Finance news

2 wars later, US-Iran nuclear diplomacy returns to square one

After two wars in the space of a year, diplomacy over Iran’s nuclear programme has come back to much the same place it was before the fighting began. The memorandum of understanding signed by US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, on Wednesday sets up talks that non-proliferation experts said would largely resume the US-Iran diplomatic track Washington broke off in February. That track had built on Oman-mediated talks – part of a wider Gulf diplomatic effort...

G7 rare earths, US-Iran peace deal, Summer Davos

The Group of Seven nations this week agreed to pare their reliance on China for vital raw materials, while European leaders struggled to reach a consensus on how to respond to a flood of low-cost Chinese imports. No single country should supply more than 60 per cent of the G7 nations’ rare earths and permanent magnets by 2030, their leaders agreed during a summit in Evian, France. The nations will subsequently aim for a 50 per cent limit as quickly as possible. Targets for other critical...

Hong Kong singer Eason Chan snaps up US$23m home as celebrities flock to luxury property

Hong Kong actor and singer Eason Chan bought a HK$182.53 million (US$23.29 million) property in the city’s Southern district, according to official records, joining a list of the rich and famous who have recently snapped up luxury homes. Chan, whose full name on the official record was Chan Yick Shun Eason, purchased the home in Shouson Hill in a deal registered on Wednesday, records from the Land Registry showed. Agent listings showed that the property had four rooms and a garden, with a...

Fighting flares in Lebanon: 18 die in strikes, Israel reports 4 soldiers killed

Lebanon said 18 people were killed on Friday in Israeli air strikes in the south, while Israel’s military reported its first soldiers killed there since the sealing of a US-Iran deal to halt the Middle East war, including in Lebanon. Israel had said it was striking Hezbollah targets overnight and into the morning, while the Iran-backed militant group said it was attacking Israeli forces around the southern town of Nabatieh. “The intensive Israeli air strikes carried out from midnight until this.

War in the Middle East: Despite US deal with Iran: No end to violence in Lebanon

The violent clashes between Israel's army and the Shiite militia Hezbollah in Lebanon continue unabated. What does this mean for the agreement between Washington and Tehran?

Nikkei and Kospi: Canceled US-Iran talks weigh on Asian stock markets

At one point, two indices in Asia reached record highs. However, the joy was short-lived. Meanwhile, inflation remains stable in one country.

Business ticker: US government investigates drug prices in Germany

Examination of whether Germany is paying too little for innovative pharmaceutical products +++ VW supervisory board member Susanne Wiegand quits +++ Apple is planning price increases for its products +++ News in the company's live blog.

Corporate Japan warns of new normal for supply chains after US-Iran deal

US Federal Reserve: One sentence moves the stock markets: New Fed chief starts an era that hardly anyone expected

Kevin Warsh has spooked the markets with his clear commitment to less inflation. What investors and observers are now preparing for.

Pharmaceutical industry: US investigation into German drug prices – tariffs threaten

Drug prices are significantly higher in the USA. US Trade Representative Greer argues that Germany is not contributing enough to the development costs.

US, Iran sign peace deal; China’s C919 jets grounded for safety checks: 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. Iran and US sign peace deal, Strait of Hormuz to immediately reopen: Pakistan Iran and the US have signed a peace deal that will take immediate effect, with Iran reopening the Strait of Hormuz and the US lifting its naval blockade,...

Allegedly unfair prices: US investigation into German drug prices - tariffs threaten

US President Trump wants to take action against the horrendous prices for medicines in his country - including with his favorite trading tool. A new measure could be painful for Germany.

Malaysia’s World Cup betting crackdown nets major cash seizure

Malaysian police arrested 58 people and seized more than half a million ringgit (US$124,000) in illicit proceeds in a World Cup gambling sweep as authorities in Southeast Asia crack down on illegal football betting during the tournament. Malaysia, where unlicensed betting is a criminal offence, has been bracing for a rise in illegal sports wagers, with the quadrennial spectacle attracting punters to betting sites and apps. Bukit Aman Criminal Investigation Department director M. Kumar said...

US-Iran talks in Switzerland delayed, White House says Vance remains ready to go

Plans for US Vice-President J.D. Vance to travel to Switzerland for a new round of talks with Iran have been delayed, the White House said on Thursday. In a statement, the White House said the arrangements for the “technical talks” had not yet been finalised and that the US delegation remained prepared to depart at the first available opportunity. “The logistics of these negotiations have never been simple or predictable,” the statement said. The announcement followed reports by...

Raw materials: Rare earths from Brazil – is the USA on the right track with its billion-dollar investment?

The US takeover of the Serra Verde rare earth deposit is seen as one of the most important steps towards becoming more independent from China. But a bottleneck remains.

Hong Kong property sales more measured as interest rate increase looms

Hong Kong homebuyers showed interest in 130 flats put on sale by developers on Thursday evening, but the pace of buying was more measured after an interest-rate increase later this year became more likely. Agents said 30 of the 75 units put on sale at Phase 4B of La Montagne at the Southside project at Wong Chuk Hang MTR station sold on Thursday. The two-bedroom units had saleable areas ranging from 484 to 546 sq ft, with prices starting at HK$13.4 million (US$1.7 million) after discounts. With.

