Top News
Tariff warning letters go out
Japan and South Korea were among 14 countries receiving the first letters from President Donald Trump advising them of higher import tariffs, effective August 1, if trade deals with the US aren't concluded. The two Pacific nations were warned they each face tariffs of 25 percent. Also receiving letters warning of new tariffs as high as 40 percent were Malaysia, Kazakhstan, South Africa, Myanmar, Laos, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia and Thailand.
The US dollar rose 0.5 percent against six major global currencies to a one-week high on the news. However, the first half of the year was hard on the dollar. It tumbled 11 percent against major currencies, its worst six-month performance in 50 years.
Trump threatens BRICS with special tariffs
US President Donald Trump has threatened an additional 10 percent tariff on countries that support the "anti-American policies" of the BRICS group, a bloc founded in 2009 that originally included China, Russia, Brazil, India and South Africa. A Chinese Foreign Ministry spokesperson responded by saying that BRICS is "an important platform for cooperation among emerging markets and developing countries" and doesn't engage in confrontation nor target any country.
At a weekend BRICS meeting in Brazil, the group, in a veiled reference to Trump policies, denounced actions that "distort trade and violate World Trade Organization rules." More recently, the bloc expanded to include Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia and Iran. The meeting also condemned recent military strikes on Iran, without naming the US or Israel.
Gaza talks, possible camps for Palestinians
The first round of indirect talks between Israel and Hamas on a proposed 60-day ceasefire in Gaza ended in Qatar without a breakthrough, the BBC reported. There was no immediate news on a Monday meeting between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu in Washington.
Separately, Israeli Defense Minister Israel Katz has ordered the military to prepare for the establishment of a sprawling camp in Gaza where the entire population of the enclave will eventually be forced to move and not be allowed to leave, Haaretz newspaper reported. It's part of what Israel called an "emigration plan" to end Hamas control over Gaza. Leading Israeli human rights lawyer Michael Sfard was quoted by the newspaper as saying that any forced deportation would be a violation of international humanitarian law.
Top Business
Shanghai's chip design revenue grew rapidly
The value of Shanghai's software and information services industry in the first five months of 2025 surged 20 percent from a year earlier to over 690 billion yuan (US$95.8 billion). That surpassed the nationwide 14 percent increase. The chip design and industrial security sectors grew rapidly, in line with China's broader long-term strategy of achieving self-reliance in software development, especially amid strict technology bans imposed by the US on Chinese tech industries.
Legoland Shanghai opens to capacity crowds
Legoland Shanghai, the world's largest theme park based on the popular Danish toy blocks, had a rousing opening weekend, with entry tickets selling out despite a heat wave gripping the city. The park was built with 85 million Lego brick and features 75 rides. The venue is operated jointly by UK-based Merlin Entertainments and Shanghai's Jinshan District, where the park is located.
Separately, electric carmaker BYD said it formed a partnership with Legoland Shanghai to create travel systems for children aged two to 12 that combine education with entertainment.
China finds new soybean sources
China approved the import of soybean meal from Ethiopia, as part of efforts to diversify away from the US amid trade tensions between Beijing and Washington. A notice by China Customs released on Monday specified details of importing soybean meal, a byproduct from the processing of soybeans and widely used in livestock feed. China, which has mainly imported the protein-rich product from the US and Brazil, is also beginning to buy soymeal from Argentina.
Economy & Markets
Stablecoin licensing to begin soon
Hong Kong is set to launch its stablecoin licensing regime as early as August, with approvals likely capped in the "single digits" this year, according to Financial Secretary Christopher Hui. The cautious rollout reflects growing regulatory attention and heightened regional competition in digital currencies. While early efforts focus on Hong Kong dollar-pegged stablecoins, industry players are pushing for offshore yuan-linked options. Chinese tech firms JD.com and Ant Group are reportedly lobbying Beijing to support such initiatives, signaling rising demand for cross-border digital finance.
Lens Technology raises HK$4.8 billion in IPO
Shenzhen-listed Lens Technology, a maker of mobile-phone glass covers and other components of consumer electronics for clients that include Apple, priced its initial share offering in Hong Kong at the top of the range, raising HK$4.8 billion (US$607 million), according to Business Times. The shares are expected to begin trading on July 9.
China expands fast charging
China plans to deploy over 100,000 high-power charging stations nationwide for electric vehicles by 2027, according to a policy issued by four central government agencies. The notice emphasizes site-specific planning, technological upgrades and financial incentives such as local government bonds. The initiative focuses on supporting "charge-and-go" use to accelerate public acceptance of electric mobility. Following the announcement, shares of companies related to charging rallied sharply on mainland A-share markets, with Autosun rising 10 percent to the daily trading limit.
Corporate
Meituan steps up flash-delivery competition
Food-delivery platform Meituan stepped up its competition with Alibaba's new Taobao Flash Buy system with a flood of coupons that drove daily order volume to surpass the 120 million milestone 33 days earlier than last year, according to the Beijing-based company. Instant online retail, which promises delivery within 30 minutes, has become the new retail battleground, pitting established players Meituan and JD.com against Taobao, which entered the market in May with a pledge to invest 50 billion yuan (US$7 billion) in consumer and merchant subsidies over the next 12 months. Summer is the peak season for food-delivery orders.
Nio unveils new SUV, Xiaomi begins YU7 deliveries
The Onvo L90, the full-sized SUV of Nio's sub-brand, will begin presale on July 10 with a starting price of less than 300,000 yuan (US$41,900), Chief Executive William Li said in a a livestream.
Separately, Xiaomi delivered the first group of its new YU7 electric SUVs yesterday. The vehicle, priced between 253,500 yuan and 329,900 yuan, is designed as a rival to Tesla.
Meanwhile, Tesla shares in the US dropped 7 percent after Chief Executive Elon Musk announced the formation of a new political party to rival the Republicans and Democrats, and President Donald Trump called him a "train wreck." The decline wiped US$68 billion from the market capitalization of the electric carmaker.
Robotics startups show progress
Chinese robotics startup AgiBot unveiled the Lingxi X2-N, a next-generation humanoid robot that allows seamless switching between wheeled and foot-operated movement.
Meanwhile, startup RobotEra announced it raised nearly 500 million yuan (US$73 million) in a Series A financing round led by funds CDH VGC and Haier Capital. The proceeds will go to research and development.