🔥 Top Stories
China and the Philippines clashed on June 24 in the South China Sea near Scarborough Shoal, with China's coast guard accused of spraying water cannons at Philippine government vessels. China countered that Philippine ships intruded into its territorial waters. This marks the third incident this week and second consecutive day of confrontation. US President Trump promised Philippine President Ferdinand Marcos that he will raise Manila's South China Sea concerns during his meeting with Chinese President Xi Jinping.
Taiwan's National Security Council Secretary-General Wu Chao-hsieh stated that China's recent live-fire exercises across the Taiwan Strait, East China Sea, and South China Sea are intended to threaten Japan, Taiwan, and the Philippines simultaneously. National security officials analyze that China is escalating regional tensions to create favorable conditions for the September 24 Trump-Xi meeting, contradicting Beijing's stated commitment to strategic stability.
The Saint Stone Gold Group defrauded over 181 billion yen through gold investment pre-purchase schemes promising high returns, affecting at least 559 victims nationwide. The Taipei District Prosecutors Office indicted 38 people, seeking 18-year sentences for four main suspects. Authorities seized over 600 million yen in cash, 55.7 kilograms of gold, luxury vehicles, and other assets totaling approximately 900 million yen.
The Trump administration imposed new tariffs of 10-12.5% on 60 trading partners on the 24th, citing insufficient enforcement of forced labor prohibitions. Taiwan and the EU received a 10% rate without stacking on existing most-favored-nation tariffs, more favorable than Japan and South Korea's 12.5%; China's effective rate reached 22.2% after stacking.
Taiwan's Taichung District Prosecutors Office is investigating China United Oil & Fat Company's carcinogenic benzopyrene contamination case. On the 25th, prosecutors requested detention of Taishan Enterprise's former CEO Shen Yijun and current CEO Cai Guoliang for violating the Food Safety and Sanitation Management Act. The third wave of searches was conducted, while a plant manager surnamed Zhang was released on bail of NT$5 million.
🏛 Politics
China and the Philippines clashed on June 24 in the South China Sea near Scarborough Shoal, with China's coast guard accused of spraying water cannons at Philippine government vessels. China countered that Philippine ships intruded into its territorial waters. This marks the third incident this week and second consecutive day of confrontation. US President Trump promised Philippine President Ferdinand Marcos that he will raise Manila's South China Sea concerns during his meeting with Chinese President Xi Jinping.
Taiwan's National Security Council Secretary-General Wu Chao-hsieh stated that China's recent live-fire exercises across the Taiwan Strait, East China Sea, and South China Sea are intended to threaten Japan, Taiwan, and the Philippines simultaneously. National security officials analyze that China is escalating regional tensions to create favorable conditions for the September 24 Trump-Xi meeting, contradicting Beijing's stated commitment to strategic stability.
The Saint Stone Gold Group defrauded over 181 billion yen through gold investment pre-purchase schemes promising high returns, affecting at least 559 victims nationwide. The Taipei District Prosecutors Office indicted 38 people, seeking 18-year sentences for four main suspects. Authorities seized over 600 million yen in cash, 55.7 kilograms of gold, luxury vehicles, and other assets totaling approximately 900 million yen.
Hsu Chen-neng, director of the Yunlin-Chiayi-Tainan Coastal National Scenic Area, is suspected of improperly awarding a BOT contract for Mazako Coastal Recreation Area in Tainan to a specific contractor. Prosecutors searched the office on the 20th and sought detention of related defendants. The Tainan District Court ruled that Hsu and two other defendants do not require detention, ordering each to post NT$500,000 bail with travel restrictions.
The China United Oil case has escalated over nearly a month. After completing inspections of crude oil and finished products, Taiwan's FDA announced that nineteen batches of oil and downstream products can return to shelves, prompting local government backlash. FDA Deputy Director Wang De-yuan stated that a third-party investigation team has been commissioned, with the report expected by next Monday. The decision on whether compliant products return to shelves will respect local government determinations.
