Weekend Buzz

Iran retaliates, China 'concerned' about Israeli-triggered conflict

Iran fired missiles at cities in Israel in retaliation for overnight Israeli attacks on nuclear and military facilities in Iran that it said killed at least 78 people, including three top military officials, and injured 320. Israel said Iranian counterattacks injured dozens, and its campaign to hobble Iran's nuclear and military sites will continue. The US said it was not involved in the Israeli offensive but was alerted to the surprise attack in advance.

China was among the countries expressing concern about Israel's decision to launch attacks, warning of potential severe consequences.

Ministry spokesperson Lin Jian said China "opposes the violation of Iran's sovereignty, security and territorial integrity as well as the expansion of conflict." Other countries have urged both sides to show restraint.

UN Secretary-General Antonio Guterres is "particularly concerned by Israeli attacks on nuclear installations in Iran while talks between Iran and the US on the status of Iran's nuclear program are underway," according to his spokesperson.

Iran withdrew from the next round of talks, scheduled for Sunday.

Black box found in Air India crash

India's civil aviation authorities said a black box has been found at the site of the Air India plane crash in Ahmedabad that killed all but one of 242 people on board the London-bound flight and 33 on the ground. One official told the BBC that at least eight people were killed on the ground when the Boeing jetliner crashed minutes after takeoff into a residential area near the airport.

China defends its reputation

China has always kept its word, Chinese foreign ministry spokesperson Lin Jian told a press conference in Beijing, after US Treasury Secretary Scott Bessant said a day earlier that China is an "unreliable" trade partner. Lin also said both the US and China must abide by a bilateral framework trade agreement reached in London earlier in the week. The pact needs final approval from Chinese President Xi Jinping and US President Donald Trump.

Year's first typhoon lands in Hainan

Typhoon Wutip, the first typhoon of the year, made landfall in China's Hainan Province on Friday, bringing winds of up to 119 kilometers an hour and heavy rain across southern China. Hong Kong, Shanghai and other cities are taking precautions amid forecasts of heavy rain as the storm moves inland.

Top Business

Cosco reportedly involved in Panama ports sale

Cosco, China's largest shipping company, is among the state-backed companies in a consortium seeking to buy 43 global ports, including two Panama Canal ports, owned by Hong Kong tycoon Li Ka-shing's CK Hutchison Holdings, Bloomberg reported. The consortium, led by Italy's Terminal Investment Ltd, also includes US investment firm Black Rock. The Trump administration has sought to rid the Panama Canal of a Chinese owner, citing national security concerns and causing friction with Beijing. The sale of the ports is expected to net Hutchison US$19 billion in cash.

China proposes removing tariffs on Africa

China said it is ready to grant duty-free status on all goods imported from 53 African nations with whom it has diplomatic ties. China has been actively deepening trade ties with Africa and investing in the continent. Last year, it showed a trade surplus of US$62 billion, which removal of tariffs would help rectify.

The Fourth China-Africa Economic and Trade Expo opened on Thursday the central Chinese city of Changsha as part of efforts to strengthen ties with African nations, which already embrace joint projects valued at more than US$11 billion. Nearly 5,000 companies from China and Africa are attending.

Chinese scientists make rubidium breakthrough

Scientists in the western province of Qinghai for the first time commercially extracted rubidium directly from salt-lake brine. Rubidium is a metal element used in technologies like atomic clocks, night vision devices and specialized medical applications. The breakthrough could drastically reduce China's reliance on imports, which currently supply two-thirds of its rubidium needs and primarily come from Canada.

Mobile congress to open in Shanghai

The Mobile World Congress 2025, a regional extension of the world's top telecommunications exhibition, is set to open next week in Shanghai, focusing on technologies such as 5G, artificial intelligence and smart industry applications. China Mobile, Huawei and Nokia Shanghai Bell are among the industry leaders that will be attending.

Economy & Markets

Global markets react to Iran-Israel conflict

Oil prices spiked on the threat posed to global supplies by the outbreak of military conflict between Israel and Iran. Brent crude surged 8.4 percent to US$75.18 a barrel. Gold, a safe haven in times of turmoil, rose 1.5 percent to US$3,452.60 in New York. Global stock markets fell. The Nikkei in Japan and Germany's DAZ lost about 1 percent, and the Dow tumbled 1.8 percent. The US dollar rose, and German and US bond yields climbed.

