Daily Buzz: 24 June 2025

Top News

Trump claims ceasefire in Iran-Israel conflict

US President Donald Trump claimed Israel and Iran have agreed to a ceasefire that could lead to an end of their 12-day war. His timeline calls for a phased-in halt to military hostilities beginning today, with Iran ceasing strikes in the 12th hour and Israel following on the 24th hour.

His comment on social media came hours after Iran fired 14 missiles at the largest US military installation in the Middle East, the Al-Udeid Air Base in Qatar. All incoming missiles were intercepted, Qatar said.

The attack came in retaliation for US bombing of Iranian nuclear facilities a day earlier. Trump called the Iranian response "very weak" but thanked Tehran for advance notice of the attack, which prevented any injuries. Israel meanwhile continued attacks on Iran, including a strike on a Tehran prison holding political dissidents.

Oil prices plunge, stock markets expected to rise

Oil prices fell 7 percent after Iran targeted a US air base in Qatar and not oil shipping in the Hormuz Strait as it threatened in the wake of Monday's US "bunker-buster" bombing of key Iranian nuclear facilities. Oil continued its decline after Trump's ceasefire announcement, with benchmark Brent crude down another 4 percent to US$68.62 a barrel as Asian markets opened.

Stock markets around the world are expected to rise on ceasefire hopes. In early Asian trading, the Nikkei index was up 1.5 percent and Australia's ASX 200 index rose 0.8 percent. US futures were also rising.

Top Business

Chinese premier to address Davos

Chinese Premier Li Qiang will deliver the keynote address at the 16th Annual Meeting of the New Champions, commonly known as Summer Davos, which begins today in Tianjin. Li will also meet with government leaders and business representatives attending the two-day conference hosted by the World Economic Forum. His appearance comes as China seeks to reassure investors that China remains a beacon of calm in a time of geopolitical and trade tensions, and to emphasize its continued commitment to global collaboration, innovation, and quality development. About 1,700 attendees from more than 90 countries are expected at the conference, including the leaders of Ecuador, Singapore, Kyrgyzstan, Senegal, and Vietnam, along with executives from some of China's largest companies.

Investors eye Starbucks' China business

Chinese private equity firm Hillhouse, Citic Capital and Carlyle Group are among several investment groups exploring acquisition of a stake in Starbucks China, which has put out feelers for offers, according to local media. Starbucks' China business is valued at between US$5-$6 billion. Goldman Sachs is advising Starbucks as it weighs its options.

In an interview with the Financial Times earlier this month, Starbucks Chief Executive Brian Niccol said his company has received a lot of interest in purchasing a stake, adding that "people see value in the Starbucks brand." Among other interested investors reportedly circling around Starbucks are Fountainvest Partners, China Resources Group, Meituan and PAG.

US-owned Starbucks operates more than 7,600 outlets in 250 Chinese cities, its second-biggest market. It generated US$3 billion in net revenue in China in 2024. It has been facing stiff competition from domestic chains like Luckin Coffee and Cotti Coffee, with its market share declining from 34 percent in 2019 to 14 percent last year.

Economy & Markets

China to increase gold production

China, the world's largest gold producer and consumer, said it plans to increase production of gold and silver at least 5 percent in the next two years and upgrade the supply chain for the two precious metals. Last year, China produced 380,000 kilograms of gold, according to CEIC Data.

Singapore reports slowing inflation

Singapore's headline inflation rate in May fell to 0.8 percent from a year earlier, down from 0.9 percent in April. Core inflation, which excludes accommodation and private transport prices, slowed to 0.6 percent from 0.7 percent.

Corporate

Hellobike, Ant and CATL form robotaxi venture

China's bike-sharing giant Hellobike has teamed up with digital-payment firm Ant Group and electric batter y maker CATL to create a new 3 billion yuan (US$417 million) robotaxi company aimed at accelerating adoption of Level 4 autonomous driving, where vehicles operate without human intervention, EconTimes reported. The partners seek to position Shanghai as a leading home of intelligent transport and capture a share of China's burgeoning robotaxi market.

WeRide eyes HK listing

Autonomous driving company WeRide filed for a public listing in Hong Kong, according to Jiemian News, citing unidentified sources. The Guangzhou-based company' revenue was 72.4 million yuan (US$10 million) in the first quarter of 2025, with almost a quarter coming from robotaxi services. In May, WeRide received a US$100 million investment from Uber. The two companies plan to deploy robotaxi fleets in 15 new cities across Europe and the Middle East over the next five years. WeRide went public on the Nasdaq market last October.

Alibaba restructuring

Alibaba Group merged its food-delivery platform Ele.me and its online travel agency Fliggy into its e-commerce group to streamline business and sharpen its focus on artificial intelligence technologies, the South China Morning Post reported. Ele.me was formerly under Alibaba's local services group and Fliggy operated independently. The e-commerce group oversees shopping sites Tmall and Taobao.

'Blood Message' whets gamers' interest

The first trailer of NetEase's new "Blood Message" action-adventure game received 8 million views on the Bilibili platform since its release on June 20. Developed by 24 Entertainment Studio, the single-player game tells the story of an unsung hero in the last years of the Tang Dynasty (618-907). Hangzhou-based NetEase has yet to announce a release date for the game, which will be available on consoles and PCs.

BYD adds car carrier to its shipping fleet

BYD, China's leading electric vehicle maker, took delivery of its fifth car-carrying ship to meet demand for its vehicles overseas. The 220-meter-long ship has 16 vehicle decks with total capacity of 9,200 vehicles. It is powered by liquified natural gas clean-propulsion technology that reduces harmful emissions.

Yum China unveils Q-Smart

Yum China, which operates mainland franchises of US fast-food chains KFC and Pizza Hut, introduced Q-Smart, an artificial intelligence agent to help frontline store managers with staff rosters, inventory management and quality surveillance, the South China Morning Post reported. At an inaugural event in Shanghai, Yum executives said Q-Smart is designed to assist employees, not replace them.