Special Administrative Region of China, trading hub and financial center
Drugmakers and researchers have published mixed late‑stage results this week. Insilico has reported that its AI‑designed drug rentosertib lowered multiple biological aging clocks in a mid‑stage trial. AstraZeneca has released data showing tozorakimab cut COPD flare‑ups by about 30%. At the same time, several cardiovascular candidates, including Novartis’s pelacarsen and ziltivekimab trials, have failed or been halted, while a major statin trial in over‑70s has shown benefit.
A Liberian-flagged cargo ship, the Ocean Melody, is engulfed in a fire while undergoing repairs at Beihai Shipbuilding Co. in Qingdao. Forty-two people were on board; twelve have been evacuated and five are injured and stable. President Xi Jinping has called for urgent rescues and a thorough investigation.
Global government bond yields have risen to multi‑year highs this week after renewed US–Iran fighting pushed Brent crude toward $90–$97 a barrel and revived inflation fears. Investors have dumped long‑dated sovereign debt from the US to the UK and Japan, forcing governments to pay sharply higher borrowing costs and pushing mortgage and corporate funding rates up.
Singapore has revised ministerial pay, boosting the prime minister’s benchmark to S$3.6 million and other ministers’ salaries. Existing officeholders will receive a one‑off up to 9% raise this Oct, with further adjustments based on performance. Prime Minister Lawrence Wong pledges to donate his increase to charity.
Oil has risen above $105 a barrel after fighting around the Strait of Hormuz and Red Sea has cut shipping routes and disrupted Gulf exports. Gasoline and wholesale natural gas prices have climbed, borrowing costs and government bond yields have jumped, and investors are watching U.S. inflation data and a likely Federal Reserve rate decision next week.
The 2025 Pisa results indicate Scotland, Wales and Northern Ireland trail England in reading and maths, with science rankings mixed. England leads on science, while Welsh and Scottish scores drop further behind, prompting calls for reform. The OECD notes a global decline in reading and warns of digital distractions affecting performance.
Cardinal Joseph Zen and four others have been convicted in Hong Kong over the 612 Humanitarian Relief Fund, marking a landmark case on the city’s freedom of association. The fund helped cover medical and legal costs for arrested protesters; convictions were for breaches of the Societies Ordinance. Wong’s case unfolds with another plea in a separate conspiracy charge. Readers are watching rapid political shifts in Hong Kong following the 2019 protests.
Global markets have steadied as US retail sales disappointed expectations but inflation trends remain subdued. European shares edge higher on energy-price easing, while oil prices pull back slightly amid a holiday lull. The day closes with investors weighing the timing of the next Federal Reserve move.
Joshua Wong has pleaded guilty to conspiracy to collude with foreign forces in Hong Kong's High Court and faces additional years behind bars while already serving a four-year, eight-month sentence for a separate national security conviction. Rights groups and supporters say the new charge is designed to extend his detention and chill dissent across the city.
A Shenzhen court has sentenced Evergrande founder Hui Ka Yan to life in prison and ordered confiscation of his assets, while a Guangzhou court has accepted bankruptcy liquidation for Evergrande’s mainland property unit. Courts have fined Evergrande and its unit about 15.8 billion yuan, and dozens of executives have also received prison terms.
Ethel Caterham has become the oldest living person in April 2025 after the death of a 116-year-old. She credits avoiding arguments as key to her longevity and has shared moments from her life, including meeting King Charles and experiences across decades in the UK and abroad. She currently resides in Hallmark Lakeview Care Home in Lightwater, Surrey.
Sunao Takami, 58, has been hanged after being convicted for the 2009 Osaka pachinko-parlour arson that killed five and injured ten. Justice Minister Hiroshi Hiraguchi says the punishment reflects “careful and thorough considerations” amid ongoing global scrutiny of capital punishment. Takami’s execution is the first under Prime Minister Sanae Takaichi’s government and comes as Japan faces renewed calls for transparency.
Chinese regulators have announced recalls affecting more than four million vehicles, largely driven by safety concerns over hidden, electronically operated door handles. Tesla has accounted for about 2.98 million cars; Xiaomi, Leapmotor, Xpeng and Geely are also recalling vehicles. Automakers will add warning labels and push software updates to improve emergency egress and driver monitoring.
