Top News
China's defense minister warns against 'rule of the jungle,' urges world unity
Chinese Defense Minister Dong Jun warned against "the rule of the jungle" in an increasingly divided world and said nations must make a greater effort toward unity. Delivering the keynote address at the Xiangshan Forum on security in Beijing, he said the world is at a crossroads, caught up in Cold War mentality, and must choose dialogue over confrontation. "External military interference, seeking spheres of influence and coercing others to take sides will bring the international community into chaos," he said, adding that China's strong military will be a force for peace.
UK, US sign US$203 billion investment deal
UK Prime Minister Keir Starmer and US President Donald Trump signed a 150 billion pound (US$203 billion) investment package called the "Tech Prosperity Deal" on Trump's final day of a state visit to the UK. The investment in the UK from US companies such as Nvidia, Microsoft and Google will create 7,600 jobs. About 60 percent of the investment will come from private equity firm Blackstone over the next decade, with no details of how the money will be spent. Nvidia said it will invest 2 billion pounds to create an AI ecosystem in the UK.
At a press conference capping the two-day visit, Trump repeated his disappointment in Russian President Vladimir Putin for his failure to embrace peace initiatives to end the war in Ukraine and chided Europe again for its purchases of Russian energy, which he said finance the war. Trump also suggested the US might be negotiating with the Taliban in Afghanistan to retake control of the Bagram airbase in that country. He said the UK's decision to recognize Palestinian statehood was one of the few bones of contention between the UK and US.
Brazil's Lula: 'Trump is not emperor of the world'
Leftist Brazilian President Luiz Inácio Lula da Silva said he has "no relationship" with US President Donald Trump, after the US hit the nation with 50 percent tariffs over its criminal prosecution of former right-wing president Jair Bolsonaro, a Trump ally who was convicted last week of a coup attempt. In an interview with the BBC, Lula said he first became aware of the tariffs through local newspaper reports. Trump "may be president of the US," he said, "but he's not emperor of the world." Lula said the two men have never spoken to one another. Brazil has been forging closer ties with China and Russia – its co-founders of the BRICS group of countries. Brazil, the world's largest exporter of beef, is suffering a drop in sales to the US, its second largest market, because of the tariffs. That trade loss has been offset in part by Brazil's wresting the bulk of China's soybean orders this year from American farmers.
Top Business
Huawei unveils roadmap for new AI chips, Nvidia rues cold shoulder from China
Chinese technology giant Huawei, breaking from past policy of not revealing what's in its pipeline, said it will roll out new Ascend AI chips and supernodes in the next three years as it escalates its competition with US-based Nvidia. Huawei said it is planning to launch new versions of its Ascend 950, 960 and 970 chips, with the 950 scheduled for the first quarter of 2026. Its new Atlas 950 supernode, which allows chips to connect at high speeds, is scheduled for launch in 2027. The Chinese government is encouraging development and use of domestic-made chips to reduce the nation's reliance on the US supply chain.
Separately, Nvidia Chief Executive Jensen Huang said he is disappointed by media reports that his company's artificial intelligence chips are no longer welcome in China, once a major market, but he said, "we can only be of service in any market if a country wants us to be." The US administration banned exports of Nvidia chips to China earlier this year, then lifted export controls to allow shipment of lesser-advanced chips.
China's visa-free policy a magnet for foreign tourists
China's visa-free policy for short visitor stays has increased the number of foreign tourists in the first eight months of the year by 28 percent to 51 million, with 16 million of them entering under the policy that allows visa-free stays of up to 30 days to nationals from some 75 countries. The biggest group of incoming tourists came from Southeast Asia. The latest country added to the list was Russia.
Economy & Markets
Hong Kong cuts base rate a quarter point
The Hong Kong Monetary Authority on Thursday cut its base rate by a quarter point to 4.5 percent in tandem with the US Federal Reserve rate cut a day earlier. Hong Kong's rates move in lockstep with those of the US because the city's currency is pegged to the US dollar.
