Daily Buzz: 25 June 2025

Top News

Iran-Israel ceasefire begins after a shaky start

A fragile ceasefire in the Iran-Israel war apparently took effect after US President Donald Trump angrily rebuked both sides for violations at its start. Trump, who claims credit for brokering the halt in 12 days of fighting, reserved his harshest criticism for Israel, saying, "I'm not happy. Israel, do not drop those bombs. If you do, it is a major violation. Bring your pilots home, now!"

China Foreign Ministry spokesman Guo Jiakun said at a press conference that "China does not want tensions to escalate and hopes a ceasefire can be achieved as soon as possible.

Did Trump overstate bombing success?

US bombing of Iran nuclear sites didn't destroy the core of Iran's nuclear program, an early Pentagon assessment of last weekend's bombing attacks found, according to reporting by multiple news sources, including Reuters, the BBC and the New York Times, all citing several sources close to the matter.

The dropping of "bunker-buster" bombs on uranium-enrichment facilities deep inside mountains may have set back Tehran's nuclear development by only a few months, sources were quoted as saying.President Donald Trump said after the attacks that the bombings had "obliterated" the nuclear facilities. White House press secretary Karoline Leavitt in a media post on Tuesday called the assessment reports "flat-out wrong" and said they were based on information from some "low-level loser in the intelligence community."

Separately, the International Atomic Energy Agency said it can no longer account for the whereabouts of Iran's stockpile of 400 kilograms of enriched uranium, which Iran earlier said it had moved.

China to hold miliary parade

China announced it will hold a military parade in Beijing's Tian'anmen Square on September 3 to mark the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War. President Xi Jinping will review troops during the parade, which will feature marching formations, the latest generation of conventional weapons and new intelligent military systems.

NATO meeting focuses on military financing

Leaders of the 32 member nations of NATO arrived in The Hague for a summit where military financing is taking center stage. President Donald Trump, a frequent critic of NATO, has demanded that each member spend 5 percent of its gross domestic product on its military. NATO Secretary-General Mark Rutte has brokered a formula whereby members could earmark part of that 5 percent to indirect military outlays.

Ukrainian President Volodymyr Zelensky is attending the summit to press for more support in the continuing war with Russia. The conflict is taking a backseat at the meeting, but Zelensky may talk with Trump on the sidelines of the conference.

Top Business

China growth praised at Summer Davos

Børge Grende, president of the World Economic Forum, said in an interview with Xinhua news agency that he is "relatively confident in China's economic growth, both medium-term and long-term." He was speaking at the current meeting of Summer Davos in Tianjin.

Among speakers at the event were Harvard University Professor Graham Allison, who said China has all the ingredients for continued growth, and Paul Gruenwald, chief economist at S&P Global Ratings, who said higher education is "the magic sauce" for growth, creating a pool of exceptional talent.

LNG shipping rates jump

Shipping costs for liquefied natural gas hit their highest level in about eight months. The Atlantic freight rate for vessels with two-stroke engines capable of carrying 174,000 cubic meters of LNG was assessed at US$51,750 per day on Monday, Reuters reported, citing pricing agency Spark Commodities. The Pacific freight rate was put at US$36,750 a day. The increases reflect tight vessel availability and market sentiment related to the conflict in the Middle East.

Sciwind obesity drug matches Novo Nordisk effectiveness

Hangzhou-based Sciwind Biosciences' experimental GLP-I ecnoglutide drug for obesity reached the performance level of Danish-based Novo Nordisk's Semaglutide injection, according to clinical trial results. Some 499 patients using ecnoglutide in a trial lasting 48 weeks lost an average 10-15 percent of their weight, Professor Ji Lijun of Peking University People's Hospital said in delivering a paper on the results to the meeting of the American Diabetes Association. The data was published in the British medical Journal Lancet.

New overseas air routes from China

China Eastern Airlines began direct flights between Shanghai and Geneva, with services four days a week during the summer-autumn travel season. Juneyao Air launched twice-weekly direct flights between Shanghai and the eastern Russian port city of Vladivostok, operating Airbus A320s. Russian carriers Rossiya Airlines and S7 Airlines also serve the route.

China Post began a weekly air cargo route between the Chinese city of Zhengzhou and Luxembourg, with frequency to expand as demand warrants. The cargoes will include pharmaceuticals and precision manufacturing parts.

