Top News
US extends truce on China tariffs for another 90 days
US President Trump President signed an executive order extending a 90-day suspension of triple-digit tariffs on China for another three months. After talks in Stockholm last month, Chinese negotiators said a consensus had been reached on an extension of the tariff truce, due to end today, but the Americans said implementation rested on final approval from Trump.
Under the global tariff regime announced by Trump in April, US tariffs on imports from China were cranked up to 145 percent. China retaliated with 125 percent tariffs on US goods. In May, the world's two-largest economies agreed to roll back the bulk of tariffs for 90 days to allow for trade talks. No final deal has been reached, but both sides have agreed to ease some exports controls.
Trump says he will try to retrieve some Russian-occupied land for Ukraine
President Donald Trump has said he will try to get some territory back for Ukraine during his summit with Russian President Vladimir Putin on Friday. But he again repeated that any peace initiative would involve some land swaps, which has alarmed Ukraine and its European allies. Russia occupies about 20 percent of Ukraine; Kiev has managed to take over only a tiny strip of Russian territory. Trump said he will brief Ukrainian Volodymyr Zelensky on the outcome of the talks. "I'll call him first," Trump said. "I may say, 'lots of luck, keep fighting,' or I may say, 'we can make a deal.'" The two leaders are scheduled to meet in a budget hotel in the Alaskan capital of Juneau.
Five Al Jazeera journalists killed by Israel in Gaza
Prominent Al Jazeera journalist Anas al Sharif and four frontline colleagues reporting for the Qatari news network were killed outside their tent in Gaza City by an Israeli military strike. Israel claims al Sharif was the leader of an armed unit of Hamas – an accusation strongly denied by Al Jazeera. Israel has been accused in the past of targeting Palestinian journalists reporting from the enclave. International news organizations like the BBC, CNN and Reuters, banned by the Israeli government from reporting inside Gaza, and have relied in Palestinian reporting for news and video.
Australia joins ranks of Western allies calling for Palestinian statehood
Australia will join the UK, France and Canada in officially recognizing a Palestinian state at the UN General Assembly meeting next month, saying a two-state solution is "humanity's best hope to break the cycle of violence and end conflict, suffering and starvation in Gaza." Before the announcement, Israeli Prime Minister Benjamin Netanyahu said it is "shameful to have European countries and Australia march into that rabbit hole."
Top Business
Beijing Robot Conference showcases advanced industry development
The 2025 World Robot Conference in Beijing ends today after playing host to record numbers of participating companies and visitors. The conference highlighted the rapid development of humanoid robots and embodied intelligence technologies. Among the 200 companies exhibiting at the event are Swedish-Swiss multinational ABB, Germany's Festo and China's Estun, Unitree, Galbot and Citic Heavy Industries. Adjacent to the conference site is the world's first robot store offering sales, spare parts and services, and a new robot-themed restaurant. Last year, the number of newly installed industrial robots in China increased 5 percent from a year earlier to 290,000. China accounted for 54 percent of the global market.
Trump says he sought 20 percent of Nvidia chip revenue from sales to China
President Donald Trump said that he initially asked Nvidia for a 20 percent cut of the chipmaker's sales to China in return for approval of export licenses, but the number was negotiated down to 15 percent. The president said the H20 artificial-intelligence chip Nvidia is now allowed to sell to China is already "obsolete" and matched by a similar chip produced by China's Huawei. The faster Blackwell AI chip made by Nvidia remains banned from export to China.
China to revamp drug procurement
China's draft rules for changes in central procurement of drugs are aimed at improving quality, preventing price wars and safeguarding supply. Key proposals include reforms on eligibility, procurement volumes and requirements for listing access. They also propose to allow hospitals to order drugs by brand name as per doctors' preferences. Analysts say the overhaul could foster more rational competition, prevent pharma company exits from the market due to unsustainable pricing, and stabilize supply chains.
