Finance news

Copyrights: 400 US local newspapers sue AI providers

AI models are presumably also trained with newspaper articles. In America, the publishers of almost 400 local newspapers are suing Open AI and Microsoft.

Former US national security adviser John Bolton pleads guilty to illegally having top secret info

Former Trump administration national security adviser John Bolton pleaded guilty on Friday to illegally retaining classified information, sealing a deal with federal prosecutors that could allow him to avoid a prison term. Bolton, who became an outspoken critic of President Donald Trump after serving in the Republican’s first administration, is scheduled to be sentenced on October 28 by US District Judge Theodore Chuang in Greenbelt, Maryland. Bolton, 77, pleaded guilty to a single count of...

Why is no one chartering China’s first privately owned research vessel?

The first scientific ship built by private interests in China is still waiting for its first assignment after it launched last month near Wenling, in Zhejiang province, on the east coast, according to Chinese media reports. The 82 metre-long (269-foot), 3,500-tonne Haiying Jiake research vessel was built with 150 million yuan (US$22 million) raised by 37 Zhejiang fishermen. It is designed to operate anywhere in the world’s oceans, including in thin sea ice, and support research ranging from...

Wall Street: “The AI ​​worries are back” – Wall Street starts with losses

Concerns about the AI ​​rally dominate the US stock exchanges. One media report is causing a lot of uncertainty. However, there is at least some relief from a market.

Hong Kong civil service chief vows ‘attractive’ pay rise once economy improves

Hong Kong’s civil service chief has pledged to deliver a “reasonable and attractive” pay adjustment once the economy and public finances improve, following the legislature’s approval of a flat 2 per cent pay rise for civil servants this year. The Legislative Council’s finance committee on Friday scrutinised HK$6 billion (US$765 million) in spending for the annual pay adjustment for civil servants and associated provisions for subvented organisations, after an earlier decision by the city’s top..

In Venezuela, China’s oil-for-loan deals run into debt restructuring, US ‘gatekeeper’ risk

The United States represents the primary obstacle to continuing oil-for-loan arrangements between China and Venezuela, analysts say, creating a significant wild card in what ranks among the largest debt restructurings in history. Following Washington’s abduction in January of Venezuela’s then president, Nicolas Maduro, Caracas is set to reveal a US$240 billion debt pile, according to a Financial Times report on Wednesday. The disclosure, expected in the coming weeks, rivals the €200 billion...

Europe wants a new Plaza Accord for China – seriously?

Leaders of the G7 rich nations might have gone into this month’s summit in France hoping for a united front against China. But, overshadowed by the conflicts in Iran and Ukraine and alienated by a mercurial US President Donald Trump, the lacklustre gathering came up short. There was no public agreement on how to address the so-called China shock 2.0, the supposed overcapacity issues and currency manipulation that is considered to be the cause of Chinese exports flooding into Europe. Instead of..

Hong Kong power firms to give residential customers rebates as bills soar

Hong Kong’s two major electricity suppliers will provide rebates to eligible households between August and October to reduce their bills and ease financial pressure after the US-Israel war on Iran pushed up energy prices. HK Electric said on Friday that it would provide a special subsidy of 8 HK cents per kilowatt-hour (kWh) for three consecutive months to residential customers with a monthly electricity consumption of 450 kWh or less. A spokesman said the initiative would benefit around half of

When geography is destiny, Gulf states must diversify their defence, expert says in Dalian

The Gulf states should prioritise diverse defences and domestic capability-building to hedge against uncertain US commitments and volatility in the Middle East, according to an expert at the World Economic Forum’s annual meeting in Dalian in northeastern China this week. Sanam Vakil, director of the Middle East and North Africa programme at Chatham House, said on Wednesday that regional governments remained deeply reliant on the United States for security but were increasingly uneasy about...

Hong Kong, mainland police smash HK$16.8 million cross-border phishing syndicate

Hong Kong police and mainland authorities have smashed a cross-border phishing syndicate that swindled victims out of HK$16.8 million (US$2.14 million) by impersonating the Water Supplies Department, resulting in 15 arrests between March and June. The joint enforcement action, code-named Operation Boldhawk, targeted a criminal chain that sent malicious text messages to residents in the city, Superintendent Hui Yee-wai of the police cyber security and technology crime bureau said on Friday. “This

China Eastern buys 25 A330neo widebody jets as domestic interest rises in Airbus’ wings

China Eastern Airlines has ordered 25 A330neo widebody jets from Airbus, marking the planemaker’s first major long-haul order from a Chinese carrier since last year, as the nation continues to favour the European manufacturer. The list price of the 25 aircraft is about US$9.35 billion, but China Eastern said in a statement on Friday that it had obtained a “substantial price discount” from Airbus, making the actual cost significantly less than the catalogue price. The Shanghai-based carrier...

Bayer: Why so many Roundup weedkiller lawsuits?

Bayer was sued for failing to add cancer warnings to its controversial pesticide Roundup, when US regulators opposed adding one. DW asks if the latest Supreme Court win will stop the chemical giant from paying billions.

Migration: UN alerts about 18 deaths in US ICE custody

The immigration agency ICE is often criticized in the USA. The UN High Commissioner for Human Rights, Volker Türk, is concerned about the number of deaths - and is demanding consequences.

US and allies flex military muscle on China’s doorstep with multi-front drills

When Japan quietly deployed members of its elite airborne brigade for parachute drills in the Philippines’ northernmost province earlier this month, the exercise was not vigorously publicised by officials on either side. The drills on Batan Island, in the Batanes province, formed part of Kamandag – a countrywide mission jointly hosted by Philippine and US marines that ran until Wednesday. Involving some 2,000 troops, the exercise was designed to improve readiness, interoperability and...