Shein has floated on the Hong Kong stock exchange at HK$48.56 a share, valuing the company at about US$26.3bn and raising roughly HK$13.6bn. Shares plunged as much as 10% on open before recovering to close marginally below the offer price. The IPO follows failed plans to list in New York and London and rising trade and regulatory costs that have squeezed margins.
Alibaba has priced an HK$80 billion share placement, issuing 710 million new Class B shares at HK$112.70 each to non-U.S. investors. The deal values the company at about US$27 billion and will fund expansion of its AI capabilities and infrastructure. The move comes after a 75% profit drop in the June quarter and a sharp rise in capital expenditure.
Shein's Hong Kong listing is priced lower than hoped, valuing the company around $26.3 billion. Trading began shakily, with early losses narrowing as markets digest regulatory twists, tax changes, and weak consumer sentiment that have weighed on the fast-fashion group after a rapid ascent.
Japan’s lawmakers are in Beijing to restore channels after Tokyo’s Taiwan remarks soured ties; discussions with Chinese officials run through Thursday as both sides seek to mend diplomatic and economic links.
The US Treasury has announced "Operation Economic Outcast," expanding secondary sanctions and targeting Iran's digital assets, technology, gold, aviation and shipping to sever Tehran's revenue streams. Washington has designated about 60 individuals, companies and vessels worldwide; Iran says it is prepared with contingency plans and vows to pursue both defence and diplomacy.
Taiwanese prosecutors have indicted nine people over the alleged illegal export of Nvidia GPUs to China, with several servers shipped via Indonesia, Japan, and Hong Kong. The case underscores ongoing US-China tech frictions and Taiwan’s tightening export rules to curb restricted technology reaching China.
Iran and the United States are locked in a widening standoff over the Strait of Hormuz. Tehran arrays for potential retaliation as Washington expands sanctions targeting Iran’s digital assets, gold, aviation and shipping. Mediators in the region push to reopen Hormuz and end hostilities amid rising economic pressure.
The Gao Brothers’ artist Gao Zhen has been sentenced to three years in a Hebei prison for works that authorities deem insulting to revolutionary figures. He has been detained since August 2024 and plans to appeal. Amnesty International and UN groups condemn the ruling as a crackdown on artistic expression.
Tim Curry has died at his Los Angeles home on 25 August at age 80, his longtime manager Marcia Hurwitz has confirmed. The English actor had been wheelchair‑bound after a major 2012 stroke and had a history of kidney cancer; the death certificate lists those conditions as contributing factors. He had originated Dr Frank‑N‑Furter in The Rocky Horror Show and enjoyed a six‑decade career across stage, film and voice work.
Yayoi Kusama has died at 97, her studio has announced. The Japanese artist has become globally famous for polka dots, Infinity Nets and Infinity Mirror Rooms, and she has continued to paint into her final days. Her work has drawn huge museum audiences and influenced generations of artists across pop, minimalism and performance art.
Qantas has reported an underlying profit before tax of A$2.06 billion for the year to 30 June, with higher fuel costs weighing on earnings. The carrier says demand remains strong and will push to maximise revenue, including exploring more fleet upgrades and ancillary charges through Jetstar. Jetstar is expanding ancillary revenues as part of a broader profitability push.
Z.ai has publicly confirmed that Ox Alpha is GLM-5.3-Flash, a low-cost multimodal model developed for OpenRouter and OpenCode tests. The reveal places Z.ai in the front line of China’s AI race, competing with DeepSeek, Moonshot AI, and Alibaba’s Qwen as it reports half-year results and scales chip claims amid a broader push for domestic AI capability.
The UAE central bank has announced an urgent examination of Banque Misr’s UAE branches following a U.S. move to cut the bank’s access to the U.S. financial system as part of efforts to choke Iran's economy. The Treasury’s action is subject to a one-month public comment period and comes amid broader sanctions pressure on Iranian networks. The probe is part of an expanding U.S. push to isolate Iran through financial channels.
Leaders have convened in Bishkek for the Shanghai Cooperation Organisation's 25th‑anniversary summit. Xi Jinping has told Vladimir Putin bilateral ties have grown "more solid" and promised "even brighter" prospects. The summit has drawn over a dozen heads of state while bilateral talks are focusing on economic cooperation, visa regimes and security topics as wars in Ukraine and between the US and Iran shape the agenda.
