Top News
Hamas sends positive signal on proposed ceasefire
Hamas said it responded in a "positive spirit" to the US-proposal for a 60-day ceasefire Gaza. On its official website, the group stopped short of full acceptance but said in a statement that it is "seriously ready to enter into a round of negotiations." President Donald Trump said Israel last week accepted "the conditions" necessary for a temporary truce. Israeli President Benjamin Netanyahu is scheduled to meet Trump in Washington on Monday.
Details of the proposed temporary truce have not been revealed, but Hamas has been demanding the resumption of unrestricted food and medical aid to Gaza and some assurance that a ceasefire will lead to talks on a permanent peace in the in 20-month war. Major obstacles include Israel's insistence that Hamas disarm and Hamas' demand that Israeli troops be removed from the coast enclave.
Meanwhile, Israeli attacks, including a strike on a tent encampment, killed 138 Palestinians in the last 24 hours. Since the war began, Israel has killed more than 57,000 Palestinians, according to the Palestinian Ministry of Health. The death toll includes at least 500 people killed since May while seeking food at distributions centers operated by a controversial US-Israel foundation.
US greenlights GE jet engine shipments to China
China's Ministry of Commerce confirmed reports that the US has given GE Aerospace the greenlight to resume shipments of jet engines to China's Commercial Aircraft Corp for use on its C919 and C909 jets. The go-ahead is part of a bilateral agreement to remove some trade barriers. The US has also eased restrictions on export of chip-design software and ethane to China, while China has relaxed exports of rare earth minerals.
Trump talks with Russia, Ukraine leaders
US President Donald Trump expressed frustration with Russian President Vladimir Putin after a phone call that he said made no progress at all on the ending the war in Ukraine. "I'm not happy about that," Trump said of the hour-long call. Within hours of the call, Russia launched a massive drone and missile attack on Kiev, blanketing the capital on smoke.
In a subsequent 40-minute call with Ukrainian President Zelensky, Trump reportedly said the US wants to help Ukraine with air defense, after earlier pausing shipments of air-defense interceptors.
US threatens new tariffs
The US government has started sending out letters to trading partners detailing higher import tariffs, effective August 1. US President Donald Trump indicated the tariffs could range from 20 percent to 70 percent. He had set a deadline of July 9 for concluding negotiations on new trade deals, but few have been completed. He didn't say whether the new tariffs would be blanket duties on all goods or only on certain commodities.
Russia officially recognizes Afghan government
Russia has become the first country to formally recognize the Taliban government in Afghanistan, four years after it took power from a US-backed regime. The recognition will foster "productive bilateral cooperation," Moscow said in a statement.
Top Business
China approves historical shipbuilding merger
China approved a landmark merger between shipbuilding giants China State Shipbuilding Corp and China Shipbuilding Industry Co. The biggest deal in the nation's shipbuilding history is aimed at eliminating domestic competition and consolidating resources as China seeks to solidify its global position in the industry.
Electricity use hits record
China's electricity usage reached a record on Friday, driven by intense heatwaves across parts of the country, according to the National Energy Administration. The maximum power load hit 1.465 billion kilowatts, up by 200 million kilowatts since late June and by 150 million kilowatts from the same period last year. Authorities said they anticipate power loads to remain high next week due to continued forecasts of extreme heat.
China updates rules for cross-border yuan payments
China issued new rules to streamline business conducted in yuan under the Cross-Border Interbank Payment System. The changes, announced by the People's Bank of China, include improving risk management and system stability. They are aimed at increasing use of China's currency in global trade.
Shanghai trade zone success to be replicated
The Shanghai Free Trade Zone has been such a successful pilot project that China wants to expands 77 of its key elements to other free trade zones in the country. They cover areas such as trading in services and digital technologies, intellectual property protection and government procurement, and risk prevention and control. The Shanghai zone, officially established in 2013 to test reforms and opening-up policies to foreign businesses, has expanded over the years to include city technology parks and ports.
China seeks orderly transition in solar panel industry
China's industry ministry is taking steps to curb disorderly price-competition in the solar panel industry amid losses caused by oversupply. Li Lecheng, head of the ministry, said authorities should guide companies in an orderly exit from outdated production capacity, according to a statement.
Tax cuts fueling innovation
China spent 636 billion yuan (US$87.5 billion) in the first five months of the year on tax breaks and rebates to businesses involved in priority sectors of advanced technology and manufacturing, according to the State Taxation Administration.
Beijing gives AI biomedicine a shot in the arm
Beijing has released an action plan to accelerate artificial intelligence-driven innovation in biomedicine, aiming to become a global industry hub by 2027. The plan supports research in AI-powered life sciences and promotes development of biomed models to increase new discoveries and clinical trial success rates.
