Weekend Buzz: 2-3 May 2026

Top News

Oil Prices Seesaw on Every Twist in News on Iran War

Global oil prices bobbed in sea of uncertainty as the war in Iran ended its ninth week without resolution. Iran sent a revised peace proposal to the US through Pakistani mediators, Global oil prices declined. US President Donald Trump rejected the offer. Oil prices started climbing again. The substance of the peace proposal wasn't disclosed. Benchmark Brent crude futures closed trading in New York at US$108.17 but remained well below the war-high of US$126 reached on Thursday.

Trump said resumption of attacks to "blast the hell" out of Iran remains an option. He also told Congress that since attacks on Iran have "terminated" under a ceasefire, he doesn't have to meet a 60-day deadline to seek congressional approval for the war.

Trump made good on his threat of pulling some US forces out of Germany in response to anti-war comments by Chancellor Friedrich Merz. The Pentagon said it is withdrawing 5,000 troops stationed in ‌Germany, about a 15 percent reduction. Merz earlier said the US was being "humiliated" by Iran.

China Holidaymakers Opt for Staycations as Global Airfares Surge

The five-day Labor Day holiday in China that began yesterday is creating a surge in domestic travel and tourism as international airfares rise and airlines cut some global air routes to cope with surging jet-fuel costs caused by the Iran war. Instead of trips abroad, Chinese holidaymakers are choosing getaways closer to home. Online travel agency Qunar said bookings for longer-distance trips to domestic destinations increased 30 percent from a year earlier, with hotel reservations in popular smaller towns and cities doubling. The Tuniu online travel platform said bookings for domestic package tours during the holiday increased 10 percent, with self-driving tours surging over 50 percent. Exploring areas in China more off the beaten track cuts costs and allows travelers to immerse themselves in local culture. "Traditional sightseeing is being replaced by immersive experiences, niche destinations, light luxury getaways and loop self-drive tours," Lyu Ning, dean of Beijing International Studies University's School of Tourism Sciences, told China Daily. "

Beijing Bans Recreational Drones From Airspace

Beijing has banned recreational drones over its skies, effective this month, making it illegal to buy, rent or fly the unmanned devices within the city's jurisdiction without permission. Municipal authorities cited security concerns. Meanwhile, Beijing is home to the flagship shop of China's DJI, the world's biggest maker of low-altitude aircraft. China was the first country to pioneer the technology, turning it into a commercial success and becoming the world's largest drone market. China has been promoting what it calls the "low altitude economy," where drones are used for food delivery, agricultural work and cleaning tall buildings. All outdoor drone flights in Beijing will now require prior approval, and drone users must complete an online training session and pass a test on drone regulations.

AI Job Interviews Called Humiliating by Job Seekers

Nearly half of UK job seekers have had an AI interview and most found the experience awkward and humiliating, the Guardian reported, citing research from the hiring platform Greenhouse. The survey covered 2,950 job seekers, including 1,132 from the UK and the rest from the US, Germany, Australia and Ireland. Some 30 percent of British candidates walked away from a hiring process because it included an AI interview. "It's like looking in a mirror and speaking to yourself," said one university student looking for work, noting that 10 of the 15 job interviews he set up weren't with humans. Some candidates said they received rejection notices after AI interviews and wondered whether their interviews were even watched by a human recruiter.

Top Business

BYD Retains Dominance in China Auto Sales

BYD, one of the world's biggest electric car makers, maintained its domestic market dominance in April, with 321,123 vehicles sold. That volume, however, was nearly 16 percent lower than a year earlier and extended an eight-month decline in sales. Overseas sales reached hit a new yearly peak of over 130,000 units. In second place, Chery sales jumped 25 percent year-on-year to 251,386, while Geely Auto sales edged up 0.5 percent to 235,164, with its Zeekr brand surging 132 percent to a record 31,787 units. In the startup sector, Leapmotor led rivals with a 74 percent jump in monthly deliveries to 71,387 deliveries. NIO sales rose 23 percent to 29,356 cars, and XPeng delivered 31,011 units – a year-on-year drop of 12 percent but a 13 percent gain from March.

