🔥 Top Stories
A Taiwan court sentenced former Taipei mayor Ko Wen-je to 17 years imprisonment on Thursday for bribery and misuse of political donations. Ko, who founded the Taiwan People's Party (TPP) in 2019 and placed third in the 2024 presidential election, has not pleaded guilty according to media reports. The TPP, Taiwan's third-largest political party, has been in negotiations with the larger Kuomintang (KMT). The conviction represents a significant setback for the opposition party Ko established.
While the Trump administration pursues diplomatic talks with Iran, the US has ordered thousands of troops to the region. Iran has publicly rejected American diplomatic overtures and threatened massive retaliation if US ground forces are deployed. This military buildup contrasts with Trump's previous criticism of predecessors' prolonged military interventions, raising concerns about potential escalation.
An independent committee's public hearing into a fire that killed 168 people at Wang Fuk Court estate in Hong Kong has reached its fourth day. Residents testified that rubbish piled up outside the building where the fire started, while another resident reported long wait times when calling the police emergency hotline. The hearing continues gathering witness testimony to investigate the fire's cause and emergency response.
Iran rejected a US ceasefire plan on Wednesday and launched additional attacks on Israel and Gulf Arab states, including an assault that caused a major fire at Kuwait International Airport. The rejection occurred as Israel conducted air strikes on Tehran and the United States deployed paratroopers and additional Marines to the region. Iranian state media quoted an anonymous official stating Iran's rejection of the American ceasefire proposal.
The White House announced on Wednesday that President Trump's long-awaited summit with President Xi Jinping will take place in Beijing on May 14 and 15. Spokeswoman Karoline Leavitt made the announcement after weeks of speculation regarding the delayed high-stakes meeting. Trump expressed respect for Xi on social media. Beijing has not yet publicly responded to the announcement.
🏛 Politics
A Taiwan court sentenced former Taipei mayor Ko Wen-je to 17 years imprisonment on Thursday for bribery and misuse of political donations. Ko, who founded the Taiwan People's Party (TPP) in 2019 and placed third in the 2024 presidential election, has not pleaded guilty according to media reports. The TPP, Taiwan's third-largest political party, has been in negotiations with the larger Kuomintang (KMT). The conviction represents a significant setback for the opposition party Ko established.
US President Donald Trump announced a visit to China scheduled for May 14-15, including a meeting with President Xi Jinping. The trip was delayed approximately six weeks from its original March 31 start date due to economic risks stemming from the Iran situation. The new itinerary is one day shorter than the originally planned three-day visit. China has not yet made an official statement regarding the visit.
While the Trump administration pursues diplomatic talks with Iran, the US has ordered thousands of troops to the region. Iran has publicly rejected American diplomatic overtures and threatened massive retaliation if US ground forces are deployed. This military buildup contrasts with Trump's previous criticism of predecessors' prolonged military interventions, raising concerns about potential escalation.
As the Russia-Ukraine conflict enters its fifth year, international attention has shifted due to developments in Iran. Russia conducted a major bombardment on Tuesday with nearly 1,000 drones and 34 missiles, followed by Ukraine's retaliatory strike using approximately 400 drones. Neither side shows signs of de-escalation as Russia's spring offensive intensifies.
An independent committee's public hearing into a fire that killed 168 people at Wang Fuk Court estate in Hong Kong has reached its fourth day. Residents testified that rubbish piled up outside the building where the fire started, while another resident reported long wait times when calling the police emergency hotline. The hearing continues gathering witness testimony to investigate the fire's cause and emergency response.
A former Japanese national security adviser recommends that Japan enact special legislation to enable the deployment of warships to jointly secure the Strait of Hormuz with other nations and protect vessels from Japan and other countries, even before a ceasefire is achieved. The proposal would require legal measures beyond Japan's previous responses to geopolitical conflicts.
Economists and analysts suggest China's long-standing geopolitical approach—avoiding military involvement, thorough preparation, and issuing measured statements on UN principles—positions it favorably as the Iran conflict enters its fourth week with no clear resolution. Experts indicate China's cautious stance may create diplomatic and economic opportunities amid ongoing US involvement in the region.
The United States announced a reward of up to $3 million for information on the financial activities of Haiti's Viv Ansanm and Gran Grif criminal organizations. Both groups, designated as terrorist entities by Washington, control hundreds of gangs across Port-au-Prince, the Artibonite region, and central Haiti. This represents a strategic shift from previous bounties that focused on individual gang leaders.
Iran rejected a US ceasefire plan on Wednesday and launched additional attacks on Israel and Gulf Arab states, including an assault that caused a major fire at Kuwait International Airport. The rejection occurred as Israel conducted air strikes on Tehran and the United States deployed paratroopers and additional Marines to the region. Iranian state media quoted an anonymous official stating Iran's rejection of the American ceasefire proposal.
