Top News
Chinese pioneer of ‘sponge city’ dies in Brazilian plane crash
Yu Kongjian, 62, the Chinese mastermind behind the “sponge city” concept widely adopted in China’s urban planning, died in the crash of a small plane in Brazil. The accident also killed the pilot and two Brazilian documentary makers filming wetlands. Yu, a landscape architect and ecologist, pioneered the idea that creating spaces to hold water in city centers allows extreme rainfall to be absorbed, preventing flooding. Yu was born in Zhejiang Province and earned a PhD from Harvard. He was professor at Peking University. In recent years, he has taken his concept to projects in countries that include Saudi Arabia and Thailand. Brazilian President Luiz Inácio Lula da Silva said of Yu, “In these times of climate change, he became a global reference with his sponge cities, which unite quality of life and environmental protection.”
Macron warns Trump on repercussions of Israeli annexations in West Bank
French President Emmanuel Macron, in the US for the convening of the UN General Assembly, said he told US President Trump that any attempt by Israel to annex parts of the West Bank would end Arab-Israeli diplomatic normalization and should be a red line for the US. He also said he presented Trump with a plan for the future of a Palestinian state endorsed by 143 UN members. It would exclude Hamas from any future role in Gaza and the West Bank.
Meanwhile, Israeli newspapers reported that the White House is backing a postwar plan that would see former UK Labor prime minister Tony Blair head a temporary transitional administration for Gaza and envisions an eventual Arab multinational peacekeeping force. Under the plan, Palestinians would not be forced to leave the enclave.
More Danish airports report drone incursions
Denmark's regional Aalborg airport in the country's north was closed after unauthorized drones were seen in its airspace, the second incident of its kind this week. Three other smaller airports in the country's south also reported drone activity but remained open. Danish officials said the incursions were “professional” but didn’t point a direct finger at Russia, pending further investigation. On Monday, Copenhagen airport was forced to close for several hours due to a drone incursion, and on the same day, Oslo’s airports suspended operations temporarily after drone sightings. NATO has been on heightened alert after Russian drones or fighter planes violated the airspace of Poland, Estonia and Romania recently.
Former French president draws prison sentence
In a high-profile French legal case, former president Nicolas Sarkozy, 70, was sentenced to five years in jail after he was found guilty of criminal conspiracy in a case related to illicit campaign funds from the late Libyan leader Muammar Gaddafi. Sarkozy repeated his innocence and said he will appeal the ruling.
Top Business
US starts probe on imports of robotics, machinery and medical devices
The US Commerce Department said it is initiating national security probe into imports of robotics, industrial machinery and medical devices in a step that could result in new tariffs. The investigation could involve surgical masks, medical syringes, wheelchairs, pacemakers and medical diagnostic equipment. China is a major supplier of robots and Europe a leading medical-equipment supplier. The new probe was announced under the same trade act that led to specific tariffs earlier imposed on automobiles, copper, steel and aluminum. Separate investigations into imports of chips and pharmaceuticals are ongoing.
Trump signs executive order on TikTok
US President Donald Trump signed an executive order that essentially says a proposed deal to sell the US operations of TikTok to a US-led consortium satisfies a Congressional law calling TikTok a security risk and mandating it be banned from the US if it remains in Chinese ownership. The Trump administration said the deal, which China has yet to approve, values TikTok’s American operations at US$14 billion. No price for the sale was disclosed. TikTok has 170 million users in the US.
China lists 3 US firms as ‘unreliable,’ slaps export controls on 3 others
China's Ministry of Commerce added three US companies to its "unreliable entity list" related to military-related ties with Taiwan, banning them from investment or trade in China. The entities are unmanned vehicle company Saronic Technologies, satellite company Aerkomm and subsea engineering company Oceaneering International, according to a ministry statement. Three other companies -- shipbuilder Huntington Ingalls Industries, engineering and construction manager Planate and services provider Global Dimensions -- were added to the export control list.