USA: Poll numbers are falling – the Trump method is reaching its limits

For a long time it looked as if the US President could do whatever he wanted: without a strategy, in a casual manner, controversially. But now the Republicans are in crisis and public criticism is growing.

How America lost its swagger after 100 days of war against Iran

Who would have imagined that just over 100 days could so change the world? The US-Israeli “war of choice” on Iran has fundamentally – perhaps, permanently – shifted the global balances of economic, military and political power, and not in America’s favour. Mix the direct impact of this gratuitous military conflict with the broader effects on global security, efforts to mitigate climate change, contain soaring public debt and “de-risk” after America’s unilateral efforts to unravel globally agreed

Hong Kong reports 36% rise in FDI inflows so far this year, InvestHK data shows

Hong Kong continued to draw US and European firms to expand their businesses in the city in the first half of this year, the latest data shows, adding new momentum to its superconnector role. A total of 413 companies either set up local entities or expanded their businesses in Hong Kong in the first six months of 2026, representing a year-on-year increase of 9 per cent, government investment promotion agency InvestHK said on Thursday. “[The firms] are expected to bring in over HK$53 billion...

Exclusive interview: US companies will be 'top priority' in Iraq, new PM says

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Hong Kong beautician pleads guilty to luring 2 women into Myanmar scam factory

A Hong Kong beautician has admitted tricking two women into forced labour and confinement in Southeast Asia by offering them free flights and accommodation and promising a lucrative reward for transporting 48 million baht (US$1.4 million) more than a year ago. Poon Sum-yi, 33, pleaded guilty at the District Court on Friday to a count of fraud for luring the two victims into travelling to Thailand, before they were “sold” to a Chinese-run scam factory in neighbouring Myanmar for US$54,000 in...

Malaysia demands US$257 million from Norwegian firm over axed missile deal

Malaysia is seeking compensation of 226 million euros (US$257 million) from a Norwegian defence firm after a deal to deliver a naval missile system was cancelled, despite the Southeast Asian country having paid about 95 per cent of the contract value. The claim comprised 129.86 million euros in direct losses, including payments already made by the government, and 96.26 million euros for additional costs and consequential damages, Defence Minister Mohamed Khaled Nordin told parliament on Friday,.

Why Chinese exporters and shipping firms remain wary despite the US-Iran peace deal

Iran and the United States may have entered a temporary ceasefire, but uncertainty over the agreement continues to cast a shadow over the operations of Chinese businesses across the Gulf region. While the deal has raised hopes that business activity could gradually resume, many traders and investors remain reluctant to make long-term commitments. For Abbas Shi, a Chinese businessman who has been helping connect Chinese companies with Iranian partners since 2024, the immediate priority is...

Chinese-owned Lotus bets on hybrid SUV for US turnaround

GPT 5.6: US government could force OpenAI to pre-test new AI models

The Trump administration wants to prevent powerful AI systems from falling into the wrong hands. According to a report, OpenAI will also initially restrict access.

‘Imitation genius’: China influencer overcomes abusive dad to self-fund US education

A 19-year-old influencer in China has announced he has been admitted to top-tier Boston University, with tuition and living costs to be covered entirely by himself, as he has earned money through his online activities in recent years. Zhong Meimei, born Zhong Yusheng, shot to fame in May 2020 when he released his first batch of videos in which he mimicked female teachers at primary and middle schools, the National Business Daily (NBD) reported. His works quickly captivated internet users, who...

CK Asset sells penthouse in Hong Kong’s Mid-Levels for US$48.5m, sets pricing benchmark

A penthouse at CK Asset Holdings’ luxury residential project in Hong Kong’s Mid-Levels has been sold via tender for HK$380.77 million (US$48.5 million), according to a statement from the flagship property developer of tycoon Li Ka-shing, underscoring the rebound in the city’s high-end residential segment. Unit 10 on the 20th floor of 21 Borrett Road in the upscale district in Central fetched HK$126,000 per square foot, the highest price for the development and for new home sales this year,...

Breakthrough in US-Iran talks; Japan visa fee hike to affect Chinese: SCMP’s 7 highlights

We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond 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. A crisis ‘defused’ as blockade lifted, assets to be returned to Iran after Swiss talks Statements from the US and Iran following talks in Switzerland have cooled tensions that nearly derailed the peace process, signalling an intention

The future of US-Colombia relations after Trump-ally Abelardo de la Espriella’s win

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Chinese man changes locks on vacant flat, sells it to unsuspecting couple for US$103,000

A man in eastern China deceived long-time friends out of over 700,000 yuan (US$103,000) by changing the lock on a random vacant flat and posing as its owner to sell it to them. Sun, a Shanghai resident who previously owned two shops that went out of business, had a history of serving time for fraud, according to the mainland media outlet Xinmin Evening News. Following his release from prison in 2017, a married couple he had known for nearly three decades consistently provided him with meals,...

‘Do or die’ for small carmakers: China market braces for 156 new models as price war looms

A record 156 new models are expected to hit the Chinese automotive market in the second half of 2026, intensifying concerns about small players’ profitability as a new price war looms. The mass-market segment would see an influx of intelligent electric vehicles (EVs) priced at around 100,000 yuan (US$14,740), but only leading carmakers were expected to secure large orders thanks to their brand awareness and production advantages, analysts said. “Demand for new cars has rebounded but it is not...

How Chinese philosophy influenced US founding fathers

“Founding Father, Benjamin Franklin, published the sayings of Confucius in his colonial newspaper and today’s sculpture recognising that ancient Chinese age is carved into the face of the United States Supreme Court very proudly,” said US President Donald Trump in Beijing last month. It took two-and-a-half centuries for an American president to explicitly acknowledge the profound Chinese impact on the US founding fathers. Trump’s recent declaration could be a historical first. Unless archival...