China shares on a roller-coaster in heavy trade
China's A-share market seesawed on Thursday, with a brief rally giving way to a broad selloff. Combined volume on the Shanghai and Shenzhen exchanges jumped to 3.1 trillion yuan (US$436 billion), the third-highest level this year. The Shanghai Composite Index dropped 1.15 percent, the Shenzhen Component Index slid 1.06 percent, and the ChiNext Index lost 1.64 percent. Chipmaker SMIC rose 4 percent on Shanghai's STAR market to a record. Advancing stocks were led by Huafeng Technology and Taclink Optoelectronics, both up 10 percent; decliners were led by ABT Networks, down 9 percent.
Urban youth unemployment rises in August
China's urban youth unemployment rate (ages 16-24) rose last month to 18.9 percent from 17.8 percent in July, according to National Bureau of Statistics data. That was lower, however, than the record high of 21.3 percent in June 2023. Since last December, the bureau's revised calculation method has excluded students. A record 12.2 million university students graduated this summer, flowing into the jobs market. Across all age groups, the overall urban unemployment rate in August was 5.3 percent.
Corporate
Biotech firm Mabwell secures licensing pact valued at up to US$1 billion
Biotech company Mabwell Shanghai Bioscience and US-based Aditum Bio announced the launch of Kalexo Bio, with an exclusive global license to market Mabwell's novel drug to treat cardiovascular disease. Shanghai-listed Mabwell stands to gain up to US$1 billion under the deal. Its 2MW7141 drug for lipid management in patients with cardiovascular disorders, is in preclinical trials.
Apple to patch iPhone bug
Apple said it will release a software fix for a glitch affecting its new iPhone Air and iPhone 17 Pro cameras, after reviewers found black boxes and white squiggles appearing in photos. CNN's Underscored product review site flagged the issue during a concert test, noting about one in 10 shots showed distortions caused by bright LED displays. Apple acknowledged the flaw, describing it as a "very rare" occurrence when powerful LED lights shine directly into the camera. The company confirmed a fix is ready but did not specify when the update will roll out. The new iPhone models are due to hit stores today.
European pharma giants seek collaboration with Chinese drug developers
German pharmaceutical giant Merck said it wants to partner with Chinese drug startups to help their discoveries reach global markets. Hong Chow, executive vice president of Merck's China unit, cited the unprecedented progress in China's pharma sector with discoveries related to cell and gene therapies and antibody drugs. "We are eager to collaborate with more local innovators to integrate Chinese innovation into the global value chain," she said.
Merck is not alone in recognizing China's potential. Swiss-based Novartis told China Daily the company plans to deepen its investment in China, focusing on collaboration in research, development and commercialization of drugs. China is "a source of new ideas and first-in-class molecules," accounting for a third of global biotech deals, said Shreeram Aradhye, president of development.
Dongfeng Motor sets up venture with focus on off-road vehicles
Dongfeng Motor said it is setting up an 8.5 billion yuan (US$1.2 billion) venture with Xiangyang Holding and Xianggao Investment to manufacture and sell smart off-road vehicles under Dongfeng's Mengshi brand. Dongfeng Motor and its parent Dongfeng Motor Group will hold about 42 percent of the venture. The new company is aiming at capturing the rising trend of outdoor camping and backwoods traversing, widening its niche customer market to a wider audience of consumers. Its vehicles deploy Huawei's smart driving technologies.
DJI launches new mini drone
China's DJI, the world's biggest drone maker, unveiled a new mini foldable drone that features a one-inch sensor. The DJI Mini 5 Pro supports nighttime, multidirectional obstacle avoidance and enables clearer images in low light. The Shenzhen-based company's camera drone technology is widely used in the music, television and film industries. Earlier this year, the company introduced its first robot vacuum cleaner, the DJI Romo.
Nio completes share sale
Chinese electric carmaker Nio said it completed its US$1.2 billion equity offer, with proceeds of the share sale to be invested in smart technologies, new models and its battery-swapping network. The share sale comprised American depositary receipts sold at US$5.57 each and Class A ordinary shares sold at HK$43.36 each.