Weekend Buzz
Top News
Trump dangles cut in tariffs
US President Donald Trump proposed cutting tariffs on imports from China to 80 percent from 145 percent ahead of ice-breaker trade talks in Genva on Saturday between Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent and US chief trade representative. Trade tensions between the world's two largest economies have disrupted global supply chains and caused economic repercussions on both sides of the Pacific.
Businesses and investors have welcomed the first talks since the US started the tariff war last month, hoping they will lead to de-escalating tensions. However, former US trade negotiator Stephen Olson told the BBC that bilateral friction will "not be resolved anytime soon." And Eswar Prasad, former head of the China division of the International Monetary Fund, told the British broadcaster that the talks could produce "a pullback from sky-high bilateral tariffs, but that would still leave in place high tariffs and various other restrictions" to be addressed.
China exports beat forecast
China's exports in April rose a faster-than-expected 8.1 percent from a year earlier, with increased shipments to Southeast Asia, the EU, Africa and Latin America offsetting a 21 percent drop in exports to the US. Chinese imports in the month slipped 0.2 percent, marking the third consecutive monthly decline but exceeding forecasts of a 6 percent slump. China's trade surplus narrowed to US$96.18 billion from US$102.64 billion in March. April's strong export growth was led by gains in machinery, ships and integrated circuits.
Saudi minister visits Pakistan
A surprise visit to Pakistan by Saudi Arabian foreign minister Adel al-Jubeir sparked speculation of possible Saudi mediation efforts in the conflict between Pakistan and India. The visit comes amid growing international concern over recent cross-border military attacks by the two nuclear-armed neighbors in a flare-up of their longstanding dispute over the Kashmir region.
Xi attends Russian victory parade
Xi Jinping sat next to Russian President Vladimir Putin at Friday's grand miliary parade in Red Square, joining more than 20 international leaders in marking the 80th anniversary of Russia's victory over Nazi Germany. Earlier in his four-day visit to Russia, Xi said China and Russia should maintain strategic resolve and coordination in a global period of turbulence and transformation.
Top Business
US sees Asian trade talks taking longer
US Commerce Secretary Howard Lutnick, in an interview with Bloomberg Television, said concluding trade agreements with South Korea and Japan will require considerably more time than did the recent framework deal announced with the UK. Lutnick also suggested that India could be the next nation to secure a deal with the US.
Central bank pledges further economic support
China's People's Bank of China, in its first-quarter monetary policy report, signaled it stands ready to provide additional support to underpin economic growth. The report indicated the need to bolster businesses and domestic consumption, respond to external shocks created by the trade war with the US, and maintain an "accommodative" stance on money supply.
Economy
China targets illegal mineral exports
China launched a crackdown on illegal exports of strategic minerals like gallium, germanium and rare earths, citing a national security risk. At a Friday meeting in Shenzhen, top officials from customs, the commerce ministry and national security agencies pledged to strengthen enforcement to stop deceptive export practices. China holds major reserves of key industrial minerals that are in strong global demand.
China proposes safer car door handles
China has proposed new mandatory safety standards for car door handles, targeting hidden and electrical designs increasingly used in smart vehicles. A draft document from the Ministry of Industry and Information Technology outlines safety, durability and emergency-exit requirements, following several recent high-profile accidents involving automated systems and batteries of electric cars.
Deep Dive
Shanghai is leading a campaign to absorb export backlogs into the local economy. The question remains: How will such a flood merchandise affect the market?
(Click the headline to read full article.)
The phoenix spreads its wings: China takes its prowess to the world
In fields like carmaking, solar power and data processing, China's global trailblazers are establishing beachheads overseas.
(Click the headline to read full article.)
Corporate
Chipmaker SMIC misses earnings estimates
Semiconductor Manufacturing International Corp (SMIC), China's largest contract chip maker, missed analysts' and its own earnings forecasts though it reported first-quarter profit surged 162 percent from a year earlier to US$188 million on a 28 percent gain in revenue to US$2.24 billion. A company representative blamed geopolitical conditions and "production fluctuations" that are expected to continue into the second quarter. Wafer shipments in the first three months rose 28 percent from a year earlier. The chipmaker's shares, traded in Hong Kong, fell nearly 5 percent on Friday.
'Flying car' takes step toward production
XPeng AeroHT, an affiliate of XPeng Inc, announced yesterday that its application for a production certificate for its Land Carrier flying car has been accepted by the Civil Aviation Administration of China. This marks a significant milestone in the company's bid to become a leader in electric aerial vehicles. A recent report by the China Low-Altitude Economy Alliance predicts a boom in vertical take-off and landing aircraft in China by 2030.
Nvidia alters chip for China
US-based Nvidia has notified major Chinese customers, including leading cloud computing providers, that it will release a downgraded version of its H20 artificial intelligence chip for China in July to circumvent US export restrictions, Reuters said, citing three sources familiar with the matter. The downgraded H20 represents Nvidia's latest attempt to maintain its presence in the crucial China market in face of Trump administration attempts to restrict China's access to advanced chip technology.
Alibaba deepens AI-powered searches
Alibaba's AI-powered Quark app has launched a "deep search" function, marking the latest effort by Chinese tech firms to innovate search engines with artificial intelligence. The Quark's new feature is a departure from traditional keyword-based searches, integrating reasoning with online information retrieval to provide precise answers to intricate user queries, according to the company.
Bill Gates' wealth management
Billionaire Bill Gates, Microsoft co-founder and former chairman, said he will give away nearly all his personal wealth, now estimated at US$168 billion, to humanitarian causes and close the philanthropic Gates Foundation by 2045. The foundation has already dispensed more than US$100 billion in aid of causes like measles and malaria eradication.
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