ChinaJoy 2025 set for record attendance

ChinaJoy, Asia's premier digital entertainment expo, will host a record 237 international companies during its 2025 event on August 1-4 in Shanghai, organizers announced. Among wide-ranging exhibits and activities will be esports contests, live shows and extensive gaming displays.

Economy & Markets

Benzene futures, options contracts approved

Chinese regulators approved the addition of benzene futures and options contracts to trading on the Dalian Commodity Exchange. Benzene is used primarily as a solvent in the chemical and pharmaceutical industries, and is also used in gasoline. The China Securities Regulatory Commission said the new derivatives will help chemical companies hedge risk and stabilize supply chains amid volatile prices. Benzene prices have dropped 31 percent this year.

China power capacity rises 19 percent

China's power generation capacity at the end of May was up 19 percent from a year earlier at 3.61 billion kilowatts, the National Energy Administration said. Solar power surged 57 percent to 1.08 million kilowatts, and wind power rose 23 percent to 570 million kilowatts. Major power companies invested 258 billion yuan (US$36 billion) in power-generation projects in the first five months of the year, with grid investment up 20 percent to 204 billion yuan.

Beijing bond issue

Beijing plans to issue 10 billion yuan (US$139 million) in special-purpose bonds to fund a municipal-back investment fund. It is the first city in China to use bonds for that purpose, taking advantage of policies adopted last year that give local jurisdictions more flexibility in channeling bond proceeds.

Corporate

Apple China price bite

Apple China is offering deep discounts, tapping national subsidies on trade-in goods. Consumers can receive up to 500 yuan (US$69) off iPhones, iPads and Apple Watches priced under 6,000 yuan, and up to 2,000 yuan off eligible Macs. The price cuts come amid fierce domestic competition and a slowdown in Apple sales in China

Harbour BioMed, Otsuka ink deal

Hong Kong-based Harbour BioMed signed a licensing agreement with Japan's Otsuka Pharmaceutical related to development of a T-cell engager for the treatment of autoimmune diseases. Under the agreement, Otsuka receives an exclusive license to manufacture and sell HBM7020 outside of Greater China, and Harbour BioMed receives a US$47 million upfront payment and eligibility for additional payments of up to US$623 million.

AMEC ships etching tool

Advanced Micro-Fabrication Equipment China has shipped its first Primo Menova 12-inch metal-etching tool to a chipmaker, highlighting the nation's drive to end reliance on the US in the semiconductor industry. The tools are designed for aluminum etching in logic, memory and power devices.

IFlytek opens Hong Kong subsidiary

Chinese tech firm iFlytek launched its Hong Kong subsidiary on Tuesday, calling it a "bridgehead" in international expansion of its AI voice-recognition software used in education, communications, music intelligent toys industries

Giant Biogene defends its skincare lotion

Hong Kong-based Giant Biogene has rebutted claims from mainland rival Bloomage Biotech that its Comfy skincare brand uses more recombinant collagen than is allowed under Chinese regulations. Giant Biogene said it is committed to fully meeting the highest industry standards for the ingredient. The rivalry between the brands, which are owned by two of China's wealthiest women, has spilled over to social media and resulted in a nearly 30 percent decline in Giant Biogene shares the past month.

BOC Securities head resigns

Ning Min, chairwoman of Bank of China's BOC Securities unit has resigned to return to the bank's head office as general manager of administration and institutional clients. BOC Securities nominated Zhou Quan, formerly head of the bank's asset and liability department, to succeed her.

Shenkai to expand manufacturing, buy smart-drilling stake

Shanghai-based Shenkai Petroleum & Chemical Equipment said it plans to build a new plant within an existing complex to manufacture advanced deepwater-drilling machinery. The new facility will generate 242 million yuan (US$33.7 million) a year in revenue once completed, the company said. Shenkai also announced it will pay 60 million yuan (US$8.4 million) to buy a 51 percent stake in Blue Ocean Energy, a provider of smart drilling technology.

Kedali increases investment in Hungary

Kedali Industry, which makes precision parts for power batteries, said it will invest 50 million euros (US$57.5 million) to expand the production capacity at its factory in Hungary. The Shenzhen-based company said the expansion will raise revenue by100 million euros a year once completed.