Top News
Trump shifts narrative on Ukraine war, rebukes the UN for ineffectiveness
US President Donald Trump, ever shifting his narrative on Russia, said on Tuesday for the first time that Ukraine is in a position to win back all the territory Russia has seized since it began the war against Ukraine. In the past, Trump has appeared to suggest Ukraine would have to cede territory in any peace plan. His comments came after meeting Ukraine President Volodymyr Zelensky on the sidelines of the UN General Assembly in New York.
In a defiant one-hour speech before the General Assembly, Trump castigated the UN for failing to live up to its mission and applauded his own role as a peacemaker. "What is the purpose of the United Nations?" he asked the assembly. He also said Europe is "going to hell" because of an invasion of illegal immigrants and denounced climate change as "the greatest con job ever perpetrated on the world."
Hong Kong lifts threat from super typhoon to highest level
Hong Kong hoisted its highest-level storm signal No. 10 as super typhoon Ragasa barrels toward the city today. The warning effectively closes the city down. Maximum sustained winds of the storm center have reached 220 kilometers an hour. The Hong Kong Observatory warned of destructive winds, torrential rain and storm surges. The typhoon track has it heading into Guangdong Province, where more than 1 million people have been relocated, and other areas of southern China after it passes Hong Kong.
US Congressman stresses need for military communication on visit to China
Adam Smith, ranking Democrat on the US House Armed Services Committee, who led a bipartisan Congressional delegation to China this week, said lack of military-to-military communication between the US and China is "dangerous" and could lead to miscalculations. He made the remarks after a meeting with Chinese Defense Minister Dong Jun and other officials in Beijing, saying greater engagement is vital.
Copenhagen, Oslo airports ground flights amid drone sightings
Copenhagen and Oslo airports suspended take-offs and landing for about four hours on Tuesday amid reports of large drones in their airspace. Norway and Denmark authorities said they are investigating whether the drone incidences are linked and where the drones came from. Danish Prime Minister Mette Frederiksen said she cannot rule out that Russia may be behind the incursion. The Kremlin denied any involvement. Norway and Demark are members of NATO, which has been on edge the past two weeks after Russian drones or fighter jets violated the airspace of members Poland, Estonia and Romania. President Donald Trump said on his social media account that NATO members should shoot down any Russian aircraft that violate their airspace.
Global health authorities debunk Trump claim on autism cause
Global health authorities dismissed US President Donald Trump's claim that use of popular acetaminophen painkillers by pregnant women is linked to births of autistic children. The UK health regulator told the British public to ignore the unscientifically proven claim, and the World Health Organization said there is no basis for the link. Regulators in the EU and Australia also advised that the painkillers are safe to use.
Top Business
Brazil's Lula meets with TikTok chief on US$10 billion data center
Brazilian President Luiz Inacio Lula da Silva, in New York for the convening of the 80th UN General Assembly meeting, met TikTok Chief Executive Shou Zi Chew to discuss plans for a multibillion-dollar data center investment in Brazil, the South China Morning Post reported.
Brazilian officials estimate TikTok's investment could reach US$10.39 billion, making it one of the largest technology infrastructure projects ever announced in Brazil. China's ByteDance, parent of TikTok, has been discussing a possible site for the data-center campus in the northeast of the country since April, the newspaper said. Brazil has been increasing commercial ties with China in the wake of strained relations with the US.
Luxury brands drop actress's ads over contentious K-drama
Luxury brands distanced themselves from South Korean actress Gianna Jun after her new TV drama "Tempest" sparked anger in China. The Disney+ series, though not available in China, circulated online. In the fourth episode, Jun's character asks, "Why does China favor war?" Chinese social media users accused the show of insulting China and called for boycotts, causing Louis Vuitton, Piaget and La Mer to remove Jun from their promotional ads.
