Daily Buzz: 21 April 2025

Top News

Iran nuclear talks, round two

US and Iran agreed to meet again next week after reporting progress in a second round of high-level talks in Rome on Tehran's nuclear program. The meeting between US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi followed preliminary talks in Oman a week earlier. According to CNN, the Trump administration pointed to "very good progress" in the latest negotiations. Araghchi told reporters "there is movement forward."

Pentagon upheaval

Joe Kasper, chief of staff for US Defense Secretary Pete Hegseth, is the latest high-profile official to leave his post at the Pentagon. On Friday, three aides were fired: senior adviser Dan Caldwell, deputy chief of staff Darin Selnick, and Colin Carroll, the deputy secretary's chief of staff. Politico news website reported that the departures are tied to an internal investigation, authorized in a memo signed by Kasper, into departmental leaks that included military plans for the Panama Canal. The three fired staffers said in an X post on Sunday that they have no idea why they were ousted.

Top Business

Tariff-driven layoffs surge

Several major manufacturers operating in the US announced layoffs resulting from the impact of tariffs under the Trump administration. Volvo Group announced plans to cut up to 800 jobs across three US plants, including Mack Trucks in Pennsylvania, citing tariffs and weakening freight demand. Stellantis NV said it is temporarily furloughing 900 workers at five US facilities, pausing production in North America due to tariff-related cost pressures. Economists warn that tariffs aimed at protecting American manufacturing are instead increasing costs and reducing demand.

DHL suspends deliveries

DHL Express said it will temporarily stop shipments to US consumers of deliveries valued at more than US$800, starting on Monday. The delivery giant, an arm of Germany's Deutsche Post, cited a "significant increase" in customs red tape following US President Donald Trump's new tariffs. Business-to-business shipments will continue, "though they may face delays," DHL said.

C909 jets debut in Vietnam

China's C909 regional jet began commercial service in Vietnam over the weekend, expanding its presence in Southeast Asia. Two aircraft leased by Chengdu Airlines to Vietjet Air are now flying the Hanoi-Con Dao-Ho Chi Minh City route. The move makes Vietjet the third overseas operator of the C909, following carriers in Indonesia and Laos. Developed by Chinese plane-maker Comac, the jet is China's challenge to Western aircraft dominance in emerging markets. Over 250,000 regional passengers have flown on the C909.

Osaka Expo's rocky start

The 2025 Osaka World Expo had a bumpy first week related to logistical snags. Although major construction delays had been overcome, several countries – including India and Nepal – were unable to open their pavilions on schedule. Despite lukewarm domestic interest and budget concerns surrounding the exhibition, Japan Prime Minister Shigeru Ishiba expressed hope that the Expo would showcase an "enjoyable Japan" and foster global unity around sustainability and innovation. The fair features cutting-edge technologies such as electric flying cars and advanced robotics.

Economy

Stock and Property

Chinese Premier Li Qiang emphasized the need to stabilize domestic stock markets and promote the "steady and healthy development" of the property market during an April 18 executive meeting of the State Council, China's Cabinet, which he chaired. Analysts said the comments signal a shift in government policy focus toward capital markets.

Corporate

Ford to raise prices

Ford Motor Co said it may raise vehicle prices in coming months if the Trump administration retains its 25 percent tariff on automobiles and auto parts imported to the US. The US carmaker has also stopped shipping vehicles made in the states of Michigan and Kentucky to China due to the tariffs, according to the Detroit Free Press. Sales of Fords in the Chinese market last year dropped more than 65 percent from its peak performance in 2016, but still yielded a profit of US$ 600 million. Those earnings largely came from the export of Hangzhou-made Lincoln models to the US.

Horizon's new chip platform

Horizon Robotics, a Chinese provider of smart-driving chips and software, on Sunday unveiled its Horizon SuperDrive urban driving-assistance system. It is powered by the company's Journey 6 chip platform. Mass production of the system will begin in September with new vehicles from Chinese carmaker Chery. Horizon chips are featured in a third of smart cars sold in China, including those of foreign carmakers like Volkswagen.