It's off to the flicks!
Ticket sales at Chinese cinemas in June, the first month of the summer holiday season, totaled 2 billion yuan (US$279 million), led by imported films such as "Mission: Impossible - the Final Reckoning," "Detective Conan: One-Eyed Afterimage" and "How to Train Your Dragon" and by two domestic films. Some 101 movies are scheduled for release in China over the summer, including 20 animations. China's box office topped 29.2 billion in the first half of the year, led by the runaway success of domestic production "Ne Zha 2."
Economy & Markets
Alibaba to raise US$1.5 billion in bond issue
Alibaba Group announced plans to raise HK$12 billion (US$1.5 billion) by issuing exchangeable bonds to support infrastructure and international e-commerce operations. The zero-coupon bonds, maturing in 2032, will allow holders to exchange them for shares in subsidiary Alibaba Health Information Technology. The private offering is targeting non-US investors.
Foreign banks raise China growth forecasts
JPMorgan Chase, Goldman Sachs, Morgan Stanley and Deutsche Bank raised their forecasts for China economic growth this year, citing robust activity in technology and government stimulus measures. China has set a growth target of about 5 percent this year. The higher growth forecasts by the four investment banks range from 4.5 percent to 4.8 percent.
Mainland brokers join Hong Kong platform
Twelve Hong Kong units of Chinese securities firms, including Citic, CIIC Haitong International, Guotai Jun'an, were the first group approved for business under Hong Kong's new Integrated Fund Platform. It aims to streamline fund subscription and redemption processes by connecting key players in the industry.
Hangzhou leads China cities in land auctions
Hangzhou led Chinese cities in revenue from land auctions for residential housing in the first half of the year. The capital of Zhejiang Province earned 116 billion yuan (US$16.2 billion) from the sales, just shy of the total for all of 2024, according to property market data firm Beike Research Institute. The strong results mainly came from land for upmarket development, including one parcel that sold at a 68 percent premium to the asking price.
China car sales in UK
One in 10 cars sold in the UK in June came from China, led by models sold by BYD and Chery and Geely, according to the Society of Motor Manufacturers and Traders. Almost 19,000 China-made cars were sold in the month, an increase to 10 percent of car sales from 6 percent a year earlier.
China's tariffs on French cognac
China has imposed anti-dumping duties of up to 35 per cent for five years on French cognac, exempting producers that agree to sell at a minimum price. The duties come after a year-long probe by China's Ministry of Commerce.
Corporate
Fulin, SD Loman form battery-materials venture
Fulin Precision, a raw materials supplier to Chinese battery giant Contemporary Amperex Technology (CATL), is teaming up with SD Lomon, a phosphate and phosphorus maker, to build two factories in Sichuan province to meet the increasing demand for fast-charging lithium batteries. Annual output capacity each of three key production materials is set at 100,000 tons.
Sinopec launches China's first floating offshore solar project
China Petroleum & Chemical Corp (Sinopec) began operations of China's first commercial floating offshore solar project. The project, located off the eastern port of Qingdao, is expected to generate 16.7 million kilowatt-hours of green electricity annually and reduce carbon emissions by 14,000 tons.
DeepSeek expands global talent search
DeepSeek, a Chinese artificial intelligence startup, is ramping up global recruitment efforts, particularly on LinkedIn. The company recently posted its first job listings in months on the employment-related social media platform. The move mirrors aggressive talent search strategies deployed by Meta, Open AI and other US AI companies.
Apple iPhone sales rebound in China
Apple's iPhone sales in China in the second quarter rose 8 percent from a year earlier, the first growth since the same quarter in 2023. According to Counterpoint Research, the rebound, largely due to promotions, signals a potential turning point in a crucial market for Apple.
Chinese air-con sales rise along with Europe temperatures
Chinese appliance maker Haier, Gree Electric Appliance and other mainland manufacturers of air conditioners report robust sales in Europe amid a blistering heat wave affecting parts of Spain, Franch and Italy. June was the hottest month there on record, with the temperatures exceeded 40 degrees Centigrade continuing in some areas.
Cochlear offers implants in Hainan
Australia's Cochlear, a leader in implant devices for the hard of hearing, has introduced its new smart system in the special medical tourism zone in Hainan Province. It provides limited access to the devices as the company awaits regulatory approval to enter the wider Chinese market.
Chinese eatery admits guilt in ByteDance food poisoning
Chinese eatery chain Yun Hai Yao pleaded guilty this week to charges related to a 2024 incident where food catered to ByteDance's office in Singapore resulted in 60 employees falling ill from poisoning.