US-China rare earth agreement, Xi set to miss Brics summit: SCMP's 7 highlights
subscribing
The United States and China reached a 'framework' agreement on how to facilitate rare earth shipments, implementing a deal based on bilateral trade talks that started last month in Geneva, Switzerland, the White House said. Confirmation of the agreement came shortly after US President Donald Trump said the US had signed a trade deal with Beijing a day earlier, offering no further details.
People celebrate the ceasefire between Iran and Israel at Enghelab Square in Tehran, Iran, on June 24. The ceasefire was declared on Tuesday. Photo: Xinhua
A frustrated US President Donald Trump insisted on Tuesday that the ceasefire between Iran and Israel remains 'in effect', even as he rebuked both nations for violating it. This public warning followed his earlier castigation of Iran, but particularly close US ally Israel, for launching attacks after the ceasefire, which he had originally announced late Monday.
Chinese President Xi Jinping will not attend next week's Brics summit in Rio de Janeiro, marking his first-ever absence from the gathering of leading emerging economies, the Post learned from multiple sources on Tuesday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
3 minutes ago
- South China Morning Post
Nvidia CEO Jensen Huang wins hearts of millions in China with Tang suit, rusty Mandarin
Nvidia CEO Jensen Huang captivated millions of Chinese fans by donning a Tang suit and speaking in rusty Mandarin at the third China International Supply Chain Expo (CISCE), marking his third visit to China this year. The five-day event, which opened in Beijing on July 16, focused on global supply chain innovation and collaboration in sectors such as smart vehicles and clean energy. Renowned for his signature black leather jacket and jeans, Huang has earned the moniker 'Leather Jacket Guy' in mainland media. Even in Beijing's sweltering summer heat, he was spotted posing in his heavy leather jacket alongside Xiaomi founder Lei Jun. When local reporters inquired about his outfit, Huang humorously pointed out that his only suit was still at the dry cleaner. Known for his trademark black leather jacket and jeans, Huang has been dubbed 'Leather Jacket Guy' by the mainland media. Photo: Adek BERRY/AFP 'I only have that one suit, and it is a bit worn out,' he replied, eliciting laughter from the crowd.
South China Morning Post
33 minutes ago
- South China Morning Post
Chinese officials call on carmakers to clamp down on price spiral
In discussions with major carmakers, China has repeatedly brought up the 'irrational competition' driving down prices – an economy-wide issue threatening the buoyancy of emerging growth drivers , particularly new energy vehicles (NEVs) – calling for firms to establish lasting standards to ensure fair and orderly market activity. As Beijing seeks to rein in a cutthroat price war driving down growth potential in the sector – a trend that is also fuelling deflationary pressure – industry leaders gathered in the capital for two symposia held over two consecutive days, according to two statements released by the Ministry of Industry and Information Technology (MIIT) late Friday. Officials present instructed companies to take action and reverse the slide. 'It is vital to recognise the extreme urgency of curbing irrational competition in the NEV industry,' said Che Jun, deputy head of a central guiding group, at a meeting with the China Association of Automobile Manufacturers, the foremost trade association for carmakers. Representatives from Beijing Automotive Industry Holding and BYD also attended. Guiding groups are dispatched by the Central Committee of the ruling Communist Party to provide supervision and guidance to localities and industries relevant to the group's designated area of focus. Che stressed that the problem is prone to recurrence and therefore requires sustained, long-term efforts. Leading companies should set an example for the rest of the industry, he added, by engaging in lawful and rational market competition. The other symposium was held by MIIT, the National Development and Reform Commission and the State Administration for Market Regulation, with representatives from 17 leading carmakers present. The assembled government bodies said healthy industrial development should be promoted through cost oversight and price monitoring.
South China Morning Post
33 minutes ago
- South China Morning Post
China robotics firm Unitree eyes IPO filing this year as industry starts to commercialise
The Hangzhou-based start-up hired Citic Securities to 'assist the company in preparing documents to apply for an IPO and listing' by December, according to a document filed with the China Securities Regulatory Commission's (CSRC) Zhejiang branch, which was published on Friday. Unitree said that over the next three months, its employees would learn what they would need to do as part of a listed company and it would make sure its property, trademarks and patents were properly handled. It also said it would set out clear business objectives. The company was on track to become the first humanoid robot maker to list on a mainland bourse. Earlier this month, Shanghai's AgiBot said it would buy a controlling stake in publicly traded Swancor Advanced Materials, paving the way for a back-door listing. But AgiBot said that was not its intention. Hong Kong has some listed robotics stocks, including UBTech Robotics and Dobot Robotics. Both are based in Shenzhen. The interest in stock markets reflected the growing need of China's robot makers to raise more funds as they move towards commercialisation, analysts said. 'When a leader in the technology sector starts with an IPO, it often means that the industry has moved from 'laboratory technology breakthroughs' to 'product scale-up and commercialisation'', said Qian Wenying, the secretary general of the Research Centre for AI and Management Innovation at the China Europe International Business School.