Taiwan Advance Front held a press conference criticizing government administrative failures exposed by the Chung Lien Oil carcinogenic oil incident. The Food Cloud system, which cost over 100 million NT dollars, failed to effectively trace the contaminated oil's distribution, requiring manual phone calls for verification. The public query website has not been updated for years, and inspection information from 22 counties and cities lacks transparency. The group called for improvements from the Executive Yuan, FDA, and local governments.
Taiwan's Legislative Yuan passed amendments to the Road Traffic Law to comprehensively regulate vehicle towing and rescue services. Unlicensed operators face penalties up to NT$3 million, business closure orders, and potential license suspension or revocation. The Transportation Ministry will establish standardized contract templates to prevent unscrupulous operators from charging excessive fees.
U.S. President Trump expressed dissatisfaction with the European Union's recent antitrust fine against Google, threatening to launch a Section 301 investigation and impose tariffs on the EU. This reflects differing U.S. and EU approaches to regulating tech giants and could escalate U.S.-EU trade tensions.
U.S. President Trump indicated potential resumption of large-scale military operations against Iran and plans to use frozen Iranian assets to compensate for ship losses in the Red Sea. According to New York Times reporting, Iran has rejected U.S. ceasefire proposals and continues supplying military personnel and equipment to Houthi forces.
Taiwan's Taichung District Prosecutors Office is investigating China United Oil & Fat Company's carcinogenic benzopyrene contamination case. On the 25th, prosecutors requested detention of Taishan Enterprise's former CEO Shen Yijun and current CEO Cai Guoliang for violating the Food Safety and Sanitation Management Act. The third wave of searches was conducted, while a plant manager surnamed Zhang was released on bail of NT$5 million.
💰 Finance
US stock market showed mixed performance on Friday, with the Philadelphia Semiconductor Index falling 4.5% and Nasdaq closing lower. Investors sold chip stocks amid concerns about major tech companies' substantial AI expenditures. The S&P 500 index rose slightly, while the technology sector declined 0.88%. Markets await earnings reports from Microsoft, Amazon, Meta, and Apple next week, but sentiment has cooled following Alphabet's announcement of increased capital expenditure plans.
The Trump administration imposed new tariffs of 10-12.5% on 60 trading partners on the 24th, citing insufficient enforcement of forced labor prohibitions. Taiwan and the EU received a 10% rate without stacking on existing most-favored-nation tariffs, more favorable than Japan and South Korea's 12.5%; China's effective rate reached 22.2% after stacking.
Following nearly a month of controversy over carcinogenic oil contamination at China United Oil, three major shareholders—chairmen from Taishan, Fushuo, and Fumo Oil—publicly apologized. The companies committed to removing all salad oil produced between April and June from shelves permanently, regardless of test results. China United Oil will remain closed until consumer concerns are fully addressed.
Eurozone economic activity expanded for the first time in four months during July. The S&P Global Eurozone Composite PMI rose from 50 in June to 51.9 in July, marking a five-month high and exceeding analyst expectations of 50.3. The expansion was driven primarily by a rebound in new orders. However, elevated inflation and renewed Middle East tensions pose risks to the economic outlook. PMI readings above 50 indicate economic expansion.
Japan's core inflation rate, excluding fresh food, rose to 1.6% year-on-year in June, marking the first acceleration in three months. This data strengthens the case for monetary tightening by the Bank of Japan. Reuters reports the central bank may maintain its inflation outlook warning next week, though risks are not expected to increase significantly.
The U.S. Department of Defense announced on the 23rd that it has signed a contract with Oracle Corporation with a maximum duration of 10 years and a value of approximately 7 billion dollars. The agreement consolidates Oracle contracts previously scattered across various Pentagon units into a single unified agreement, providing significant positive news for Oracle, whose stock price has struggled this year.
