Daily Buzz: 20 February 2026

Ex-South Korea President Sentenced to Life in Prison

Former South Korean president Yoon Suk Yeol was found guilty of masterminding an insurrection when he imposed martial law in December 2024 and sentenced to life in prison. The judge, in handing down the Thursday verdict in a case that has divided the country, said Yoon committed acts to subvert constitutional order. The former president denied the charges against him. His martial law order lasted only six hours after it triggered large street protests and a legislative vote rescinding it. Yoon claimed he invoked martial law because the opposition party was guilty of election fraud and an "unconstitutional parliamentary dictatorship."' Yoon is currently in prison following an earlier conviction on charges related to obstructing attempts to arrest him.

Trump Says Decision on Iran Attack Just Days Away

US President Donald Trump said he will decide in the next 10 days whether to launch military strikes against Iran. His statement came after a flurry of US media reports that the US military is ready to attack any time it gets the signal. Global oil prices continued to rise on Thursday. Benchmark Brent crude was up 2.3 percent at US$71.93 in late New York trading. Trump has been building up US military presence in the Middle East amid threats of attack if Tehran doesn't agree to a deal on its nuclear development program. Tehran said the last round of talks, held on Tuesday, agreed on a framework of principles for further negotiations, but Vice President JD Vance on Wednesday that Iran failed to address US "red lines."

Former Prince Andrew Arrested by UK Police

UK police arrested Andrew Mountbatten-Windsor, the younger brother of King Charles, on suspicion of misconduct in public office, searched his homes and later released him pending further investigation. The probe relates to claims that the former prince shared confidential documents with financier Jeffrey Epstein while serving as an official government trade envoy years ago. Epstein committed suicide in 2019 in a US prison, where he was serving time on child sex charges. The king, who stripped Mountbatten-Windsor of all his titles last year amid scandal over his association with Epstein, issued a statement on Thursday, saying "the law must take its course." US President Donald Trump, a former associate of Epstein, called the arrest "a very sad thing."

Putin Lambastes US-Led Embargo on Oil to Cuba

Russian President Vladimir Putin said the US-led oil embargo against Cuba is unacceptable. The embargo has severely hit Cuba's already shaky economy. Russia, a longtime ally of Cuba, said it is considering ways to help the Caribbean country, after a meeting between Putin and Cuban Foreign Minister Bruno Rodríguez Parrilla. "We have always been on Cuba's side in its struggle for independence, for the right to follow its own path of development," Putin said, according to a Tass news agency readout.

Trump's Gaza Board Plans Police Force, US$7 Billion in Relief Aid

US President Donald Trump chaired the inaugural meeting of his Board of Peace, created to stabilize the ceasefire in Gaza and begin reconstruction of the war-torn territory. At the meeting, plans to deploy a 5,000-strong transitional police force in Gaza were announced, along with pledges from members of US$7 billion in relief aid for the enclave. The meeting was attended by about 20 countries. China, European countries, Canada and Australia are among the nations that have boycotted membership in the new organization, amid fears that the Trump is trying to set up a parallel UN beyond the Gaza conflict.

Top Business

Chinese AI development 'Amazingly Fast,' Altman Says

Chinese progress in AI development is "amazingly fast" and "remarkable," OpenAI Chief Executive Sam Altman told CNBC. He said some Chinese tech companies are near the frontier of AI matching human intelligence. He was interviewed at the AI Impact Summit in India, where Microsoft President Brad Smith told the US news network that strong Chinese government support for its advanced technology sector could put US AI developers at an unfair competitive advantage. Smith said national investment funds and other incentives in China could lower the costs for mainland rivals. Beijing last year initiated a 60 billion yuan (US$8.4 billion) AI fund to invest in early-stage startups, and cheap energy in China has reduced costs to operate power-hungry data centers. Major US tech companies, including Microsoft and OpenAI, have pledged to spend up to US$700 billion this year on AI-related development.

China Market Critical, BMW Chief Says

German automakers need the China market if they are to succeed, BMW Chief Executive Oliver Zipse said ahead of German Chancellor Friedrich Merz's first trip to the country. Zipse will be among the German business delegation accompanying Merz next week. "Complex global challenges can only be solved by working together," Zipse told Reuters. "Those who close their minds to China's enormous market and innovation potential are missing out on great opportunities for global growth and economic success." Foreign carmakers have been losing market share in China, the world's largest car market, amid the growth in domestic carmakers with advanced technologies. "Innovation and progress do not arise from isolation," Zipse said.

