaker's stellar debut in New York on Friday after a US$26.5 billion IPO. The drop was attributed to profit-taking, uncertainty about how South Korean shares should be valued against those now trading on Wall Street, and persistent investor debate about whether high market valuations for AI-related companies are justified by near-term profit prospects. The South Korean memory-chip maker's shares on the Nasdaq fell 9 percent on Monday to US$152.35, after rising 13 percent in their debut on Friday.

Hainan to Become First Chinese Province to Ban Gasoline Car Sales

China's southern island of Hainan plans to become the first mainland province to ban sale of new internal combustion engine vehicles by 2030. Under the change, the government estimates 45 percent of all cars on its roads will be new energy vehicles by that year.

Corporate

Carmaker Xiaomi to Enter European Market in 2027

Xiaomi founder Lei Jun said the company's auto business will enter the European market next year, joining a parade of Chinese carmakers seeking to expand sales amid a sluggish market back home. Lei also said Xiaomi's next-generation SUV7 was China's best-selling sedan priced above 200,000 yuan (US$29,480) last month.

Dongfang Suanxin Introduces Flagship 3D Chip

Shanghai-based AI chip startup Dongfang Suanxin Technology unveiled its first flagship product, the DF1000, Yicai reported. The company claimed it is the world's first software-defined, near-memory-computing 3D chip, aimed at overcoming bottlenecks in China's high-performance semiconductor sector.

StepFun Unveils AI Phone Agent

Shanghai-based AI startup StepFun launched the Stepx Neo, calling it the world's first AI agent smartphone. It runs on the Step AOS operating system, and the agent, called Amoo, is designed to autonomously execute cross-application tasks from natural language commands. StepFun has partnerships with major platforms like Alipay, Didi and Meituan.

China Medical System to Pay Insilco for Drug Research Program

Hong Kong-based drug company China Medical System, which focuses primarily in marketing in the Chinese mainland, will pay Insilico Medicine up to 1.2 billion yuan (US$177 million) for a new research and development program in the field of central nervous system disease. Under the agreement, the two companies will integrate Insilico's AI platform and innovative drug discovery capabilities with CMS's research and therapeutic expertise. Insilco, based in Boston, is listed on the Hong Kong stock exchange and operates a major facility in the city.

Miner CMOC Flags Almost Doubled First-Half Profit

China's CMOC, a world leader in production of molybdenum and tungsten, has estimated first-half profit of up to 16.5 billion yuan (US$2.4 billion), which would be a 90 percent increase from a year earlier. The company attributed the growth to a substantial rise in copper prices, increased copper production and contributions from a gold business acquired in January.

Xreal Launches Budget Augmented Realty Glasses in US

Shanghai-based Xreal, an augmented reality hardware manufacturer, debuted its 01+AR smart budget glasses in the US at a price of US$299. The glasses, which weigh 62 grams by omitting onboard cameras, project a virtual 147-inch display at an effective viewing distance of four meters. The company generated 70 percent of 2025 revenue from sales overseas. It is seeking an initial public offering in Hong Kong.