The Trump administration announced on the 23rd that it will impose new tariffs of at least 10% on 60 economies based on the U.S. Trade Representative's investigation into forced labor practices. The measures take effect on the 24th at 12:01 AM, replacing expiring 10% global tariffs. This represents a major step in rebuilding the tariff system following the Supreme Court's earlier invalidation of the "Liberation Day" tariffs.
Asian markets weakened on the 24th, with South Korea's Kospi index falling 5.7% and Japan's Nikkei 225 index dropping over 1,800 points. Market concerns about AI investment returns, combined with surging oil prices reigniting inflation worries, triggered simultaneous declines in both stock and bond markets.
Despite market concerns about tariffs, geopolitical conflicts, and rising US debt prompting the "Sell America" investment theme, latest Treasury Department data reveals international capital has not withdrawn from US assets. Instead, foreign investors continue increasing their US stock positions, maintaining equities' dominant role in global portfolios. The anticipated capital exodus has not materialized as markets predicted.
Wang Dao Financial Advisory Company (now renamed Xinli Limited) faces charges for allegedly profiting through excessive loan processing fees and unreasonable contract terms. The Financial Supervisory Commission reported the case to prosecutors. On the 22nd, the Taipei District Prosecutors Office coordinated 23 search warrants. On the 24th, four executives including principal Lin Yu-cun were ordered held without bail due to risk of collusion and repeated offenses. Other defendants were released on bail ranging from NT$50,000 to NT$150,000.
💻 Technology
Nvidia CEO Jensen Huang led approximately 24 companies and industry organizations in a joint letter to the U.S. Congress supporting open-source AI model development. The letter urges lawmakers to avoid imposing premature or overly broad restrictions on open-source models, warning such measures could stifle market competition and push AI innovation overseas. The initiative highlights ongoing industry debate over open-source versus closed model development approaches.
The rise of agentic AI is transforming the internet landscape. Multiple cybersecurity firms report that bot activity now exceeds human user activity online. This shift indicates that robots are increasingly dominating the digital economy, prompting significant changes to online business models and internet dynamics.
Israel's AI policy leader Erez Askal is lobbying Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and Intel to establish manufacturing facilities in Israel for 2-nanometer and advanced-process chips. He is simultaneously promoting a data center cluster initiative aimed at deploying 100,000 GPUs within five years to strengthen Israel's AI infrastructure.
NVIDIA has signed a $1.5 billion agreement with US packaging company Amkor Technology to expand advanced chip packaging capacity in Arizona. The two companies will jointly develop packaging technologies for NVIDIA's artificial intelligence and accelerated computing platforms. Following the announcement, Amkor's stock price surged approximately 12% in early trading on the 24th.
AMD announced the launch of ROCm.ai, an AI-native software platform designed specifically for AMD platforms. The platform integrates AI-assisted development, intelligent deployment, and software optimization into a unified experience, helping developers accelerate the journey from concept to production applications.
Intel exceeded earnings expectations in the latest quarter, with revenue growth of 25% year-over-year, the fastest pace since 2011, driven by strong artificial intelligence infrastructure demand. CEO Pat Gelsinger announced the 14A process will enter risk production in H2 2027, targeting mass production in 2028. The company estimates the special application chip market exceeds $100 billion in potential value.
🌏 International
China and the Philippines clashed on June 24 in the South China Sea near Scarborough Shoal, with China's coast guard accused of spraying water cannons at Philippine government vessels. China countered that Philippine ships intruded into its territorial waters. This marks the third incident this week and second consecutive day of confrontation. US President Trump promised Philippine President Ferdinand Marcos that he will raise Manila's South China Sea concerns during his meeting with Chinese President Xi Jinping.
Taiwan's National Security Council Secretary-General Wu Chao-hsieh stated that China's recent live-fire exercises across the Taiwan Strait, East China Sea, and South China Sea are intended to threaten Japan, Taiwan, and the Philippines simultaneously. National security officials analyze that China is escalating regional tensions to create favorable conditions for the September 24 Trump-Xi meeting, contradicting Beijing's stated commitment to strategic stability.
