Daily World Briefing, July 12
China and the United States should work together to find the right way to get along with each other in the new era, Chinese Foreign Minister Wang Yi said here on Friday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, expressed his hope that the U.S. side would view China with an objective, rational and pragmatic attitude.
Wang made the remarks during a meeting with U.S. Secretary of State Marco Rubio in the Malaysian capital on the sidelines of the ASEAN Foreign Ministers' Meeting and related meetings.
China's Xixia Imperial Tombs inscribed as UNESCO World Heritage Site
China's Xixia Imperial Tombs were inscribed on the World Heritage List on Friday during UNESCO's 47th session of the World Heritage Committee, held in Paris, France.
With this addition, the total number of World Heritage sites in China has reached 60.
Xixia Imperial Tombs is a group of imperial burial sites from the Xixia Dynasty (Western Xia, 1038-1227), founded by the Tangut people in northwestern China during the 11th to 13th centuries.
Covering an area of nearly 40 square km, the site comprises four types of architectural remains: 9 imperial mausoleums, 271 subordinate tombs, a northern architectural complex covering 0.05 square km, and 32 flood control works.
Trump says U.S. to impose 35 pct tariffs on Canada starting Aug. 1
U.S. President Donald Trump on Thursday announced a 35 percent tariff on imports from Canada starting Aug. 1.
Trump posted a letter addressed to Canadian Prime Minister Mark Carney on his social media platform Truth Social, criticizing Canada for retaliating against previous U.S. tariffs.
He pointed out that the new tariff is in part caused by the flow of fentanyl from Canada, as well as allegedly unfair trade practices, and that he would "consider an adjustment" to the tariffs if Canada cooperated with the United States to stop the flow of fentanyl.
Canada continues trade talks with U.S. towards revised deadline of Aug. 1
Canada will continue the trade talks with the United States towards the revised deadline of Aug. 1, Prime Minister Mark Carney said Thursday.
Carney said on his social media that throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended the workers and businesses.
"We will continue to do so as we work towards the revised deadline of August 1," he said.
Canada has made vital progress to stop the scourge of fentanyl in North America, he said, affirming Canada's commitment to continuing to work with the United States to save lives and protect communities in both countries.
Lebanese president says normalization with Israel not on agenda
Lebanese President Joseph Aoun affirmed on Friday that normalizing diplomatic relations with Israel is currently not under consideration, emphasizing that Lebanon's current focus is on maintaining peace, not entering formal ties.
"Peace means a state of non-war, and that is what matters to Lebanon right now," he said, according to a statement released by Lebanon's presidency.
Aoun's remarks came during a meeting with a delegation from the Arab and International Relations Council.
During the meeting, Aoun stressed that the unity of the Lebanese people is crucial to overcoming the country's ongoing challenges.
U.S. State Department starts laying off at least 1,300 staffers
The U.S. Department of State has begun firing more than 1,300 people as part of a dramatic overhaul of the agency, U.S. media reported on Friday.
"The firings will affect 1,107 civil service and 246 foreign service officers," reported CNN after reviewing an internal notice. "It comes as the State Department implements a drastic reorganization as part of the Trump administration's broader efforts to shrink the federal government."
Hundreds of offices and bureaus are being eliminated or altered as a result of the changes being implemented on Friday, it added.
Nearly 800 killed while trying to access aid in Gaza
Nearly 800 people have been killed while trying to access humanitarian aid in the Gaza Strip, the UN human rights office (OHCHR) said on Friday.
Speaking at a press briefing in Geneva, OHCHR spokesperson Ravina Shamdasani said that as of July 7, the OHCHR had documented 798 killings in aid distribution areas in Gaza. "Including 615 in the vicinity of the Gaza Humanitarian Foundation (GHF) sites and 183, presumably on the routes of aid convoys," she said.
She also noted that most of the casualties resulted from gunshot injuries.
