Daily Buzz: 15 October 2025

China, US Spar Over Ships, Soybeans

China added five US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list over their alleged involvement in Washington's probe into the Chinese shipping industry, the Commerce Ministry said in a statement.

The sanctions took effect on Tuesday, the same day as Washington and China rolled out tit-for-tat port fees on one another's owned, operated or built ships docking at their ports. President Donald Trump has stated his ambition to curb China's global dominance in shipping. China holds a 53 percent market share in shipbuilding, followed by South Korea. The US accounts for only about 0.1 percent.

Bilateral quarrels also extended to agriculture on Tuesday as Trump lashed out again at China's shift in soybean purchases this year to South American from US farmers, calling the snub "economically hostile." In turn, Trump said, the US may terminate all imports of cooking oil from China.

Beijing Urges Washington to Tone Down Hostility

Beijing and Washington are continuing lower-level talks despite renewed trade tensions, China's Ministry of Commerce said, urging the US to "show sincerity" in bilateral relations. "The US cannot engage in dialogue while intimidating and threatening to impose new restrictions," a ministry statement said. "We will fight if we must fight, but our doors are open if the US wants to talk." No mention was made of a possible meeting between President Xi Jinping and President Donald Trump at next month's summit of Asia-Pacific Economic Cooperation members in South Korea, though US Treasury Secretary Scott Bessent said on Monday that such a meeting remains likely.

Cracks Mar Fragile Gaza Ceasefire

Israel said it will restrict flow of humanitarian aid into Gaza until all 28 bodies of hostages who died in captivity there are returned. So far, eight remains have been returned, along with all 20 living hostages. Hamas, which earlier said some hostage bodies may be buried under rubble from Israeli bombing, has requested heavy machinery to help in search and recovery efforts. The White House also ramped up pressure on Hamas, with President Donald Trump saying, "If they don't disarm, we will disarm them." Since Israeli troops began withdrawing from Gaza City under the ceasefire agreement, Hamas has killed at least 33 members of rival gangs and suspected Israeli collaborators, Reuters reported.

Trump Threatens Spain With Tariffs

US President Donald Trump threatened to slap punitive tariffs on Spain unless it increases defense spending to meet a NATO benchmark of 5 percent of gross domestic product. "I'm very unhappy with Spain," the president said.

SpaceX Starship Rocket Notches Successful Test Flight

SpaceX's Starship megarocket, the most powerful launch vehicle ever built, successfully completed an hour-long, 11th test flight on Tuesday, completing all its goals. Development of a vehicle for a planned 2027 NASA mission to the moon has suffered setbacks this year when earlier versions of the rocket ended in three failures. Still, Starship faces a series of hurdles before it is ready to make a trip to the moon. SpaceX founder Elon Musk is envisioning manned trips to Mars in the more distant future.

Top Business

Nexperia Draws Export Ban, Shares Drop Further

Netherland-based chipmaker Nexperia, a subsidiary of China's Wingtech, said on Tuesday that the Chinese government banned it from exporting goods from China four days after Dutch authorities seized temporary control of the company, citing management concerns. In its first statement since the Dutch takeover on September 30, Nexperia said it is seeking an exemption from China's countermeasure. The Dutch complaint against Nexperia apparently revolves around alleged improprieties by Zhang Xuezheng, Wingtech founder and Nexperia executive director. But analysts said the Dutch action may also be related to the parent company's presence on a US trade blacklist in a long-arm extension of the US-China trade war. Once part of Dutch electronics firm Philips, Nexperia was acquired by Wingtech in 2018 for US$3.6 billion. Wingtech's Shanghai-listed shares have plunged 10 percent each of the past two days.

Tata Buys India Unit of China IPhone Supplier

India's Tata Electronics acquired the Indian subsidiary of China's Justech Precision, which supplies equipment to Apple and its main iPhone assembler Foxconn, for about US$100 million, CNBC reported. Tata is seeking to bolster its smart phone manufacturing capacity as Apple shifts production of US-bound iPhones to India from China. Earlier this year, Tata Electronics bought a 60 percent stake in the Indian operations of Taiwan-based Pegatron, which also assembles iPhones.

Spain Seen as Top Contender for New BYD Factory

Spain has emerged as the top contender for the third car factory to be built in Europe by BYD, the Chinese leader in electric vehicle manufacturing, Reuters reported. BYD, a rival of Tesla, already has announced plans for factories in Hungary and Turkey as it seeks to expand its market on the continent. A company source said no final decision has been made and other countries remain under consideration. Any final decision will need to be approved by Chinese regulators.

