Top News
Drone strike damages transformer at Russian nuclear power plant
A Ukrainian drone shot down by Russian air defenses detonated near the Kursk nuclear power station about 60 kilometers from the Russian-Ukraine border, triggering a fire that damaged a transformer and reduced operating capacity at one reactor by half, the Kremlin said. There were no injuries or radiation leaks reported. The incident occurred on the day Ukraine was celebrating the 34th anniversary of independence from the former Soviet Union. The International Atomic Energy Agency repeated its warning that combatants must show restraint near nuclear facilities.
Separately, President Donald Trump's elastic deadline for Russia to begin serious negotiations to end the war has been stretched a "couple of weeks" longer. At a summit on August 16 with Russian President Vladimir Putin, Trump proposed a face-to-face meeting between Putin and Ukrainian President Volodymyr Zelenskyy. The Kremlin said no talks are scheduled. "We're going to see whether or not they have a meeting," Trump told CNN, "and if they don't, why they didn't. I'll know in two weeks what I'm going to do."
China accuses US of harassing its students
China's foreign ministry condemned US harassment of Chinese students, citing groundless interrogations and maltreatment. Some students, it said, have been sent home as national security risks. Foreign Ministry Spokesperson Mao Ning said students are sometimes held for 70 hours or more in small, dark rooms for questioning. She said such actions are discriminatory and politically motivated. Earlier this year, the US sought to revoke visas for Chinese students, who numbered about 280,000 last year.
Leaders of Japan, South Korea pledge closer ties
After a summit between Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung in Tokyo on Sunday, the two nations issued their first joint statement in 17 years, pledging deeper ties in technology and trade, and a commitment to a nuclear-free Korean Peninsula. They also agreed to form a joint task force to address the problems of aging populations and declining birth rates.
Gaza war continues despite famine declaration
Scores of Palestinians were killed over the weekend as Israel pressed ahead with its offensive on Gaza City, despite the UN's official declaration of famine in the coastal enclave. Israel denied a famine exists. Israel's defense minister earlier warned that the Gaza's largest city will be razed if Hamas doesn't agree to disarm and release all hostages.
The Israeli Air Force carried out strikes on Sanaa, the Houthi-held capital of Yemen. The strikes came after the Houthis on Friday launched a drone carrying a cluster-bomb warhead at Israel.
Top Business
Dongfeng Motor to go private in US$7.1 billion deal, spin off electric car unit
Wuhan-based China's Dongfeng Motor Corp said it will take its Hong Kong-listed unit, Dongfeng Motor Group, private in a HK$55.1 billion (US$7.1 billion) deal and spin off its 80-percent-owned electric-car unit Yoyah for a new listing in Hong Kong. The company said it will pay shareholders HK$6.68 a share. Trading in the company was halted on August 8. The state-owned parent owns 13 percent of the listed company. The move is viewed as a shift in focus to new energy vehicles.
Trump says he will extend TikTok deadline a fourth time
President Donald Trump said he will keep extending a Congressionally mandated deadline to pull the plug on TikTok's US operations as long as it takes to find a buyer. He also told reporters that national security and privacy concerns related to TikTok and its Chinese parent ByteDance are "highly overrated." Congress last year passed a law to terminate TikTok in the US if it remains in Chinese ownership, citing national security concerns. Trump has three times delayed its implementation as talks continue on a buyout of US operations by a consortium of US-backed private equity firms. His most recent extension is due to expire on September 17.
Imported furniture in the crosshairs of new US tariffs
US President Trump, who has imposed specific import tariffs on cars, steel and aluminum, and threatened new tariffs on foreign drugs and semiconductors, said he may add furniture to the list. A decision on furniture tariffs will come within 50 days, he said. The US imported about US$26 billion of furniture in 2024, with about 60 percent from Vietnam and China.
Economy & Markets
China's minimum wages on the rise
More than a dozen regions across China have recently raised their minimum wage standards, with several set to take effect in the coming months. Beijing's minimum wage will increase to 2,540 yuan (US$354) a month from 2,420 yuan, starting next month. Hunan Province set new tiers of at most 2,220 yuan per month. These adjustments, along with earlier changes in Shanghai and Guangxi and Fujian provinces, reflect a trend of increasing the income for low-wage workers and boosting consumer spending.
