Daily Buzz: 15 May 2025

Top News

Empty seats in Istanbul

The status of direct talks between Russia and Ukraine scheduled for Thursday remains unclear after the Kremlin announced that President Vladimir Putin won't be attending. The news came as Ukrainian President Volodymyr Zelensky was en route to Turkey. He said a day earlier that he won't participate in any direct talks if Putin isn't present.

Shortly after Moscow announced Putin's no-show, the US announced that President Donald Trump, who had hinted he might drop in on the Istanbul talks during his trip to the Middle East, will skip the event.

Putin proposed direct talks earlier this week. The Kremlin announced that its delegation will be led by Vladimir Medinsky, a former culture minister, and will include the head of Russian military intelligence.

China launches computing satellites

China on Wednesday launched 12 space-computing satellites, advancing its push into satellite-based networking. The satellites are the first phase of China's "Three-Body Computing Constellation," a space-based infrastructure designed to support integrated computing capabilities.

Trump's deal haul grows

Qatar agreed to buy up to 210 Boeing jets valued at US$96 billion as US President Donald Trump continues a tour of the Gulf states to drum up investment. The aircraft are part of an economic agreement valued at US$1.2 trillion, the White House said.

It follows a US$600 billion agreement signed a day earlier with Saudi Arabia that includes US$142 billion in military equipment.

Before arriving in Qatar, Trump met with Syrian interim President Ahmed al-Sharaa after lifting all sanctions on the country. He told Sharaa to normalize relations with Israel and refrain from any involvement with terrorist-related groups.

Top Business

Tencent beats forecasts

Tencent, China's multinational technology giant, beat analysts' forecasts with first-quarter revenue rising at the fastest pace in nearly four years. Revenue rose 13 percent from a year earlier to 180 billion (US$25 billion). The gain was driven largely by gaming and AI-related investments. Profit in the quarter was up 14 percent at 47.8 billion yuan. Revenue from gaming surged 24 percent to 42.9 billion yuan on the success of titles like "Honor of Kings" and "Peacekeeper Elite" and "DnF Mobile."

The company's shares rose 3.5 percent in New York trading.

Shanghai stocks break barrier

The Shanghai Composite Index broke through a resistance level on Wednesday to close above the 3,400-point mark. The index rose 0.9 percent to 3,403.95, its highest close in two months. An afternoon surge in trading was primarily driven by heavyweight stocks in the banking and insurance sectors. The Shenzhen stock index climbed 0.6 percent to a one-month high.

China business revenue rises

Revenue in Chinese businesses last month rose 4.3 percent from a year earlier, the State Taxation Administration reported. Industrial sales increased 3.7 percent, led by a 4.4 percent rise in manufacturing. High-tech surged 15.3 percent, and digital-related revenue was up 13.4 percent, Major economic hubs like Zhejiang and Guangdong provinces and the city of Beijing outperformed the national average.

Bolster core-tech innovation

China intensified capital-market support for core technological innovation. A new policy, jointly issued by seven government departments on Wednesday, aims to streamline initial public offerings for qualified technology companies, prioritizing companies that deliver breakthroughs in key sectors.

Economy

A trade uptick?

Investment bank Goldman Sachs predicts a China export boom in the next 90 days on the heels of a pause in US-China tariffs while trade talks continue. Chinese companies will be accelerating efforts to move inventories stockpiled during the trade dispute, and US importers will rush to take advantage of the temporary drop in import tariffs from a high of 145 percent, the US bank said.

China-Vietnam freight route

China kicked off a new international freight route to Vietnam on Wednesday. Trucks carrying electronics and fresh produce departed from the cities of Nanning and Kunming bound for Hanoi. It's the first time freight has moved under the Cross-Border Transport Facilitation Agreement.

Corporate

Drone breakthrough grounded in US

World-leading drone maker DJI has launched the Mavic 4 Pro, its first drone featuring an innovative 360-degree rotating camera, with a starting price of 13,888 yuan (US$1,927). However, the device won't be officially available for sale in the US pending the resolution of trade issues. Despite that, some US retailers, such as Adorama, have managed to obtain limited stock, according to The Verge technology website.

Meizu unveils smartphone amid intense competition

Chinese consumer electronics manufacturer Meizu launched its competitively priced Note 16 smartphone series, with the entry-level model starting at 699 yuan (US$97)-a price further reduced to 594 yuan under China's trade-in program. Featuring a 6.78-inch display and AI capabilities, the phone is powered by a processor from Chinese chip designer Unisoc, offering an alternative to Qualcomm and MediaTek in the Android market. The aggressive pricing strategy underscores intense competition within the Chinese smartphone market, where both Apple and domestic brands are lowering prices in ahead of the upcoming 618 shopping festival, a major retail event.

Burberry to cut workforce

British luxury brand Burberry said it will cut 1,700 jobs, or a fifth of its global workforce, in an effort to reverse the brand's underperformance against upmarket rivals. Burberry sales in its fourth quarter ended March 31 fell 6 percent, but the company narrowly avoided a full-year loss with operating profit of 26 million pounds (US$34.55 million).