Daily Buzz: 23 June 2025

Top News

US attacks Iran nuclear sites, world nervously awaits Iran response

US B-2 stealth bombers struck three nuclear sites in Iran, including use of never-before-deployed "bunker buster" bombs dropped on the Fordow and Natanz underground uranium-enrichment facilities. The attacks came two days after President Donald Trump said he was delaying for up to two weeks a decision on direct involvement in the Iran-Israel conflict and one day after Iran refused to engage on talks unless Israel stopped its weeklong bombing campaign.

Trump, in a televised address, said uranium-enrichment nuclear capabilities at Fordow, Natanz and Isfahan sites were "obliterated" – though the claim needs to be verified in follow-up monitoring – and warned that more attacks will be forthcoming if Iran doesn't agree to a peace deal.

Iranian Foreign Minister Abbas Araghchi, who plans to meet Russian President Vladimir Putin in Moscow today, said in a statement that his nation "reserves all options" in defending its sovereignty following the attack. "The events are outrageous and will have everlasting consequences," he said, calling the US action "dangerous and criminal."

Oil prices jump after Iran threatens to close vital supply route

Oil futures jumped 3 percent in the first trading session since the US launched direct attacks on Iran, amid investor fears that global oil supplies will be disrupted. Iran's parliament approved a measure to close the Strait of Hormuz, a shipping lane on its western border that carries about 20 percent of global oil and gas supplies, Iranian TV reported. The final decision rests with the Supreme National Security Council. US Secretary of State Marco Rubio urged China to use its influence with Tehran to keep the strait open.

Benchmark Brent crude rose US$2.38 a barrel to US$79.39. Energy analysts predicted oil prices could surge up to US$5 a barrel today. Stock futures in the US and Asia trended lower ahead of trading on Monday.

China condemns US strikes, countries urge restraint

China condemned the US attacks on Iranian nuclear facilities, which are under the supervision of the International Atomic Energy Agency. The Ministry of Foreign Affairs said the action gravely violates the purposes and principles of the UN Charter and international law, and further escalates tensions in the Middle East. China called on all parties, especially Israel, to implement an immediate ceasefire and begin negotiations.

Russia called the US attack "irresponsible." Japanese Prime Minister Shigeru Ishiba said a quick de-escalation is crucial. Pakistan condemned the attack, a day after announcing it would nominate US President Donald Trump for the Nobel Peace Prize.

UN Secretary-General Antonio Guterres warned against what he called "another cycle of destruction. The Qatari foreign ministry said, "The dangerous tension in the region could lead to catastrophic repercussions."

The UK, EU countries and Australia and France all called for diplomacy and restraint to prevent further escalation in the volatile region.

Top Business

Shanghai's largest land auction this year

Shanghai sold five residential land parcels for 19.2 billion yuan (US$2.7 billion) on the first day of the city's largest auction this year, local media reported. Among the buyers, Poly Developments & Holdings bought a prime parcel in the East Bund area for 3.5 billion yuan amid fierce bidding. Other sales included parcels in the Minhang and Baoshan districts.

EU businesses in China oppose European bidding restrictions

The EU Chamber of Commerce in China, in a statement released over the weekend, expressed strong opposition to the European Commission's earlier decision to exclude Chinese companies from participating in some public procurement bidding for three years. The decision also requires that the proportion of components from China used in any allowable projects must not exceed 50 percent.

'Brain computer' test a success

Chinese scientists have successfully implanted a wireless "brain computer" in a human, resulting in a paralyzed man regaining control of parts of his body. China becomes the second country, after Elon Musk's Neuralink project in the US, to enter full clinical trials for invasive "brain-computer interface" technology.

Harmful AI content removed from Internet

The Cyberspace Administration of China said it has removed 960,000 illegal artificial intelligence-related online products and shut 3,700 user accounts since April. The products were deemed uncompliant with regulations that require AI-content to be labeled and prohibit "deepfakes" that use videos and images where a person's face, body or voice has been digitally altered, without their permission, to spread false or malicious information.

Economy & Markets

Chinese listed companies eye HK IPOs

At least 27 companies listed on mainland stock markets have announced plans or filed applications to sell shares in Hong Kong to tap offshore capital and expand international exposure. Eve Energy, Jinjiang Hotels, and Roborock are among those reporting progress toward initial public offerings, after food giant Haitian and auto chipmaker Sanhua debuted in Hong Kong this month. Shanghai-listed chipmaker Montage Technology announced a Hong Kong IPO plan on June 20 to support research its research in high-speed chips, aiming to become a global leader in interconnective chip design.