Hong Kong’s local brands hold key to city’s creative future

As a cultural strategist, my work takes me across the region as I explore new markets, mine local insights and connect with new consumers. Most recently I was in Seoul, a city voted for four consecutive years by millennial and Gen Z readers of a US-based travel media outlet as their favourite place to visit. Walking the streets of cool-kid neighbourhoods such as Hannam-dong, Seochon and Seongsu-dong on my usual market visits, I noticed something. Locals and tourists alike were walking around...

The Claude Fable ban barely changes Anthropic's IPO timing or valuation

I'm not sure how many of you are interested in Anthropic stock on secondary markets, or are planning to participate in their IPO, but I figured I'd post this here as private markets are huge and most investors I know are either already in Anthropic/OpenAI, or are looking to be. I asked the question: what does this whole "US bans Claude Fable" thing say about Anthropic's IPO timing and valuation? I had a model of these before, and I checked all the assumptions, and my conclusion was, it won't aff

China’s ‘soy sauce’ intestinal detox scam swindles over 100 seniors out of US$1.5 million

A Chinese health centre scammed more than 100 elderly people out of a total of over 10 million yuan (US$1.5 million) by putting soy sauce in an intestinal cleaning liquid to dupe them into thinking they had toxins in their bodies. The Beijing police have arrested more than 30 people involved on suspicion of fraud. They cracked the case after the family of a woman in her 60s discovered she had spent 700,000 yuan (US$104,000) in the health centre. The victim, surnamed Li, bought numerous expensive

At least 6 oil tankers sail through Hormuz following US-Iran deal

Cuba unveils historic package of free-market reforms

Cuba on Thursday unveiled nearly 200 historic free-market reforms aimed at rescuing the communist island from a severe crisis aggravated by a US oil blockade. In a landmark speech to the National Assembly, Prime Minister Manuel Marrero detailed 176 measures aimed at rolling back the state’s role in the economy and attracting investment in everything from banking to tourism and agriculture. These huge changes also come as the United States exerts strong pressure on Cuba aside from the oil...

US trade official takes aim at Beijing, faults Washington on industry

A top US trade official took a veiled swipe at China on Thursday for a range of unfair trade practices, but also criticised the United States for being asleep at the wheel for far too long. “They subsidised, they dumped, they erected regulatory barriers, they supported state-owned enterprises, they used every tool available to build their industries and capture a greater share of the American market,” said William Kimmitt, the US under secretary of commerce for international trade, without...

Under pressure from Washington: Cuba presents 176-point plan to open its economy

McDonald's in Cuba? Under US pressure, the island wants to open real estate, gas stations and banks to foreign capital. Fast food chains are also welcome. The goal is to preserve socialism.

World Cup puts Ebola outbreak and pandemic lessons to the test

Alex Doran, a 28-year-old corporate strategist, is cheering for the US national team and was pleasantly surprised by the size of its initial win against Paraguay last week, while acknowledging that his team is unlikely to go all the way. While he does not expect to attend a match in person involving tickets costing thousands of US dollars, he has been watching avidly online and hopes to see some matches at fan zones set up around Washington. “I’m a little uncomfortable with large crowds because.

Vance calls Iran deal a ‘win-win’ as Trump lashes out at ‘fools’ who oppose it

Vice-President J.D. Vance went on the offensive on Thursday to defend the “win-win” US-Iran agreement as critics slammed its vague provisions, even as others welcomed the apparent end to an expensive and unpopular war, no matter how potentially flawed the deal might be. “We have all the cards,” Vance told reporters at the White House. “Have a little bit of faith in the president of the United States. The idea that he is going to strike a deal that’s been bad for the American people, it’s...

‘Last ride’: US says goodbye to Air Force One as Qatari jet awaits

White House officials bade farewell on Thursday to one of the two jets that have been used to transport US presidents for more than 30 years. The goodbye messages fuelled speculation that a Boeing 747 controversially gifted to US President Donald Trump by the Gulf emirate of Qatar is now set to enter service. “‘Well done, good and faithful servant. ‘The Last Ride,’” Trump’s communications director Steven Cheung said in a post on social media with a picture of the iconic white and blue jet after.

SpaceX bankers prepare for potential US$20 billion bond offering, sources say

⁠SpaceX’s bankers are preparing to meet investors as early as next week to discuss a bond offering of at least US$20 billion, two sources familiar with the matter said ‌on Thursday, as Elon Musk’s newly public company seeks funding for an ambitious and capital-intensive AI expansion. SpaceX’s AI ambitions come with a steep price tag, requiring tens of billions of dollars in investment for data centres, computing hardware and power infrastructure. The offering ⁠would mark the first time the...

Iran conflict: Many concessions and even more open details: This is what Trump's agreement with Iran means

With his Iran deal, the US President is giving up a lot of leverage early on. Nevertheless, a complete agreement must be in place within two months. An analysis of the 14 clauses.

US Air Force awards first CCA production contracts to General Atomics, Anduril

The U.S. Air Force has cleared its first Collaborative Combat Aircraft to enter production.

Iran War: The Triumph of the Mullahs – and its expensive consequences for the global economy

The US President presents himself as a peacemaker, the Europeans applaud. But that cannot hide the fact that the pact in its current form means a strengthening of Iran.