Top News
Ukraine peace efforts shift to White House as Putin plan emerges
Ukrainian President Volodymyr Zelensky and European leaders will meet US President Donald Trump in the White House on Monday to discuss steps to end the deadliest European conflict since World War II. On the table is a reported peace plan proposed by Russian President Vladimir Putin at his summit with Trump over the weekend.
Multiple global media are reporting that Putin wants to keep control of the roughly 20 percent of Ukrainian territory Russia now occupies, including complete control of the eastern industrial region of Donetsk. In return, Putin has agreed that Ukraine could have NATO-style security guarantees without actually joining the Western alliance. That would mean NATO, including the US, coming to the defense of Ukraine if Russia attacked again.
Zelensky and European leaders in the past have said that ceding any territory to Russia would be tantamount to rewarding the aggressor who started the war.
European leaders scheduled to attend the White House meeting are UK Prime Minister Keir Starmer, French President Emmanuel Macron, German Chancellor Friedrich Merz, Italian Prime Minister Giorgia Meloni, Finland President Alexander Stubb, European Commission President Ursula von der Leyen and NATO chief Mark Rutte.
As India ties with US sour, relations with China warm
A scheduled visit by US trade representatives to New Delhi later this month has been canceled, according to Indian media. Relations between the two countries deteriorated since President Donald Trump this month imposed a 25 percent blanket tariff on imports from India and added an additional 25 percent in duties, due to come into effect next week, as a penalty for India purchasing Russian oil.
Meanwhile, Chinese Foreign Minister Wang Yi begins a two-day trip to India today to discuss border issues, China's foreign ministry announced over the weekend. It's a sign of a continuing thaw in relations after border skirmishes five years ago that soured ties. Indian Prime Minister Narendra Modi is scheduled to attend to attend annual summit of the Shanghai Cooperation Organization that begins in Tianjin on August 31.
Israelis protest continuation of Gaza war as military steps up offensive
Tens of thousands of people in Israel staged the largest protests to date, calling for an end to the 22-month Gaza war and a deal to secure the release of remaining hostages held by Hamas. The demonstrations came a week after Israel announced a new offensive aimed at occupying all of the coastal enclave. It is forcing Palestinians to move south to avoid combat zones.
The US State Department announced it will stop processing visitor visas for Gazans, including children who had been allowed entry for desperately needed medical care.
Top Business
Innogen shares triple in HK trading debut
Shares of Guangzhou-based drug maker Innogen Pharmaceutical tripled in their debut on the Hong Kong stock exchange as the biotech sector continues to enjoy strong investor support. The shares closed at HK$57.25 (US$7.32) on Friday, giving it a market capitalization of about HK$26 billion. Innogen makes drugs for diabetes and other metabolic diseases. Its core drug Efsubaglutide Alfa, part of the GLP-1 group that includes blockbuster drugs like Ozempic and Wegovy used for diabetes and weight loss, is in advanced trials for use in treating obesity. Biotech shares traded in Hong Kong have surged an average 137 percent so far this year.
UN negotiations to curb plastic pollution fail
UN-sponsored global talks in Geneva on a landmark treaty to curtail plastic pollution have collapsed amid a split between nations calling for curbs on plastic production and oil producing countries urging a focus on recycling. The talks were initially convened in 2022 among evidence that toxic chemicals may leech out of plastic as it breaks down into smaller particles, posing health hazards for humans and animals. Microplastics have been found in soils, water, air and human organs, with an estimated 171 trillion pieces in oceans alone. Global plastic production has surged from two million tons in 1950 to about 475 million in 2022.
Economy & Markets
WeRide to get major investment from Grab
Chinese robotaxi startup WeRide said it will receive a major investment from Singapore-based Grab, Southeast Asia's leading taxi, ride hailing and express grocery delivery company. The deal, believed to be in the millions of dollars, is aimed at fast-tracking the rollout of advanced robotaxi services in the region. Guangzhou-based WeRide has tested or operated its vehicles in 30 cities worldwide and currently has autonomous driving permits in China, Singapore, France, Saudi Arabia and the United Arab Emirates. The company, founded in 2017, became the world's first listed robotaxi company when it went public in the US in 2024 and has filed an application for an initial public offering in Hong Kong.
Top chip-equipment makers scale back revenue forecasts
US-based Applied Materials, the world's second-largest supplier of semiconductor equipment, warned of a revenue decline its fourth-quarter revenue, citing weak demand from China and uncertainty related to President Donald Trump's threat to impose specific import tariffs on chips. The company reported an 8 percent rise in revenue its fiscal third quarter ended July 27 to US$7.3 billion, with China accounting for 35 percent of global sales. Dutch-based ASML, the largest chip-equipment supplier, warned last month that it may not achieve revenue growth this year.
Corporate
Great Wall takes orders for new Tank SUV
China's Great Wall Motor has begun taking pre-orders for its new luxury off-road SUV equipped with a third-generation advanced driver assistance system. The seven-seater Tank 500 model, with a starting price of 360,000 yuan (US$50,135), comes with an interior refrigerator, color television and leather sofa.
Baidu robotaxi testing in HK expands
Baidu's Apollo Go robotaxi service completed 20,000 kilometers of "safe driving" in Hong Kong road tests, the Chinese company said on Saturday, earning it the go-ahead to expand to another area of the city. The tests were conducted in northern Lantau Island and the Tung Chung area under a pilot license issued by the city last year. City officials approved robotaxi road tests to expand to a technology hub in the southern part of the city.
Unilever opens new center in China
UK-based consumer goods multinational Unilever began operation at its new food-production center in the southern Chinese province of Guangdong to strengthen its supply chain on the mainland. The company's brands include baby food, bottled water, breakfast cereals, dairy products, ice cream, instant noodles and soft drinks.
Zhaowei, a Tesla supplier, plans factory in Thailand
Zhaowei Machinery & Electronics, which supplies robotic parts to Tesla, said it will invest as much as US$100 million to build a factory in Thailand to expand overseas operations. Zhaowei filed a listing application to the Hong Kong stock exchange in June. Its shares, listed in Shenzhen, have risen about 80 percent this year.