Chinese Insurers Report Q1 Profit Declines

China Life Insurance, the nation's largest life insurer, reported net profit 19.5 billion yuan (US$2.7 billion) for the first quarter, dropping a third from a year earlier. Premium income for the quarter rose 1 percent to 358.4 billion yuan, an increase of 1.1 percent year-on-year. The company said the profit decline reflected an unusually high base a year earlier, coupled with fluctuations in the market value of certain equity investments.

In a similar trend, the People's Insurance Company of China (PICC) reported first-quarter net profit fell 31 percent to 8.8 billion yuan despite a 2 percent gain in revenue to 138.9 billion yuan. The group attributed the profit decline to capital market turbulence driven by external geopolitical conflicts and broader market instability, which negatively impacted investment returns of its insurance funds.

Yum China Net Profit Rises as Outlet Numbers Surpass 18,700

Shanghai-based Yum China, which operates KFC, Pizza Hut, Taco Bell and other fast-food outlets on the Chinese mainland and claims to be China's biggest restaurant chain, said first-quarter net income rose 6 percent to US$309 million on a 10 percent increase in revenue to US$3.3 billion, excluding foreign-exchange conversions. The Hong Kong-listed company said it was operating 18,737 outlets nationwide as of March 31, after opening a net 639 new outlets in the first three months, double the number a year earlier and a quarterly record. Same-store sales reached 100 percent of the prior year's level, and delivery sales grew 31 percent, comprising about 55 percent of total sales. Yum China was spun off from US-based Yum Brands in 2016. Despite stiff competition from the rise of domestic brand rivals, the company said it plans to expand outlets to 20,000 this year, with up to US$700 million in capital spending.

US to Increase Tariffs on Imports of EU Vehicles in Trade Spat

US President Donald Trump said he is increasing the tariffs on cars and trucks imported from the EU next week to 25 percent from 15 percent because the Europeans haven't adhered to commitments under a bilateral trade agreement. Autos are a major EU export. Relations between the US and EU have been strained since Trump's efforts to take over Greenland, a sovereign part of EU member Denmark. Bilateral trade talks to resolve disputes related to trade in steel and aluminum have stalled. Bernd Lange, chairman of the EU parliament's trade committee, called

Trump's behavior "unacceptable" and said, "This latest move demonstrates just how unreliable the US side is." However, Trump removed US tariffs on Scotch whisky as a goodwill gesture to King Charles, who visited Washington earlier in the week.

Economy & Markets

China Regulators Approve US Listing for Software Provider DSC

The China Securities Regulatory Commission has given approval for DSC Holdings, which provides software systems for used car dealers in China, to list on the Nasdaq in New York. It's the first approval for a US listing application in four months and only the third in the last 12 months, Reuters reported. Approval for DSC, incorporated in the Cayman Islands, comes after Chinese authorities earlier told some companies with overseas registrations to change their domiciles back to China before going public in Hong Kong. Ray Zhan, a Shanghai-based partner at law firm Dentons, told Reuters, the approval is a sign that regulators are not taking a "one-size-fits-all approach toward corporate structure and will vet listing candidates case by case." DSC Holdings, based in Zhejiang Province, is backed by investors ‌including Ant ⁠Group and Primavera, according to its website.

Samsung Ordered to Pay ZTE in Ongoing Patent Dispute

A UK court ordered South Korea's Samsung Electronics to pay ‌a US$392 million lump sum for a license to use patents held by China telecom-equipment maker ZTE.

ZTE has also filed lawsuits against Samsung in China, Germany and Brazil ⁠as the two companies battle over the terms and costs of Samsung's use of ZTE patents.

Japan Intervenes in Currency Market to Shore Up Yen

Japan has intervened in currency markets for the first time in two years to prop up the yen against the US dollar. The yen surged by as much as 3 percent, its biggest daily gain in almost three years. The Japanese government and the Bank of Japan carried out a currency intervention by buying yen and selling dollars, the Nikkei reported. Prior to the intervention, the yen was trading close to its weakest levels in four decades, risking faster inflation by making imports, including raw materials prices in US dollars and currently high oil prices, more expensive. The yen closed Asian trading at 156.46 per dollar.