China proposes rules for e-commerce pricing
China proposed rules for online pricing following complaints from both sellers and buyers of unfair or misleading pricing by big e-commerce platforms, the National Development and Reform Commission said in a statement. The rules would require transparency on fees and standardized prices. Merchants have accused the mega platforms of unfairly manipulating prices to bump up sales, while consumers have complained of misleading pricing. The rules will be open for public comment for a month.
China pet food market booms
China's pet food market grew 7.5 percent in 2024 to 167 billion yuan(US$23 billion) and is expected to exceed 175.5 billion yuan this year, according to the China Pet Industry. Millennials account for 41 percent of pet ownership, while Gen Z's share surged to 26 percent, up 15.5 percentage points from 2023. Younger buyers increasingly prioritize nutrition, ingredients and health benefits of what they feed to pets. E-commerce figures show strong demand for tailored products, like food for older dogs, which jumped 62 percent over the past year. Industry analysts say pet care is one of the fastest-growing segments in the consumer market.
'Dead to Rights' sets summer box office record
The Chinese historical film "Dead to Rights" has earned 2.6 billion yuan (US$362 million) since it was released on July 25, making it a record hit for a summer box office season. The wartime movie tells the story of a group of people who seek refuge in a photo studio amid Japanese atrocities known as the Nanjing Massacre. Total ticket sales for all movies this summer surpassed 10.5 billion yuan over the weekend.
China debunks claim that Chinese investment in US farmland is a threat
Chinese ambassador to the US Xie Feng told a soybean industry meeting that US claims of Chinese ownership of US farmland posing a threat to national security are "completely unfounded." He told the group that Chinese investors own less than 0.03 percent of US farmland and US attempts to restrict their investment are merely politics wrapped in the pretext of national security, the South China Morning Post reported. His remarks came after the Trump administration announced plans to expand scrutiny over foreign ownership of farms. Soybean growers in the US have been pressing Washington to settle US-China trade tensions that have interrupted sales of soybeans to China.
Corporate
Vanke posts wider loss
Troubled China property developer Vanke reported its half year loss widened to 12 billion yuan (US$1.7 billion) from 10 billion yuan a year earlier. Revenue dropped 26 percent to 105 billion yuan, while contracted sales fell nearly 46 percent by value. The company blamed weaker project settlements, thin margins, asset write-downs and discounted sales. Still, Vanke said it had made headway on debt repayment, paying down 24 billion yuan in public market debt with support from state-owned major shareholder Shenzhen Metro. The company said it faces no offshore public bond maturities until 2027. The results highlight how China's real estate slump continues to strain even top developers.
Sports-goods retailer Li Ning posts profit decline
Beijing-based sportswear and athletic gear maker Li Ning said first-half profit fell 11 percent from a year earlier to 1.7 billion yuan (US$242 million) on weaker consumer spending and rising market competition. Revenue rose 3 percent to 15 billion yuan. The Hong Kong-listed company was founded by champion gymnast Li Ning and generates nearly 70 per cent of its revenue from offline sales on the mainland, the South China Morning Post reported.
China CAMC wins deal
China CAMC Engineering said it signed a US$72 million contract with Nicaragua to build roads supporting the Punta Huete International Airport project, underscoring the company's growing role in overseas infrastructure and expanding presence in Latin America. The company said the project will strengthen its technical expertise and reinforce its competitive position in global construction markets.
Maxvision to expand into robotic toys
Shenzhen-based Maxvision Technology unveiled plans to set up a new unit to develop toy robots after acquiring technology assets from French humanoid robotics company Aldebaran in July at a bankruptcy sale, Yicai reported. Maxvision is listed on the Shenzhen stock exchange.
Two makers of robotic sensors report surges in quarterly sales
RoboSense Technology and Hesai Technology, two leading Chinese makers of light detection and ranging sensors, reported big surges in sales of robotics products in the June quarter. RoboSense said sales of sensors used in robots surged sixfold from a year to 34,400 units, while Hesai said sales soared more than sevenfold to 49,000 units.