Weekend Buzz: 7-8 March 2026

Trump Demands 'Unconditional Surrender,' War Enters Second Week

US President Donald Trump demanded "unconditional surrender" by Iran before any talks can resume. UN Secretary-General António Guterres warned that the situation in the Middle East could "spiral beyond anyone's control." Israel continued to bombard Hezbollah strongholds in southern Beirut, forcing an estimated half million residents to flee, and Iran continued drone strikes on Gulf states, most aimed at US military facilities but occurring at a reduced pace. The Kremlin said Russian President Vladimir Putin had spoken to Iranian President Masoud Pezeshkian and expressed a desire for an end to hostilities. However, US officials accused Russia of providing Iran with intelligence about the locations and movements of American troops, ships and aircraft.

Trump urged Iranian Kurdish militias based in Iraq to launch attacks on Iran. The Central Intelligence Agency has been in talks with Kurds about entering the war and possibly providing munitions. The president also denied Iranian claims that it is planning a ground invasion.

Ukraine, which has become something of a drone defense expert during the four-year war with Russia, said it will be happy to share its interception technology with Gulf states seeking to fend off strikes from Iran.

Trump Says Cuba to 'Fall Soon'

President Donald Trump told CNN on Friday that Cuba "is going to fall pretty soon." He said Havana is desperate to strike a deal with the US, amid a crippling embargo of its oil imports, and US Secretary of State Marco Rubio will be dispatched there to negotiate when the time is ripe. Trump set his sights on Cuba after a successful attack on nearby Venezuela toppled President Nicolas Maduro and took control of the country's oil industry.

Former Rapper's Party Takes Lead in Nepal Vote-Counting

Former rapper Balendra Shah's party emerged as the frontrunner as Nepal counts votes from a general election held after the former Marxist government was forced to resign last year following a youth-led uprising. Shah, 35, a musician-turned politician, is former mayor of Kathmandu. He has proven popular with younger voters.

Top Business

Dajin Heavy Profit Surges on Overseas Windmill Demand

China's Dajin Heavy Industry, a maker of wind-power equipment, reported a 63 percent surge in 2025 revenue to a record 6.17 billion yuan (US$857 million), with net profit soaring 133 percent to 1.1 billion yuan. The gains reflected explosive growth in the company's overseas expansion, with export sales up 165 percent to about 4.6 billion yuan, comprising roughly 75 percent of total revenue and 81 percent of gross profit. Dajin attributed this success to shifting from a basic product manufacturer to a comprehensive system services provider for global wind-power developers. In November, the company reported a 1.3 billion yuan order from an undisclosed leading European company and unveiled plans to build two new onshore wind farms on the Chinese mainland. Completion of the wind farms will more than double Dajin Heavy's wind power business, the company said at the time.

ZTE Reports Profit Slides for 2025

Shenzhen-based technology and telecommunication firm ZTE said net profit in 2025 fell 33 percent from a year earlier to 5.4 billion yuan (US$780 million), with revenue rising 10 percent to 133.9 billion. For the fourth quarter, the company reported profit of 295.7 million yuan and operating profit of 33.3 billion yuan, without giving year-earlier figures. Revenue from wireless and fixed-network services fell 10.6 percent for the year, while corporate and government businesses doubled. Consumer businesses rose 4.4 percent. The company said it spent 22 billion yuan on research and development. ZTE's core businesses is wireless, optical transmission, data telecommunications gear and software and mobile phones. ZTE said in a statement that digital and intelligence have become dominant trends, reshaping the industrial scene at an unprecedented pace.

Economy & Markets

Qatar Warns of Oil Prices That Could Cripple World Economies

Qatar Energy Minister Saad al-Kaabi warned that global oil prices could hit US$150 a barrel and "bring down economies of the world" if the Middle East war lasts weeks. Benchmark Brent crude rose 9 percent in late New York trading to US$93.31. Oil prices have risen 35 percent in the week since the outbreak of the war as the major supply route through the Strait of Hormuz was effectively halted by Iranian threats of attacks on tankers. Danish shipping giant Maersk on Friday suspended two services linking the Middle East to Asia and Europe as the war continues to disrupt global supply chains. The Trump administration on Friday announced a US$20 billion reinsurance program for oil tankers and other maritime traffic in an effort to get vessels moving through the strait, but it's not clear if the guarantees will convince shippers to risk vessels and crew safety.

China's Central Bank Sees No Need to Deflate the Yuan

China has no intention of seeking a competitive edge in foreign trade by allowing the depreciation of the yuan, People's Bank of China Governor Pan Gongsheng told a press conference on the sidelines of the current meeting of the National People's Congress in Beijing. The bank interceded earlier this week to stanch a rally in the yuan in offshore markets.

At a separate press conference during the congress, Wu Qing, chairman of the China Securities Regulatory Commission, said the Nasdaq-style ChiNext stock board in Shenzhen will soon introduce measures to make it easier for innovative startups to list. Meanwhile, the commission issued updated guidelines on short swing trading, effective April 7. The rules, which apply to major shareholders and executives, cover equities, depository receipts and convertible bonds. Holdings will be required to combine domestic and overseas shares, measured on the transfer registration date. Qualifying professional funds, including mutual funds and pensions, can calculate holdings independently per product account, provided they maintain strict compliance.