China's bank loans rise

China's new bank lending rebounded in May but missed market expectations, signaling continued caution among borrowers despite economic stimulus measures. Banks extended 620 billion yuan (US$86.3 billion) in new loans, more than double the April figure, but short of a projected 850 billion yuan. In the first five months of 2025, Chinese banks issued 10.68 trillion yuan in new yuan-denominated loans. At the end of May outstanding yuan loans were up 7.1 percent from a year earlier.

US tariffs to extend to household appliances

The Trump administration will extend its 25 percent tariffs on imported steel to a range of imported household appliances that are made from steel, including dishwashers, washing machines and refrigerators, according to a Commerce Department notice. The additional duties will begin on June 23.

Walmart, Amazon eye own stablecoins

Walmart, Amazon, Expedia and airlines are among major companies exploring issuance of their own stablecoins, according to the Wall Street Journal. Their actions could revolutionize payments, potentially saving them billions in transaction fees by by-passing traditional card networks. Stablecoins are a type of cryptocurrency pegged to fiat currencies like the US dollar.

Deep Dive

Art market buoyed by collectors who spend less but value art as an experience, not an investment

Amid a decline in high-end buyers, a new breed of younger buyers is filling the gap and redefining the value of art as a lifestyle choice.

(Click the headline to read the full article.)

Polar robots, quantum computing and other advanced technologies dominate interest at Shanghai exhibition

The technology fair is a convergence of innovation and national self-reliance goals. Chinese exhibitors show how they are at the forefront of science.

Starbucks seeks to change its China image from a morning coffee venue to an all-day beverage vendor

Starbucks lowers prices on non-caffeinated drinks in China to increase its appeal among afternoon tea drinkers and remain competitive.

(Click the headline to read the full article.)

Corporate

Huawei Watch 5 debuts

Huawei Technologies unveiled its first smartwatch, equipped with the company's fifth-generation Harmony OS operating system, artificial intelligence capabilities and features like health-data tracking and smart searched. The two sizes of Huawei Watch 5 range in price from 2,699 yuan (US$375) to 3,499 yuan.

Separately, Huawei shipped more than 46 million smartphones and 11 million tablets running its proprietary HarmonyOS operating system last year. According to consultancy firm Canalys.

Sanofi resumes flu vaccines supply to China

Sanofi has officially resumed supplying quadrivalent influenza vaccines to the Chinese market after nearly a 10-month suspension. The French pharmaceutical giant confirmed vaccine approval from China's National Medical Products Administration, after concerns were raised last year about its efficacy.

Mercedes-Benz recalls cars in China

Mercedes-Benz China and Beijing Benz Automotive initiated a recall of 509 imported and domestically produced vehicles on safety concerns related to fuse boxes. The recalls include 252 domestically produced C-Class and GLC SUV vehicles and 257 imported S-Class and EQE vehicles.

IPhone exports to US from India surge

Exports of Apple iPhones made by supplier Foxconn in India were valued at US$3.2 billion between March and May, with 97 percent of shipments going to the US. That compares with a 50 percent ratio last year. Apple has said it is shifting production of iPhones for the US market from China to India to bypass high US import tariffs.

AliExpress sells cars online to Mideast

Alibaba e-commerce arm AliExpress has become the first Chinese online platform to offer direct sales of domestically manufactured cars to overseas customers, starting with the Middle East market. The lineup includes electric vehicles from carmakers BYD and Xiaomi. In the past, AliExpress offered only sales of auto parts overseas markets.

Robotics first

The world's first dealership selling humanoid robots is set to open in Beijing in August with a lineup that includes products from Ubtech Robotics and AgiBot, Xinhua news agency reported. The 4S store will provide robots, spare parts and after-sales service. More than 100 companies in the industry have expressed interest in joining the initiative. Production of the nation's robotics industry has exceeded 10 billion yuan (US$1.4 billion).