Daily Buzz: 20 June 2025

Top News

Xi urges ceasefire in Iran-Israel conflict, Trump delays intervention

Chinese President Xi, in a phone call with Russian President Vladimir Putin, said a ceasefire in the conflict between Iran and Israel is crucial to avoiding further escalation. He also said protecting civilians should be a top priority. Dialogue and negotiation are the keys to resolving disputes, he told Putin. Countries with influence in the Middle East need to heighten their efforts to cool regional tensions, he added.

The biggest influencer in the region is the US, which stepped back on Thursday from any immediate decision to join Israel in attacking Iranian nuclear facilities. The White House said President Donald Trump would make a decision on intervention within two weeks, opening a window for diplomacy to end the war.

Meanwhile, Israel and Iran exchanged missile fire for a seventh day. Israel vowed to step up attacks on Iran after an Iranian ballistic missile struck a hospital in the southern city of Beersheba, injuring 71 and causing extensive damage. Iran said it was targeting a nearby military site. Israel said its missiles struck a heavy-water reactor in Iran.

Iranian President Masoud Pezeshkian told his nation that Iran will "get through these difficult days by the grace of God."

War in Ukraine continues

Russian President Vladimir Putin said he is open to a meeting with Ukrainian President Volodymyr Zelensky, but only at the final stage of peace negotiations. A third round of talks may be held next week. Two earlier rounds produced prisoner-exchange agreements but no ceasefire in the more than three-year conflict. Russia has refused to agree to a ceasefire proposed by the US in March.

US resumes student-visa processing

The US resumed processing of visas for foreign students but said their social media accounts will be vetted for signs of any hostility toward the US. That could include criticism of Israel's conduct in Gaza. The US government earlier sought to ban visas for foreign students at Harvard and other universities, citing pro-Palestinian campus protests and antisemitism. Chinese students and scholars are the largest group of foreigners on the Harvard campus.

Top Business

SpaceX rocket explodes

A SpaceX Starship rocket exploded into a giant fireball at a facility in Texas during routine testing in preparation for a launch flight. It was the latest setback in SpaceX owner Elon Musk's development of technology aimed at returning astronauts to the moon and, looking further ahead, to establishing a base on Mars. Three launches of Starship craft have already failed.

China's US Treasury holdings decline

China reduced its stockpile of US Treasuries to a 16-year low in April, amid escalating trade tensions with Washington and concerns about risk as rising US government debt caused Moody's to downgrade in the US sovereign rating. China's holding dropped US$8.2 billion from March to US$757 billion, retaining third place among US creditors. The US government relies on bond sales to fund its deficit spending.

Solar industry scales back production

China's solar-panel industry, beset by oversupply and falling prices, will cut production up to 15 percent in the latest round of retrenchment, according to Yicai Global. Tongwei and Longi, two industry leaders, posted first-quarter losses.

Influencers wanted: humans need not apply

Avatars generated by artificial intelligence proved more adept at livestream selling than humans. At a livestreaming event organized by Chinese tech company Baidu, digital versions of popular influencer Luo Yonghao and a co-host sold 55 million yuan (US$7.7 million) of products, compared with a much smaller volume of sales last month by Luo when he hawked goods in the flesh.

Economy & Markets

Oil jumps, global stock markets languish

Oil prices jumped almost 3 percent on Thursday as the war between Israel and Iran continued with no end in sight and US President Donald Trump kept investors guessing about his plans to intervene on Israel's behalf. Brent crude futures settled at US$78.85 a barrel, its highest close since January 22.

Stock markets in the US and Europe followed Asian bourses lower amid continued uncertainty in the Middle East. The Hang Seng in Hong Kong tumbled 2 percent, Germany's DAX fell 1 percent and the S&P500 in New York slipped 0.3 percent.

Cross-border payment system expands

China's Cross-Border Interbank Payment System signed agreements with six foreign lenders to become direct participants offering clearing and settlement services in yuan, China Central Television reported. The signatories are Standard Bank of South Africa, the African Export-Import Bank, First Abu Dhabi Bank, Kyrgyzstan's Eldik Bank, United Overseas Bank and Bank of Bangkok. The payment system has announced the launch of an international yuan-denominated letter of credit service.

Swiss central bank cuts rates to zero

The Swiss National Bank cut its key interest rate 0.25 point to zero, citing deflationary risks, a surging franc and trade uncertainties. In its 2025 Financial Stability Report, the central bank warned of uncertain economic times ahead amid global trade and geopolitical tensions. It said regulatory weaknesses must be addressed to bolster financial markets.

The Bank of England left interest rates on hold at 4.25 percent, but it signaled further cuts late this year if there is clearer evidence of rising unemployment and a slowing economy.

Trump as head of the Fed?

After the US Federal Reserve kept interest rates on hold at its monthly meeting this week, President Donald Trump, who has repeatedly attacked Fed Chair Jerome Powell for not lowering rates, said perhaps he should appoint himself head of the central bank. "I'd do a much better job than those people," he said.

Corporate

Unitree raises new funding

Hangzhou-based Unitree Robotics completed its Series C funding round with investors that include Tencent, Alibaba, Geely Capital and China Mobile, taking its valuation to an estimated US$2 billion or more. The higher valuation and a change in corporate structure has sparked speculation that Unitree is planning to go public. The company shot to nationwide fame earlier this year when its H1 robots put on a dance performance in China's Lunar New Year television gala.

AIA, Aegon get green light for Shanghai offices

Global insurers AIA Group and Aegon Group received Chinese regulatory approval to open insurance asset management units in Shanghai, the city's first wholly foreign-owned insurance asset management companies. Hong Kong-based AIA will establish its office through a mainland subsidiary; Dutch-owned Aegon will finance its office through direct investment.

Fusion New Energy gets investment

China National Petroleum Corp, its investment arm CNPC Capital and PetroChina plan to invest 3.3 billion yuan (US$459 million) in Fusion New Energy Anhui, a developer of nuclear-fusion technology. If other investors in a joint venture that channels funding to the company increase their investments by the same proportion, Fusion New Energy would get an injection of 16.4 billion yuan.

Uber warns of HK clampdown

Uber is emailing 30,000 of its drivers in Hong Kong to warn that new government regulations may limit the number of drivers or vehicles on its platform, Bloomberg reported. Limitations may lead to longer wait times, the US-based company said. Some 1.5 million city residents used Uber drivers last year. Hong Kong's mainstream taxi drivers have protested that Uber services are depriving them of their livelihoods. At the same time, China's Didi ride-hailing services is recruiting drivers to expand its operations to Hong Kong.

UBS taps new Asia-Pacific head

Desmond Ng has been appointed by Swiss bank UBS as head of its Asia-Pacific operations. Ng moves from Allianz Global investors, where he was chief of the Asia-Pacific region, after earlier holding senior roles as JP Morgan Asset Management. He assumes his new job on October 1.