The White House announced on Wednesday that President Trump's long-awaited summit with President Xi Jinping will take place in Beijing on May 14 and 15. Spokeswoman Karoline Leavitt made the announcement after weeks of speculation regarding the delayed high-stakes meeting. Trump expressed respect for Xi on social media. Beijing has not yet publicly responded to the announcement.
💰 Finance
China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil and gas producer, plans to boost production this year in response to geopolitical tensions and rising oil prices. The company reported an 11.5 percent decline in net profit to 122.08 billion yuan (US$17.7 billion) in 2025, despite achieving record-high production volumes, as low oil prices throughout the year impacted profitability.
Regional conflicts in the Middle East have heightened energy security concerns for oil-dependent nations, accelerating the transition to renewable energy sources. Analysts expect this shift to persist long-term due to recurring geopolitical risks. China, as a major exporter of renewable energy technology and products, is positioned as the primary beneficiary, with export growth expected to offset higher oil and gas import costs. Approximately one-fifth of global oil and liquefied natural gas supplies, plus one-third of seaborne fertilizers, traditionally transit through the region.
Volkswagen announced that its Czech-owned Skoda brand will exit mainland China after years of declining sales. A company spokesperson stated that Skoda has realigned its global strategy to focus on growth markets including India and the Asean region. The move reflects declining appeal of international automotive brands in the world's largest car market.
Cathay Pacific Airways announced a 34% increase in fuel surcharge for all flights effective April, marking the second hike in two weeks. Long-haul flight surcharges will rise from HK$1,164 to HK$1,560, an increase of HK$396. The airline cited considerable pressure from Middle East conflict impacting oil prices as the reason for the adjustment, taking effect next Wednesday.
Asia faces renewed concerns about its vulnerability to global economic shocks for the second consecutive year. Following Trump administration trade policies, major Asian economies' heavy reliance on external markets, particularly US exports, has deepened structural weaknesses. Morgan Stanley notes that seven of the world's ten largest trade surplus countries are in Asia, a concentration that could constrain regional growth prospects.
Novo Nordisk's blockbuster semaglutide lost patent protection in China on March 20, opening the market to competitors. At least 10 weight-loss injections and oral medications are awaiting regulatory approval in China, with the market projected to reach approximately US$14 billion by 2030. Semaglutide generated about US$35 billion in global revenue last year, and China's accelerated approval process is driving increased competition in this sector.
Harvard University Professor Kenneth Rogoff has repeatedly warned that the US dollar faces a crisis of legitimacy. A former chief economist at the International Monetary Fund, Rogoff has published extensively on the global financial crisis of the late 2000s and now focuses on the instability of the dollar's position in the global financial hierarchy. His recent work examines the challenges to US currency dominance.
Singapore's Civil Aviation Authority announced a postponement of the sustainable aviation fuel (SAF) levy, moving the implementation date from September to October 1. The delay was attributed to rising fuel costs caused by Middle East conflict impacts on airlines and passengers. The levy amount will vary based on travel class and flight distance.
Deutsche Bank analysts indicate that the US-Israeli conflict could undermine the US dollar's historical dominance in Middle Eastern oil trade and promote China-backed petroyuan alternatives. The month-long conflict's damage to Gulf economies may prompt regional adjustments to foreign asset holdings, potentially shaking the foundations of the petrodollar system.
A US jury on Wednesday ruled that Meta and Google are liable for designing platforms harmful to children and teenagers, marking a landmark verdict in the growing backlash against social media's mental health impacts on youth. Meta was ordered to pay $4.2 million in damages while Google must pay $1.8 million, potentially prompting tech companies to reconsider their defense strategies against safety claims.
💻 Technology
Google announced TurboQuant, a new AI algorithm that reduces memory requirements for key-value caches by six times, causing shares of memory chip manufacturers like Samsung and SK Hynix to fall. However, analysts view the decline as a buying opportunity, suggesting the market overreacted to the short-term impact.
Chinese drone manufacturer DJI announced its first 360-degree drone, the Avata 360, on Thursday, directly entering a market segment dominated by competitor Insta360. The drone features a front-mounted omnidirectional camera capable of capturing 8K resolution images at 60 frames per second with high dynamic range capability. The launch marks DJI's expansion beyond traditional aerial photography while patent disputes between the two companies continue to escalate.
Chinese autonomous driving firm Pony AI plans to launch robotaxi services in Zagreb, Croatia, partnering with Uber Technologies and local startup Verne. The three companies aim to operate thousands of robotaxis across multiple European cities over the coming years, pending consistent performance and safety validation. This marks a significant step in Pony AI's global expansion and accelerates autonomous taxi commercialization in Europe.
