Top News
Japanese prime minister resigns
Japanese Prime Minister Shigeru Ishiba resigned ahead of an expected leadership vote in his Liberal Democratic Party that he was likely to lose. He said he will stay on until a successor is named. His departure, just shy of a year in office, has been the subject of speculation since his ruling coalition lost its upper house majority in July elections. Support for Ishiba has also eroded since his government signed a US trade deal in August that left 15 percent tariffs on Japanese imports.
Largest-ever Russian attack sets Ukrainian government building alight
The main Ukrainian government building in Kiev was hit during a rare Russian cruise missile attack on the center of the capital, igniting a fire. Several residential building blocks in the capital were also hit in what was the largest-ever wave of attacks. At least three people were killed. President Volodymyr Zelensky's home town in central Ukraine was also hit. Ukraine said Russia launched 805 drones and 13 missiles in the overnight attack.
US President Donald Trump, who has been trying unsuccessfully to get the Kremlin to agree to begin peace talks, said on Sunday he is ready to move to a second phase of sanctions on Russia. It was the closest he's come to suggesting that further sanctions he has been threatening for months might be nigh.
Israel steps up attacks on Gaza City, tries to force residents south
Israel ordered residents of Gaza City to evacuate to a "humanitarian" zone in the south of the enclave as it blew up a second high-rise building in the territory's largest city as part of an offensive to occupy all of Gaza. The UN said the "humanitarian" zone is already overcrowded and unsafe, and nearby hospitals are overwhelmed.
Unicef, which runs clinics in Gaza, said more than 7,000 children five years and younger were treated for acute malnutrition in just two weeks amid famine in the territory. Israel, which restricts humanitarian aid to the enclave, denies there is famine.
Trump waffles on reaction to Chinese summit
US President Donald Trump sent mixed messages on his reaction to China-Russia-India rapprochement after leaders of the three countries met cordially last week at an economic summit in Tianjin. The president on Friday said it "looks like we've lost India and Russia to deepest, darkest, China." Later in the day, however, he said he didn't think the US had lost India to China but he is "very disappointed" that India is buying so much oil from Russia. Trump has imposed a punitive import tariff of 25 percent on India, saying its oil purchases help finance the war in Ukraine. India, an energy-poor nation and the largest buyer of Russian oil, said it will continue to buy Russian oil as long as it remains economical.
Iran says it's close to resuming relations with UN nuclear watchdog
Iran and the International Atomic Energy Agency are "very close" to agreeing on a new framework for resuming relations, Iran's foreign minister said. Tehran broke off relations with the UN's nuclear watchdog in June after Israel and the US attacked Iranian nuclear facilities.
Top Business
Gazprom, China National Petroleum look to increase gas supplies
Russia and China have signed a tentative agreement to increase supplies of Russian natural gas to China to 44 billion cubic meters a year from 38 billion through the Siberia 2 pipeline but have yet to agree on pricing, Russian energy giant Gazprom said. The pipeline, which could one day deliver an additional 50 billion cubic meters of natural gas a year to China from Arctic gas fields, is aimed at reducing future dependence on US supplies.
China's film industry receives global accolade
In another milestone for China's film industry, actress Xin Zhilei won the Best Actress award at the Venice Film Festival for her lead role in "The Sun Rises on Us All," directed by Cai Shangjun. The film tells the story of a tangled romance of former lovers. In accepting the award, Xin said she was proud to stand on the festival's stage as a Chinese actress. China is the world's second-largest film market and an emerging player in global box office successes.
Economy & Markets
OPEC+ agrees to increase production, oil prices drop
Eight members of OPEC+, led by Saudi Arabia and Russia, agreed on a conference call this weekend to increase output by 137,000 barrels per day, starting in October. The increase is part of a broader plan to roll back cuts of 1.66 million barrels a day that were to stay in place until the end of 2026. Oil prices fell last week in anticipation of the decision and on a report of higher-than-expected US crude inventories. Brent crude futures ended the week down US$1.49 at US$65.50 a barrel. OPEC production increases this year have cut oil prices about 15 percent.
