Top News
Trump says Zelensky-Putin meeting in the works
US President Donald Trump said arrangements are underway for a face-to-face meeting between Ukrainian President Volodymyr Zelensky, who favors such a meeting, and Russian President Vladimir Putin, who has not, following talks with Zelensky and European leaders at the White House. A trilateral meeting involving himself would follow, Trump said. He interrupted the meeting at one point to make a 40-minute phone call to Putin.
Details of the White House meeting were sketchy as its ended, but Trump did say discussions included NATO-style security guarantees for Ukraine if Russian ever attacked again. No mention was made of any territorial concessions. Russia has demanded it retain control over the 20 percent of Ukraine it currently occupies, including takeover of the eastern industrial Donbas region, and assurances that Ukraine won't join NATO. Trump earlier said Ukraine will have to accept Russian control over Crimea, which Moscow annexed in 2014.
Attending the White House meeting were the leaders of the EU, UK, France, Germany, Finland, Italy and NATO.
Hamas accepts Gaza ceasefire proposal
Hamas officials say they have accepted a proposal for a 60-day Gaza ceasefire deal that would include the release of half of the believed 20 remaining living Israeli hostages as part of a phased resolution to the 22-month war. The acceptance came after negotiations between Hamas and Egyptian and Qatari officials, and after the biggest Israeli anti-war protest to date on Sunday.
Separately, Australian barred Israeli far-right parliamentarian Simcha Rothman -- who advocates a complete takeover of all Palestinian territory, including the West Bank -- from entering the country for a speaking tour. "If you are coming to Australia to spread a message of hate and division, we don't want you here," said home affairs minister Tony Burke.
Bolivia presidential election signals political shift
Bolivia heads for a political U-turn after Sunday's presidential election. Neither of the top vote-getters -- centrist Senator Rodrigo Paz and right-wing former President Jorge Quiroga – received at least 50 percent of the vote, sending the contest to a runoff election in October. Whatever the outcome, 20 years of socialist governments will end. The economy was a central campaign issue amid fuel shortages, double-digit inflation and a lack of foreign currency.
Top Business
Altman raises concern that AI investment may be a bubble
OpenAI Chief Executive Sam Altman said investment in artificial intelligence may be forming a bubble not unlike the dot.com boom that went bust in the late 1900s. According to a report in The Verge, Altman told a small group of reporters last week that "when bubbles happen, smart people get overexcited about a kernel of truth. Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes." His concerns about AI investment getting ahead of itself have been voiced by other industry experts and analysts.
Trump advisor doubles down on demand for India to stop Russian oil purchases
Peter Navarro, trade advisor to President, said if Indian wants to be a "strategic partner" of the US, it needs to stop buying Russian oil. His comments, in a Financial Times article, seem to dispel any notion that Trump's summit with Russian President Vladimir Putin over the weekend would change the decision to slap a 25 percent tariff penalty on India for the purchases. Washington and New Delhi have thus far failed to reach agreement on a new trade deal, resulting in a separate 25 percent base tariff on all Indian exports to the US. Trump did, however, seem to back off earlier threats to impose 25 percent tariffs on all countries that buy Russian energy, including China.
Shanghai, Nantong form airport venture
Shanghai Airport Group and Nantong Urban Construction Group set up a venture to advance plans for a new Nantong airport, viewed as a "third airport" for Shanghai. Shanghai Airport holds 51 percent, while Nantong controls the rest. The project has been under discussion since 2020, when Shanghai Airport and city government of Nantong, a Jiangsu Province city near the mouth of the Yangtze River, agreed to build the facility. Shanghai Airport is simultaneously pushing ahead with a multibillion-yuan expansion of Pudong International Airport.
Air passenger trips rise
China logged 65 million air passenger trips in July, up 2.7 percent from a year earlier. A record 7 million trips were on international routes, increasing 16 percent, the Civil Aviation Administration of China reported. For the first seven months of the year, passenger trips rose 5.6 percent to 400 million.
Economy & Markets
Shanghai stocks surge to 10-year high
Shanghai stocks rose to a 10-year high as investors sold bonds and sought higher returns in shares of rare earth minerals, artificial intelligence, technology and electric cars. The Shanghai Composite Index gained 0.85 percent on Monday to close at 3728.03, its highest level since mid-2015. Mainland stocks have been buoyed by eased trade tensions between the US and China, and by strong interest in industries that are thriving on government support and cutting-edge products. Market capitalization of China's Class A shares surpassed 100 trillion yuan (US$14 trillion), setting a new record. Since hitting a low of 3,040.69 points in April, Shanghai's benchmark index has risen by 23 percent, with the Shenzhen index up nearly 30 percent and the tech-heavy ChiNext index soaring 47 percent.
China bond market boost
China's Ministry of Finance announced it will sell 270 million yuan (US$37.6 million) of three-year notes and 280 million yuan of two-year notes through competitive bidding today, with trading in the securities to start August 22. The ministry's market-making support program allows purchase or sales of bonds to smooth imbalances in supply and demand and strengthen the benchmark yield curve.
Japan nears stablecoin approval
Japan's Financial Services Agency is poised to approve the issuance of the first yen-denominated stablecoin as early as this autumn. Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout. The cryptocurrency will be valued on a 1-to-1 ration with the yen. JPYC plans to issue up to 1 trillion yen (US$6.8 billion) of stablecoins within three years.
Flocking to the flicks
China's summer box office receipts surpassed 10 billion yuan (US$1.4 billion) over the weekend, led by domestic film, according to ticketing platforms Maoyan and Beacon. "Dead To Rights," a film about the Nanjing massacre during World War II, topped revenue with 2.6 billion yuan in ticket sales since its July 25 release. In second place was "Nobody," a spinoff from the acclaimed "Yao-Chinese Folktales" animation series. Since opening on August 2, the film has grossed more than 1 billion yuan. "The Lychee Road," a bittersweet period drama adapted from a bestselling novel set in the Tang Dynasty (618-907) was in third place, raking in 670 million yuan since its July 18 premiere.
Corporate
Great Wall starts Brazilian car production
China's Great Wall Motor began production at a factory in Brazil that it bought from Mercedes-Benz in 2021. The plant complex, which will eventually have annual capacity of 100,000 vehicles, will manufacture Haval brand SUVs and pickup trucks. It's Great Wall's first foray in Latin America.
SAIC-GM, Momenta sign smart driving deal
Shanghai-based SAIC-GM and Beijing-based technology startup Momenta signed a deal that will make SAIC-GM's Buick V7 the first car model to feature Momenta's R6 flywheel intelligent driving training model. The R6 was developed using deep learning technology, enabling it to handle complex driving scenarios and continuously improve its performance.
Insta360 apologizes over cash toss
Insta360, the Shenzhen-based drone and camera maker, apologized after a viral video showed Chairman Liu Jingkang throwing banknotes from a balcony to employees below. The stunt, part of a team celebration last week, drew criticism online from netizens who said the action demeaned staff and was inappropriate for a listed company. The backlash prompted the company to issue a statement saying the cash came from Liu's personal funds and was meant as an employee bonus.