Taiwan's Taichung District Prosecutors Office is investigating China United Oil & Fat Company's carcinogenic benzopyrene contamination case. On the 25th, prosecutors requested detention of Taishan Enterprise's former CEO Shen Yijun and current CEO Cai Guoliang for violating the Food Safety and Sanitation Management Act. The third wave of searches was conducted, while a plant manager surnamed Zhang was released on bail of NT$5 million.
Warplanes from Bahrain and Kuwait conducted airstrikes against Iran earlier this month, marking a rare retaliatory military action in the Gulf region. The strikes reflect Arab nations' response to an ongoing conflict that threatens to deepen their involvement in the escalating tensions.
Authorities in Madrid are battling what officials describe as the worst fire in the region's history, while French firefighters combat a separate blaze advancing toward Bordeaux. The dual fire emergencies have prompted the evacuation of more than 140,000 people across France and Spain. Firefighting efforts continue as the fires threaten populated areas in both countries.
The Saint Stone Gold Group defrauded over 181 billion yen through gold investment pre-purchase schemes promising high returns, affecting at least 559 victims nationwide. The Taipei District Prosecutors Office indicted 38 people, seeking 18-year sentences for four main suspects. Authorities seized over 600 million yen in cash, 55.7 kilograms of gold, luxury vehicles, and other assets totaling approximately 900 million yen.
The Trump administration imposed new tariffs of 10-12.5% on 60 trading partners on the 24th, citing insufficient enforcement of forced labor prohibitions. Taiwan and the EU received a 10% rate without stacking on existing most-favored-nation tariffs, more favorable than Japan and South Korea's 12.5%; China's effective rate reached 22.2% after stacking.
U.S. President Trump expressed dissatisfaction with the European Union's recent antitrust fine against Google, threatening to launch a Section 301 investigation and impose tariffs on the EU. This reflects differing U.S. and EU approaches to regulating tech giants and could escalate U.S.-EU trade tensions.
The Trump administration announced on the 23rd that it will impose new tariffs of at least 10% on 60 economies based on the U.S. Trade Representative's investigation into forced labor practices. The measures take effect on the 24th at 12:01 AM, replacing expiring 10% global tariffs. This represents a major step in rebuilding the tariff system following the Supreme Court's earlier invalidation of the "Liberation Day" tariffs.
U.S. President Trump indicated potential resumption of large-scale military operations against Iran and plans to use frozen Iranian assets to compensate for ship losses in the Red Sea. According to New York Times reporting, Iran has rejected U.S. ceasefire proposals and continues supplying military personnel and equipment to Houthi forces.
Google released Chrome 150 stable version on Tuesday, followed by an emergency update two days later with versions 150.0.7871.186 and 187 for Windows, macOS, and Linux platforms. The update addresses four high-risk security vulnerabilities to protect user systems.
Israeli Prime Minister Benjamin Netanyahu has ordered a forceful response to a deadly confrontation between Jewish settlers and Palestinians in the West Bank. The Israeli government is preparing a significant military operation in the region, raising international concerns about escalating tensions in the area.
An armed confrontation near a Palestinian village on Friday morning resulted in at least two Israeli soldiers and four Palestinians killed. The incident triggered settler riots in the West Bank, escalating tensions in the region.
Hsu Chen-neng, director of the Yunlin-Chiayi-Tainan Coastal National Scenic Area, is suspected of improperly awarding a BOT contract for Mazako Coastal Recreation Area in Tainan to a specific contractor. Prosecutors searched the office on the 20th and sought detention of related defendants. The Tainan District Court ruled that Hsu and two other defendants do not require detention, ordering each to post NT$500,000 bail with travel restrictions.
Following nearly a month of controversy over carcinogenic oil contamination at China United Oil, three major shareholders—chairmen from Taishan, Fushuo, and Fumo Oil—publicly apologized. The companies committed to removing all salad oil produced between April and June from shelves permanently, regardless of test results. China United Oil will remain closed until consumer concerns are fully addressed.