US Sheds 92,000 Jobs in February

The US economy lost 92,000 jobs in February, with severe weather and a major healthcare industry strike blamed. The unemployment rate rose to 4.4 percent, the Bureau of Labor Statistics reported.

Health care lost 28,000 jobs, and federal employment fell by 10,000. The federal payroll has shrunk by 330,000 people under the Trump administration. Average hourly earnings grew 3.8 percent.

US Grants India a Waiver on Buying Russian Oil

The Trump administration, which pressured India into ceasing purchases of Russia oil in an attempt to choke off funding for the war in Ukraine, gave New Delhi a 30-day reprieve. India, an energy-poor country, relies on crude imports, and the Middle East war has interrupted alternative supplies. India is the fifth biggest global importer of petroleum products.

Shanghai Sets Fuel Oil Futures Limits

The Shanghai International Energy Exchange said it will tighten trading limits for low-sulfur fuel oil futures starting on Monday to curb excessive speculative activity. Under a notice released by the exchange, non-futures company members, overseas non-broker participants and clients will face a daily intraday opening position limit of 3,000 lots across all listed low-sulfur fuel oil futures contracts. The limits, however, will not apply to hedging or market-making activities, which are typically used by commercial players to manage price risks and support market liquidity.

China Fat Cats: Rich and Getting Richer

China, no stranger to superlatives, has the world's biggest population of billionaires, according to the new Hunrun Global Rich List. It shows the Chinese mainland surpassed the US with 1,110, or 28 percent, of the world's 4,020 billionaires, adding 285 since the last list was published, the South China Morning Post reported. Artificial intelligence globally was the biggest contributor of new billionaires. Among the newcomers in China is Yan Junjie of MiniMax, with wealth of US$3.6 billion, and Lu Debing of Zhipu, at US$1.2 billion – both founders of AI companies that completed successful initial public offerings in January. Shenzhen surged to second behind New York as home to the most billionaires. Topping the global list were Elon Musk, with a fortune of US$792 billion; Jeff Bezos of Amazon at US$300 billion; and Google co-founder Larry Page at US$281 billion.

Deep Dive

Out of Sync With Fashion Trends, Guess to Shutter China Retail Operations

The decision by US clothing and accessories retailer Guess to exit the China market has stirred some unexpected nostalgia among Chinese consumers who still have faded denim jackets and other apparel from the company.

Corporate

Resignation of Qwen Leader Reported Tied to Alibaba Internal Strife

The abrupt departure of Lin Junyang, technical leader of Alibaba's Qwen AI team, is tied to an internal competition structure called "racehorse" that pits development teams against one another, Yicai reported, citing insiders. Lin found himself pitted against Steven Hoi, an AI expert who joined Alibaba last year. Zhou Hao, a former senior research scientist at Google's DeepMind who was hired by Alibaba earlier this year, could be next in the firing line as he enters the competitive structure, Yicai said. Alibaba has denied any internal friction.

Pfizer Obesity Injection Approved in China

Chinese regulators approved Pfizer's GLP-1 treatment Xianweiying for long-term weight management in overweight or obese adults, Reuters reported. In February, Pfizer won licensing rights to Xianweiying from Hangzhou-based pharma company Sciwind. Pfizer, like other foreign drug makers, is seeking to strengthen its foothold on the Chinese mainland.

Tencent Tops the Mobile Game Market on the Chinese Mainland

Tencent was the highest-earning Chinese mobile game publisher last month, boosted by sales of its "Honor of Kings," "Game for Peace," and Delta Force. It was followed by Century Games and NetEase, Yicai reported, citing industry tracker Sensor Tower. The 35 top domestic gaming firms earned a combined US$2.2 billion in the month.

Aeon Pivots to Discount Stores Amid Weak China Consumer Spending

Japanese retailer Aeon is shifting its China strategy to adapt to more budget-minded shoppers by rolling out discount stores on the Chinese mainland. The company said it will start off by opening three stores, after a trial format in the central city of Wuhan that lowered prices up to 15 percent on 1,400 items. At the same time, it will close four supermarkets in Tianjin.

Nio Enters Thai Auto Market

Chinese carmaker Nio has added Thailand to its growing number of overseas markets with the launch of its electric premium compact Firefly model there. The company is collaborating with Thai importer and distributor Thonburi Blue Sky. Nio has already begun sales of the Firefly in Singapore.

Nexperia China Resumes Most Operations

Dutch-controlled chipmaker Nexperia's China subsidiary said the Chinese mainland operations have resumed after the Netherlands parent disabled office accounts of employees on the mainland. Nexperia headquarters in the Netherlands denied the accusation. Nexperia is owned by China-based Wingtech, which has been in a running legal battle with the Dutch company over corporate control since regulators in the Netherlands seized control last year.