Shanghai a Leader in Coffee Drinking, With Due Respects to Tea

The Shanghai International Coffee Culture Festival has opened, with a new report showing that the number of coffee outlets in the city surged 13 percent last year to 10,336. According to the China Urban Coffee Development Report, China's coffee industry rose in value to 355 billion yuan (US$51.9 billion) in 2025, with per-capita annual consumption rising to 28 cups from 16 cups. However, China's heritage as a nation of tea drinkers isn't lost, with some cafes serving jasmine-flavored coffee.

China Expands Traditional Medicine Procurement

China released preliminary results for its fourth and largest round of centralized procurement for traditional Chinese medicines on May 1. Covering 89 drugs, the program selected 310 products from 243 companies for use by 40,000 medical institutions. This round includes injections, oral and over-the-counter medicines, and, for the first time, imported herbal remedies. Moving away from a "lowest-price" selection model, the new appraisal evaluates quality and clinical value.

Deep Dive

DeepSeek, the Chinese Bolt From the Blue, Commands Global Stage

DeepSeek has sent another shockwave through the AI industry with this week's release of its newest model, the DeepSeek V4, a follow-up to its stunning 2025 release of a chatbot lower in cost and operation than global models.

Beijing Auto Show a Backdrop for New Assault by Industry Also-Rans

The 2026 Beijing Auto China, largest in the world, has become a critical battleground for foreign bands and joint ventures seeking to stage a comeback.

How China Empowers the 2026 World Cup Without Playing in It

Chinese businesses are seizing the opportunity of the 2026 World Cup zeal. From Yiwu themed keychains to AI systems analyzing match data, they are scoring big in the business of sport, making their commercial footprint ever more ubiquitous.

Corporate

Huawei Said to Expect US$12 billion in Revenue This Year

Chinese tech giant Huawei expects revenue from its AI chips to jump at least 60 percent to ‌up to US$12 billion this year, boosted by strong demand from Chinese companies, the Financial Times reported. The prediction is based on up to US$7.5 billion in orders the company received last year. mostly for its Ascend 950PR processor chips. Huawei also plans an ⁠upgraded version of the 950DT in the fourth quarter. The company got a boost earlier in the week when DeepSeek released a new large language model optimized for Huawei chips.

Pop Mart Labubu Fridge Sells Out Fast

Pop Mart's first home appliance, a Labubu-themed mini fridge, sold out within seconds of its April 30 launch, highlighting sustained demand for the collectible trend triggered by the company's Labubu dolls. Two versions of the fridge, both decorated with figures from Pop Mart's Monsters series, were each limited to sales of 999 units globally and priced at 5,999 yuan (US$880). Pop Mart's revenue surged 185 percent in 2025, with its Labubu franchise alone contributing over 38 percent of total sales, but the company has been seeking alternate sources of revenue as the craze over Labubu collectible toys has waned.

ExxonMobil, Chevron Take Hit from Gulf War

Global oil and gas giant ExxonMobil, which derives 20 percent of its production from the Middle East, reported first-quarter profit fell to its lowest in five years, with net income of US$4.2 billion. The decline was driven by supply-chain disruptions from the war in Iran, causing the company to take a US$706 million loss on financial hedges that could not be offset by physical shipments. Global production was 4.6 million barrels, up marginally from a year earlier. The company said if the Strait of Hormuz in the Persian Gulf remains closed in the current quarter, production could fall by 750,000 barrels per day. Industry rival Chevron reported a 37 percent decline in first-quarter profit to US$2.2 billion, citing the effects of the war.

Jiyue Auto Enters Court-Approved Restructuring

China's Jiyue Auto entered judicial restructuring after court approval, Yicai reported. The new energy vehicle brand was jointly created by Baidu and Geely Auto in 2021, receiving US$7.7 billion in investment to develop robotic-themed electric vehicles focused on automation and driver-vehicle interaction. The company underwent changes in shareholder structure and leadership in 2022, and two years later the company collapsed amid fierce market competition. Last November Jiyue said it was entering a pre-restructuring program.