Daily Buzz: 24 November 2025

US, Ukraine Begin Peace Talks, Cite Progress

The US and Ukraine touted progress after the first day of talks in Geneva to end the nearly four-year war with Russia but gave no details. US Secretary of State Marco Rubio said sticking points in President Donald Trump 28-point peace plan – co-authored by Washington and Moscow – remain but are not insurmountable. The proposal calls for Kiev to cede major swathes of its territory to Russia, reduce its military, not pursue war crime accusations against Russia and renounce any intentions to join NATO. Ukraine President Volodymyr Zelensky said his nation is at "one of the most difficult moments in our history." Even as negotiators were meeting in Switzerland, Trump lashed out at Ukrainian leaders, accusing them of showing "zero gratitude" for US support during the nearly four-year war.

European countries, who are not participating in the talks but criticized the Trump plan for rewarding Russian aggression, unveiled an alternative peace plan on Sunday. More friendly to Kiev, it calls for Ukraine's sovereignty to be respected and negotiations over territory to take place only after a ceasefire is declared. It also proposes that part of frozen Russian assets be used to rebuild war-torn parts of Ukraine and that the Russian-occupied Zaporizhzhia power station, Europe's largest nuclear plant, be turned over to the International Atomic Energy Agency, which would split power production equally between Ukraine and Russia.

Cop30 Summit: a Cop-Out on Global Warming?

The UN COP30 climate summit ended in Brazil with environmentalists and scientists calling it a cop-out. The compromise final agreement acknowledged global warming but omitted any mention of fossil fuels that scientists say are the major contributor. The accord did agree that rich nations should triple financing to help poorer countries that aren't big polluters but are vulnerable to the effects of global warming, though past pledges haven't always been honored. The agreement also sets up a tropical forest fund to address concerns like deforestation of the Amazon but shied away from more direct action on the issue. The summit's conclusion was disappointment for the 80 or so nations pushing for a more specific timetable to rein in greenhouse gases and phase out fossil fuels, and a win for big oil producing nations. Commenting on the disunity, UN Climate Change Executive Secretary Simon Steill said, "I'm not saying we're winning the climate fight. But we are undeniably still in it, and we are fighting back."

The US shunned the summit amid President Donald Trump's stated belief that climate warming is a hoax. At the Group of 20 summit in South Africa this weekend, which Trump didn't attend, leaders of the world's biggest economies issued a joint statement strengthening their commitment to the robust 2016 Paris Climate Accords, which Trump pulled out of.

Israel Kills a Top Hezbollah Leader

Israel said it killed a top Hezbollah military official in an airstrike on a southern suburb of Beirut. on Sunday. The Iran-backed group acknowledged the death of "great jihadist commander" Ali Tabtabai, acting chief of staff. Lebanon said the attack killed five people and wounded 28. It's the latest in a series of breaches in a year-old ceasefire meant to end fighting between Hezbollah and Israel.

Top Business

Geely, BYD Eye Surging Car Sales Overseas

Chinese automakers Geely and BYD are both aiming for more than 50 percent growth in international sales in 2026 in an accelerated push into global markets, where profit margins are higher. Hangzhou-based Geely, which is targeting markets in Europe, Southeast Asia and the Middle East, said it expects its overseas sales to soar 50-80 percent next year to around 600,000 vehicles. Meanwhile, BYD, China's largest electric carmaker, is targeting a 50 percent or higher surge in international sales to 1.5 million autos, according to a report by US investment bank Citi that cited the company's management team. BYD's European sales network will reach 1,000 outlets by the end of this year and is expected to double next year.

China Begins Satellite IoT Commercial Trials

China on Saturday launched commercial pilot trials for satellite-based Internet of Things (IoT) services, marking a significant step in the country's push to accelerate next-generation communications infrastructure. The Ministry of Industry and Information Technology said the trial is aimed at allowing qualified companies to legally operate satellite IoT services connecting large numbers of devices on land, sea and air, enabling data collection and transmission in areas underserved by terrestrial networks. Potential applications include fisheries, logistics, energy, emergency response, low-altitude aviation and industrial Internet operations.

China Unveils Solid-State Battery Line

Guangzhou Automobile has completed the country's first production line for large-capacity, all-solid-state batteries, now in small-batch testing. The line is the first in China capable of producing automotive-grade solid-state cells above 60 amp hours, a step that moves the technology from lab-scale experiments toward industrialization. Unlike conventional lithium-ion batteries, solid-state designs replace flammable liquid electrolytes with solid materials, eliminating leakage risks and significantly reducing "thermal-runaway" hazards. Company executive Qi Hongzhong, said the new cells deliver nearly double the energy density of today's mainstream batteries, which would double the driving range of electric cars. Guangzhou Auto is aiming for mass production between 2027 and 2030.

Economy & Markets

China Electricity Use Rises 10.4 Percent

China's electricity use in October rose 10.4 percent from a year earlier to 857.2 billion kilowatt-hours from a year ago, according to the National Energy Administration. Industry use rose 6.4 percent, and residential use surged 24 percent. In the first 10 months of the year, China consumed about 8.62 trillion kilowatt-hours of electricity, up 5 percent. Electricity usage is considered one indicator of strength in the economy.

US Factory Activity Slows, Consumer Sentiment Drops

US factory activity in November slowed to a four-month low as higher prices caused by import tariffs weakened consumer demand and led to growing stockpiles of unsold goods, Reuters reported. The S&P flash US purchasing managers' index slipped to 51.9 from 52.5 in October, with new orders dropping to 51.3 from 54 and inventories as record highs. A reading of 50 marks the line between contraction and expansion. Manufacturing contributes to about 10 percent of the US economy. At the same time, the University of Michigan's widely watched survey of consumer sentiment this month fell to 51 from 53.6 in October and showed a sharp drop in buying interest in manufactured durable goods.

US Spending Slasher DOGE Quietly Disbanded

The US Department of Government Efficiency, popularly known as DOGE and started with Tesla founder Elon Musk at the helm, has been quietly disbanded after only eight months. Musk, who wielded a chainsaw when he declared war on government spending, later fell out with President Donald Trump and left the administration.

Corporate

Ant's 'Vibe Coding' a Big Download Hit

Ant Group's new "vibe coding" artificial intelligence app LingGuang overwhelmed servers after user downloads surpassed 1 million in just four days, the South China Morning Post reported.

The app allows amateur programmers to create custom software applications using text prompts. As of Saturday, LingGuang occupied the top spot on Apple's China App Store for free utilities apps and seventh overall for free apps. "This milestone means LingGuang is a key player in the quickly evolving global AI race," the company said. It's a hot AI market. US-based vibe coding leader Replit crossed US$100 million in annual revenue in June, surging from US$10 million six months earlier. at the end of 2024. Ant Group is an affiliate of tech giant Alibaba.

Yitoa Unit Signs Chip Deal

Shenzhen-based Yitoa said its Aurora Microtechnology unit has signed a deal to produce custom MEMS chips and devices for Omov Automotive Electronics. Micro-electromechanical systems chips will be used in laser beam scanning in smart vehicle gear that Omov is about to launch, it said. No financial details were revealed.

Meituan Makes Inroads in Middle East

Beijing-based Meituan, China's largest food delivery services, is rapidly expanding in the Middle East, with overseas platform Keeta now operating in 20 cities in Saudi Arabia since starting business there in September. The company is also expanding food-delivery services in Kuwait and Dubai, leveraging its deep experience in the sector and technology innovations. Meituan has announced it will release third-quarter earnings on November 28.