Finance news

Artificial intelligence: “Increased threat situation”: ECB demands an action plan against cyber attacks from bank CEOs

In a letter to the CEOs of the largest financial institutions, the head of European banking supervision warns of increasing risks from new AI models - and sets a deadline for them.

Billionaire John Arnold commits $2.6 million to study online sports betting risk

John Arnold, who runs Arnold Ventures with his wife, Laura, is investing $2.6 million for university research into potential harms of online sports betting.

Hong Kong should build AI plan around ‘competitive’ strengths, industry leaders say

Hong Kong should draft a five-year plan that includes an artificial intelligence (AI) focus that is not too broad, makes the most of its core strengths and attracts the best talent to develop the sector, industry leaders have said. At the South China Morning Post’s China Conference on Tuesday, titled “Intelligence at Scale: Hong Kong’s AI-Powered Future”, speakers at two panel discussions considered how Hong Kong could deliver on its AI aspirations and the city’s readiness as a launch pad for...

NATO to add up to five Northrop Grumman Triton drones for maritime surveillance

“It is genuinely made in NATO and is creating jobs on both sides of the Atlantic,” alliance Secretary-General Mark Rutte said.

Huawei’s new computing cluster, world’s first AI agent phone to debut at China AI summit

The coming World Artificial Intelligence Conference (WAIC) is set to feature major new product releases, such as Huawei Technologies’ next-generation computing cluster, as China doubles down on AI in the global technology race. This year’s WAIC, the ninth since 2018 and running from July 17 to 20 in Shanghai, would include the first physical display of Huawei’s Atlas 950 SuperPoD, Tang Wenkan, director of the Shanghai Municipal Commission of Economy and Informatisation, said at a press briefing.

Sri Lanka probes prison riot as death toll rises to 27

Sri Lanka launched an investigation on Tuesday into its deadliest prison riot in years, as the death toll from clashes between rival drug gangs rose to 27. Armed police and commandos were not sent into the prison but were deployed to guard the perimeter of Negombo prison, as authorities tightened security following the clashes on Monday that also wounded more than 100. Justice Minister Harshana Nanayakkara told parliament on Tuesday that a criminal investigation had begun alongside a...

First Mercedes, now VW: 3 reasons why the German car workforce is simmering

The situation in the German auto industry has been tense for a long time. But now the mood among the workforce is threatening to change - which is why protests are forming against further austerity measures.

How Volkswagen's huge workforce became a liability

The struggling German carmaker plans to cut up to 100,000 jobs from its 630,000-strong workforce. How did VW's headcount get so bloated, and will the cuts be enough to survive the Chinese EV onslaught?

Communication technology: Operation Funk: How Europe wants to become more independent of the USA when it comes to military radio

European armies lack a common communications system. Supported by industrial partners, they are working on particularly powerful and safe technology.

Zhipu AI, MiniMax shares to provide gut check for Hong Kong investors as lock-ups end

Hong Kong’s stock market could face sell-off pressure amid a torrent of new share supply in coming days as the six-month lock-up period ends for hot artificial intelligence and semiconductor picks including Zhipu AI and MiniMax. Meanwhile analysts warned of rising fears of a drain on liquidity as many of the same companies were eyeing large secondary share placements. The market was facing dual selling pressure, said Stevan Tam, associate director at Fulbright Financial. “These stocks have...

China last female Red Army veteran who enlisted at 14 celebrates 105th birthday in uniform

China’s last surviving female Red Army veteran has marked her 105th birthday, as her extraordinary wartime story stirred admiration across mainland social media. On June 27, Wang Quanying, from Sichuan province in southwestern China, sat in a wheelchair in military uniform, her chest adorned with medals, as relatives, volunteers and well-wishers gathered to celebrate the milestone. Although Wang never learned to read or write, local media said she could still sing Red Army songs from memory, had

Thai beer heir opens up, Philippine ube’s ‘purple gold rush’: 7 Asia highlights

We have selected seven stories from the SCMP’s coverage of Asia over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. US touts regional ‘balance’ in missile sale to Singapore. What does it mean? Washington has recently approved a proposed US$22.3 million sale of additional Hellfire missiles to Singapore, with the US State Department declaring that the transfer and associated arms...

Joy and tears as Hong Kong students receive secondary school allocations

Hong Kong’s Primary Six students received their secondary school results on Tuesday after years of hard work, with many elated and some already deciding what subject to major in at university or considering pathways to studying overseas. Tears of joy and relief filled the school hall at Yaumati Catholic Primary School (Hoi Wang Road) as students and parents received their long-awaited secondary school allocation results. Among them was 12-year-old Carmen Leung Ka-man, who collapsed into her...

China hit by multiple extremes in fatal start to predicted extreme flood season

Landslides, floods, strong rainstorms and tornadoes have led to multiple deaths across China, with people still missing as meteorologists warn the country faces “complex” disaster prevention challenges this year. The annual flood season, which officially began on July 1, will be affected by global warming and El Nino, they said. President Xi Jinping has instructed that “all-out efforts” must be made for emergency rescue and relief, medical treatment should be provided to the injured and...