Shamdasani said that such a situation is unacceptable, yet it continues.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
29 minutes ago
- The Star
BreathDx seeks RM21mil for regional expansion
PETALING JAYA: BreathDx (M) Sdn Bhd, the Malaysian unit of US-based breath diagnostic firm BreathDx Inc, is seeking to raise RM21mil through an offering of Islamic redeemable cumulative convertible preference shares (RCCPS-i) as it prepares to expand operations in Malaysia and the region. The fundraising, facilitated via equity crowdfunding platform AMB Connect, will support the company's efforts to scale up its breath-based diagnostics platform, which uses artificial intelligence and gas chromatography to detect cancer through exhaled breath. 'Being based in Malaysia allows us to look at diseases that often don't get investigated like dengue, Zika or malaria. 'It also gives us an opportunity to localise testing for the region,' said chief executive officer Datuk Rajen Manicka. Of the amount raised, 57% will be allocated toward acquiring machines, research and development (R&D), regulatory compliance, staffing and reimbursements, while the remaining has been earmarked for working capital. The RCCPS-i shares would be issued at RM1 each, with proceeds to be fully utilised within 18 months. To support long-term scalability, BreathDx has outlined a three-pronged revenue strategy: leasing diagnostic machines to point-of-care providers such as hospitals and clinics, charging on a per-test basis, and monetising clinical data for third-party use. 'We are building a model that removes upfront cost barriers for healthcare providers while creating recurring income from both diagnostics and data,' Rajen said. As part of its expansion, the company is also exploring the setting up of a manufacturing plant in Sama Jaya, Sarawak. Rajen said the facility would allow the company to localise production, reduce reliance on China-based manufacturing, and mitigate the impact of tariffs in key export markets such as the United States. The company, recently valued at US$332mil by Valuing IP Sdn Bhd, may also consider a Nasdaq listing within the next two to three years. Rajen added that the valuation could rise further with the completion of clinical studies at Harvard and the US Veterans Administration, approvals from the US Food and Drug Administration and Malaysian regulators, international market entry into Europe, India and North Asia, and local manufacturing in Sarawak. BreathDx has invested more than US$25mil in R&D of micro gas chromatography and holds 25 international patents.
The Star
30 minutes ago
- The Star
Xi's campaign against price wars creates a buzz
An aerial view shows Chinese-made cars parked at a port in Nanjing, in China's eastern Jiangsu province, on July 11, 2025, before being loaded onto a ship for export. (Photo by AFP) / China OUT Beijing: For strategists at JPMorgan Chase & Co and Goldman Sachs Group Inc as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market. The term 'anti-involution' has cropped up in government documents over the past year, but gained prominence earlier this month when President Xi Jinping chaired a high-level meeting that pledged to regulate 'disorderly' price competition. It refers to efforts to root out China's industrial malaise, marked by cut-throat price wars and overcapacity that have hurt profitability in sectors ranging from solar, electric vehicles (EVs) to steel. Investors are hopeful that a more coordinated policy response to tackle the drivers of deflation is on its way, though Beijing hasn't yet released any plan. Analyst reports on the theme have flooded the market, while solar and steel stocks have rallied in July. Morgan Stanley strategists changed their preference to onshore shares from those in Hong Kong last week. 'One of the biggest issues that investors have investing in China is that of excessive competition,' said Min Lan Tan, head of the Asia Pacific chief investment office at UBS AG. 'It's actually a very positive development that top down the government is now recognising it and directly saying that destructive competition has to stop. It's a powerful policy signal.' The Chinese term for involution, neijuan, literally means rolling inwards. In practice, it's used to describe a system of intense competition that yields little meaningful progress. Huge spending on building capacity has helped Chinese firms enhance their global standing. The nation's companies now dominate every step of the solar supply chain, while its EV makers have toppled Tesla's dominance. Yet, ending destructive competition has rarely been more important. Producer deflation is worsening, and trade tensions mean China can no longer unleash some of its overcapacity to other countries. 'With foreign markets closing off Chinese trade routes, part of the competition is forced to return to the domestic market,' said Jasmine Duan, senior investment strategist at RBC Wealth Management Asia. The campaign seems to be helping improve investor sentiment for the mainland market, where policy drivers have a stronger sway and industrial stocks have bigger weighting. The onshore CSI 300 Index has risen 2% so far in July, outperforming the Hang Seng China Enterprises Index after lagging it for most of the year. Solar stocks Xinjiang Daqo New Energy Co and Tongwei Co have advanced at least 19% this month. Liuzhou Iron & Steel Co Ltd has surged more than 50% while Angang Steel Co has gained about 16%. Glass, cement and chemicals shares have also jumped. It's still early stages but if the reforms pan out, 'there'll be consolidation in China and there'll be slightly better pricing and margins, and there'll be better valuation,' said Wendy Liu, head of China and Hong Kong equity strategist at JPMorgan. — Bloomberg
The Star
30 minutes ago
- The Star
Carbon tax may dent steel sector's recovery
MALAYSIA'S commitment to decarbonisation is taking shape, with the government confirming that a carbon tax will be introduced in 2026. While this presents an opportunity for Malaysia to price carbon and reduce emissions, investors are concerned about its potential impact on Malaysian export competitiveness. Cancel anytime. Ad-free. Full access to Web and App. RM 13.90/month RM 9.73 /month Billed as RM 9.73 for the 1st month, RM 13.90 thereafter. RM 12.39/month RM 8.63 /month Billed as RM 103.60 for the 1st year, RM 148 thereafter.