Experts at the Boao Forum for Asia stated that China's humanoid robot industry faces persistent challenges in task adaptation and training efficiency, with large-scale deployment still years away. Despite rapid technological advances in recent years, hardware and software limitations remain unresolved, preventing widespread commercial deployment.
🌏 International
Taipei District Court announced its verdict today on former Taipei Mayor Ko Wen-je and 10 others in a bribery case involving Jinghua City development. Ko faces charges including breach of duty, embezzlement, and breach of trust. If sentenced to over 10 years imprisonment, he will be disqualified from running for president or vice president in 2028.
White House Press Secretary Karoline Leavitt stated that if Iran's government refuses to accept an agreement to end Middle East conflicts, President Trump is prepared to take strong measures against Iran. The statement reflects the US position in regional negotiations, emphasizing that failed talks would result in more forceful subsequent actions.
White House Press Secretary Karoline Leavitt announced that President Trump will conduct a state visit to China on May 14-15. The visit represents high-level interaction between the two nations' leaders, with Chinese President Xi Jinping expected to make a reciprocal visit to Washington. The visit aims to strengthen bilateral relations and political dialogue between the United States and China.
SpaceX, led by Elon Musk, plans to submit its IPO prospectus to regulators this week or next, targeting a June listing. The company aims to raise over 75 billion dollars, exceeding previous estimates of 50 billion dollars, which would set a record for US IPO fundraising and surpass the combined total of all US IPOs from last year.
Geopolitical tensions in the Middle East are tightening oil supplies and affecting global energy markets. Analysts indicate that recovery of Persian Gulf energy production will take years, pushing up global inflation. Economists expect U.S. inflation rates may rise to 4%, while investors monitor U.S.-Iran diplomatic negotiations.
Iran rejected the US 15-point peace proposal on Wednesday and simultaneously escalated military operations against Israel and Gulf countries. Iranian officials stated a negative response to the American proposal while presenting conditions including war reparations and sovereignty over the Strait of Hormuz. Attacks included a fire at Kuwait International Airport, indicating continued escalation of tensions in the Middle East.
The White House announced that President Trump will visit China on May 14-15 for a summit with Chinese President Xi Jinping. The meeting, originally scheduled for late March or early April, was postponed by approximately six weeks due to U.S. military actions against Iran. Trump will be accompanied by First Lady Melania, and Xi is expected to make a reciprocal visit to Washington later this year.
US Central Command (CENTCOM) Commander Brad Cooper stated that the United States has destroyed approximately two-thirds of Iran's missile and drone production facilities. Additionally, about 92% of Iran's large naval vessels have been damaged. Through a series of military operations, the US military has significantly impacted Iran's military production capacity.
US President Trump has told staff and allies he hopes to end the month-long military conflict with Iran within weeks to avoid prolonged warfare. Trump privately believes the conflict has entered its final phase and publicly set a four-to-six-week timeline for resolution. The White House is planning a Trump-Xi meeting in Beijing in mid-May and expects the conflict to end before then, though negotiations currently face obstacles.
Ukrainian President Zelenskyy revealed to Reuters that US security guarantees are tied to peace agreement negotiations, involving Ukraine's eastern Donbas region. This occurs as the Trump administration prioritizes Iran affairs while increasing diplomatic pressure on Ukraine to end the four-year conflict that began with Russia's 2022 invasion.
Iran's Islamic Revolutionary Guard Corps submitted a ceasefire agreement in the fourth week of conflict, demanding sovereignty over the Strait of Hormuz and establishing transit fee mechanisms. The proposal reflects hardline positions and involves control of a critical global energy transportation hub, becoming a key negotiation point.
White House spokesperson Karoline Leavitt announced on the 25th that US President Donald Trump will visit China on May 14-15. This diplomatic visit aims to strengthen bilateral relations between the two countries. The specific agenda and topics for discussion will be further coordinated between both nations.
Ukrainian drones attacked two Russian oil terminals in the Baltic Sea—Primorsk and Ust-Luga—on March 22-23, causing fires visible from Finland. Industry sources estimate at least 40% of Russia's oil export capacity is affected. Both ports suspended crude oil and petroleum product loading on March 25, impacting global energy markets amid Middle East tensions.
The Hormuz Strait has experienced a dramatic decline in vessel traffic due to escalating Middle East tensions, with daily transits dropping approximately 95% compared to pre-conflict levels. Average daily passage has fallen to just 4 vessels from the normal 125, according to Clarkson data. JPMorgan Chase analysis indicates the strait's closure has reduced global daily oil supply by 16 million barrels, with economic impacts persisting even after pipeline diversions and strategic reserve releases.
The geopolitical situation in the Strait of Hormuz poses systemic risks to the global economy beyond crude oil. Disruptions in petrochemical and natural gas supplies could impact textiles, fertilizers, and semiconductors, triggering imported inflation and threatening real economic stability across multiple sectors.