Daily Buzz: 24 March 2026

Trump Says Talks With Iran Underway, Tehran Denies the Claim

US President Donald Trump's deadline for Iran to reopen the Strait of Hormuz within 48 hours came and went without incident. Trump said he is extending his ultimatum and postponing threatened strikes on Iran's energy grid for five days because the US and Tehran have had "very productive conversations" on resolving hostilities that led to the outbreak of the 24-day war in the Middle East. Benchmark Brent crude immediately dropped 12 percent on the news to US$96 a barrel but rose above US$100 again when Iran's foreign ministry denied any direct or indirect talks were taking place and accused Trump of trying to manipulate oil markets to reduce high energy prices. Trump told CNBC that any resolution of the conflict might see the Strait of Hormuz, which handles 20 percent of the world's oil and gas shipments, "jointly controlled" by himself and "whoever the ayatollah is." Backchannel communications have reportedly occurred. Iranian foreign ministry acknowledged receipt of messages from "some friendly countries" indicating a US request for negotiations aimed at ending the war. Israel said it saw a chance of an agreement with Iran but continued widespread bombing of targets in the country.

The repercussions of the war continue to ripple through the world economy. International Energy Agency chief Fatih Birol said the energy crisis facing the world today is equal to the combined impact of the oil crises of 1973 and 1979 and loss of natural gas triggered by Russia-Ukraine war. "Today we are losing 11 million barrels a day," he told Australia's National Press Club. He said the current energy shortage is placing a severe burden on "vital arteries" of the global economy," including petrochemicals and fertilizers.

Mother Earth Is Out of Whack

The Earth's climate is further out of balance than at any time in recorded history, the World Meteorological Organization said in a new report, warning that the planet is gaining heat faster than it can release it. Scientists said levels of carbon dioxide in the atmosphere are at their highest for at least two million years and warned that temperatures are likely to rise when the natural warming phenomenon known as El Nino is forecast to return later this year.

LaGuardia Airport Closes After Fatal Runway Collision

New York City's busy LaGuardia Airport closed after a landing Air Canada plane collided with a fire truck on the runway, killed the two pilots. Some of the 72 passengers were injured and taken to hospital. Cause of the collision is under investigation.

Sinopec Revenue and Profit Decline, Missing Estimates

China Petroleum & Chemical (Sinopec), Asia's largest oil refiner, reported 2025 operating profit fell 33.6 percent to 32.5 billion yuan (US$4.63 billion) as decreased prices of petroleum and petrochemical products and lower sales of refined oil products dropped revenue 9.5 percent from a year earlier to 2.78 trillion yuan. Both figures were below analysts' estimates. Production of oil and gas rose 2 percent to 525.28 million barrels of oil equivalent, but average crude prices were down about 15 percent from a year earlier, and sales of refined oil dropped 4.1 percent. Production capacity rose 10 percent, outstripping demand and leading to a drop in margins. The company touted its move into green energy, saying it is committed to development of wind and solar power, and hydrogen and biomass energy. It said it established more than 13,000 charging and battery swapping stations for electric vehicles. Without mentioning the Middle East war directly, Sinopec said the impact of changes in global supply and geopolitics have increased uncertainty this year.

Sanhua, a Tesla and BYD Supplier, Posts Profit Growth

Sanhua Intelligent Controls, the world's largest supplier of valves critical to electric car-making, reported fourth-quarter profit edged up 3 percent to 821 million yuan (US$119 million) as revenue declined 5.4 percent to 8.9 billion yuan on weaker demand. For the full year, net profit rose 31.1 percent year on year to 4.06 billion yuan, while revenue increased 10.97 percent to 31.01 billion yuan. The Zhejiang Province-based company produces electronic expansion and four-way reversing valves supplied to Tesla, BYD and other electric automakers. The company is also reportedly a parts supplier of Optimus humanoids, but that hasn't been publicly verified due to non-disclosure agreement. Sanhua said it's expanding into electromechanical actuators for bionic robots, leveraging its research and manufacturing capabilities to develop new growth drivers. At the end of last year, Sanhua had six research and development centers and held 4,680 patents globally.

WeRide Q4 Revenue Beats Estimates, Net Loss Narrows

Guangzhou-based WeRide, a ride-hailing and robobtaxi company, reported fourth-quarter revenue rose 123 percent from a year earlier to 314 million yuan (US$45.2 million), narrowing its net loss 6 percent year on year to 556 million yuan. For the full year, WeRide posted a loss of 1.7 billion yuan, contracting more than a third from a year earlier, as revenue surged 90 percent to 685 million yuan on tripled revenue from robotaxi services. Last year, WeRide announced its first European fully self-driving robobus as part of a shuttle-service partnership with Renault Group and others. It also launched its robotaxi model GXR in Beijing and began fully driverless commercial operations at select locations in Abu Dhabi in concert with Uber, the first self-driving taxi service in the Middle East. Its Abu Dhabi fleet has reached unit breakeven, but fleet operations have been suspended since the Iran war started. Last week, the company announced it would launch robotaxi, robobus, robovan and robosweeper in Slovakia, its 12th market.

Zijin Gold Profit Surges on Mine Expansion, Bullion Price

Zijin Gold International, which manages overseas mining operations for Chinese mainland parent Zijin Mining, posted a 233 percent surge in 2025 profit to US$1.6 billion on an 80 percent increase in revenue to US$5.4 billion. The company mines gold, silver and copper, but gold is its biggest operation. Gold production last year rose 20 percent to 4.9 tons, and sales almost doubled. Zijin Gold has major mining operations across Central Asia, Africa, Europe, and the Americas. Last April, the company completed the US$1 billion acquisition of Canadian-owned gold miner Newmont Golden Ridge, which owns the Akyem gold mine in Ghana, and the US$1 billion purchase of the a project in Kazakhstan. In its initial public offering in Hong Kong last September, Zijin Gold raised HK$25 billion (US$3.2 billion).

