Daily Buzz: 5 May 2025

Top News

Xi to visit Russia

Chinese President Xi Jinping will visit Russia from May 7-10, attending Victory Day celebrations marking the 80th anniversary of Russia's defeat of Nazi Germany and holding talks with President Vladimir Putin, China's Foreign Ministry said Sunday. Xi and Putin are expected to discuss global governance, security issues and economic ties. "We believe the important common understandings between the two presidents will further deepen political mutual trust between the two countries and add new substance to strategic coordination," the ministry said.

Romanian election

Romanian right-wing candidate George Simion, who said he aligns with US President Donald Trump's policies, was ahead in the first round of presidential voting, according to exit polls, with centrists Nicusor Dan and Crin Antonescu almost tied for second place. If no candidate gets a majority, the top two candidates will face off in a second round of voting on May 18. The election on Sunday was called after last November's election, won by a radical mystic, was nullified amid a scandal over fraud and outside influence. Simion, 38, opposes military aid to neighboring Ukraine and is critical of EU leadership.

Jester-in-chief?

The White House posted on its X account a digitally doctored image of US President Donald Trump wearing a papal white cassock and headdress just days before cardinals begin their deliberations to elect a new pope. The AI mock-up evoked widespread accusations of poor taste. Trump, who attended Pope Francis's funeral in the Vatican on April 25, was just joking, top associates said.

Trump, in a TV interview on Sunday, rolled back what may have been another jest. He reversed earlier statements that he would run for a third term despite the US Constitution limiting presidents to two terms, and he backpedaled from earlier comments that Canada would become the 51st US state.

Top Business

OPEC+ boosts output

OPEC+ will increase oil production for a second consecutive month in June, accelerating higher output that will restore up to 2.2 million barrels a day to the market by November. As part of their commitment to unwind production cuts approved last year, oil producers agreed to add 411,000 barrels a day in June, citing healthy market fundamentals and low inventories. The price of benchmark Brent crude dropped 4 percent on Sunday to US$58.90 a barrel.

Buffett to step down

Warren Buffett, 94, the legendary US investor, condemned President Donald Trump's tariffs at the annual meeting of his Berkshire Hathaway holding company this weekend, arguing that trade should not be used as a weapon. "I do not think it's a great idea to try and design a world where a few countries say 'hah, hah, hah, we've won' and other countries are envious," he said.

Buffett also announced at the meeting that he will retire as chief executive at year's end after 60 years at the helm, designating longtime company executive Greg Able, 62, to succeed him.

Buffet is often called the "Oracle of Omaha." Despite being the world's fifth-wealthiest individual, he still lives in a modest stucco house he bought in Nebraska's largest city in 1958. He is known for his investment prowess, folksy humor, philanthropy and ukulele playing.

Economy

China ramps up spending

China will boost spending on education, healthcare, technology innovation and social welfare, with each sector seeing increases of over 5 percent, Finance Minister Lan Fo'an wrote in Qiushi magazine. The nation has unveiled its most aggressive fiscal stimulus in years, raising the 2025 deficit target to 5.66 trillion yuan (US778.31 billion), or 4 percent of gross domestic product. The additional spending is aimed at shoring up the economy amid a softening in domestic demand and a trade war with the US.

Food fund expanded

The Asian Development Bank on Sunday announced plans to expand its support to food and nutrition programs in the Asia-Pacific region by US$26 billion, bringing total spending over 2022-30 to US$40 billion. "Unprecedented droughts, floods, extreme heat and degraded natural resources are undermining agricultural production, threatening food security and rural livelihoods," bank President Masato Kanda told the annual meeting.

Corporate

Auntea Jenny shares to start trading

Chinese bubble-tea chain Auntea Jenny, after a successful initial public offering that raised US$35 million, will start trading in Hong Kong on May 8. It is the third tea-drink maker from the mainland to list in Hong Kong this year, following the US$450 million IPO of Mixue in March and the US$230 million listing of Guming in February. Another tea firm, Chagee, raised US$411 million in a Nasdaq listing in New York in April.

Airport merger

Hainan Airport has announced plans to acquire controlling stake in Hainan Meilan International Airport Co. for $330 million. After the acquisition, Hainan Airport will be the controlling shareholder of the three major civil aviation airports on the island: Haikou Meilan Airport, Sanya Phoenix Airport and Qionghai Boao Airport. Air traffic has increased in the southernmost province since it was designated a free trade port.