🔥 Top Stories
US President Donald Trump personally pressed Chinese President Xi Jinping to help resolve the Ukraine conflict during last month's leaders' summit in Beijing. According to sources familiar with the discussions, Trump told Xi that Russia-Ukraine negotiations were stalled and urged him to leverage China's influence over Moscow to bring Russian President Vladimir Putin back to the negotiating table with Ukrainian leader Volodymyr Zelensky. The conflict is now in its fifth year.
Facing sustained US export restrictions on advanced semiconductors, China's AI chipmakers are developing a self-reliant silicon ecosystem to challenge Nvidia's market dominance. The industry is debating a fundamental design strategy: whether to rely on versatile graphics processing units (GPUs) or shift toward highly specialized application-specific integrated circuits (ASICs). The competition has evolved beyond seeking a single Nvidia alternative toward developing diversified technological solutions.
The US Department of Commerce issued new guidance to close a potential loophole created a year ago that may have allowed advanced chips, including Nvidia's Rubin and Blackwell processors and AMD's MI350x, to be exported to Chinese entities located outside China. The world's most sophisticated AI chips may have been reaching subsidiaries of Chinese AI firms established in countries such as Malaysia.
Syrian President Ahmed al-Sharaa held a phone call with US President Donald Trump on Sunday to discuss supporting Syria's economy and regional developments. During the conversation, Sharaa emphasized that lifting remaining US sanctions on Syria is essential for economic revival and attracting investments. The United States has dismantled most of its Syria sanctions regime but maintains some restrictions in place.
Israeli troops captured Beaufort Castle, a strategic mountain fortress in southern Lebanon near Nabatiyeh on Sunday, marking the deepest Israeli incursion into the country in over 25 years. The operation followed days of airstrikes and intense fighting between Israeli forces and Hezbollah militants in nearby villages. The capture represents a major Israeli advance in the latest Israel-Hezbollah conflict that began on March 2.
🏛 Politics
US President Donald Trump personally pressed Chinese President Xi Jinping to help resolve the Ukraine conflict during last month's leaders' summit in Beijing. According to sources familiar with the discussions, Trump told Xi that Russia-Ukraine negotiations were stalled and urged him to leverage China's influence over Moscow to bring Russian President Vladimir Putin back to the negotiating table with Ukrainian leader Volodymyr Zelensky. The conflict is now in its fifth year.
US Secretary of Defence Pete Hegseth told Asia's largest military conference on Saturday that US-China relations were "better than they've been in many years," adopting a significantly softer tone than his remarks at the same Shangri-La Dialogue event a year ago. He stated that President Trump's administration seeks stable peace, fair trade, and respectful relations with China, with both countries agreeing to build a constructive strategic relationship.
China's State Council Information Office announced on May 21 that a year-long campaign targeting irregular law enforcement has uncovered over 66,000 problematic administrative law enforcement cases and helped companies recover 30.7 billion yuan (US$4.5 billion). The campaign aims to discipline local bureaucracies, improve governance, and enhance the business environment across the country.
Former Federal Reserve Chair Jerome Powell used a major public appearance at the Kennedy Presidential Library to defend the central bank's independence while accepting an award honoring his efforts to preserve it. He characterized universities, courts, Congress, and the Fed as foundational to democracy, calling the Fed's independence a priceless asset requiring protection from political pressure.
China's coastguard announced law enforcement patrols in waters east of Taiwan as a response to Japan and the Philippines launching maritime boundary delimitation talks. A formation led by the Daishan vessel conducted patrols on Monday in accordance with law, according to a coastguard statement. China characterized the action as a necessary response to the two countries' unilateral announcement of maritime boundary discussions.
Myanmar's military government is reconsidering the Myitsone Dam, a US$3.6 billion Chinese-financed hydroelectric project shelved over a decade ago due to public opposition. Located on the Irrawaddy River in Kachin state, the project has sparked renewed concerns about potential backlash from armed groups like the Kachin Independence Army. Military authorities have begun public consultations on the controversial infrastructure initiative.
The US Department of Commerce issued new guidance to close a potential loophole created a year ago that may have allowed advanced chips, including Nvidia's Rubin and Blackwell processors and AMD's MI350x, to be exported to Chinese entities located outside China. The world's most sophisticated AI chips may have been reaching subsidiaries of Chinese AI firms established in countries such as Malaysia.
Syrian President Ahmed al-Sharaa held a phone call with US President Donald Trump on Sunday to discuss supporting Syria's economy and regional developments. During the conversation, Sharaa emphasized that lifting remaining US sanctions on Syria is essential for economic revival and attracting investments. The United States has dismantled most of its Syria sanctions regime but maintains some restrictions in place.
