Daily Buzz: 29 April 2025

Top News

Russia announces ceasefire

Russian President Vladmir Putin on Monday declared a unilateral 72-hour ceasefire in Ukraine starting on May 8, one day ahead of Russian ceremonies marking the 80th anniversary of the nation's defeat of Nazi Germany. Ukrainian Foreign Minister Andrii Sybiha asked Russia to cease hostilities immediately and emphasized that Kyiv is ready for a "lasting, reliable and complete ceasefire" for at least 30 full days. Russia has previously rejected US President Donald Trump's proposal of a full 30-day ceasefire.

Iberian blackout

Power across a large swathe of Spain and Portugal was slowly being restored late Monday after a massive outage caused widespread chaos across the region, shutting down airports, trains and other critical infrastructure. Madrid, Lisbon and the Basque country of southwestern France were among the areas affected. Utility authorities said the blackout occurred following a disruption in the European grid. Spanish Prime Minister Pedro Sánchez said the cause of the outage is under investigation, and Portuguese Prime Minister Luis Montenegro ruled out a cyberattack.

China denies phone call a third time

Chinese foreign ministry spokesperson said China and US "have not engaged in consultations or negotiations regarding tariff issues." The third denial in a row came after US President Trump persisted with his claim that Chinese President Xi Jinping had phoned him. US Treasury Secretary Scott Bessent said he had "interactions" with his Chinese counterparts on the sidelines of last week's meeting of the International Monetary Fund in Washington but said they centered on traditional issues like financial stability. He did not mention tariffs. He also said "it's up to China to de-escalate" the trade war.

Top Business

Tariffs hit US exports

Rating service Moody's downgraded the 2025 outlook for US ports from "stable" to "negative," predicting a 7-12 percent decline in volumes due to tariffs and looming recession risks. Any slowdown in shipping would ripple through global supply chains. US exports of pork and soybeans tumbled between April 11–17. The Port of Los Angeles said it expects a 33 percent drop in import volumes for the week beginning May 4 as US businesses pause or cancel shipments from China after the Trump administration imposed tariffs of 145 percent on imports from that country.

China approves more nuclear reactors

China has approved the construction of 10 new nuclear reactors, brining the total number of reactors under construction to 30. That's about half of the total worldwide. The country's third-generation Hualong One reactors are among those being built. Each of these reactors can meet the energy demands of 1 million people.

Economy

Dallas Fed manufacturing index

The US Federal Reserve's Dallas Fed Manufacturing Index report for April showed a drop of 16.3 points to 35.8, the lowest level in five years and worse than analysts' estimates. Analysts said the decline reflects the immediate impact of US tariffs. The index provides a snapshot of manufacturing in Texas and surrounding areas, accounting for about 9.5 percent of US manufacturing production.

China moves to steady economy

China will introduce new measures to stabilize employment and economic performance, Zhao Chenxin, deputy head of the National Development and Reform Commission, said Monday. The measures cover job support, trade stability, consumption promotion, investment expansion and environmental improvement. They include incentives for firms to retain workers, expanded vocational training, aid for exporters and stimulus for purchases such as autos.

Corporate

Porsche may exit electric cars in China

Porsche CEO Oliver Blume said at the ongoing Shanghai Auto Show that the company might quit the electric vehicle business in China. "We will see in the next two or three years whether Porsche exists as an electric brand here," he said. Porsche's 2025 Taycan 4, an electric sports sedan, is marketed in China with a suggested retail price beginning at around 1 million yuan (US$137,029). Sales of luxury cars in China costing 1 million yuan or more tumbled 53 percent from a year earlier in the first three months of 2025.

DHL resumes deliveries

DHL lifted a suspension it imposed earlier this month on deliveries to US consumers valued at US$800 or more after negotiating "adjustments" to customs rules. The multinational delivery company said shipments were stopped due to a "significant increase" in customs red tape related to President Donald Trump's tariff policies. Deliveries to business customers were not affected.