Daily Buzz: 7 November 2025

US Cuts Airport Flights Amid Government Shutdown

The Trump administration ordered a 10 percent reduction in flights at 40 major US airports, beginning on Friday, as a government shutdown entered a record-breaking 36th day with no resolution pending. The shutdown has forced 13,000 air traffic controllers across the country to work without pay, Reuters reported, resulting in widespread flight delays that have impacted 3.2 million passengers. The shutdown began after Congress failed to appropriate funds for the government fiscal year that began October 1, amid a gridlock over healthcare funding. The flight reductions come two weeks ahead of the annual Thanksgiving holiday period, one of the year's busiest air travel times.

Trump Admits Tariffs Hurt Consumers

US President Donald Trump on Thursday admitted that consumers are paying "something" for some goods because of his tariffs on global imports, a shift from earlier statements that the duties hurt foreign countries but not Americans. The tariffs are paid by importers, who can pass the cost onto consumers. Trump warned that any US Supreme Court rejection of the tariffs on legal grounds would be a disaster. The court, which heard oral arguments on that legality on Wednesday, has yet to deliver an opinion.

Israeli Jets Bomb Hezbollah Sites in Lebanon

Israel launched airstrikes on southern Lebanon to thwart what it said are Hezbollah efforts to rebuild military capabilities near Israel's northern border. The strikes are another breach of a ceasefire deal reached last year. Hezbollah has refused to disarm completely though it has not fired rockets into Israel since the ceasefire. The Lebanese army is patrolling the area. Meanwhile, the fragile ceasefire in Gaza is holding, with only periodic breaches, as Hamas continues to return the bodies of dead Israeli hostages.

Thai Royals to Visit China

Thailand's King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua and his queen will make a state visit to China from November 13-17 at the invitation of President Xi Jinping, the first visit by Thai royals since diplomatic ties were established in 1975. The trip coincides with the 50th anniversary of Thailand-China relations.

Top Business

Pony.ai, WeRide IPOs Stall at the Starting Line

Chinese autonomous driving companies Pony.ai and WeRide ran out of charge on their first day of trading in Hong Kong, with the shares of both closing below their offer prices. The Guangzhou-based robotaxi developers, both already listed in New York, raised money to compete with larger robotaxi rivals such as Baidu's Apollo Go in China and Waymo in the US. Pony.ai, which operates driverless robotaxis in four major Chinese cities and is expanding overseas, raised HK$6.7 billion (US$863 million) in its initial public offering. Its shares fell 9.3 percent from their office price. WeRide, which operates a fleet of 1,500 robotaxis in China, Europe and the Middle East, raised HK$2.4 billion in its share sale. The stock closed down 10 percent.

Two other Chinese companies made debuts in Hong Kong the same day. Shares in Ningbo-based auto-parts supplier Joyson Electronic closed down 8 percent after a HK$3.3 billion IPO, and biotech company Vigonvita Life Sciences surged 146 percent after raising HK$598 million.

Tesla Shareholders Approve Mega-Pay for Musk

Tesla shareholders voted to approve the largest pay package in US corporate history for Chief Executive Elon Musk. The plan involves a US$1 trillion stock award, tied to business goals, that would net Musk US$878 billion over the next decade. The company said 75 percent of shareholders agreed to the compensation plan, though some major investors like Norway's sovereign wealth fund opposed it as excessive. Musk had threatened to quit if the package were rejected. Musk, the world's richest person, was already one of the highest-paid executives of publicly listed companies in the US.

Amid All the High Tech, China Import Expo Has a Sweet Tooth

The China International Import Expo now underway in Shanghai isn't only about robots, electric cars and new AI applications. On a purely non-technological level, it's also about self-indulgence with one of the world's most tempting products – chocolate. German gourmet chocolatier Edelmann & Paulig, in an interview with Xinhua, said it's ready to enter the China market and Shanghai's famous sweet tooth is its first target. Company founder and Chief Executive Christina Englert said China's emphasis on eco-friendly products dovetails with the company's organic confections. At the trade exhibition, Edelmann & Paulig is exhibiting its signature chocolates and classic European chocolate drinks tailored to Chinese tastes.

RedNote Gains Payments License via Acquisition

Popular Chinese lifestyle platform RedNote (Xiaohongshu) acquired Oriental Electronic Payment Co, which has a payments business license from the People's Bank of China. The acquisition is the platform's first major expansion in digital payments. Oriental Electric, which will be wholly owned by RedNote subsidiary Ningzhi Information Technology, received its payments business license from the central bank in 2011. RedNote now takes control of it just as the central bank is tightening oversight of non-bank payments institutions. Holding the license enables the company to process transactions independently, reducing reliance on third-party platforms.