Iran's chief negotiator Mohammad Bagher Ghalibaf warned Sunday that the United States cannot be trusted, stating Tehran will not accept any deal unless it fully secures Iranian rights. His remarks came as reports indicated US President Donald Trump sent a tougher peace proposal to Iran, highlighting significant gaps between the parties. Any modifications to the draft could further delay an agreement to formally end the Middle East conflict and reopen the strait.
Israeli troops captured Beaufort Castle, a strategic mountain fortress in southern Lebanon near Nabatiyeh on Sunday, marking the deepest Israeli incursion into the country in over 25 years. The operation followed days of airstrikes and intense fighting between Israeli forces and Hezbollah militants in nearby villages. The capture represents a major Israeli advance in the latest Israel-Hezbollah conflict that began on March 2.
💰 Finance
China's electric vehicle market showed solid recovery in May as new models featuring advanced batteries and driver assistance systems attracted consumers. Zeekr, Geely Auto's premium EV brand, and Leapmotor set monthly delivery records, signaling government subsidies boosted consumer demand. However, overcapacity and fierce competition remain significant challenges for the industry.
A new study from the China Finance 40 Forum, a Beijing-based think tank comprising senior regulators and financial experts, argues that China's contribution to global economic growth is underestimated. The research indicates that China's investment scale could be 3.4 times that of the United States when measured by physical investment volume. The analysis also suggests the yuan is positioned to emerge as a fundamentally strong global currency.
Oil prices have declined sharply following US-Iran discussions on reopening the Strait of Hormuz. Brent crude fell 11.15 percent to US$92.13 per barrel on Friday, marking its steepest weekly drop since early April. Prices recovered to approximately US$93 per barrel by Monday. However, analysts caution that Asian economies will likely require considerable time to overcome the energy shock effects, even if the critical waterway returns to normal operations.
Unitree Robotics, a leading humanoid robot company based in Hangzhou, has passed the Shanghai Stock Exchange's Star Market listing committee hearing on Monday. The company filed for IPO on March 20 and underwent two rounds of regulatory inquiries and on-site inspections. The approval allows the company to proceed to registration and issuance stages, reflecting accelerating development in China's humanoid robotics sector.
Hong Kong Investment Corporation (HKIC) achieved HK$2.3 billion in earnings during 2024 with double-digit internal rate of return, according to CEO Clara Chan Ka-chai. The performance surpasses many newly established venture capital funds and has bypassed the typical J-curve pattern where funds initially suffer losses before gains. The corporation is now seeking to expand its capital base.
💻 Technology
Akeso's ivonescimab drug has delivered better-than-expected phase three clinical trial results, proving effective in treating a type of lung cancer commonly found in smokers. Analysts believe the drug could become a backbone therapy in the US$20 billion global non-small cell lung cancer market and have raised their price targets accordingly. The trial showed the drug significantly reduced mortality risk in patients.
Geng Hongwei, a former PhD candidate in bioscience at Beihang University, dropped out in 2025 and became a full-time whistleblower with over two million followers on an online platform. He gained public attention in April for a video questioning a paper from a renowned scholar's team, and is now building a growing community dedicated to exposing ethical malpractice in scientific research.
Nvidia has partnered with Chinese robotics company Unitree Robotics and Singapore robotic hand maker Sharpa to launch a new humanoid robot reference design called H2+ or Isaac GR00T. The design aims to accelerate innovation in the global humanoid robotics industry by streamlining the development workflow for developers, including data collection, policy training, and real-world deployment.
Facing sustained US export restrictions on advanced semiconductors, China's AI chipmakers are developing a self-reliant silicon ecosystem to challenge Nvidia's market dominance. The industry is debating a fundamental design strategy: whether to rely on versatile graphics processing units (GPUs) or shift toward highly specialized application-specific integrated circuits (ASICs). The competition has evolved beyond seeking a single Nvidia alternative toward developing diversified technological solutions.
Researchers have found physical evidence that 14th-century Chinese surgeons manufactured anaesthetics from plants. While ancient Chinese texts previously documented this practice, this marks the first discovery of tangible proof. The finding may rewrite the history of anaesthetic use, challenging the conventional narrative that William Morton's successful demonstration of ether anaesthesia at Massachusetts General Hospital in Boston on October 16, 1846, was the turning point in modern surgery.
Morgan Stanley reports that Chinese electric vehicle manufacturers are shifting their competitive focus from price competition to artificial intelligence capabilities. The investment bank's Greater China auto research head indicates this AI push will drive Level 3 (L3) conditionally autonomous driving vehicles to market, as carmakers address weakening demand and tightening regulatory requirements.
🌏 International
Israel has expanded its ground offensive against Lebanon, conducting its largest cross-border military operation in 25 years. Hezbollah fired over 300 artillery shells and missiles at Israeli forces and northern Israel over the weekend, breaking a fragile ceasefire agreement. The Israeli Defense Forces have crossed the Litani River and are approaching major southern Lebanese cities. This military escalation follows Iranian-backed Hezbollah attacks on Israel.
