Daily Buzz: 9 June 2025
Top News
US resumes Harvard visa processing
The US State Department has told consulates around the world to resume processing visa applications for foreign students planning to attend Harvard University, the Washington Post reported. The directive came after a federal judge issued a temporary stay in President Donald Trump visa ban on Harvard and scheduled a June 16 hearing on the matter. Chinese students comprise the largest group of the estimated 6,800 visa holders at Harvard, which has been in a legal tussle with the White House over its faculty and curriculum.
Mexico condemns National Guard callout
Mexico criticized President Donald Trump's decision to deploy 2,000 National Guard troops to Los Angeles amid days of sometimes violent protests triggered by federal swoops on undocumented immigrants in largely Hispanic areas. The move bypassed the usual procedure of state governors calling out the National Guard. California Governor Gavin Newsome said the city's police force is capable of handling the disturbances and accused Trump of enflaming unrest. Mexican President Claudia Sheinbaum said Los Angeles "would not be what it is" without the Mexican people who live there, referring to immigrants who have traditionally filled jobs that nobody else wants.
Russia advances in Ukraine
Russian troops advanced further into Ukraine, apparently hoping to gain territory ahead of any serious peace talks. Over the weekend, a Russian barrage of missiles and drones hit Kharkiv, Ukraine's second-largest city. At least three people were killed and 60 injured, with 18 residential apartment blocks damaged. It was a second day of assaults in retaliation for Ukrainian attacks last week on four airfields deep inside Russia, which destroyed or damaged bomber planes on the tarmac. President Donald Trump on Saturday blamed the Ukrainians, saying the attack on the planes "gave Putin a reason to go and bomb the hell out of them."
Gaza food centers close again, hostage body retrieved
A controversial US-Israel aid foundation for the first time distributed Gaza food aid by truck directly to Palestinians outside of normal distribution sites plagued by violence that has resulted in dozens of deaths, according to Israel press reports.
Separately, Israel said its military in Gaza retrieved the body of Thai farm worker Pinta Nattaong, who was taken hostage from a kibbutz during the Hamas attack in October 2023 that started the current war in the coastal enclave.
Meanwhile, Prime Minister Benjamin Netanyahu in parliament defended the practice arming local militias in Gaza to counter Hamas. The opposition in parliament said the policy of providing weapons to "crime families" in Gaza is "complete madness" and will only create new extremist groups threatening the nation's security in future.
No olive branch from Trump
President Donald Trump said he has no interest in reconciling with Elon Musk after the two former friends parted in an explosive bust-up last week that began with Musk's criticism of Trump's signature tax-cut legislation, which he said would blow out the federal deficit. In an interview with NBC News, Trump also said that Musk would face "very serious consequences" if he finances the campaigns of Democrats running against Republicans who support the legislation. The billionaire owner of Tesla, X and SpaceX donated about US$300 million last year to Trump's re-election campaign.
Macron to visit Greenland
French President Emanuel Macron will visit Greenland on June 15 in a show of solidarity against President Donald Trump's expressed desire to take control of the autonomous Danish territory. It comes after US Vice President made a contentious visit to a US military base in Greenland in March. The head of the base, Colonel Susannah Meyers, was subsequently fired after the visit amid reports she distanced herself from Vance's criticism of Denmark.
Top Business
EU-China trade talks move forward
China and the EU have made progress toward reaching a new trade agreement to resolving disputes that include EU tariffs on Chinese electric vehicles and China's anti-dumping investigation into European brandy, according to China's Ministry of Commerce. During a June 3 meeting in Paris, Commerce Minister Wang Wentao and EU Commissioner Maros Sefcovic held what officials called "focused, candid and in-depth" discussions.
China subsidies boost green car purchases
New-energy vehicles are expected to account for 60 percent of China's car sales this year, boosted by government subsidies for consumers who trade in old cars to purchase new green models, according to a report on the DCar online platform. It said 70 percent of the consumers surveyed cited the subsidies in their intentions to purchase cars. In the first quarter of 2025, passenger car trade-in purchases reached 2.8 million units in China, a year-on-year increase of more than 1 million units, Xinhua reported.
