Top News
US talks with China to resume next week, with TikTok on the agenda
US Treasury Secretary Scott Bessent will meet with Chinese Vice Premier He Lifeng next week in Madrid to continue discussions on trade, economic and national security issues during a 90-day truce in their tariff war, announced by both the US Treasury Department and China's Ministry of Commerce.
On the agenda will be the status of Chinese-owned social media platform TikTok as the clock ticks down to a September 17 deadline. The US Congress last year passed a law banning TikTok in the US if the popular platform remains in the hand of Chinese parent ByteDance. President Donald Trump has thrice delayed implementation of the law. His latest deadline expires mid-month.
Also on the agenda of the Madrid talks, according to the China's Ministry of Commerce, are the abuse of single-sided tariffs and export restrictions by the US.
UN condemns attack on Doha, China calls it an attempt to sabotage Gaza peace efforts
The United Nations Security Council condemned this week's Israeli attack on the Qatari capital of Doha without mentioning Israel by name. The council, in a statement, said all 15 members agreed, which signifies that the US, usually a staunch Israel defender, also signed on. The Israel attack was aimed at assassinating Hamas leaders meeting to discuss a ceasefire proposal brokered by the US and Qatar, killing six people but no members of the Hamas hierarchy. President Donald Trump rebuked Israel for the attack, which he said he didn't get enough warning to stop.
China is a permanent member of the Security Council. Its representative Fu Cong said during a council debate on the statement that the attack while Hamas was reviewing a new US Gaza proposal was "dishonest, irresponsible and deliberate behavior" aimed at sabotaging negotiations.
US threatens further punitive action after Bolsonaro's conviction in Brazil
US Secretary of State Marco Rubio said the US will "respond accordingly" to what he called a "witch hunt" against former Brazilian President Jair Bolsonaro, who was sentenced to 27 years in prison after the Supreme Court found him guilty of plotting to overthrow the government after his defeat in 2022 elections. Rubio didn't specify a response but it could involve sanctions on Brazilian Supreme Federal Court Justice Alexandre de Moraes, who has been the target criticism from US President Donald Trump for his handling of the case. Trump, a friend of Bolsonaro, earlier slapped tariffs of up to 50 percent on imports of Brazil, citing Bolsonaro's prosecution.
Nepal names first woman to lead government
Nepal Supreme Court chief justice Sushila Karki was named the country's first-ever woman to lead the government, after anti-corruption protests killed more than 50 people and forced Prime Minister KP Sharma Oli to resign. Karki, 73, was sworn in as interim prime minister after a deal was reached with protest leaders. Countries in southern Asia are no strangers to women at the helm. Female prime ministers have served in India, Pakistan and Bangladesh.
NATO reinforces its eastern flank after Russian drones shot down over Poland
NATO will reinforce defense of Europe's eastern flank following a Russian drone incursion into Polish airspace this week, NATO Secretary-General Mark Rutte announced on Friday. The military operation, entitled Eastern Sentry, will involve Denmark, France, the UK, Germany and others, he said. Polish and NATO pilots shot down Russian drones over Poland on Wednesday. Rutte called Russia's actions "dangerous and unacceptable" and said they are increasing in frequency.
Top Business
Global sales of electric and hybrid vehicles rise at a slower pace
Worldwide sales of electric and plug-in hybrid vehicles in August increased 15 percent from a year earlier, the slowest monthly rate since January, with the hot Chinese market, which comprises half of global sales, cooling to a 6 percent gain, according to market research firm Rho Motion.
The researcher said, however, that Chinese sales may pick up pace by the fourth quarter due to seasonal variations and new government funds for subsidies. Among the August winners for increased car sales were Geely, Xpeng and Nio, all Chinese companies. Rho Motion said demand in the US surged in the month ahead of tax credits due to lapse and European sales benefited from clean energy incentives.
The report noted that Shenzhen-based BYD, the biggest electric carmaker in the world, has cut its sales forecasts for this year by as much as 16 percent. Separately, Yicai reported that Deepal Automobile Technology, the electric-vehicle arm of giant Changan Automobile, has lowered its 2025 sales target to 360,000 units from 500,000, citing current market conditions.
Chinese telecom giants back eSIM for Apple Air
China's three state-owned telecom operators – China Mobile, China Telecom and China Unicom – said they will support eSIM, an embedded subscriber identity module with no physical SIM slot, that's built into the new Apple iPhone Air. The rollout is subject to government regulatory approval, the telecoms said. Apple updated its China website on Friday to confirm that the new iPhone Air will not include a physical SIM slot, requiring customers to activate service via eSIM. The change aligns China with Apple's global strategy, where eSIM has already replaced physical cards in markets such as the US.
Ant displays first humanoid robot in a series of new business developments
Alibaba's Ant Group rolled out its first humanoid robot at the ongoing Inclusion Conference in Shanghai, heralding the fintech company's entry into the increasingly competitive field of embodied artificial intelligence dominated by companies like Unitree. One model of the wheeled, two-armed humanoid, named R1, was exhibited in a mock-up kitchen putting ingredients in a wok. The company said the robot can function as chef or tour guide, with the ability to perform remote-controlled tasks.