The US Commerce Department issued new guidelines on May 31st to close a year-old policy loophole that allowed exports of advanced AI chips to Chinese entities overseas. The loophole enabled shipments of Nvidia's Blackwell and Rubin processors, as well as AMD's MI350x chips, to Chinese AI company subsidiaries in locations like Malaysia. The exact volume of chips exported during the past year remains unclear.
Following Israel's military announcement of capturing a strategic hilltop fortress from the Crusader period in southern Lebanon, the UN Security Council is expected to convene an emergency session. Diplomatic sources told AFP that the council will discuss Israel's latest military offensive to address the escalating situation in the region.
UN Secretary-General Guterres warned that the organization faces potential bankruptcy by mid-August due to unpaid contributions from the United States and China, totaling billions and hundreds of millions of dollars respectively. The UN has implemented unprecedented austerity measures to address the fiscal crisis.
US President Trump stated on social media that negotiations with Iran over a temporary ceasefire agreement will proceed naturally. The potential agreement could extend the ceasefire for approximately two months, with Iran reopening the Strait of Hormuz and the US lifting port blockades. Despite Trump's call for relaxation, US and Iranian forces continue clashing near the Strait of Hormuz. The US attacked Iranian radar stations over the weekend, prompting Iranian retaliation, keeping tensions high.
The United States and Iran engaged in intensive diplomatic exchanges over the weekend to modify a draft agreement aimed at extending ceasefire and reopening the Strait of Hormuz, though substantive progress on key issues remains unclear. Iran's Foreign Minister stated talks are ongoing with no premature conclusions possible. Meanwhile, Israel has expanded ground military operations in Lebanon, with Hezbollah firing over 300 projectiles at Israeli forces, escalating tensions and threatening the fragile ceasefire arrangement.
Japan and the Philippines have initiated negotiations on exclusive economic zones (EEZ) and continental shelf maritime boundaries, with the negotiation scope covering Taiwan's eastern offshore areas. China expressed dissatisfaction and deployed coast guard vessels in the region on the 1st, prompting Taiwan's coast guard to conduct monitoring operations. Analysts suggest the Japan-Philippines negotiations aim to prevent Chinese military expansion in the South China Sea, and recommend Taiwan seek participation in talks through minilateral cooperation to jointly safeguard regional peace and stability.
The Shangri-La Dialogue, Asia's largest annual defense forum held in Singapore, concluded amid US-Iran tensions and after US-China high-level talks. Indo-Pacific nations are deepening regional alliances, with Japan planning major military sales to the Philippines, Australia, and Indonesia. Scholars note that situations in the East China Sea, Taiwan Strait, and South China Sea are interconnected, with constructive US-China dialogue supporting regional stability.
A new drug called daraxonrasib has demonstrated significant progress in pancreatic cancer treatment. Administered as a daily oral medication, clinical data indicates it can substantially extend patient survival time. Pancreatic cancer, considered the deadliest of major cancers due to treatment challenges and poor prognosis, may benefit from this pharmaceutical breakthrough.
The United States conducted military strikes against Iranian air defense systems and unmanned drone facilities. Kuwait reported incoming missile and drone attacks following the incident. Iran had previously vowed retaliatory measures. The escalation occurred in the Hormuz Strait region, heightening tensions in the Middle East.
Iran and the US report conducting fresh military operations around the Strait of Hormuz. Kuwait condemns repeated Iranian attacks in the region. Tensions continue to escalate between the parties in this strategically important waterway, drawing international concern.
Israeli Prime Minister Benjamin Netanyahu announced military strikes targeting Dahieh, a Hezbollah stronghold in Beirut suburbs, in response to attacks on Israeli civilians. The order marks a significant escalation in the ongoing conflict between Israel and Hezbollah, intensifying tensions between the two sides.
Israeli troops captured Beaufort Castle, a strategic mountain fortress in southern Lebanon near Nabatiyeh on Sunday, marking the deepest Israeli incursion into the country in over 25 years. The operation followed days of airstrikes and intense fighting between Israeli forces and Hezbollah militants in nearby villages. The capture represents a major Israeli advance in the latest Israel-Hezbollah conflict that began on March 2.
Israeli Prime Minister Benjamin Netanyahu ordered attacks on Hezbollah-controlled southern suburbs of Beirut on Monday, escalating the conflict in Lebanon. Iran's foreign ministry spokesperson Esmaeil Baghaei stated that Israeli military operations in Lebanon are delaying diplomatic efforts to resolve the US-Iran conflict, emphasizing that a Lebanon ceasefire is integral to any agreement.
The US Commerce Department took action to close a year-old export loophole that could allow advanced AI chips, including Nvidia's Rubin and Blackwell processors and AMD's MI350x, from reaching Chinese-owned enterprises located outside mainland China. The new measures aim to strengthen export controls on cutting-edge semiconductor technology.