Daily Buzz: 29 September 2025

Trump to meet Netanyahu to discuss 21-point Gaza ceasefire plan

US President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu in New York on Monday to discuss Trump's 21-point peace plan. Saudi state-owned news service Al Arabiya, citing a copy of the plan it has obtained, said the framework calls for an immediate halt to hostilities, the release of all hostages held by Hamas, the release of thousands of Palestinians in Israeli prisons, unrestricted delivery of humanitarian aid by international organizations, and the surrender of Hamas weapons to an Arab force. It makes no mention of withdrawal of Israel troops.

The plan, according to the Saudi report, also calls for Hamas members to be pardoned if they agree to disarm and leave Gaza. It would set up a temporary administration in Gaza overseen by an international and Arab security force. Reconstruction of the war-torn territory would be undertaken over five years. In turn, the US would guarantee that Israel annexes no property in the occupied West Bank and Israel would commit to negotiations on a final peace settlement.

Separately, the military wing of Hamas said on Sunday it has lost contact with two Israeli hostages held in Gaza City, target of a major Israeli ground offensive. It urged Israel to pull back troops and suspend air strike so the captives can be located.

Russia denies provocation toward NATO members, bombards Ukraine

Russian Foreign Minister Sergei Lavrov, in a speech to the UN General Assembly, said Moscow has no intention of attacking EU or NATO member states, but he warned the Kremlin will take "decisive action" against any aggressive moves toward Russia. His comments came after a series of drone incursions in the airspace of NATO states raised alarm and put the bloc on high alert. Lavrov said President Vladimir Putin has repeatedly debunked all claims of Russian provocation.

Ukrainian President Volodymyr Zelensky earlier warned UN members that if Russian aggression is not stopped now, it will spread to Europe. On Sunday, Russia launched 600 drones and 40 missiles in a 12-hour attack on Kiev and seven other cities in Ukraine, killing at least four people and injuring 70. Residential blocks, a cardiology institute and industrial sites were among the places hit.

France, Germany, UK activate 'snapback" sanctions on Iran over nuclear program

France, Germany and the UK activated so-called UN "snapback" sanctions on Iran, accusing it of failure to meet its obligations under a landmark agreement on its nuclear program signed in 2015 with the five permanent members of the UN Security Council – the US, UK, France, China and Russia – plus Germany. US President Donald Trump pulled out of the agreement in 2016. In reimposing sanctions, the three European countries said Iran has escalated its nuclear program and failed to cooperate with the UN nuclear watchdog agency. Iranian President Masoud Pezeshkian last week insisted his country has no intention of developing nuclear weapons. The sanctions, which include an embargo on arms and technology for ballistic missiles, and restrictions on Iran's oil industry, are non-binding on China and Russia, who opposed the move at the UN Security Council.

China selects Nanjing Massacre movie for Oscar entry

China selected the movie "Dead to Rights" as its submission for best international feature film at next year's Academy Awards. The movie, which depicts civilian resistance during the 1937 Nanjing Massacre by the Japanese army, has been a box office hit in Chinese cinemas, grossing over 3 billion yuan (US$420 million) since its summer release. Directed by Shen Ao, the film was released last month in North America. The massacre killed hundreds of thousands of people in a rampage of torture, rape and pillage, searing the atrocity in the national psyche.

Top Business

US tariffs on pharmaceutical imports not seen as a threat to Chinese biotech

The new 100 percent US tariffs on imported pharmaceutical brands will "barely dent" the operations of Chinese drug makers, the South China Morning Post reported, citing a report from US investment bank Jeffries. Most Chinese biotech companies, the report said, are involved in pre-marking development and many have licensing agreements with US partners immune from the tariffs because they have production facilities in America. They don't export brand drugs to the US.

Chinese drug makers, too, have been downplaying the effects of the tariffs. Hangzhou-based Yifan Pharmaceuticals said its drug Ryzneuta, used in mitigating the effects of chemotherapy, is made by US companies, and Zhejiang Province-based Huahai Pharmaceutical said it has production capacity of 7 billion tablets in a North Carolina facility.

Automaker urges phase-in for new vehicle purchase tax

Changan Auto Chairman Zhu Huarong called for a gradual transition when a government tax exemption on purchases of new energy vehicles ends this year. Currently, buyers of electric cars and hybrids don't have to pay the 10 percent vehicle tax. In 2026, they will be charged a 5 percent tax. Zhu suggested the tax be phased in with monthly increments, starting in Mach 2026, to cause the least disruption to the industry. Xiong Jijun, vice minister of Industry and Information Technology, said at the conference that the government will "optimize" the tax but gave no details.