DJI Appeals US Blacklist Decision

Chinese drone maker DJI has appealed a US court ruling that upheld its inclusion on the US Department of Defense's blacklist of "Chinese military companies," arguing that the decision was "arbitrary" and unsupported by evidence. DJI filed the appeal with a federal appellate court on Tuesday. The Pentagon claims that DJI products could have potential "dual-use" applications, a reference to military and civilian use.

Economy & Markets

Investor Sentiment Sours on US-China Trade Spats

Global stock markets on Tuesday pulled back from a Monday rebound as comments from US officials re-fanned concerns about trade disputes between Washington and Beijing. Investor confidence was dented after President Donald Trump denounced China's boycott of US soybean purchases as "economic hostility" and US Treasury Secretary Scott Bessent accused China of trying to weaken the global economy by slapping export controls on rare earth minerals critical in advanced technology production. US Trade Representative Jamieson Greer told CNBC that Trump's new 100 percent tariffs on China imports could come sooner than the November 1 effective date, depending on what the Chinese do related to rare earths.

In a volatile trading session, the S&P 500 index in New York dropped 0.2 percent and the Nasdaq was down 0.8 percent; Europe's Stoxx600 fell 0.4 percent. In Asian trading on Tuesday, Hong Kong's Hang Seng Index lost 1.7 percent, and Shanghai slipped 0.6 percent. Bitcoin and ether, the two biggest cryptocurrencies, fell in New York, and gold rose to new record US$4,159.60.

Chinese Banks Move to Cool Gold Rush

Chinese banks are tightening controls on retail clients buying gold through their "gold accumulation" plans to cool a speculation frenzy as the price of bullion pushed past the record-setting level of US$4,000 an ounce. Bank of China announced on Tuesday that it is raising minimum purchase amounts, and a similar plan at Industrial and Commercial Bank of China's briefly flagged up "temporarily unavailable" on Alipay. China Construction Bank and Ningbo Bank have also warned of heightened risks, advising investors to avoid speculative buying.

Fed Signals October Rate Cut

Federal Reserve Chair Jerome Powell, in a speech to a business conference, said the US central bank is on course for another quarter-point cut in interest rates this month, citing weakness in the jobs market.

China, Iceland Team Up on Geothermal Power

China and Iceland announced a partnership on geothermal power to reduce greenhouse emissions, China national broadcaster CCTV reported. A document outlining intergovernmental and industry cooperations followed a meeting in Beijing between Chinese President Xi Jinping and Iceland President Halla Tomasdottir, who was attending the Global Leaders' Meeting on Women in the capital. Geothermal energy in volcanically active Iceland powers about a quarter of the nation's electricity generation.

Corporate

GM China Posts Another Increase in Sales

General Motors in China delivered nearly 470,000 units in the third quarter, a 10 percent increase from a year earlier and the second quarter of growth this year. "Our strong performance underscores the steady progress we are making in China," said Steve Hill, president of GM China. Sales growth in the latest three-month period was propelled by the Buick brand, with a 54 percent increase, and Cadillac, up 11 percent.

Hengli Shipbuilding Secures New Order

Hengli Shipbuilding said it has received a new order for three ocean-going vessels, bringing to 13 the number of orders in half a month, worth up to US$2 billion. The newest order is for one very large crude carrier with a deadweight tonnage of 306,000 tons and two bulk ships. The buyer was identified only a well-known shipowner and the value of the deal was estimated at US$200-$400 million. The ships are scheduled for delivery in the second half of 2027.

Lululemon Joins Westbund Mall in Shanghai

Popular Canadian apparel retailer Lululemon has become the latest tenant of Hongkong Land's Westbund Central in Shanghai, adding a touch of upmarket glamor and confidence in a redevelopment zone in Xuhui District, the South China Morning Post reported. Lululemon will open an outlet there at the end of the month. The company already has multiple outlets in Shanghai, including an architecturally eye-catching flagship shop in the Jing'an District.

Didi Self-Driving Unit Completes Funding Round

Ride-hailing company Didi Chuxing said its autonomous driving unit secured 2 billion yuan (US$281 million) in a Series D financing round. Investors included Zhongguancun Science City Technology Growth Fund, Beijing Information Industry Development Investment Fund, Beijing Artificial Intelligence Industry Investment Fund and Guangzhou Automobile Group. The money will go to fund AI research and development of self-driving technology.

Boehringer to Make Diabetes Drug in Shanghai

German pharma giant Boehringer Ingelheim said it will begin producing its flagship Trajenta-brand diabetes drug at its Shanghai facility, with deliveries to the Chinese market to begin in 2028. The announcement comes as the company celebrates its 30th year in China.