Top News
Trump says Israel has agreed to Gaza ceasefire framework
US President Donald Trump said Israel had "agreed to the necessary conditions" to finalize a 60-day ceasefire in Gaza, though no terms were disclosed nor indications that Hamas would accept them. Qatar and Egypt are involved in the mediation to try to end the almost two-year war that has killed more than 55,000 Palestinians and thousands of Israelis. Trump's announcement came after he recently helped broker a ceasefire in the Israel-Iran war.
Musk, Trump trade barbs 'debt slavery'
The simmering feud between US President Donald Trump and billionaire entrepreneur Elon Musk erupted in public again over Trump's mammoth spending and tax-cut bill. The owner of Tesla, SpaceX and X called it "debt slavery" that will raise the national debt to US$5 trillion. Trump responded by saying that Musk's companies survive on government handouts. "Without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump wrote on his social media account. Tesla shares fell 5.3 percent.
The US Senate passed Trump's bill by one vote after a 24-hour marathon session. The legislation now goes back to the House, which earlier passed a different version.
Xi calls for unified market
Chinese President Xi Jinping called for more efforts to build "a unified national market" in remarks at a high-profile meeting of the Central Commission for Financial and Economic Affairs on Tuesday. He urged more orderly price competition, improved government procurement standards, measures to facilitate sale of stockpiled export goods in the domestic economy and development of the nation's marine resources.
Thai prime minister suspended from office
Thailand Prime Minister Paetongtarn Shinawatra was suspended from office by the nation's Constitutional Court while it considers a petition for her dismissal. She has come under mounting pressure to resign over a leaked conversation with former Cambodian leader Hun Sen in which she criticized a Thai military commander. Her slim-majority ruling coalition in parliament has been teetering on the brink of breaking apart.
Top Business
China film industry revenue surges
China's film industry continued on a roll in the first half, with box office receipts soaring 23 percent from a year earlier to 29.2 billion yuan (US$4.1 billion). Some 641 million people went to cinemas in the first six months of the year, up 17 percent. Domestic movies accounted for 91 percent of revenue, bolstered by the blockbuster "Ne Zha 2," which ended its five-month run in mainland venues with industry-record earnings of 15.5 billion yuan.
Tesla raises Model 3 price, BYD sales surge
Tesla raised the price of its Model 3 Long Range in China by 10,000 yuan (US$1,400) to 285,500 yuan, citing improved features that include longer range and faster acceleration, The price of the Model Y Long Range stays the same at 313,500 yuan. Tesla is also offering sales incentives that include five-year, interest-free financing and an 8,000-yuan insurance subsidy for Model 3 buyers. Tesla sales in China in May fell 15 percent from a year earlier to 61,700 as the company faces increasing competition from domestic rivals' cheaper electric vehicles.
BYD, a Tesla rival, said electric-car sales in June surged 12 percent from a year earlier to 382,585, bringing first-half sales to 2.2 million units, up 33 percent.
China's export-related factory activity expands
China's factory activity in June returned to expansion, led by export-related manufacturers. According to the private Caixin/S&P Global survey of manufacturing purchasing managers, activity rose to 50.4 from 48.3 in May. The 50-mark point separates growth from contraction. "This is the eighth month in nine of growth, showing that market conditions are improving," Wang Zhe, senior economist at Caixin Insight Group said.
The Caixin survey was released a day after the official government survey of factory activity remained in contraction at 49.7. The Caixin data are more tilted toward smaller, export-oriented companies; the government survey tends to focus on larger manufacturers.
Economy & Markets
Chip startups unveil IPO fund-raising targets
Two Chinese artificial intelligence chip startups revealed financial details of their applications for initial share sales on Shanghai's STAR market. Prospectuses show that Beijing-based Moore Threads plans to raise 8 billion yuan (US$1 billion), while Shanghai-based MetaX seeks 3.9 billion yuan. The companies are hoping that US restrictions on chip sale to China will boost their revenues.
Home prices show mixed results
Prices of new homes in China in June edged up 0.2 percent after a 0.3 percent gain a month earlier. Prices of existing stock, however, fell 0.75 percent, compared with a 0.71 percent drop in May, according to a survey by China Index Academy. The private real estate research firm said the market is still readjusting after a prolonged slump triggered by developer defaults. The government has unveiled measures to support growth in the property sector.
China biotech stocks climb
Chinese biotech shares rose after regulators unveiled new guidelines supporting research, market access and multi-channel payments for innovative therapies. Listed exchange traded funds linked to biotech stocks in Shanghai and Hong Kong both posted gains. The new support measures are part of China's efforts to reduce reliance on imported drugs.
Asset manager seeks HK listing
Hebei Asset Management has become the first firm in the domestic asset-management industry to file for an initial public offering in Hong Kong.
Corporate
CIFI restructures debt
Shanghai-based property developer CIFI Holdings said it received court approval for an overseas debt restructuring plan approved last week by creditors. The plan aims to reduce the company's debt by US$5.27 billion, or two-thirds of its offshore liabilities. CIFI said it also plans to restructure its onshore corporate bonds valued at 10.1 billion yuan (US$1.4 billion).
After the restructuring, CIFI's property portfolio will have net assets of about 130 billion yuan and investment property valued at 46 billion yuan.
Apple's AI shift?
Apple is reportedly considering using artificial intelligence technologies from Anthropic or OpenAI to power the new version of Siri. This move could mark a significant shift in Apple's AI strategy of relying on the self-developed models it currently uses.
Zijin to acquire Kazakhstan gold mine
Zijin Mining, China's largest gold producer, plans to buy one of Kazakhstan's largest gold deposits for US$1.2 billion ahead of spinning off its overseas gold assets as Zijin Gold International for a listing in Hong Kong. In April, Zijin acquired one of Ghana's largest gold mines for US$1 billion, and it bought a mine in Peru last year for US$245 million.
Red Flag goes global
China FAW Group, maker of the iconic Hongqi, or Red Flag, brand, said sales in the first half rose 12 percent to 225,267 vehicles and it is planning overseas expansion, with a focus on Europe.
Bondex terminates lease on US warehouse
Chinese logistics provider Bondex Supply Chain Management said its Seattle unit has terminated the lease on a warehouse in California, citing US tariff policies and low demand. Qingdao-based Bondex said it paid US$3.4 million to break the lease four years before it was due to expire.
Work begins on Shanghai brain intelligence facility
Shanghai started construction on its first complex for research and development in the brain-computer interface industry. The Brain Intelligence World cluster will be located in a medical complex near Hongqiao Airport. Among the initial occupants and projects that will be housed at the center is the Sinan brain-machine intelligence super incubator developed by Lingang Group.
Huawei, Ruijin Hospital open-source AI model
Chinese tech giant Huawei and Ruijin Hospital in Shanghai open-sourced their RuiPath artificial intelligence pathology model to improve overall diagnosis capability at other medical facilities.