Day: August 11, 2025

China’s Xi and Brazil’s Lula hold phone call amid US trade rupture

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Brazilian President Luiz Inácio Lula da Silva has spoken by phone with Chinese leader Xi Jinping for about an hour, in a high-level contact aimed at reinforcing ties with Brazil’s largest trading partner while confronting a sudden rupture in trade relations with the United States. Advertisement The call on Tuesday morning Beijing time, requested by Lula, had been in preparation for several days, according to Brazilian officials. Advisers at the Planalto Palace and the foreign ministry had been in contact with Beijing since last week to arrange the timing, which…

Trump sparks concern after suggesting he might allow sales of Nvidia’s advanced AI chips in China

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Donald Trump has suggested he might allow Nvidia to sell chips in China that are more technology advanced than currently permitted, despite deep-seated fears in Washington that Beijing could harness US artificial intelligence capabilities to supercharge its military. In a briefing on Monday, the president suggested he could “make a deal” for Nvidia to sell a downgraded version of its flagship Blackwell chip in China. The move could open the door to China securing more advanced computing power from the US, even as the two countries battle for technology supremacy,…

Chinese warship crashes into own coast guard vessel while chasing Philippines boat in South China Sea

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A Chinese warship collided with a vessel from its own coast guard while chasing a Philippine patrol boat in the South China Sea on Monday, Manila said, releasing dramatic video footage of the confrontation. The incident occurred near the contested Scarborough Shoal as the Philippine Coast Guard escorted vessels distributing aid to fishers in the area, said coast guard spokesperson Commodore Jay Tarriela in a statement. Video released by Manila showed a China Coast Guard ship and a much larger vessel bearing the number 164 on its hull colliding with…

China urged to curb excessive cash burn, not competition, to fight ‘neijuan’

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With e-commerce platforms locked in fierce competition for China’s instant retail market, a prominent Chinese economist has called for government guidance that balances regulatory oversight with innovation and a push for new growth drivers. Advertisement Wang Yiming, a central bank adviser, said “quick commerce” – involving the rapid delivery of food and essential goods, often within 30 minutes – creates new opportunities for consumption, which could be vital for long-term growth. He urged officials to guide the sector’s high-quality development through targeted policy measures. “Anti ‘involution’-style competition is not against…

India’s blended fuel success angers consumers

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This article is an on-site version of the India Business Briefing newsletter. To receive it in your inbox regularly, sign up if you’re a premium subscriber, or upgrade your subscription here. Good morning. All eyes now on the prime minister’s speech on Independence Day this Friday. He will certainly talk about Operation Sindoor. I wonder if he will also mention India-US relations. Tell me what you think. In today’s newsletter: has India’s tech sector missed the AI bus? But first, the controversy over blended fuel. Note: India Business Briefing will be…

China’s Wing Loong-2 is a UAV workhorse with an overseas advantage

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From Nigerian raids on Boko Haram’s hideouts to Saudi strikes at Houthi positions along the shores of the Red Sea; from Pakistani sorties across the Iranian frontier to Libyan missiles in the civil war, one constant presence emerges – China’s Wing Loong-2 (WL-2), showcasing the reach of Chinese drone technology across multiple conflict zones. Advertisement At the same time, a variant of the same platform – the GJ-2 or “Attack 2” – is conducting live-fire exercises around Taiwan and patrolling the South China Sea, serving as the backbone of the…

Chinese warship and coast guard vessels collide in South China Sea – video

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Two Chinese vessels have collided with each other while chasing a ship from the Philippine Coast Guard (PCG) in disputed waters in the South China Sea. ‘A collision took place between China Coast Guard vessel 3104 and People’s Liberation Army Navy ship 164,’ the PCG said in a statement. The collision occurred near the disputed Scarborough Shoal. The Guardian

HSBC flags 73% of Hong Kong commercial property loans as risky

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Almost three-quarters of HSBC’s Hong Kong commercial property loan book was flashing warning signs by the end of June, as a prolonged slump in retail spending and sluggish demand for office space weigh on Europe’s largest bank. HSBC is Hong Kong’s largest lender and the territory is the single largest source of income for the bank by geography. HSBC $32bn of commercial real estate loans in the territory, out of…

Shaolin’s ‘CEO monk’ scandal may prompt overhaul of how temples are run in China

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China’s fabled Shaolin Temple, nestled in forest at the foot of a holy mountain in Henan province, is known as the cradle of kung fu and Zen buddhism. Advertisement The 1,500-year-old monastery is also at the centre of scandal as its long-time celebrity abbot Shi Yongxin is investigated over alleged financial offences and sexual misconduct. Tourists and disciples continue to stream through the temple gates in Dengfeng, taking photos, lighting incense, bowing reverently in prayer and watching energetic kung fu performances. It looks like business as usual, but there are…