Geely chief warns of 'overcapacity'
Chinese automaker Geely Chairman Li Shufu said on Saturday that the global automotive industry is facing "serious overcapacity" and that Geely is deciding not to build new manufacturing plants or expand production in existing facilities, choosing to take advantage of existing resources. Geely said in February that it is planning to use French automaker Renault's production facilities in Brazil and take a minority stake in Renault's business in the Latin American country. The move is pending Chinese regulatory approval.
UK plan for AI center creates eco-concerns
A proposed mega data center to feed Britain's rising demand for artificial intelligence capacity could cause more greenhouse gas emissions than five international airports, the Guardian reported, highlighting concerns about the environmental impact of the energy-hungry industry. The proposed 10-billion-pound (US$12.5 billion) Elsham data center in would house 15 warehouses of computers, which would consumer 3l billion kilowatt hours of electricity a year. It would generate 857,254 tons of carbon dioxide emissions annually and create enough heat to grow 10 tons of tomatoes a day in greenhouses that may be tacked onto the site.
The rapid growth of large AI datacenters in the world will produce carbon dioxide levels in 2030 six times higher than in 2023, according to research by the Öko-Institut in Germany.
Iranian-linked US sanctions
China's foreign ministry criticized "illegal unilateral US sanctions" imposed on some Hong Kong companies, saying the nation will protect the legal rights of Chinese companies and citizens. The rebuke came after the US Treasury Department said on its website that new sanctions have been imposed on 10 Iranian individuals and 27 financing entities in the Hong Kong region and the United Arab Emirates, accusing them of helping Iran to evade US sanctions and launder money from oil sales. Among the Hong Kong companies listed under the new sanctions are Hero Companion, Gutown Trade, Fitage and Chunling HK.
Economy & Markets
China foreign-reserves rise
China's foreign-exchange reserves rose to US$3.285 trillion in May, up by 0.11 percent from April. Its foreign reserves, which include foreign currencies, gold and other foreign-denominated assets, are the largest in the world. The People's Bank of China last month increased its gold reserves for a seventh straight month, with the addition of 60,000 troy ounces, taking total reserves to 73.83 million troy ounces. Central banks globally have been adding to their gold reserves amid a time of economic and geopolitical uncertainties.
Environmental loan for China
The New Development Bank of the 11-member Brics group of nations approve a 1.2 billion yuan (US$167 million) syndicated loan to support environmental projects in China. The syndicate includes Bank of China and Haitong Unitrust International Financial Leasing.
The Brics group, formed in 2009, originally comprised Brazil, Russia, India and China before its membership was expanded to include South Africa.
Shanghai bourse to promote shareholder dividends
The Shanghai Stock Exchange said it will urge more listed companies to pay dividends to shareholders, Xinhua reported. Companies listed on the exchange's main board reported an average dividend payout ratio of 39 percent in 2024, with an average dividend yield of 3.6 percent. The exchange said it will guide listed companies toward raising the size and frequency of dividends and making better use of buybacks and mergers and acquisitions to unlock corporate value.
US car prices aren't buckling yet
Americans buying cars aren't feeling the bite of President Donald Trump's 25 percent tariff on imported cars – at least not yet. The average price paid for new cars in the US in May actually slipped 0.2 percent from April to US$48,334, according to Edmunds.com, a car-shopping guide. The cost automakers stuck on window sticker prices, however, rose 0.2 percent to US$50,527, suggesting dealer discounts to keep inventory moving off the showroom floor. Nearly half the cars sold in the US last year were imports.