The U.S. Treasury has announced new sanctions as part of a broader campaign to sever Iran’s financial ties. Treasury Secretary Bessent says further actions will be taken to push global partners to join in economic isolation of Iran, including sanctions on a UAE-based bank affiliate.
Anak Krakatau has erupted since late Friday and has produced lava fountains and ash clouds that reached up to 50,000ft. Authorities have suspended operations at Soekarno‑Hatta and at least seven other airports, delaying more than 200 flights and affecting over 22,000 passengers. Officials have kept a 3km exclusion zone and urged people to protect themselves from ash.
Qatar has pressed for unimpeded Hormuz shipping and is coordinating with China as regional diplomacy intensifies. Doha says reopening the Strait must be unconditional, while mediation efforts continue amid stalled US-Iran talks and renewed attacks.
Russia's finance minister has attended G20 finance talks in Asheville for the first in-person time since 2022. US Treasury Secretary Scott Bessent has met him and told him that no sanctions relief or economic agreements are possible while the war in Ukraine continues. European officials have refused to treat Russia as a normal participant and skipped a group photo with him.
France has launched a levy targeting ultra-fast fashion firms including Shein and Temu as part of a June-backed bill to curb environmental and economic effects. The measure links charges to how much clothing retailers place on the market and the repair cost relative to item price, with per-item fees scaling up to 2030. France argues the policy tackles consumer excess and supply-chain concerns, while critics call it discriminatory and a potential trade barrier.
The Ukraine international has resolved his doping case with the FA and has not played since November 2024. Tottenham are pursuing a move with a potential permanent option, while Chelsea’s interest cooled as Spurs emerged as the frontrunner in late August. Mudryk’s return follows a ruling that allows immediate competition pending CAS appeal outcomes.
Duterte has posted bail on three counts of grave threats as legal proceedings intensify in Quezon City amid a political showdown with President Marcos. A court issued an arrest warrant last week; Duterte says she is exercising all legal remedies while denying the charges.
Smriti Mandhana has become the all-time leading run-scorer in women’s international cricket after a 124-run century for India against Hong Kong in the Women's Asia Cup, lifting India to 193-5 before dismissing Hong Kong for 56 and sealing a 137-run victory. Raj calls her a legend and role model; Mandhana’s 18th international century surpasses Meg Lanning’s 17.
US oil has extended gains in a rally across a eighth straight session, while US equity futures are mixed. The S&P 500 and Nasdaq 100 have slipped, led by industrials and consumer discretionary names, as investors await the Fed’s next move amid ongoing inflation considerations. Market watchers expect the Fed to act later this month depending on jobs data and inflation trends.
The Guardian reports a new graphic novel by Melissa Chan and Badiucao imagines a dystopian future where China and the United States are at war in 2035. It foregrounds the experiences of the Chinese-speaking diaspora and argues authoritarianism everywhere is bad, while highlighting risks to journalists and artists who criticise Beijing.
The Easdale World Skimming Championship has drawn a record field of 400 competitors from over 30 countries to the Isle of Easdale in the Inner Hebrides. Organisers say entry numbers are the strongest in its history, with new safety measures and a geologist overseeing stone integrity after last year’s cheating scandal. The event features three legal throws per competitor, judged by distance and the back wall, with grand finals known as the Toss Off.
Temasek Holdings is raising ACP III, continuing a credit-focused strategy after securing $320 million for ACP II. Separately, L Catterton is nearing a deal to take a controlling stake in Hyrox, potentially valuing the company at about €600 million as it expands in Asia.
A sequence of high-profile gowns and outfits worn by Diana, Boutella, Hanne and Obama are highlighted across major fashion events and festivals. The items, from the 1990s vengeance dress to contemporary couture, are drawing attention at Sotheby’s and major galas, with exhibitions planned in London, Hong Kong, Geneva and New York.
Hong Kong's court has acquitted Dow Jones Publishing Co. (Asia) of dismissing a journalist for union activity while convicting on the charge that it prevented or deterred union participation. The case centers on Selina Cheng, former WSJ reporter and HKJA chair, who argued her firing was linked to her union role.