Daily Buzz: 7 September 2026

US Official Says Negotiated End to Iran's Nuclear Program Unlikely

US Energy Secretary Chris Wright said on Sunday that the Trump administration may not reach a negotiated deal to deny Iran from nuclear-weapons development, telling ABC News that the only way to stop it may be to destroy it. Wright said current US strategy is to halt Iranian oil exports to strangle its economy. On the ground this weekend, US forces struck three Iranian crude oil carriers. US Central Command said it permanently disabled one crude oil carrier off the coast of Kharg Island, Iran's main oil-export based, and struck another tanker in the Gulf of Oman. The US military said the attacks were in retaliation for ballistic missiles fired at two US Navy warships. Tehran claimed it struck several foreign tankers using "unauthorized" shipping channels in the Strait of Hormuz and warned of a "painful response" if US attacks continue. Global benchmark Brent oil futures opened trading at around US$96.89 after the weekend break.

Fresh Round of US Diplomacy to End Ukraine War Yields No Breakthrough

Ukrainian President Volodymyr Zelensky said he expects the war with Russia, now in its fifth year, to continue into the winter, following Sunday talks with top US envoys Steve Witkoff and Jared Kushner on their first trip to Kiev. The pair, who a day earlier met with Vladimir Putin in Moscow, were said to be carrying a fresh peace initiative, but it was obvious from comments made by both Russia and Ukraine that no breakthrough was achieved. In Moscow, Putin greeted both men saying, "The situation we need to work through is not simple." US-brokered negotiations, largely suspended during the Iran war, have deadlocked over the sticky subject of territory. Russia wants Ukraine to cede the 20 percent of the country it has occupied during the war, a proposal Kiev rejects.

German Far-Right Party Wins State Election

The Alternative for Germany party (AfD) is set to become the first far-right party to control a state parliament since World War II, with exit polls showing it with 44 percent of the vote in an election in Saxony-Anhalt. Party leader Ulrich Siegmund called the result "sensational" and said the party wants to start governing as soon as possible. Forming a working coalition may be problematical for the anti-immigration party. Mainstream political rivals, which trailed in election results, refuse to cooperate with the AfD, which domestic intelligence service has classified as right-wing extremist. Saxony-Anhalt is one of the economically poorer states in what was formerly East Germany.

Krakatau Volcano in Indonesia Erupts, Disrupting Jakarta Flights

Indonesia's Anak Krakatau, also known as Krakatoa and notorious for an 1883 eruption that was among the most violent in recorded history, shot ash 6,000 meters and a plume as high as 15,000 meters into the air this weekend, causing suspension of hundreds of flights in Jakarta that stranded 170,000 passengers and closing some schools. Authorities urged people in the area to wear masks and protective eye gear. The volcano sits between Java and Sumatra islands. Its 1883 eruption, estimated at 200 megatons, was more powerful than the US atomic bomb dropped on Hiroshima and killed more than 36,000 people.

Top Business

China Introduces US$54 Billion Capital Injection for Banks, Insurers

China rolled out a capital injection package valued at 360 billion yuan (US$54 billion) on Sunday for the country's largest state-owned insurers and banks to boost plans to become a global financial powerhouse, the South China Morning Post reported. China Life Insurance said it would receive 35 billion yuan to help strengthen its "ability to withstand risk," according to its website. Among banks, the Agricultural Bank of China plans to raise up to 160 billion yuan through a private placement of new mainland shares to the finance ministry and other entities, and Industrial and Commercial Bank of China is targeting a similar sale of up to 100 billion yuan. The People's Insurance Company plans to issue new shares in onshore markets to raise as much as 15 billion yuan, with the finance ministry subscribing in cash, according to a filing with the Shanghai stock exchange on Sunday. Recent top-level meetings have called for more proactive fiscal policy to counter growth pressures.

Horizon Robotics Targets Nvidia in Autonomous-Driving Chips

Beijing-based Horizon Robotics said it aims to overtake Nvidia next year in overall supply of advanced autonomous-driving chips. Founder and Chief Executive Yu Kai said his company currently has a 32 percent market share in China's passenger-car, smart-driving chip market, ahead of Nvidia's 29 percent, but ranks second in the urban "navigation on autopilot" chip segment. Horizon entered the market in 2025 with its 560 Tops chip as automakers moved toward more advanced self-driving technologies. The company is also expanding into robotics through its startup D-Robotics, whose latest fundraising round valued it at more than US$3 billion.

Cosco Denies US Claim Its Vessels Used as Spies for China

Chinese shipping giant Cosco has rejected US allegations its vessels are collecting intelligence for Beijing, calling the claims "totally unfounded." Two senior Trump administration officials claimed that the state-owned company's ships use concealed signals-intelligence equipment on board to spy near coastlines in North America, Europe and Asia. "Cosco shipping has always adhered to market oriented operations and compliance practices across all our global businesses," the company said in a statement. "All communication, navigation, safety and operational equipment installed on our vessels is used solely for legitimate commercial purposes."

