Daily Buzz:29 May 2025
Top News
China launch aims at asteroid
China launched the Tianwen-2 spacecraft early on Thursday morning to bring asteroid samples back to earth. The craft is designed to collect samples from an asteroid orbiting Earth that scientists believe may be a fragment of the moon. Tianwen-2 is expected to return the samples to Earth with a re-entry vehicle in 2027. China would become the third country, after Japan and the US, to return asteroid samples.
SpaceX rocket fragments
The ninth test flight of Elon Musk's SpaceX Starship on Tuesday fell short of expectations when controllers lost contact with the mega-rocket as it spun out of control and broke apart over the Indian Ocean. However, the spacecraft did move further along its flight path than in previous tests. Two preceding launches ended in explosions. SpaceX is part of Musk's long-term vision to eventually colonize Mars.
US halts processing of all foreign student visas
The Trump administration ordered US embassies around the world to stop scheduling appointments for student-visa applicants as it prepares to examine the social media content of applicants. Chinese students have comprised the largest group of foreign students in the US for 15 years, with numbers estimated at 277,400 in 2024. China has urged the US not to politicize education.
Russia-Ukraine talks proposed
Russia proposed a second round of peace talks with Ukraine on June 2 in Istanbul after US President Trump expressed further frustration with President Vladimir Putin's apparent delay tactics. The first round of talks produced no agreement on a ceasefire. Russia last week promised the White House a list of conditions for peace but has yet to deliver it. Reuters, citing unidentified Kremlin sources, reported that the list will contain a requirement that NATO members sign a pledge that the military alliance won't allow membership for former Soviet republics, shorthand for Ukraine, Georgia and Moldova. It will also include a demand that Western sanctions be lifted.
Visa-free entry for Gulf residents
China will begin visa-free entry for citizens of Saudi Arabia, Oman, Kuwait and Bahrain in early June, the Foreign Ministry said on Wednesday. Ordinary passport holders from the four Gulf countries will be allowed to visit China without a visa for up to 30 days. The move completes visa-free coverage for all six members of the Gulf Cooperation Council following earlier agreements with the UAE and Qatar.
Top Business
Nvidia revenue hit by chip restrictions
Nvidia, a world leader in chipmaking and artificial-intelligence technology, said US restrictions on exports of its H20 chip to China resulted in lost sales of US$2.5 billion in its fiscal first quarter ended April 27 and are expected to rise to US$8 billion in the current quarter. The company said China still accounted for almost 13 percent of revenue in the February-April period.
In its quarterly report released today, Nvidia said revenue surged 69 percent from a year earlier to US$44.1 billion, beating analysts' forecasts. Net income rose 26 percent to US$18.8 billion. Nvidia shares rose 4 percent in after-hours trading in New York.
US bans export of chip-design technology to China
The Trump administration has banned companies, including Cadence, Synopsys and Siemens, from selling software used to design semiconductors to China, the Financial Times reported on Wednesday, citing unidentified officials. The Commerce Department said only that it is "reviewing exports of strategic significance to China."
Phone brand Honor enters robotics
Honor, the smartphone brand spun off from Huawei, has officially expanded into robotics, according to a surprise announcement from Chief Executive Li Jian at a smartphone launch on Wednesday night. The company aired a video showing a prototype robot running at a speed of 4 meters a second, breaking previous robotic records.
The new Honor 400 smartphone, priced at about 2,000 yuan (US$278) after trade-in subsidies, was also showcased at the event. It integrates a suite of AI functions including text-to-image conversion and automatic crease and reflection removal in photos.
Shanghai hosts robot skills competition
A humanoid robot skills competition begins today in Shanghai's Zhangjiang High-Tech Park. It's a precursor to the larger World Artificial Intelligence Conference that the city will host in July. Shanghai is home to a third of China's robotics industry
Economy
Japanese bond turmoil eases
The Japanese government's decision to calm nervous bond markets by issuing shorter-duration debt paused a sell-off in long bonds that had sent yields spiking. The 40-year bond hit a record of 3.689 percent a week ago amid tepid interest in bond auctions. Japan has the highest per-capita government debt among the Group of Seven major economies, and higher yields raise borrowing costs. Japan's Prime Minister Shigeru Ishiba said last week his nation's financial health is poorer than that of Greece.
Chinese bonds in Hong Kong
China's Ministry of Finance said on Wednesday it is issuing 68 billion yuan (US$9.5 billion) in government bonds in six tranches in Hong Kong this year. The third tranche of 12.5 billion yuan will be issued on June 4, after two earlier issues totaling 25 billion yuan.
New Zealand cuts rates
The Reserve Bank of New Zealand cut its key interest rate by 0.25 percentage point to 3.25 percent on Wednesday. The nation is often considered a global bellwether for the direction of interest rates. The New Zealand central bank has reduced rates for six straight meetings since last August and is forecasting its rates will fall to 2.85 percent by early next year.
Corporate
Shein may seek IPO in Hong Kong
Chinese e-commerce company Shein, which has been hit by the US and Europe ending duty-free entry of its small parcels of low-cost Chinese goods sent directly to buyers, is seeking a Hong Kong listing, Reuters reported. The company will file a prospectus in coming weeks. The decision is a shift from plans to pursue a listing in London. Shein's proposed initial public offering was recently approved there, but faces snags in getting required approval from the China Securities Regulatory Commission.
Shift in iPhone shipments
Shipments of iPhones from India to the US rose 76 percent in April from a year earlier, while shipments from China fell by the same percentage, according to market analyst firm Canalys. The shift reflects Apple's decision to move more production to India to circumvent Trump administration tariffs. President Donald Trump has criticized Apple for production in both China and India, saying the US company should be making smartphones domestically. He has threatened to impose 25 percent tariffs on all foreign-made phones sold in the US.
Telsa's waning popularity
The number of electric-vehicle buyers in China who favored Tesla as their top choice in 2024 dropped to 14 percent from 18 percent a year earlier, the South China Morning Post reported, citing a report released this week from investment bank UBS. Globally, 18 percent of buyers last year considered Tesla their top pick, down from 22 percent. The survey didn't cover the start of this year, when Tesla Chief Executive Elon Musk's heavy involvement with the Trump administration soured buyer attitudes. Tesla has a major car assembly plant in Shanghai.
Separately, the city of Marion in the state of South Australia approved the sale of a site to Tesla to build a battery-repurposing plant, the Guardian reported. The nod came despite strong local opposition from people expressing anti-Musk sentiment. Ninety-five per cent of public submissions on the issue called for the application to be rejected.
Pony.ai's robotaxi in Dubai
Nasdaq-listed Pony.ai, a prominent Chinese autonomous driving firm, has partnered with Dubai's Road and Transport Authority to deploy a robotaxi fleet in the Gulf city, marking expansion in the Middle East. The rollout of its self-driving technology is planned in phases, with full driverless operations to begin next year.