Chip shortage pushes memory prices up

Global memory chip prices are set to climb further as artificial intelligence demand collides with tightening supply, Taiwanese newspaper Commercial Times reported. Both DRAM and NAND flash chips are in short supply, with inventories at major producers SK Hynix, Micron and Samsung running low. Cloud companies have sharply raised 2026 orders, while makers of hard disk drives makers are cutting production. Leading suppliers, including Western Digital, Micron, and Samsung, have raised prices. Analysts expect fourth-quarter contract prices to rise at least 10-15 percent, with spot markets climbing higher.

Economy & Markets

Chinese industrial profits rise as policies cool runaway competition

Chinese industrial profits in August rose for the first time in four months, increasing 20.4 percent from a year earlier. The Bureau of Statistics credited the gain, in part, to the central government's campaign to rein in excess market competition that fuels price wars, overproduction and deflation.

Profit growth in the eight months through August was 0.9 percent, driven by strong gains in heavy equipment sectors such as railways, shipbuilding, aerospace and electrical machinery. Profits also rose in consumer-products companies, including beverages. In the January-August period, profits at privately owned companies rose 3.3 percent, foreign company profits were up 0.9 percent and state-owned company profits fell 1.7 percent. The data cover companies with annual revenue of at least 20 million yuan (US$2.8 million).

China expects millions of travelers during upcoming national holiday week

China's Ministry of Transport predicts 2.36 billion passenger trips nationwide during the eight-day National Day and Mid-Autumn Festival holiday that starts on Wednesday. Immigration officials said they are bracing for an average 2 million border crossings during the holiday. More than 25,000 cultural and tourism activities are planned across the country, and tourism spending is expected to exceed that of last year.

Chinese shipyard orders maintain dominance in the world

Chinese shipyards in the first eight months of this year held 53 percent of all global ship orders by tonnage, despite US attempts to chip away at their dominance, according to the Center for Strategic and International Studies. The US is charging higher port fees on ships built in China or operated by Chinese companies.

Corporate

Horizon Robotics plans second fundraising in three months.

Horizon Robotics, a provider of AI chips for autonomous driving systems, is planning a HK$6.3 billion (US$815 million) share placement to take advantage of the current investment splurge in advanced technology, the South China Morning Post reported The Beijing-based company said in a filing with the Hong Kong stock exchange that it plans to sell 639 million existing shares held by major shareholders to at least six investors, at a price of HK$9.99 each. The money will be used for overseas expansion, research and development, and investment in robotaxis. It is the second fundraising in three months.

Agricultural drone maker XAG seeks listing in Hong Kong

Guangzhou-based XAG, a rival of drone maker DJI specializing in agricultural aerial robotics, submitted a prospectus for an initial public offering in Hong Kong. It said the proceeds from the share sale will be used for research and development of products covering all aspects of crop management. No value of the IPO was disclosed. It's the second time in four years that the company has sought to go public after withdrawing a previous attempt on Shanghai's STAR market. The company last year had operating revenue of 1.1 billion yuan (US$154 million).

Wanda hit by court restrictions

Wang Jianlin, billionaire founder of property developer Wanda Group, and the conglomerate itself have been placed under restrictions following a court order enforcing a 186-million-yuan (US$26) judgment against Wanda affiliates. Wanda now has 47 frozen equity stakes across subsidiaries, including commercial property and cultural units, and 10 additional enforcement cases valued at a combined 5.26 billion yuan. The latest legal setback deepens concerns about Wanda's liquidity. Once China's largest commercial property developer, Wanda has been selling assets to reduce debt, offloading more than 30 shopping malls between 2023 and 2024 and another seven this year.

Zhongman Petroleum to take full control of Kazakhstan oil and gas project

Shanghai-based Zhongman Petroleum & Natural Gas said it will pay US$79.3 million to purchase the 49 percent stake it doesn't already own in an oil and gas project in Kazakhstan, taking full control.

Chinese robotic vacuum-cleaner makers take 80 percent of Southeast Asia market

Ecovacs Robotics, Dreame Technology and other Chinese makers of robotic vacuum cleaners now hold an 80 percent share of the market in Southeast Asia, Yicai Global reporting, citing German market research firm GfK. Revenue from retail sales in the region grew 40 percent in the first seven months of 2025 from a year earlier, with sales in Vietnam surging 80 percent.