Indian security analysts alarmed by Bangladesh-China port deal

AI ‘central plank’ in Hong Kong’s economic development, John Lee says

Hong Kong’s high-quality economic development will be guided by its first five-year blueprint and the coming policy address, with artificial intelligence (AI) as the “central plank”, the city’s leader has said. Speaking at the South China Morning Post’s China Conference 2026 on Tuesday, Chief Executive John Lee Ka-chiu also said Hong Kong’s “one country, two systems” advantages and commitment to innovation and technology position the city to connect the world with opportunities in an AI-powered.

Kuaishou shares tumble as Tencent slashes stake after US$3b Kling AI deal

Shares of Kuaishou Technology fell more than 6 per cent on Tuesday morning after Tencent Holdings slashed its stake in the short-video platform by selling 273 million Class B shares, just days after leading a US$3 billion financing round for Kuaishou’s artificial intelligence video unit, Kling AI. The divestment will reduce Tencent’s shareholding in Kuaishou to 9.37 per cent from 15.68 per cent, meaning the tech giant would cease to be a substantial shareholder, according to a Kuaishou filing to

Before we hail Hong Kong cinema’s return, let’s ensure its survival

The Furious, Hong Kong’s latest action flick, is crushing it on Rotten Tomatoes and has garnered critical acclaim abroad – proof of what human-centric filmmaking can still deliver in today’s market. But before we rush to hail the return of Hong Kong cinema, a new breed of drama factory is quietly generating content at a velocity no human team could ever match. In mainland China, micro dramas generated by artificial intelligence (AI) have turned the industry upside down. A production schedule...

Planning to get married – how do you manage your finances, portfolio and assets in your marriage?

Hello everyone, I am currently 25 years old and am planning to propose to my girlfriend in January next year. Then we would have been together for almost three years. We've been living together for about a year and four months and so far our relationship has been really harmonious. Of course no one can predict the future, but I can very well imagine a long-term marriage with her. Nevertheless, I have recently been thinking about the topic of finances in marriage

Taiwan revives ‘anti-communist’ training for its military graduates after 24 years

Taiwan has revived its “anti-communist patriotic education” programme for military academy graduates, reflecting growing concern over Beijing’s efforts to infiltrate the island’s armed forces after a string of espionage cases involving service members. The compulsory five-day course, held from July 1 for graduates of Taiwan’s eight military academies, restores the programme’s original name after a 24-year hiatus. Introduced in 1965, the programme was renamed “patriotic education” in 2002 but has

The U.S. Army Just Took a Historic Step to Break China's Rare Earth Dominance

The U.S. Army has placed REalloys at the center of America’s drive to rebuild its heavy rare earth supply chain, selecting the company to build and operate the first-ever commercial critical mineral processing operation on a U.S. military installation. REalloys plans to build a heavy rare earth processing complex at the Tooele Army Depot in Utah capable of refining dysprosium and terbium, two of the most strategically important rare earth elements used in high-temperature permanent magnets for d

Why Abu Dhabi Is Building the World's First Integrated Energy-AI Economy

For decades, countries have been competing by setting up larger energy sectors, deeper ports, or stronger digital economies. That era is ending. The emerging global economy, even if it being fractured, is no longer defined by excellence in individual sectors but by the ability to integrate them into a single strategic ecosystem. Energy powers artificial intelligence, AI optimizes logistics, while maritime infrastructure enables both physical and digital trade. Few governments have fully grasped

Trump hints at public ‘contribution’ from US AI firms, sparking speculation

US President Donald Trump suggested on Monday that leading American artificial intelligence companies would make a public “contribution” to the country, offering few details but fuelling speculation about a greater government role in the booming industry. Speaking in the Oval Office on Monday morning, Trump said tech companies “making tremendous amounts of money” will be making “a contribution to the people of our country”. “We’re going to have guardrails … You know that. But [AI] can be used...

Taiwan's biopharma sector steps into spotlight with rush of IPOs

Savings measures: Draft: In the future, only twelve months of parental benefit

After the birth of a child, parents can receive money from the state during a career break. But Family Minister Prien suggests changes.

Pharma lobby: “Merciless, discreet and with a powerful influence on the government”

The drug manufacturers are fighting against the burden of the planned healthcare reform. They pull out all the stops.

Army makes new tweaks to acquisition portfolios, realigns autonomy office

The Army’s approach to acquisition portfolios, which is in flux after an overhaul in the fall, is to “keep what is working and change what is not,” a service spokesperson told Breaking Defense.

Finance: Government wants to scrap 25 euro surcharge for poor children

It was introduced as a step against child poverty in Germany. Now a surcharge for particularly needy children and young people is to fall victim to the red pen.

Wall Street: Strong bounce in AI stocks – concerns about meta are cooling off

Only one more day until SpaceX joins the Nasdaq 100. Metra reiterates its spending in artificial intelligence.

BP, JERA Raise Stake in 2 Belgian Offshore Wind Farms

JERA Nex bp, the 50:50 offshore wind joint venture of Japan's JERA and Britain's BP, completed the purchase of Sumitomo's stakes in two Belgian offshore wind facilities with a combined capacity of 384 megawatts.