Corporate
Huawei to unveil new smartphones
Chinese technology giant Huawei Technologies will release the latest update in its premium Pura smartphone series this week. Online reservations for the new Pura 80 series started on June 5, ahead of the official launch on June 11 that coincides with Apple's Worldwide Developers Conference. Huawei's new devices are expected to feature upgrades in cameras, sensors and lenses, according to local media. They will run on Huawei's self-developed HarmonyOS Next operating system. Huawei has become a symbol of China's ability to circumvent US bans on semiconductors by developing its own technologies.
Top Toy spinoff under consideration
China's Miniso said it is considering a spinoff and initial public offering for its trendy Top Toy brand. The company gave no timeline for reaching a decision. The announcement followed media reports that the company had hired JPMorgan and UBS as advisors on a possible Hong Kong listing and is seeking additional investors ahead of a share sale. Founded in 2020, Top Toy is among the fastest-growing brands in China's designer toy market, with nearly 280 stores and products ranging from blind boxes to collectible figures. Revenue jumped 45 percent last year to 984 million yuan (US$136 million).
SMIC unloads foundry stake
Semiconductor Manufacturing International Corp (SMIC), the largest contract chipmaker on Chinese mainland, divested its 14.83 stake in an unprofitable chip foundry amid industry consolidation. In a statement, SMIC said it sold its entire holding in Ningbo Semiconductor International for 57.01 yuan (US$7.94) a share to Shenzhen-based chip-design company Goke Microelectronics. Goke said in a filing that it plans to buy shares from other investors, including China Integrated Circuit Industry Investment Fund, to raise its stake to 94.37 percent.
Unitree to enter fundraising round amid talk of an IPO
China's Unitree Robotics will conduct a new round of fundraising, according to several local media outlets, citing unidentified sources. The financing would value the Hangzhou-based humanoid-robot maker at between 10 billion yuan (US$1.4 billion) and 15 billion yuan, the sources told Sohu Technology. Unitree has announced a corporate-structure change to a joint stock limited company, increasing speculation that the company is planning an initial public offering in China.
Rokid to launch new glasses
Hangzhou-based Rokid, a Chinese maker of augmented-reality glasses, said it will launch its latest series of eyewear on Alibaba's AliExpress e-commerce platform next week to expand sales overseas. During a summer sale this month, Rokid will offer a US$100 discount on the glasses, reducing the price to US$568. The glasses allow three desktops to be viewed side-by-side and feature a cinema mode providing an experience likened to viewing a 300-inch screen.
Baowu Steel retains global dominance
Shanghai-based Baowu Steel Group remained the world's largest steelmaker for a fifth year running in 2024, with production of 130 million tons. On June 6, the company opened the Western Range iron ore mine in collaboration with Rio Tinto in Western Australia. Baowu holds a 46 percent stake in the joint venture. The group was formed in 2016 through the merger of Baosteel Group and Wuhan Iron & Steel Corp.
New unmanned farm vehicles
Chinese unmanned-vehicle maker XAG unveiled two new self-driving ground vehicles priced at about 20,000 yuan (US$2,790), some 70 percent lower than previously priced models. The R100 and R200 models, launched on June 5, are designed to improve agricultural efficiency. At a demonstration at a company farm in Guandong Province, the vehicles moved through crop rows with automated sprayers. The company also manufactures agricultural drones.
Alibaba's open-source AI models
Alibaba Group is making its Qwen3 Embedding series available for developers, in the Chinese tech giant's latest bid to solidify its global leadership in open-source artificial intelligence models, the South China Morning Post reported. The series, released last week, is an addition to the company's large language models and supports over 100 languages, including multiple programming languages, according to Alibaba.
Meta eyes Scale AI
Meta Platforms is in advanced talks to invest over US$10 billion in Scale AI, in what could be one of the largest private financing deals in history, Bloomberg News reported, citing people familiar with the matter. The deal would deepen Meta's involvement in AI infrastructure as it races to catch up with rivals like OpenAI and Google. Scale AI, which counts Microsoft and OpenAI among its clients, specializes in data labeling for training large AI models -- a critical input for generative AI systems. Scale AI was last valued at around US$14 billion in 2024.