Economy & Markets

AI Shares Resume Decline, Industry Layoffs Continue

Shares of artificial intelligence companies in New York dropped for a second time this week, and layoffs in the industry continued. The tech-heavy Nasdaq dropped 1.9 percent on Thursday amid renewed investor concern about high valuations that exceed earnings potential. Job cuts in the US in October surged 183 percent from September to a 22-year monthly high of 153,000, led by technology firms, according to placement company Challenger, Gray & Christmas, CNBC reported. "A disruptive technology is changing the landscape," Andy Challenger, revenue officer for the firm, was quoted as saying. Official government data on employment has been suspended during the current shutdown in Washington.

Asia-Focused Private Equity Bullish on China

Asia-focused private equity managers are upbeat on investment in China, impressed by the nation's campaign to become technologically self-sufficient, CNBC reported. "I'm actually bullish on China," Jean Eric Salata, chairman of EQT Asia, told the Global Financial Leaders' Investment Summit this week, citing companies like electric car and smartphone maker Xiaomi. Zhang Lei, founder and chairman of Hillhouse Investment, said China's strength lies in its ability to commercialize artificial intelligence quickly. Fred Hu, chairman and CEO of Primavera Capital, pointed to "huge potential" in China's capital markets, adding, "I am very, very confident China will be a leader in the AI revolution." Globally, private equity firms have been reticent to invest in China this year amid simmering US-China trade tensions. According to PitchBook, private equity firms completed just 93 deals in China as of the end of September, compared with 279 for all of 2024 and 562 in 2022.

Shanshan Debt-Restructuring Deal Blocked

A proposed 3.3 billion yuan (US$463 million) restructuring plan for debt-laden Shanshan Group, a maker of battery materials, was rejected by major creditors, China Economic Review reported. The Ningbo-based firm has been under court-supervised restructuring since February, following the death of founder Zheng Yonggang and a subsequent family financial dispute. Creditors have filed claims totaling more than 44.2 billion yuan. A restructuring plan signed on September 30 called for a consortium of shipping tycoon Ren Yuanlin's Jiangsu New Yangzi Trading and China Orient Asset Management to invest 3.3 billion yuan in exchange for a 23.36 percent controlling stake.

Corporate

Ceres, Weichai Power Enter AI Data Center Pact

UK-based clean-energy company Ceres Power announced a licensing deal this week with its largest Chinese shareholder to power AI data centers, Reuters reported. Under the agreement, Shenzhen-listed Weichai Power will manufacture Ceres solid oxide fuel cells and stacks for stationary power systems in China. Financial terms weren't disclosed.

GAC Mass Production of New Aion UT Super Car

The first mass-produced Aion UT Super, Guangzhou Automobile Group (GAC)'s budget auto developed in conjunction with JD.com and Contemporary Amperex Technology (CATL), rolled off the production line at the carmaker's plant in the city of Changsha. The battery-swappable compact electric vehicle will officially launch on November 9.

Top Jewelry Chain Reduces Bricks-and-Mortar Footprint

Hong Kong-based Chow Tai Fook, which operates gold jewelry shops across China and East Asia, is undergoing a reorganization to close non-performing shops and enhance online retailing. The number of the company's retail outlets at the end of September dropped by 603 to 6,041 outlets from six months earlier, with its network on the mainland network shrinking by 611 to 5,663. Over 70 percent of its stores are franchised. Analysts say the adjustment reflects both softer consumer demand as foot traffic in malls weakens and wedding-related sales decline. Industry experts said top jewelry retails are moving from a focus on expansion at any cost to quality growth, with more emphasis toward online sales.

AstraZeneca Invests More in China Plant

UK-Swedish drug giant AstraZeneca said it will invest another US$136 million in its facility in the city of Qingdao to expand production of therapies for asthma and chronic obstructive pulmonary disease. Astra Zeneca has invested US$750 million in the plant since it launched the project in March 2023. The site is expected to go into full operation by 2028.

Trinia Solar Snags Major Order

Trina Solar, which has been struggling to make profit amid an industry glut of solar panels, said it has received a second large supply order for energy-storage equipment. The company said its subsidiary in Singapore will deliver five gigawatt-hours of grid-scale battery energy storage systems to Australia's Pacific Green Energy in the next two years. No further details were disclosed.