Construction starts on new nuclear power plant
Work has begun on the first reactor at the new Jinqimen Nuclear Power Plant in the city of Ningbo in Zhejiang Province. The plant, under construction by state-owned China National Nuclear Corp, will have generating capacity of 55 billion kilowatt hours of electricity a year once all six units are completed, saving about 50 million annual tons of carbon dioxide emissions. As of the end of 2024, China had 58 operational reactors.
Economy & Markets
Bitcoin surges back to record
Bitcoin rose more than 4 percent in the past 24 hours to trade above US$121,500, continuing its rebound after sliding from a record high above $120,000 in mid-July. The surge was accompanied by a looming massive short squeeze, with about US$18 billion in potential liquidations if the price rises by 10 percent from current levels. Institutional investments, including a US$116.6 million Bitcoin exchange-traded fund by Harvard University, and optimistic regulatory developments bolstered Bitcoin's strength. Analysts predict Bitcoin would surge to a record near US$131,000.
China stocks hit year highs
China's A-share markets closed higher on Monday, with both the Shanghai Composite and Shenzhen Component indexes hitting new highs for the year. Volume on the Shanghai and Shenzhen exchanges reached 1.83 trillion yuan (US$255 billion), up 116.7 billion yuan from the previous session. Over 4,100 stocks rose, with more than 100 climbing at least 9 percent. Materials stocks surged, together with computing hardware and lithium miners.
US excludes Swiss gold bars from tariffs
The 39 percent tariff imposed by the US on imports from Switzerland will exclude gold bars, President Donald Trump announced, days after a customs ruling said imported bullion bars would be included, sending gold prices to a record high. Switzerland is the world's largest producer of gold bars used to back contracts on commodity futures exchanges.
Hong Kong boasts record number of registered companies
Hong Kong reported a record 1.5 million registered companies as of the end of July, including 15,000 foreign firms. City officials said Hong Kong's pivotal role as a hub connecting to the Chinese mainland has helped fuel commercial growth.
Corporate
Dongfeng Motor shares suspended in HK pending financial disclosure
Dongfeng Motor Group, a Chinese partner of Japan's Honda and Nissan, suspended trading of its Hong Kong shares on Monday, pending the release of information about its assets and operations, the South China Post reported. The company said in a filing with the Hong Kong stock exchange last week that first-half earnings would plunge up to 95 per cent from a year ago to 30 million yuan (US$4.2 million).
Manufacture of electric vehicles in China last month surged 27 percent from a year earlier to 1.3 million, with a 15 percent increase in sales, according to the China Association of Automobile Manufacturers. Production of all autos rose 13 percent to 2.6 million vehicles. The government has launched a crackdown on a price war in the industry.
Trump flip-flops on attitude toward Intel chief
Intel Chief Executive Tan Lip-Bu, who only says earlier was urged to resign by President Donald Trump, received a warm welcome on a visit to the White House on Monday. Trump praised the Malaysian-born Chinese-American as an "amazing" success story. He earlier called for Tan to step down because of what he called close ties to state-owned and military-linked Chinese companies.
SK Hynix forecasts strong growth in AI chips
South Korean chipmaker SK Hynix expects the global market for high-bandwidth memory chips designed for artificial intelligence to grow 30 percent a year for the next five years. Choi Joon-yong, an executive overseeing marketing of that segment, told Reuters in an interview that "AI demand from end users is very firm and strong."
Ant denies investment in stablecoin project
Alibaba fintech unit Ant Group denied an online rumor that it is investing 10 billion yuan (US$1.4 billion) in the first phase of a project with the People's Bank of China and China Rare Earth Group to develop the world's first rare earth-backed yuan stablecoin. The company's Ant International arm said in July it is considering applying for stablecoin licenses around the world to use in global payments.
Yuanhua seeks to expand sales of its robotic orthopedic tools overseas
Shenzhen surgical-robot startup Yuanhua Tech said it plans to set up an assembly plant across the border in Hong Kong and list shares on the city's stock exchange, the South China Morning Post reported, citing company founder and Chairwoman Li Aili. The company develops robotic surgical tools used in knee and hip replacements. She said the company wants to expand to Southeast Asia and Europe.