Economy & Markets
China power demand rises in August
China's electricity consumption climbed in August, signaling steady economic activity. National Energy Administration data showed total power use at 1.02 trillion kilowatt-hours, up 5 percent from a year earlier. By sector, agricultural use rose 9.7 percent, industrial use, the largest share, grew 5 percent, and service-related demand jumped 7.2 percent. Household electricity use increased 2.4 percent. In the first eight months of 2025, nationwide power consumption reached 6.88 trillion kilowatt-hours, up 4.6 percent. The figures are considered a barometer of the domestic economy.
China caps growth of steel output, pushes steelmakers to upgrade
China will cap growth in its steel industry to 4 percent in 2026-27 to curb excess capacity, according to the Ministry of Industry and Information Technology and four other ministries. The plan prohibits steelmakers from adding new capacity. China, the world's largest steel producer, will also require companies to shutter outdated facilities, upgrade to low-emission technologies and digitalize operations.
OECD lifts 2025 global growth forecast, casts doubt on 2026
The Organization for Economic Co-operation and Development raised its 2025 global growth forecast to 3.2 percent growth from 2.9 percent in a June report, saying "global growth is more resilient than anticipated in the first half of 2025, especially in many emerging-market economies." It cited the positive effects of AI-related investment and Chinese fiscal support for its economy. However, the body, comprised of 38 mostly developed countries, warned that US tariffs averaging 19.5 percent could affect growth prospects in 2026. It left its forecast for next year unchanged at 2.9 percent.
China admonishes Toutiao for content breaches
Chinese regulators admonished ByteDance-owned news aggregator Toutiao for failing to police harmful online content. The Cyberspace Administration of China said the platform allowed "undesirable" information to appear on trending lists, harming the online ecosystem. Toutiao was told to rectify shortcoming within a specified time or face penalties. The rebuke is part of Beijing's ongoing effort to tighten oversight of major Internet platforms and ensure they align with official standards.
Corporate
Chinese automakers make inroads in European market
BYD, Chery and other Chinese automakers in August sold more cars in Europe than Renault and Audi brands, amid strong sales of hybrid models, Reuters reported, citing data from JATO Dynamics. Chinese carmakers had a combined market share of 5.5 percent, more than double a year earlier. Tesla sales on the continent dropped 37 percent from a year earlier.
Suning says Alibaba plans to sell down stake
Shenzhen-listed Suning.com said Alibaba, its largest shareholder, plans to reduce its stake in the company, Yicai Global reported. Alibaba subsidiary Hangzhou Haoyue Enterprise Management will sell up to 263 million of Suning shares, equal to about 2.9 percent of the total. Alibaba invested 23.8 billion yuan (US$3.3 billion) in Suning through subsidiary Taobao in 2015. However, Suning has suffered from operational problems in the last five years. Suning shares sank 5 percent on the announcement.
China ham producer seeks meatier prospects in advanced technology
Jinzi Ham, a leading meat processor in China seeking to diversify from a sluggish core business, said it will invest up to 300 million yuan (US$42.2 million) in the semiconductor industry, acquiring up to a 20 percent stake in chipmaker Leadingspeed Technology, which specializes in optical communication components used in artificial intelligence, cloud computer and 5G networks. Leadingspeed has yet to turn to profit. It reported a loss of 20.4 million yuan in the first seven months of the year, Yicai Global reported.
McDonald's to invest more in Shanghai training facility
McDonald's China said today it will invest 400 million yuan (US$56 million) over the next three years on talent development and digital transformation at its "Hamburger University" in Shanghai, where the US fast-food chain has trained nearly 10,000 managers. McDonald's is trying to bolster its market position in China in a highly competitive market of both foreign and domestic rivals.
Fulai opens unit in California
Jiaxing-based flexible sensor maker Fulai New Material opened a subsidiary in San Francisco to expand business in North America. Fulai said its Apex Sensing unit will be involved in so-called haptic sensing technology, which creates an experience of touch by applying forces, vibrations or motions to a user. The technology can be used in computer simulations, robots and health care. One of Fulai's core products is "electronic skin" with 3D capabilities.