Top News
Trump gives Russia an ultimatum, threatens its trading partners
US President Donald Trump said Moscow must end the war in Ukraine in 50 days or he will impose 100 percent US tariffs on any country that buys products from Russia. The aim is to make other countries think twice about buying Russian oil and gas, which help finance the war in Ukraine and contribute about 30 percent to national revenue. In the meantime, Trump said the US will be sending "top of the line" weapons, including Patriot missiles, to Ukraine via a purchasing agreement with NATO. The volte-face in Trump policy toward Russia comes amid increasing frustration with President Vladimir Putin's refusal to accept a ceasefire proposal.
China exports strong, weathering decline in US trade
China's exports in June exceeded expectations, rising 5.8 percent in dollar terms from a year earlier, according to customs figures. A third straight monthly decline in exports to the US was offset by strong gains in shipments to Southeast Asia and Europe. Imports in the month gained 1.1 percent.
In a breakdown of export destinations, shipments to the US tumbled 16.1 percent on Trump administration import tariffs. Exports to Southeast Asia surged 16, and shipments to the EU jumped 7.6 percent. China rare earths exports rose 32 percent in June from May after China and the US struck a deal involving the industrial minerals. For the first half, exports rose 5.9 percent from a year earlier, while imports declined 3.9 percent.
Top Business
BYD, CATL link up with world's biggest miner
China's BYD and Contemporary Amperex Technology (CATL) signed an agreement with Australia-based BHP, the world's largest mining company, to explore battery development, energy storage systems and battery recycling related to use of heavy equipment and locomotive transport at its mines. The announcement came during a visit to China by Australian Prime Minister Anthony Albanese. The mining industry is heavily reliant on polluting diesel fuel. BHP, a world leader in production of iron ore, copper and coal, has said it wants to cut its emission by 30 percent in the next five years.
US can't derail e-commerce, China says
A Chinese customs official said Washington's imposition of tariffs on once duty-free small parcels sent by Chinese online retailers won't undermine growth in cross-border e-commerce. Lu Daliang, director statistics and analysis at the General Administration of Customs, said e-commerce is a "digital bridge' connecting sellers and buyers worldwide, and preliminary estimates for the first half show China's cross-border e-commerce trade rose 5.7 percent from a year earlier.
EU looks beyond US for business
The European Union is stepping up engagement with countries beyond its borders that have also been hit by President Donald Trump's renewed tariff threats. "There is this new sense of urgency," EU chief trade negotiator Maros Sefcovic said ahead of a trade ministers' meeting in Brussels. The group denounced Trump's latest threat to impose a 30 percent tariff on the bloc if it doesn't reach a new trade deal with the US by August 1. The 27-member EU, America's biggest business partner and the world's largest trading bloc, is looking at retaliatory tariffs on US aircraft, cars and car parts.
Economy & Markets
Bitcoin hits new record
Bitcoin surged to a new record of US$120,000 in Asian trading on Monday and peaked at US$123,000 in the US before slipping slightly lower. Its rally was fed by an infusion of institutional investment in cryptocurrency exchange-traded funds. Bitcoin, the biggest cryptocurrency, has risen almost 30 percent this year and has doubled since President Donald Trump won the 2024 election, with traders betting his strong support for crypto will open a flood of investment.
Yuan seen as resilient
China's central bank said the yuan will remain stable amid headwinds in global markets. People's Bank of China Deputy Governor Zou Lan said markets widely expect the US Federal Reserve to start cutting interest rates in the second half of the year, narrowing rate differentials with major developed economies. Zou warned, however, that uncertainties about US inflation and Fed intentions remain, and volatility in the dollar and US Treasury yields could have spillover effects across global financial markets.
Singapore economy turns around
Singapore's economy in the second quarter expanded 1.4 percent from a year earlier, turning from a contraction of 0.5 percent in the preceding three months. Growth was led by construction and by manufacturing, which accounts for about 17 percent of the city-state's economy.
Shift in sovereign wealth investment to China
Nearly 60 percent of sovereign wealth funds plan to increase asset allocations in China in the next five years, particularly in the technology sector, according to a survey by Invesco, a US-based independent investment management company. It said the focus once concentrated on innovation in California's Silicon Valley is now shifting.
Corporate
Top Luckin shareholder may be among Starbucks bidders
Beijing-based Centurium Capital, the largest shareholder in China's Luckin Coffee, an archrival of Starbucks' in China, is reportedly among potential bidders for a stake in Starbucks' China operations. The US coffee chain has said it is considering selling part of those assets but has denied plans to fully exit its second-largest market, prompting reports it will retain a 30 percent stake. On Monday, the coffee giant partnered with China Eastern Airlines to offer Starbucks Diamond members and premium China Eastern members free coffee and Wi-Fi on flight days.
Nio shares surge on new SUV pricing
Shares in Chinese carmaker Nio surged 10.6 percent in Hong Kong and 7 percent in New York after the electric-vehicle startup announced its new Onvo L90 full-size SUV model will go to market at a lower-than-expected price of below 300,000 yuan (US$41,800).
Chagee sells Thai stake to forge closer ties to local market
Chinese Chagee tea chain said it sold 51 percent of its shares in its Thailand subsidiary to Thai President Beverage for 141 million baht (US$4.4 million) to enhance its penetration into Southeast Asian markets. President in a dominant player in the Thai instant food market and offers Chagee wider expose to the local market and supply chains.