China fiscal revenue slips

China's fiscal revenue in the first five months of this year dipped 0.3 percent from a year earlier to 9.66 trillion yuan (US$1.35 trillion), according to the Ministry of Finance. The slight decline reflects subdued domestic demand and persistently low producer prices. Revenue from personal income and value-added taxes rose, helped by consumer spending under a government-subsidized household appliance trade-in program, but corporate tax receipts weakened. Revenue from land sales fell 6.9 percent. Fiscal spending in the first five months rose 4.2 percent, led by central government outlays aimed at bolstering domestic demand.

Platinum retreats from 10-year high

Platinum futures in New York fell 1.3 percent to US$1,248 after outperforming gold and reaching their highest level since 2014, amid changing market dynamics and geopolitical tensions. Platinum had risen 37 percent this year, compared with a 27 percent rise in gold to US$3,391, as investors sought safe havens in precious metals. Chinese consumer demand played a key role in the platinum surge, as the jewelry industry shifts from gold to platinum due to lower costs and changing trends.

Corporate

World's largest Legoland park begins trial in Shanghai

The US$550 million Legoland Shanghai Resort, the world's largest theme park based on the popular Danish building blocks, is set to officially open on July 5th. Trial operations began on Friday. The park is expected to attract up to 2.4 million visitors annually. It boasts eight themed areas, 75 interactive rides and a 250-room hotel – all constructed with over 85 million Lego bricks.

Suning sells stake in Carrefour stores

Chinese retail giant Suning.com said it would sell its operating subsidiaries of hypermarket chain Carrefour in four cities across China for a token 4 yuan (55 US cents) to a consortium led by asset managers in a move to relieve debt burden. The four Carrefour stores are located in Ningbo, Hangzhou, Zhuzhou and Shenyang. Suning acquired 80 percent of the China units of French-based retail chain Carrefour for 4.8 billion yuan in 2019, but began closing some of them in 2023.

Joincare gets US approval for obesity drug trial

Guangdong based Joincare Pharmaceutical Group said its RAY1225 injectable drug has received approval from the US Food and Drug Administration to proceed to Phase II clinical trials. The company has already begun Phase III trials in China on what is expected to become the first Chinese-developed GLP-1 drug to treat obesity and Type-II diabetes.

Huawei unveils HarmonyOS 6 Beta version

Huawei officially launched the HarmonyOS 6 Beta version for developers at an annual conference over the weekend. Richard Yu, Huawei's executive director, hailed the "remarkable speed" of HarmonyOS, noting that over 30,000 applications are in rapid development.

Tesla begins robotaxi services in US

US electric carmaker Tesla began robotaxi service in the Texas city of Austin, though the vehicles are not yet fully driverless. Tesla employees will be in the passenger seat in starting services, which will operate in restricted areas and only in good weather. Trial robotaxi services have been underway in some Chinese cities.

Swiss hospitality school in Hainan

Swiss-based EHL Hospitality Business School announced it has received approval from China's Ministry of Education to open the Hainan Lausanne Tourism University. The school's curriculum is aimed at training staff for the island province's booming tourism sector.

Joy takes over skincare brand Biophyto Genesis

Shanghai-based Joy Group said it bought Chinese skincare brand Biophyto Genesis amid further consolidation in the cosmetics sector. Industry analysts say Joy's acquisition of new businesses in the past two years may be a prelude to a public share sale. Joy revenue rose to 3.5 billion yuan (US $487 million) last year, led by its principal brand Judydoll.

SunRise sells assets to repay debt

China's RiseSun Real Estate Development, which defaulted on some debt in 2023 and reported a loss of 900 million yuan (US$125 million) in the first quarter of 2025, said it is settling three outstanding debits with sales of properties that include hotels, land and housing.

Dazhong Mining to build lithium plant

Dazhong Mining, based in Inner Mongolia, said it will invest 1 billion yuan (US$139 million) to build a lithium factory in the Hunan Province county of Linwu, which is rich in lithium deposits. The plant will have annual production capacity of 3,000 tons when its three-phase construction is completed in 2028.