Economy & Markets
Chery Auto shares rise in HK, but drop from initial pop
Shares in Chery Automobile, China’s largest car exporter, ended their Hong Kong trading debut on Thursday 3.8 percent higher than their offer price but down from an opening surge of 11 percent. They closed at HK$31.92 (US$4.10). The company raised US$1.2 billion in an initial public offering that was oversubscribed 12 times among institutional investors and 308 times on the retail end. Cornerstone investors, who bought about half of the shares on offer, include China's state-owned Enterprise Mixed-Ownership Reform Fund and private equity group Hillhouse. It’s the second-largest share sale this year in Hong Kong until Zijin Gold International debuts next week with a larger IPO. Chery is best known for its Chery, Jetour and iCar brands.
Goldman cuts copper supply forecast, metal price rises
Investment bank Goldman Sachs lowered its forecast of global copper supplies this year and next after a mud flow crippled operations at Indonesia’s Grasberg mine, the world’s second-largest copper producer. The September 8 disaster trapped workers underground and forced operator Freeport-McMoRan to declare force majeure on Thursday, sending copper prices surging on the London Metal Exchange. Goldman estimates a total supply loss of 525,000 metric tons. Copper is critical in electrification and renewable energy industries.
Corporate
Xiaomi plans showrooms in Europe for its entry into the market
Chinese electronics giant Xiaomi said it is scouting for locations in Europe to open showrooms when it expands sales of its electric vehicles to the continent in 2027. The company is among a handful of Chinese automakers seeking to expand into Europe. In an interview with CNBC, Xiaomi Vice President Xu Fei said production of cars in Europe may follow. Xiaomi expanded from core sales of smartphones and consumer electronics into electric vehicles last year.
BYD surpasses rival electric carmaker Tesla in European market share
China’s BYD outsold Tesla in Europe for a second month running in August, Reuters reported, citing data from the European Automobile Manufacturers Association. Tesla sales dropped 37 percent from a year earlier, narrowing its market share to 1.2 percent, while BYD sales tripled, giving it a 1.3 market share. Sales by Shanghai-based SAIC Motor, owner of MG, jumped 59 percent in the month, giving the Shanghai-based carmaker a 1.9 percent market share and ranking it 10th in the EU.
Sinopec Oilfield signs contract for crude project in Iraq
Sinopec Oilfield Service, the engineering and technical services arm of China Petroleum and Chemical Corp, said it secured a US$359 million contract for a crude oil expansion project in Iraq.
The project will build five new production and injection well pads, renovate and upgrade 11 existing ads, lay 44 oil pipelines and install supporting fiber-optic and electrical cabling.
ByteDance denies IPO rumor
Technology giant ByteDance, owner of TikTok, Chinese online platforms Douyin and Toutiao, and cloud computing arm Volcano engine, denied rumors that it is planning a Hong Kong listing. The company has been valued as high as US$300 billion. Li Liang, vice president of Douyin Group, said the speculation may be a deliberate attempt to hype ByteDance-related stocks.
China fusion energy company debuts
China Fusion Energy, a state-owned company formed two months ago with 15 billion yuan (US$2.1 billion) in registered capital, made its first public appearance this week at the 25th China International Industry Fair in Shanghai, unveiling its technology and business strategy. The company, part of China National Nuclear Corp, is tasked with accelerating the commercial application of nuclear fusion, a power source still in the research stage that promises to be nearly limitless in supply and carbon-free. The company said it aims for commercialization by 2050.
Mercedes, Momenta to develop smart driving system
Mercedes-Benz and Chinese autonomous-driving startup Momenta said they will co-develop a smart driving assistance system based on Momenta’s AI model. The system will appear first on Mercedes domestic electric CLA models and expand to other models later.
Valin Wire to buy stake in robotic connectors startup
Hunan Province-based Valin Wire & Cable said it will buy a controlling stake in Sanzhu Intelligent Technology, a startup in the niche market of robot connectors and supplier to Panasonic. The size and cost of the stake weren’t disclosed.