Top News
SpaceX Starship launched after two scrubbed attempts
SpaceX launched its 10th test flight of the Starship and its super heavy rocket booster this morning, Asia time, after two attempts this week aborted by technical problems and bad weather. The latest test is designed to deploy eight satellite "simulators" from the Starship spacecraft. The company owned by Elon Musk has suffered a series of explosive mishaps with earlier launches this year. Starship is key to NASA's Artemis project to send astronauts back to the moon this decade. Musk has said Starship will be the vehicle that eventually carries humans to Mars.
Fed governor says Trump has no authority to fire her
A defiant Lisa Cook, the first black woman to sit on the Federal Reserve Board of Governors, said President Donald Trump has no authority to fire her, she will challenge his decision in court, and she will continue to carry out her duties at the central bank in the meantime. In a move unprecedented in the bank's 111-year history, Trump fired her over allegations that she committed mortgage fraud by naming two different properties as her primary residence. No formal charges have been filed against her.
Cook was appointed to the board to a 14-year term by former president Joe Biden in 2022. Trump's attempt to fire her escalates his attack on the Fed over its failure to lower interest rates. The law allows a president to fire a Fed official "for cause," but what merits "cause" has never been legally tested in the courts.
Russia advances into Ukrainian industrial region
Ukraine acknowledged that Russia's military has crossed into the eastern industrial region of Dnipropetrovsk, the first large-scale attack on that region. Russia is continuing the war in Ukraine despite attempts by US President Donald Trump to engineer a peace settlement. Russia has still not agreed to face-to-face talks with Ukrainian President Volodymyr Zelensky, proposed by Trump.
Trump says he will double number of Chinese students in US
President Donald Trump said he will double the number of Chinese students in the US to 600,000, just days after China accused the US of harassing its students, including holding them in small, dark rooms for extended questioning. Trump said his administration wants to get along with China and reiterated that Chinese President Xi has invited him to visit China. There has been no comment from China on his remarks.
Australia accuses Iran of masterminding antisemitic attacks, expels ambassador
Australia expelled Iran's ambassador after accusing the county of orchestrating antisemitic arson attacks in Sydney and Melbourne and said it will list Iran's Islamic Revolutionary Guards as a terrorist group. Since the Israel-Gaza war began in October 2023, Australian homes, schools, synagogues and vehicles have been targeted in antisemitic attacks. Israeli Prime Minister Benjamin Netanyahu last week accused the Australian government of fomenting antisemitic sentiment with its plans to recognize a Palestinian state next month.
Top Business
PetroChina profit falls, company to buy additional gas storage
Beijing-based PetroChina, Asia's largest oil and gas producer, reported first-half profit fell 5.4 percent from a year earlier to 84 billion (US$11.7 billion), weighed down by lower international crude oil prices. Revenue dropped 6.7 percent to 1.45 trillion yuan. Sales of crude-oil products rose 6 percent, but gasoline products dropped 5 percent. However, the company's gas segment reported 18.6 billion yuan in earnings, higher than a year earlier. In the new energy segment, output from wind and solar power surged 70 percent. For the rest of the year, the company said it expects oil prices to remain under pressure.
The Hong Kong-listed company separately announced plans to take over three natural gas storage facilities from its controlling shareholder, state-owned China National Petroleum Corp, in a deal valued at 40 billion yuan (US$5.6 billion) to enhance its supply chain. The purchase will give the company an addition of about 11 billion cubic meters of gas storage. A subsidiary of PetroChina operates the West-East Gas Pipeline in China.
Shuangdeng shares soar 31 percent in Hong Kong debut
Shares of Shuangdeng Group, one of China's largest makers of batteries and green energy-storage systems, closed 31 percent above their offer price in their trading debut in Hong Kong, ending the day at HK$19.01. The HK$850 million (US$109 million) initial public offering was 3,000 times oversubscribed. The company, based in Jiangsu province, said the funds raised would be used to build a lithium-ion battery production facility in Southeast Asia, establish a research and development center in its home city of Taizhou and strengthen overseas marketing.