OpenAI Acknowledges Report of Rogue AI Agents

A swarm of OpenAI agents hijacked a German website earlier this year and used it for rogue behavior, Reuters reported. It accused the US tech giant of discovering the breach weeks ago but keeping it under wraps. OpenAI responded with a statement saying its agents had appropriated wiki sites as impromptu message boards, admitting that more transparency is needed around such security breaches. That follows a string of disclosures this year of AI agents going rogue.

Economy & Markets

APEC Advances AI Support for Small Businesses at China Meeting

A regional ministerial meeting of the 21-member APEC group of Asia-Pacific nations agreed at a regional ministerial meeting in Guangzhou on new measures to help small businesses adopt artificial intelligence. A joint statement pledged cooperation in helping businesses join the digital age. China proposed establishing an APEC center in Guangzhou to focus on AI support for small businesses, noting that many are hampered by high technology costs, limited expertise and a shortage of skilled tech workers.

Bilibili to Sell US$700 Million in Convertible Debt

Bilibili, a popular Shanghai-based video-sharing platform, has announced plans to offer US$700 million in convertible senior notes due 2031. The company plans to use the proceeds to support AI-driven business growth. The offering includes a Tencent subscription for US$200 million of notes. Bilibili also said it will repurchase about US$100 million of borrowed shares to mitigate potential dilution when the notes are converted. The company posted second-quarter profit rose 55 percent to 339.1 million yuan (US$50 million) on an 8 percent increase in revenue to 7.9 billion yuan

OPEC+ Keeps Oil Production Target Unchanged

OPEC+ kept its oil production policy unchanged for October at a meeting on Sunday, saying it needs to agree on new quotas before deciding its next output steps. The meeting of seven core OPEC+ members including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting the group's influence over prices. The United Arab Emirates pulled out of OPEC, further weakening the group's clout.

US Car Lobby Urges Action to Pass Law Banning China Autos

A powerful lobby representing major automakers has urged Congress to urgently pass legislation permanently barring Chinese vehicles from the US market before the end of the year. The Alliance for Automotive Innovation, which represents General Motors, Ford, Toyota, Volkswagen, Hyundai, Honda, Stellantis and other automakers, claims Chinese automakers are "dumping" state subsidized vehicles in countries around the world. The US already has a temporary import ban on China-made autos. The Chinese embassy in Washington said it opposes the legislation.

Norway Sovereign Wealth Fund May Cut US Treasury Holdings

Norway's US$2.3 trillion sovereign wealth fund, largest in the world, is proposing to cut its holdings of US Treasury bonds. It is considering reducing its weighting of government bonds in its benchmark bond index to 50 percent from 70 percent, with US Treasuries taking the biggest cut. That could signal the sale of nearly US$80 billion in US Treasuries, Reuters reported. The proposal comes amid recent turmoil in global bond markets, where some yields have surged to multi-decade highs on concerns about persistent inflation, rising government debt and a flood of corporate bonds to finance AI development. Higher bond yields raise borrowing costs for governments, companies and consumers.

Corporate

Changan Installs In-House Driving System in Cars

Changan Automobile has deployed its self-developed intelligent-driving system into a production vehicle for the first time, marking a step forward in its push to develop core driver-assistance technology in-house. The automaker on September 4 opened pre-sales for the Qiyuan Q06, its first model equipped with the Tianshu Navigation Ultra system. Prices start at 147,900 yuan (US$21,800). Changan has invested more than 22 billion yuan in intelligent vehicle technologies over the past decade.

Chery to Begin Testing Solid-State Batteries for Electric Cars

Chery Automobile, China's largest car exporter, will begin testing its solid-state batteries next year, aiming to spearhead marketing of a technology likely to further spur the electrification of the global automotive industry, the South China Morning Post reported. The company plans to invest 10 billion yuan (US$1.5 billion) in the new battery technology over the next two years in a search for industry breakthroughs. Solid-state batteries are widely viewed as superior to conventional lithium-ion batteries, with improved safety and longer driving range. None has yet been installed in mass-produced electric vehicles.

BYD Begins Production at New Indonesian Plant

BYD, China's largest new energy vehicle maker, has started production at its plant in Subang, Indonesia. The carmaker invested about US$908 in the facility, which has capacity to build 150,000 vehicles. The site's operations span vehicle manufacturing processes, including stamping, welding, painting and final assembly and will employ 20,000 when fully operational. The factory is targeting localization rate of 60 percent at each production line by January.

Zhipu Draws Large Numbers of Users on Tmall Token Research Site

Zhipu, one the first AI companies to open an official flagship store on Alibaba's new online AI Space Station token recharge center, attracted big interest at the start. Within 48 hours of the launch, brand searches for Zhipu, also known as Z.ai, mushroomed 50 times on Tmall, driving transactions of subscription-based AI token products up more than 160 percent. Other large model providers on the new center are Alibaba Cloud, Moonshot's Kimi, Minimax and DeepSeek. Users can directly purchase related subscription services in a manner akin to topping up mobile phone credits.