Tencent Reconfigures AI Operations

Tech giant Tencent restructured its artificial intelligence group, with former OpenAI researcher Yao Shunyu named as chief scientist to lead development of large language models, the South China Morning Post reported. As part of the reorganization, two new departments have been created under the Technology Engineering Group, one of Tencent's six business units. One new department will be tasked with developing technical capabilities for training AI models. The other will "establish full-stack capabilities for construction of large-scale big data and machine learning." Both departments will be headed by Yao.

Economy & Markets

China Lays Out Plans for Unified Power Market

China has laid out plans to establish a nationwide unified power system by 2030, with market-oriented transactions accounting for around 70 percent of total electricity consumption, Yicai Global reported. The plan will ultimately encompass all power sources – including coal, hydro, wind and solar -- with seamless integration across the country, including factors such as capacity, regulation and environmental impact. The plan is a shift from individual pricing by each province, and it encourages provinces to cooperate in inter-regional integration and green technology development. In a research report, Citic Securities said plan affords opportunities for investors in base-load power sources, energy storage and related industry chains.

On Chinese Holiday Train Trips, Tails Are Wagging

China's railway system said 100 high-speed stations and 170 dedicated trains are offering to transport passengers' pets this Spring Festival holiday season. Rail traffic is a popular transport mode for people going to family reunions or taking vacations during the nine-day national holiday, and many pet owners want their furry friends, often considered part of the family, to travel with them. In China, pets have become big business, with the pet market estimated at US$112 billion last year. By 2030, the urban pet population is expected to surpass 70 million.

Chinese Distilleries Reduce Holiday Marketing

Traditional Chinese distilled liquor brands had a sharply reduced presence in the marketing blitz surrounding the CCTV Spring Festival Gala, with only four of last year's nine sponsors airing ads: Wuliangye, Yanghe, Gujing Gongjiu and Langjiu. The pullback of baijiu brands reflects a broader market adjustment after slowing demand and rising inventories strained distillery finances. For 2025, listed distilleries, including Yanghe and Shuijingfang, have estimated declines in net profit ranging as high as 70 percent.

Inbound Tourism Rebounds During Spring Festival

Inbound tourism to China has surged this Chinese Lunar New Year holiday, with flight bookings from abroad rising 20 percent from a year earlier. The biggest influx of visitors has come from South Korea, Vietnam, Singapore, the US and Australia.

Corporate

Zeekr Debuts Electric Car Models in Italy

Chinese electric vehicle carmaker Zeekr entered the Italian market on Thursday with deliveries of four models, in tandem with distributor Jameel Motors, Reuters reported. Zeekr's European head

Lothar Schupet said the timing coincides with rapidly growing demand for premium electric vehicles and continued investment in charging infrastructure. The vehicles in Italy carry sticker prices of between 38,000 euros (US$44,680) and 73,000 euros. Zeekr has already entered Germany, Sweden and Denmark, among other European markets.

Vietnam Airlines Sign Contracts for Boeing Jets

Vietnam's Sun PhuQuoc Airways and Vietjet said they signed deals to purchase Boeing passenger jets. The deals were signed during a visit to the US by Communist Party chief To Lam. Sun PhuQuoc said it agreed to buy 40 787-9 Dreamliner jets in a US$22.5 billion deal. The aircraft would allow the carrier to intercontinental services in the future. Budget carrier Vietjet said it signed a US$965 million financing deal with Griffin Global Asset Management for the purchase of 6 Boeing 737-8 aircraft.

World Labs Bets Big on AI 'World Models'

World Labs, the San Franciso-based AI startup founded by computer scientist Li Feifei, has raised US$1 billion in new funding to accelerate development of so-called "world models," a next frontier in artificial intelligence. The latest fundraising included a US$200 million investment from Autodesk, alongside participation from chipmakers Nvidia and AMD, valuing the company at roughly US$5 billion by market estimates. The company's Marble model is capable of generating interactive 3D environments from images or text prompts.

Airbus-Boeing Rivalry Heating Up This Year

European aerospace giant Airbus said it expects to deliver 870 commercial aircraft in 2026, slightly below analysts' forecasts, while US-based rival Boeing is showing signs of a recovery in orders after losing the top spot in deliveries to Airbus last year, CNBC reported. Airbus delivered 793 commercial aircraft last year – 193 more than Boeing, which was suffering from design and production problems with its 737 Max jetliner.