Cambricon revenue skyrockets, turning loss to profit
Shanghai-listed Cambricon Technology, a leading Chinese AI chipmaker, turned to half-year profit of 1 billion yuan (US$140 million) from a year earlier loss of 530 million on explosive growth in artificial intelligence industry. Revenue skyrocketed 4,347 percent to 2.9 billion yuan. The market value of Cambricon surged to 579 billion yuan this week, with its Shanghai-traded shares now the second most costly in mainland markets, priced at 1,329 yuan on Tuesday, trailing liquor maker Kweichow Moutai's 1,481 yuan share price.
Ping An reports 9 percent decline in profit
Ping An Insurance, China's most valuable insurance company, reported first-half profit fell 9 percent to 68 billion yuan (US$9.5 billion) as a revaluation of investments cut growth in income from life and health insurance policies. Profit from property and casualty insurance rose 2 per cent to 11 billion yuan. Total investment income fell 30 per cent to 6 billion yuan in the first half.
Economy & Markets
Europe, Australia halt small parcel shipments to US
Postal services in Europe and Australia have suspended most parcel shipments to the US, citing widespread uncertainty about the impact of new import tariffs announced by Donald Trump. An executive US order that takes effect this week abolishes a tax exemption that allowed small packages worth less than US$800 to enter the US duty-free. It requires duties be prepaid on all affected shipments and mostly affects companies exporting lower-value goods to US retail customers. Australia Post said its suspension won't affect letters or gifts with a declared value of less than US$100.
China leads world in green energy
China's renewable energy output last year surpassed 10 trillion kilowatt-hours, accounting for a third of the world's total and supplying a third of China's electricity, the National Energy Administration reported. China now holds over 40 percent of global patents on new energy and has built the world's largest electric-vehicle charging network.
China a top investor overseas
China's foreign investment exceeded US$3 trillion by the end of 2024, the Ministry of Commerce reported said Tuesday. Chinese companies now operate more than 50,000 companies across the world, strengthening their international competitiveness.
Corporate
China's solar module manufacturing giants report first half losses
China's biggest five makers of solar power modules –Trina Solar, Longi Green Energy, Tongwei, JA Solar Technology and TCL Zhonghuan Renewable Energy – reported combined losses of 17.3 billion (US$2.4 billion) in the first half of this year amid plunging prices and a supply market glut, Yicai reported. Trina turned to a loss of 2.9 billion from net profit of 526 million a year earlier, its first loss since going public in 2020. Longi's net loss narrowed to 2.6 billion, while Tongwei's swelled to 5 billion yuan. JA Solar 's loss grew to 2.6 billion yuan, and TCL Zhonghuan's broadened to 4.2 billion yuan. Solar cell and module production growth slowed to below 15 percent in the first half, according to the industry.
Apple supplier Luxshare Precision posts profit increase
Luxshare Precision Industry, a supplier to Apple, said first-half net profit rose 23 percent from a year earlier to 6.6 billion yuan (US$928 million) on a 20 percent revenue increase to 124.5 billion yuan. The Shenzhen-listed company forecasts net will rise in the third quarter between 15 percent and 38 percent.
Nongfu Spring revenue rises on diversified product line
Nongfu Spring, China's largest packaged water company, reported first-half revenue increased 16 percent from a year earlier to 25.6 billion yuan (US$3.58 billion), delivering a 22 percent jump in gross profit to 15 billion yuan on a more diversified product line that also includes tea and sports drinks.
Zeekr poised to take orders for new hybrid SUV
Zeekr, a Chinese new energy carmaker majority-owned by Geely, will start pre-sales of its first hybrid model, the 9X SU, on Friday, the company announced. The 5.2-meter long luxury model, which will compete against the likes of Mercedes and Range Rover models, is powered by a 2.0-litre turbocharged gasoline engine paired with three silicon carbide electric motors sourcing electricity from a 70-kilowatt battery. Taken together, the two systems provide a driving range of 1,000 kilometers.