China extends gold buying streak
China's central bank added gold to its reserves in August for the 10th consecutive month, signaling its appetite for the safe-haven asset amid global uncertainty. Holdings rose to 74.02 million troy ounces valued at US$253.8 billion from 73.96 million ounces in July, according to government data. Gold now accounts for a record 7.6 percent of China's foreign-exchange reserves, which rose almost 1 percent in August from July to US$3.3 trillion. Bullion prices have surged 35 percent this year to record levels.
Former market regulator under investigation
Yi Huiman, former chairman of the China Securities Regulatory Commission, is under investigation for "serious violations of discipline and law," the country's top anti-graft watchdog said Saturday. Yi, 60, spent more than three decades at Industrial and Commercial Bank of China before taking the helm of the market regulator in 2019. Reforms under his five-year tenure included the launch of Shanghai's STAR Market, the opening of the Beijing Stock Exchange and the rollout of a registration-based IPO system across China's equity markets.
New rules proposed to ease cost of mutual funds
The China Securities Regulatory Commission announced draft rules to cut subscription and sales-related fees in the nation's US$5 trillion mutual fund industry to reduce costs for investors and encourage long-term investment. The new rules are the finale leg of a three-stage fee reform and could potentially save investors 30 billion yuan ($4 billion) a year, according to Xinhua. The draft rules are now open to public comment.
Global manufacturing index nears expansion on Asian recovery
The global manufacturing purchasing managers' index compiled by a Chinese industry federation, stood at 49.9 in August, a 0.6 point rise from July and just shy of the 50-market threshold separating expansion from contraction. The China Federation of Logistics and Purchasing said the index indicates that global manufacturing is still in a weak recovery, though the subindex for the Asian region showed expansion with a 50.9 reading.
Corporate
Alipay fined for money-laundering breaches
Chinese payment platform Alipay, a unit of Alibaba, was fined 214,000 euros (US$250,756) by Luxembourg's financial regulator for breaches of anti-money laundering rules. The fine was levied in May but only made public recently. Luxembourg said a probe found failures to report suspicious transactions and verify customer identities.
BMW predicts change of fortune in China auto sales
German luxury auto giant BMW said it expects sales in China to return to growth with the introduction of its Neue Klasse electric car series. Chief Financial Officer Walter Mertl told Reuters, "We are more than competitive with this product." Foreign auto makers have seen sales in China drop amid aggressive competition from Chinese auto makers. In the first half BMW sales in China fell 15.5 percent.
Piesat secures contract to build Pakistan satellite system
Henan Province-based aerospace company Piesat Information Technology said it signed a 2.9 billion yuan (US$406 million) deal with Pakistan to assist in constructing an integrated satellite system for global real-time communication and remote sensing. The first phase includes the launch and operation of 20 satellites, the construction of a satellite manufacturing facility and the development of support software. Piesat is listed on Shanghai's STAR market. The company reported a first-half loss of 248 million yuan on a 66 percent drop in revenue.
WM Motor to restart production
Chinese electric vehicle maker WM Motor said it will resume production this month at its plant in the eastern city of Wenzhou, after new owner Shenzhen Xiangfei Auto Sales took control of the struggling firm. WM, once backed by Baidu, filed for restructuring in 2023 after years of losses and debts of more than 20 billion yuan. A court approved its restructuring plan in April, paving the way for Xiangfei to inject fresh funds and revive operations. WM said it will restart production of its EX5 and E5 models and plans to launch more than 10 new vehicles in the next five years.
Keboda to increase stake in smart driving affiliate
Shanghai-based Keboda Technology said it will buy a 60 percent stake held in an intelligent-driving affiliate from Keshi Investment Management for 345 million yuan (US$48 million). The deal will raise Keboda's stake to 80 percent. The manufacturer of automotive electronics said the acquisition will upgrade its presence in production of smart-car components.
Aishida unit secures major robot order
Zhejiang Province-based robot and home-appliance maker Aishida said its robotics unit received a major order to provide 1,888 welding robots to Honglu Steel Construction Group. No financial details were revealed. The Shenzhen-listed parent entered industrial robotics in 2016. It said income from robotics in 2024 totaled 272 million yuan (US$38 million) last year, accounting for 9.3 percent operating revenue.