Daily Buzz: 5 January 2026

China, Russia Among Critics of US Attack on Venezuela

China and Russia led condemnation of a US surprise attack on Venezuela that bombed military sites around the capital Caracas and captured President Nicolas Madruo and his wife. China said it is "deeply shocked and strongly condemns the blatant use of force against a sovereign state and its president." The foreign ministry in Beijing said the US action breaches international law and Maduro should be released immediately. Russia said there is no legitimate rationale for the attack, calling it "extremely concerning" and demonstrating "ideological animosity over pragmatism." In Latin America, Brazil, Columbia and Mexico also condemned US aggression, but Argentina called Maduro's ouster "excellent news." Europeans expressed support for international laws of sovereignty, while championing the need for democracy in Venezuela.

The US dispatched 150 aircraft and a special operations team to Caracas early on Saturday, bombing military targets around the capital and arresting Maduro. The president and his wife were flown to New York to stand trial on charges of narco-terrorism. Venezuela said many of Maduro's security team were killed during the raid. US President Donald Trump said the US is going to be calling the shots in oil-rich Venezuela until a "proper" transition of power is possible. American oil companies, he said, will invest billions of dollars to rebuild the nation's decaying oil infrastructure. Venezuelan Vice President Delcy Rodriguez, who took interim control of the government, said in a televised address that the nation will defend itself from illegal "military aggression." US Secretary of State Marco Rubio said Washington isn't at war with Venezuela.

Most Western countries didn't recognize Maduro as president, calling his 2024 re-election a sham. A bus driver who rose to prominence as a trade union leader, Maduro, 63, succeeded an ailing President Hugo Chavez in 2013. His capture was the largest US intervention in Latin America since 1989, when Washington ousted Panamanian military leader Manuel Noriega and imprisoned him on drug charges similar to those laid against Maduro. Ironically, Trump last month pardoned former Honduran President Juan Hernandez, who was jailed on drugs charges in 2024.

Denmark Fears of US Designs on Greenland Rise

Danish Prime Minister Mette Frederiksen said the US has no right to annex Greenland, a semi-autonomous realm under its control, amid renewed fears of further US adventurism following the weekend attack on Venezuela. US President Donald Trump told The Atlantic magazine on Sunday that "we do need Greenland, absolutely" for security reasons. He also warned the governments of Mexico, Columbia and Cuba they may next be in US cross-hairs.

Chinese, South Korean Presidents to Begin Trade Talks

Chinese President Xi Jinping is hosting a four-day state visit by South Korean President Lee Jae Myung that began on Sunday. It's the first visit by a South Korean leader since 2019. The summit is expected to focus on strengthening economic and cultural ties. Xi first met Lee, who took office last June, at the Asia-Pacific Economic Cooperation meeting in South Korea in November.

UK, France Bomb IS Site in Syria

British and French aircraft jointly struck an underground arms and explosives bunker of the Islamic State group in central Syria, according to the UK Ministry of Defense. The attack came about two weeks after the US military attacked dozens of Islamic State targets in the same area in retaliation for an assault that killed two US soldiers and a civilian interpreter.

Top Business

Trump Blocks US Buyout Related to Chinese Partner

Hiefo Corp, a California-based company controlled by a Chinese mainland citizen, was ordered by US President Donald Trump to unwind its US$3 million acquisition of chip assets from a US-based Emcore, citing national security concerns. The 2024 acquisition includes purchase of digital chips and related wafer design, fabrication and processing, and also a semiconductor manufacturing site, CNBC reported. In China, the Global Times said the presidential executive order "reflects Washington's anxiety over technology competition with China" and has no logical rationale. HieFo, a leader in the design and manufacture of indium phosphide optical chips, was co-founded by Genzao Zhang, a former Emcore vice president of engineering, and Harry Moore, former senior sales director at the company.

Shanghai Updates Business Climate Plans

Shanghai released the latest update on plans to create a world-class business environment, with 26 measures that include streamlining government services, enforcing fair market competition and aligning local regulations with international standards. The policies also trim the applications companies are required to file, widen financing channels for smaller firms and expand access to cross-border data transfer.

