Top News
Iran seeks US pledge on no more bombing
The US must pledge to end further attacks on Iran if diplomatic talks are to resume, Tehran's deputy foreign minister told the BBC. Majid Takht-Ravanchi says the Trump administration has signaled through third parties that it wants to return to negotiations on Iran's nuclear program but has "not made their position clear" on the "very important question" of further attacks while talks are taking place. He also said any agreement must allow Tehran the ability to enrich uranium for what it says are peaceful purposes, rejecting accusations that Iran wants to develop a nuclear bomb.
Canada caves in to US demands
Canada bowed to US pressure and rescinded its new tax on digital services like Google and Amazon after President Donald Trump broke off all trade talks with the northern neighbor, citing the tax. Canada said it was taking the action to bring both countries back to the negotiating table. The US is playing hardball with trading partners ahead of a July 9 deadline set by Trump for all global trade talks to be concluded. He has threatened additional tariffs on countries that don't sign agreements.
Trump urges Gaza ceasefire, Israel steps up attacks
US President Donald Trump repeated his calls for a ceasefire in Gaza and return of hostages held there, but his words fell on deaf ears as Israel ordered Palestinians to evacuate northern Gaza ahead of increased military action. The stepped-up attacks come after a massive weekend rally in Tel Aviv demanding an end to the conflict. The Gaza health ministry said scores of people have been killed in the renewed attacks.
Top Business
Tax credit for foreign investors
China rolled out a 10 percent corporate tax credit for foreign companies reinvesting dividends from Chinese companies into direct domestic investments. To qualify, investors must invest dividends in equity markets, in the establishment of new firms in China or in acquisition of unaffiliated domestic companies. The policy is effective from January 1, 2025 through December 31, 2028, and it allows unused credits to be carried forward.
Trump says buyers lined up for sale of TikTok's US operations
US President Donald Trump told Fox News that he has a group of "very wealthy people" lined up and ready to buy the US operations of TikTok, the popular social media platform owned by China's ByteDance, but he declined to identify them. The US Congress last year passed a law banning TikTok in the US unless ByteDance spins off the unit, citing security concerns. Trump has delayed the deadline imposed by Congress several times to allow for negotiations. Any sale would have to be approved by China.
Huawei open-sources AI
Huawei has open-sourced its Pangu AI models, including a 7-billion-parameter model and a 72-billion-parameter Pro version with a "mixture-of-experts" architecture, alongside inference tools optimized for its Ascend chips. The move is designed to strengthen Huawei's AI ecosystem and encourage research and application development across healthcare, finance and manufacturing. It also signals Huawei's bid to differentiate its in-house AI stack amid intensifying competition from Alibaba, Tencent and Baidu. Ascend chips offer high-performance computing for AI, but whether Pangu's models can deliver in real-world applications remains uncertain.
Stainless steel anti-dumping duties extended
China will extend anti-dumping duties on some stainless steel products from the UK, EU, South Korea and Indonesia, the Ministry of Commerce said in a statement. The duties range from 20 percent-103 percent.
Economy & Markets
New factory orders in China expand
New orders in China's manufacturing sector in June expanded, but inventory and employment levels at factories declined, according to data from the National Bureau of Statistics. Overall manufacturing activity, measured by the official purchasing managers' index, edged up to 49.7 from 49.5 in May, rising for the second consecutive month but remaining in contraction for a third month. The 50-mark separates expansion from contraction. New orders rose to 51 from 50.2 in May. Inventories came in at 48, with employment at 47.9. The non-manufacturing index, which includes services and construction, rose to 50.5 from 50.3 in May.
Unisound surges on debut
Shares in Unisound AI Technology jumped 45 percent in their Hong Kong debut on Monday. The listing raised HK$206 million (US$26 million) via a modest 2.2 percent stake sale, indicating room for future offerings if demand warrants. Founded in 2012, Unisound is one of China's older AI startups, providing solutions across healthcare, insurance mobility, and smart living sectors. The company posted a 29 percent revenue increase last year to 939 million yuan (US$131 million), but heavy research and development costs widened adjusted net loss to 168 million yuan.
Mixed economic picture in Europe
Britain's economy in the first quarter grew 0.7 percent, its fastest pace in a year, and a survey of business sentiment hit a nine-year high, but analysts said they don't expect the bounce to continue for the rest of the year. UK sales of vehicles in May fell 33 percent on US tariffs.
In Germany, retail sales in May unexpectedly fell 1.6 from April, while consumer sentiment slid in the month. However, inflation eased to 2 percent in June.
Corporate
SenseTime's AI children's doctor starts work
The healthcare platform of Chinese artificial-intelligence startup SenseTime has teamed up with Xinhua Hospital in Shanghai to provide virtual AI pediatric services. Hospital President Sun Kun said the system has performed with precision in testing and evaluation. "When parents ask questions or upload images, it can provide diagnostic suggestions," he said.
JD denies stablecoin rumors
JD Chain, the blockchain unit of Chinese e-commerce giant JD.com, has denied issuing any stablecoins or entering related partnerships. In a Monday statement, the company warned of misleading claims circulating in the market, calling them false and potentially fraudulent. The statement urged the public to be wary of "stock-tipping" scams exploiting its name.
Eacon Mining files for HK share sale
Shanghai-based Eacon Mining Technology, the Chinese leader in autonomous-driving trucks for the mining industry, has filed for an initial public offering on the Hong Kong Stock Exchange, after raising US$55 million in Series D funding this month. The funding round was led by CATL, the world's largest vehicle-battery maker. Eacon, founded in 2018, has deployed about 1,500 driverless trucks in more than 20 mining sites.
Tesla superchargers
Tesla's first batch of V4 superchargers began operation in China, covering the cities of Shanghai and Chongqing, and the provinces of Gansu and Zhejiang. The superchargers will gradually be extended to other areas of the country, the company said. The supercharging stations will be available for Tesla and other electric-vehicles.
Eve Energy to build 3rd Malaysia battery plant
China's fifth largest electric vehicle battery maker Eve Energy said it will invest 8.7 billion yuan (US$1.2 billion) to build a third energy storage battery factory in Kulim, Malaysia. Its first plant there went into operation this year, and its second factory is scheduled to begin production in 2026. The company submitted initial public offering documents to the Hong Kong stock exchange on Monday without specifying the amount of money it seeks to raise.
Sinopec names new chairman
China Petroleum & Chemical Corp (Sinopec) appointed Hou Qijun as its new chairman to succeed Ma Yongsheng. Hou is currently general manager of China National Petroleum Corp and formerly held the same role at the National Pipeline Network Group.
Ant research investment hits record
Chinese fintech giant Ant Group, a unit of Alibaba Group, said investment in research and development grew to a record 23.5 billion yuan (US$3.3 billion) last year, exceeding 10 percent of the company's revenue for the third consecutive year.
Dongfeng reshuffle
China's state-owned Dongfeng Motor Group is consolidating its proprietary passenger car brands into a single new entity in an overhaul aimed at leveraging all resources to accelerate the development of its passenger-car business.