The China Mail - Economy

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'Marathon at F1 speed': China bids to lap US in AI leadership

Beyond dancing robots and eager-to-help digital avatars, Shanghai's World AI Conference saw China stake its claim to global artificial intelligence leadership and frame itself as a clear alternative to the United States.

Stablecoins inspire hope, and hype, in Hong Kong

Stablecoin excitement has gripped Hong Kong as the city prepares to launch a licensing system for the less volatile type of cryptocurrency, but authorities warn against overplaying its future role in financial systems.

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Goodbye 'Downton Abbey' auction and UK exhibition announced

"Downton Abbey" fans will be able to bid on props, costumes and other items from the hit TV show and movies, with the announcement Thursday of a "farewell" auction and showcase starting next month.

UK, Germany vow to tackle people smuggling gangs

Britain and Germany signed landmark deals Wednesday to boost defence ties and crackdown on people smuggling gangs on the first official visit to the UK by German Chancellor Friedrich Merz.

Global markets rise as Trump weighs future of Fed boss

A jump in US retail sales boosted world markets Thursday even as investors mulled the US rates outlook, US President Donald Trump's tariffs and the future of Federal Reserve boss Jerome Powell.

Russian deputies back fines for clicking on 'extremist' content

Russian lawmakers on Thursday advanced a bill that would outlaw opening or searching for content online judged "extremist", such as songs glorifying Ukraine and material by feminist rock band Pussy Riot.

Britain seeks German help against people smuggling gangs on landmark Merz visit

Britain sought a firm commitment Thursday from Germany to change its law to help smash people smuggling gangs, as the two countries agreed to boost defence ties on the first official UK visit by German Chancellor Friedrich Merz.

Fake AI videos of R. Kelly, pope spread cult of Burkina junta chief

If you believe the viral videos online, R. Kelly and Pope Leo XIV agree on one thing -- that Burkina Faso's junta chief, Captain Ibrahim Traore, is a fantastic leader.

South Africa warns global turmoil threaten development goals

G20 chair South Africa warned Thursday that abandoning the rules-based global order and declining cooperation could derail 2030 development goals to end hunger, eradicate extreme poverty and fight climate change.

Novartis first half net profits up 29 percent

Swiss pharmaceuticals giant Novartis posted Thursday a 29 percent increase in first-half net income, at $7.6 billion -- and unveiled its new chief financial officer.

Migration, defence on agenda for German chancellor's first UK visit

The UK hoped to win a firm commitment on Thursday from Germany to change its law to help smash people smuggling gangs as well as boosting defence ties, Prime Minister Keir Starmer's office said, as Chancellor Friedrich Merz began his first official visit to London.

Swatch profits plunge on weak China sales

Swatch Group said Thursday that weak sales in China wiped out growth elsewhere in the first half of the year for the world's top watch company, leaving it barely profitable.

EasyJet boss hits out over French air traffic walkouts

The boss of British no-frills airline EasyJet on Thursday bemoaned "unacceptable challenges" for staff and passengers resulting from strike action by air traffic controllers in France earlier this month.

'I thought I was going to die': sailor recounts Huthi attack in Red Sea

Filipino seafarer Cocoy was off-duty and resting in his cabin when the captain's voice boomed over the intercom of the cargo ship: "We are under attack".

Volvo Cars swings into loss on electric vehicles, tariffs

Volvo Cars announced on Thursday it had swung into loss in the second quarter, after it took an impairment charge for its electric cars, booked restructuring charges and dealt with a slower, tariff-troubled market.

Dairy giant New Zealand endures butter price shock

Butter prices have soared in dairy export giant New Zealand, latest figures showed Thursday, with local supplies cut short as the industry chases fatter profits overseas.

Taiwan's TSMC says second quarter profit up 60%

Taiwanese chipmaking giant TSMC reported Thursday a forecast-beating 60 percent rise in net profit for the second quarter on sustained demand for artificial intelligence technology.

Leaking pipes as climate warms: Bulgaria faces water crisis

Bulgarian villager Rumyana Tsoneva keeps opening the tap in her yard in Gorna Studena near the Danube -- and keeps finding it dry.

China moves to tame 'irrational competition' as EV price war persists

Chinese officials are seeking to tame the country's swelling electric vehicle industry with policies to prevent "irrational competition", state media said, as a brutal price war ensnares top automakers.

Japan's Sega eyes return to 1990s gaming glory

The big-screen success of 1990s video game speedster "Sonic the Hedgehog" has brought new fans to Japan's Sega, which says it is poised for a comeback after two tough decades.

AI-powered 'nudify' apps fuel deadly wave of digital blackmail

After a Kentucky teenager died by suicide this year, his parents discovered he had received threatening texts demanding $3,000 to suppress an AI-generated nude image of him.

Mexico City vows to tackle gentrification after protests

Mexico City authorities on Wednesday announced a plan to tackle gentrification, following protests against rising rents blamed on an influx of foreigners, including remote workers.

Trump says Coca-Cola to switch to cane sugar in US

Beverage giant Coca-Cola has agreed to use real cane sugar in its US production, President Donald Trump announced Wednesday on social media.

US stocks finish higher as markets gyrate on Powell firing fears

Wall Street stocks finished higher Wednesday, overcoming a mid-session swoon after US President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell.

United Airlines profits dip but says Newark has rebounded

United Airlines reported a drop in second-quarter profits Wednesday on higher costs and predicted a rise in travel as geopolitical worries ease.

EU mega budget hits immediate German opposition

The European Union executive on Wednesday proposed a two-trillion-euro long-term budget focused on tackling overseas competition and Russian aggression, but it was quickly shot down by Germany, the bloc's largest member.

Syria says pulling troops from Druze heartland after US request

Syria announced that its army had begun to withdraw from violence-hit Sweida on Wednesday, following a wave of Israeli strikes on the capital and a US call for government forces to leave the majority-Druze southern city.

Goldman Sachs profits jump as CEO eyes more merger activity

Goldman Sachs reported a jump in second-quarter profits Wednesday behind significant increases in financial advisory revenues that chief executive David Solomon said could presage an uptick in dealmaking.

EU unveils bigger long-term budget but risks fight with farmers

The EU executive proposed on Wednesday a two-trillion-euro long-term budget bazooka focused on tackling overseas competition and Russian aggression at Europe's borders -- at the risk of a new showdown with farmers.

Markets fall on reported Trump plan to fire Fed chief

Major stock markets stumbled on Wednesday after reports that US President Donald Trump was close to firing the head of the Federal Reserve in a dispute over interest rates.

Argentina under Milei: a tale of two economies

In Javier Milei's Argentina, falling inflation has stimulated a boom in car and real estate sales and foreign-bound planes take off laden with tourists.

Stellantis pulls plug on hydrogen fuel cell vans

Jeep-maker Stellantis said Wednesday it was pulling the plug on plans to build light vans using hydrogen fuel cells, saying it saw no prospects for it to be commercially viable.

Nvidia's Huang says 'doing our best' to serve Chinese market

Nvidia CEO Jensen Huang said on Wednesday his firm was "doing our best" to serve China's vast market for semiconductors after meeting Beijing officials.

Indonesian shoemakers fear Trump tariffs despite lower levy

At a leather boot shop in the Indonesian city of Bandung, workers handle an order from Texas but owner Etnawati Melani says she fears such business will dwindle when Donald Trump's tariffs hit exports.

The China Mail - Economy (English)