AI Expert Warns of Technology Dominating Humans

The world "may not have time" to prepare for the safety risks posed by cutting-edge AI systems, according to David Dalrymple, a leading figure in the UK government's scientific research agency.

He told the Guardian people should be concerned about the growing capability of the technology.

"It's not science fiction to project that within five years, most economically valuable tasks will be performed by machines at a higher level of quality and lower cost than by humans," he said. "We will be outcompeted in all the domains where we need to be dominant to maintain control of our civilization and planet." Dalrymple said there is a wide gap between public understanding and looming AI breakthroughs that don't have sufficient safeguards.

Economy & Markets

Oil Seen Broadly Stable as Jittery Financial Markets Set to Open

Oil prices are unlikely to be disrupted significantly by the US weekend attack on Venezuela, though all financial markets are in for a jittery start on Monday, CNBC reported. Venezuela has the largest proven oil reserves in the world, but its production has dwindled to less than 1 percent of global output amid sanctions, mismanagement and crumbling infrastructure. US oil companies that Trump said will rebuild Venezuela's oil production were kicked out of Venezuela in 2001 when Caracas nationalized the oil industry. Venezuela is a founding member of OPEC. Eight members known as OPEC+ held a regularly scheduled virtual meeting on Sunday, making no change in ongoing plans to keep oil output steady. Venezuela was not discussed, one delegate said.

Shanghai Online Retail Spending Up During Holiday

Shanghai reported online retail spending over the New Year holiday rose 2.5 percent from a year earlier to 12 billion yuan (US$1.7 billion), while street store trade remained flat at 6.5 billion yuan, according to the city's Consumer Market Big Data Laboratory. Spending by holiday visitors in Shanghai, mainly from the Yangtze River Delta region, rose 5.4 percent.

Corporate

Xiaomi Sets 2026 Sales Target

Xiaomi founder and chairman Lei Jun said the electric vehicle maker aims to deliver 550,000 vehicles this year, after surpassing its 2025 target with more than 410,000 deliveries. Lei said December deliveries exceeded 50,000 units for the first time. The YU7 SUV, launched six months ago, has delivered more than 150,000 units, outperforming the SU7 sedan over a comparable period. He said online videos alleging safety issues with Xiaomi vehicles were false and malicious, and the company will pursue legal action against them.

BMW China Cuts Official Sticker Prices

BMW China officially lowered suggested retail prices on more than 30 models, with cuts of up to 300,000 yuan (US$43,000), though consumers may not see the difference because dealers are already offering steep discounts. Under the changes, the i7 M70L now starts at 1.6 million yuan while iX1 eDrive25L had the biggest cut of 24 percent, to 228,000 yuan. Sales of foreign luxury cars have been sinking in China amid stiff domestic competition and changing consumer tastes.

Romoss Launches Financial Restructuring

Chinese power bank maker Romoss has launched a program to deal with debt and return to profitability, according to Blue Whale News. Sources said Romoss is in talks with several venture capital firms, including HSG and GSR Ventures, and is also negotiating debt-to-equity swaps with suppliers. Founded in Shenzhen in 2012, Romoss produces mobile power banks, outdoor power supplies, charging cables and adapters. The company came under scrutiny in mid-2025 after reports of battery explosions led to some bans on its products. A subsequent recall of affected power banks disrupted operations and pushed up costs. Regulators fined the company 1.2 million yuan (US$170,000) in December for certification violations and misleading promotions.

Cnooc Boasts High Oil, Gas Production

China National Offshore Oil Corp said 2025 oil and gas production at the Deep Sea No. 1 field exceeded 4.5 million tons of oil equivalent and it recently completed its 100th shipment of crude. The largest project of its kind in China, located off the eastern coast, was implemented in two phases, with the second phase that opened last year China's biggest challenge in deepwater gas extraction, functioning at depths of more than 1,500 meters. The Deep Sea field now has daily output of 15 million cubic meters of natural gas and 1,600 ton of condensate crude.