In other Alibaba-related news, the group on Friday open-sourced its latest artificial intelligence model, built on the new Qwen3-Next architecture, which is 10 times more powerful but costs only a 10th to build compared to its predecessor.
And Alibaba's logistics arm Cainiao said it will expand its global five-day delivery service to Vietnam, Singapore, the Philippines, Hungary, Austria and Qatar by the end of this year. The expansion is possible because of a widening supply chain overseas that includes added air freight capacity in Europe, Latin America and Southeast Asia.
Economy & Markets
China's money supply expands in August
China's M2, a widely watched broad measure of money supply that covers cash in circulation and all deposits, increased 8.8 percent in August from a year earlier to 332 trillion yuan (US$46.6 trillion), according to the People's Bank of China. Yuan deposits in the first eight months of the year rose 20.5 trillion yuan, with household deposits contributing 9.77 trillion yuan. Yuan-denominated loans through the end of August rose to 13.46 trillion yuan, with the bulk of increased lending going to companies and public institutions. Outstanding yuan loans at the end of last month stood at 269.1 trillion.
China's government debt ratio a 'reasonable' 68.7 percent
China's government debt ratio at the end of 2024 stood at a "reasonable" 68.7 percent of gross domestic product, Finance Minister Lan Fo'an said on Friday. That compares with the average ratio of 118 percent for the Group of 20 major economies, he noted. National debt totaled 92.6 trillion (US$13 trillion), about a third of it central government debt and about half of it statutory local government debt. He said "hidden" local government debt totaled 10.5 trillion yuan. In the last five years, he added, China has spent nearly 100 trillion yuan to strengthen education, healthcare, housing and social security programs.
Consumer sentiment in US sours
US consumer sentiment fell in September to its lowest since May, and inflation expectations rose for the second straight month in a widely watched index published monthly by the University of Michigan. The September index dropped to 55.4 from 58.2 in August. "Consumers feel squeezed by the persistence of high prices," Joanne Hus, director of the survey, said in a statement.
SK Hynix shares soar on new 'milestone' chip
Shares in South Korean memory chipmaker SK Hynix surged 7 percent to a 25-year high in Seoul on Friday after the company said it is ready to mass produce its next-generation high-bandwidth memory chip ahead of rivals. The chips are used in chipsets for artificial-intelligence computing, including those of Nvidia, a big SK Hynix customer. Hynix called its HBMA4 chip a "new milestone" for the industry. It is expected to be used in Nvidia's next-generation Rubin architecture for more powerful data centers.
UK economy at a standstill in July
UK economy showed zero growth in July after surprising markets with 0.4 percent growth in June, adding to the government's budget woes. Production output contracted 0.9 percent, offset by small gains in services and construction. It's a sobering setback for an economy that boasted the fastest growth rate among Group of 7 economies in the second quarter and may point to a possible slowdown for the rest of the year. The government of Prime Minister Kier Starmer is under pressure to deliver on its pledge to boost economic growth amid a budget squeeze that may require tax increases.
Corporate
Xpeng recalls 47,490 vehicles for steering defect
Chinese electric carmaker Xpeng is recalling 47,490 P7+ electric sedans to fix loose wire connections in the steering sensor assistance system, the State Administration for Market Regulation said in a statement. The recall affects 65 percent of the model's sales through the end of Augus. Priced from 186,800 yuan (US$26,228), the electric sedan has become one of Xpeng's best-selling models.
Ming Yang partners with UK electricity supplier on wind turbines
Ming Yang Smart Energy, the largest privately owned wind turbine manufacturer in China, has signed a contract with Britain's largest electricity supplier Octopus Energy Generation to install its turbines in the UK. The size of the contract wasn't announced. In a joint statement, the two companies said the partnership will deliver clean energy that brings down electricity bills for British households. Octopus said its renewables initiative Winder will deploy Ming Yang's wind turbines in developing up to 6 gigawatts of energy capacity. As of 2022, Guangdong Province-based Ming Yang was producing the world's largest wind turbine, with a capacity of 16 megawatts.
Evergrande liquidators poised to sell property management unit
Liquidators for Hong Kong-delisted mainland property group China Evergrande have received non-binding offers for a property management unit they have been seeking to offload, the South China Morning Post reported, citing a stock exchange filing by Evergrande Property Services. Liquidators control a 51 per cent holding of the property services unit, which had a market value of about HK$9.95 billion (US$1.3 billion).
Cummins opens new distribution center in Shanghai
Cummins Inc, a US manufacturer of diesel engines and vehicle components, has relocated to a larger distribution center in Shanghai to enhance its presence in China's auto-supply chain. The new site, located in Pudong New Area, is 1.5 times larger than its old site, established in 1999, and will include parts support and a solutions design center. The site is operated by Cummins' unit CCSC Technologies, whose sales have surged to more than fourfold 4.6 billion yuan (US$646 million) in the last decade.