Separately, parent Zijin Mining said it will acquire a controlling stake in mainland-based Chifeng Jilong Gold Mining for 18.36 billion yuan (US$2.6 billion). The deal will give Zijin 25.8 per cent of Chifeng Jilong.

Whom Do You Trust? US, Europe Investors Take Trump at His Word

President Donald Trump said talks with Iran to end the Middle East war are underway. Iran denied the claim. Investors in Europe and the US chose to believe the optimistic version, with stock markets after days of losses triggered by escalating attacks. The S&P 500 index in New York rose 1.2 percent, and the Stoxx600 index in Europe gained 0.6 percent. Oil investors were a bit more cautious. Benchmark Brent crude initially dropped to US$96 a barrel on Trump's comments but was trading at US$100.64 late in New York amid confusion over the competing versions of the situation. Earlier in the day, Asian stock markets plunged as Trump's initial ultimatum that Iran reopen the Strait of Hormuz within 48 hours ticked down. Japan's Nikkei 225 index, the benchmark Shanghai Composite Index and Hang Seng index in Hong Kong all plunged about 3.5 percent. Gold traders paused, with a steep plunge in bullion prices paring steep early losses to trade at US$4,410 an ounce late in New York. Gold has seen some of its worst declines in 15 years amid fears that the war will trigger inflation and central banks will raise rates.

US Bans Foreign Routers in Move Aimed at China

The US Federal Communications Commission said on ‌Monday it is banning import of all new foreign-made consumer routers, ⁠a move aimed at Chinese-made electronic gear. Routers are boxes that connect computers, phones and smart devices to the internet.

South Korea Names New Central Bank Chief

South Korean economist Shin Hyun-song, remembered for predicting the 2008 global financial crisis, was appointed new governor of the nation's central bank to replace Rhee Chang-yong, whose term expires on April 20. Shin is currently the head of economics at the Bank for International Settlements. In a statement, he said he will pursue a balanced approach to inflation, growth and financial stability. He has a reputation for opposing excessive national borrowing.

WuXi AppTec Profit Jumps on Demand

Shanghai-based WuXi AppTec said 2025 net profit rose 103 percent to 19.2 billion yuan US$2.8 billion), supported by steady demand for pharmaceutical research and manufacturing services. Revenue increased 15.8 percent to 45.5 billion yuan. Fourth-quarter revenue rose 9.2 percent to 12.6 billion yuan while net profit soared 143 percent to 7.08 billion yuan. Founded in 2000 by chemist Ge Li, the company provides services across the drug development chain, producing key components used in treatment of diseases including leukemia, lymphoma, HIV and obesity. WuXi AppTec operates a global network of 20 sites, with major hubs in China, the US and Europe. Its client base includes leading Chinese drugmakers such as Jiangsu Hengrui and multinational pharmaceutical companies like GlaxoSmithKline, AstraZeneca and Pfizer.

Kerry Properties Posts Decline in Chinese Mainland Revenue

Hong Kong-based developer Kerry Properties said 2025 revenue from its Chinese mainland division saw a decline with combined revenue dropping 21% to HK$5.9 billion (US$756 million), despite strong contracted sales largely driven the premium Jinling Residences project in Shanghai. "Overall economic sentiment remained sluggish," it said. Total 2025 revenue from combined properties in Hong Kong and the mainland edged up 0.4 percent to about HK$19.5 billion, and profit rose 16 percent to HK$938 million as Hong Kong's market offset declines on the mainland. The company's developments in Shanghai alone include the Jingan Kerry Center complex, Kerry Everbright City, Kerry Parkside, Park Towers and Jinling Residences. Softer office rental income and rising vacancies on the mainland contributed to a 22 percent drop in underlying profit. "What is less widely talked about is the incredible dismantling of the Chinese mainland's real estate 'time-bomb' since 2021 that put an end to the rapid expansion of low-quality, and ultimately unwanted, housing supply," Kerry said. The mainland market is now on a "much better footing" but it's uncertain when it will fully stabilize and improve, the company added.

Laopu Gold Profit Surges on Demand

Beijing-based Laopu Gold reported a sharp rise in 2025 earnings, driven by strong demand for upmarket gold jewelry and record global gold prices. Net profit surged 2.3 times to 4.9 billion yuan (US$708 million), while revenue rose 2.2 times to 27.3 billion yuan. The company, which shot to popularity with jewelry inspired by Chinese cultural heritage, has outpaced domestic peers including Chow Tai Fook Jewelry Group, positioning itself in the premium segment alongside global luxury brands such as Tiffany. Growth was driven by expanding brand influence, continued product upgrades and strong sales across both online and offline channels. During the year, Laopu opened 10 new boutiques and upgraded or expanded nine others, bringing its total store count to 45. The company said it expects momentum to continue into 2026. For the first quarter, it forecasts net profit of between 3.6 billion and 3.8 billion yuan, with sales of up to 20 billion yuan.

Novartis Joins China Pharma Investment Rush

Swiss pharma giant Novartis said it plans to invest an additional 3.3 billion yuan (USD$460 million) in China, the latest in a series of global drug companies plowing more money into Chinese production. Novartis said the investment would be used to upgraded drug output at its Beijing factory and strengthen research and development at its Shanghai center, the company's third-largest facility of its kind, Yicai reported. Novartis also has a production site in Guangdong Province and is building China's first radioligand therapy production base in Zhejiang Province. Eli Lilly earlier announced a US$3 billion investment in China, AstraZeneca pledged an investment of US$15 billion, and Novo Nordisk said it will invest a further US$480 million.