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1. Trump-Putin talk Iran and Ukraine, US energy exports up: here’s what happened overnight

   The fragile ceasefire between the United States and Iran has continued to shatter global markets. These are the major takeaways of what happened overnight. What did Trump say? US President Donald Trump spoke with his Russian counterpart Vladimir Putin on Wednesday, discussing the wars in Ukraine and Iran. Trump said that the conversation was “very good” and that the US was “going to come up with...

2. Will top Hong Kong civil servants pay price for blunders under new system?

   Where exactly does the buck stop? Senior Hong Kong civil servants are asking themselves that question after the unveiling of a new accountability system targeting department heads. They point to the deadly Tai Po fire last year as an example. An independent committee investigating the tragedy heard evidence officials gave contractors at the blaze-hit Wang Fuk Court estate advance notice of...

3. Geely joins Chery, BYD in profit slide as reduced incentives decimate China car sales

   Geely Automobile Holdings, Chery Automobile and BYD, the most profitable listed Chinese carmakers last year, all reported double-digit declines in net profit in the first quarter, highlighting a squeeze at home amid reduced purchase incentives. Hangzhou-based Geely, the country’s second-largest carmaker behind BYD, said in a filing on Wednesday that its net profit for the January-March period...

4. Brics to push for intra-currency payments as ‘immunity’ against Western clout

   Brics nations are assessing whether a digital payments framework linking their currencies could lessen the impact of Western sanctions, tariffs and US dollar volatility without destabilising the Washington-led global financial system. Under the plan proposed by India’s central bank, Brics is looking to allow cross-border transactions to be settled in local currencies. Its feasibility depends on...

5. Trump may cut US troops in Germany after Merz’s ‘humiliating’ Iran comment

   US President Donald Trump said on Wednesday that the United States is considering reducing the number of its troops in Germany, amid a row with German Chancellor Friedrich Merz over the Iran war. “The United States is studying and reviewing the possible reduction of Troops in Germany, with a determination to be made over the next short period of time,” Trump said on social media. The United...

6. US lawmakers warn China is top space rival as race to the moon intensifies

   China is the United States’ “most consequential threat and competitor in space,” leveraging its capabilities “as a tool of diplomacy and influence”, US lawmakers were told at a congressional hearing on Wednesday, as the two countries’ race to the moon intensifies. The US and China are locked in a high-stakes space race, with both nations aiming to put astronauts on the moon in the coming years....

7. HKMA holds base interest rate at 4%, following Fed as war inflation worries persist

   Hong Kong’s monetary authority has held its base interest rate steady, following the lead of the US Federal Reserve, as analysts said the inflationary impact of the US-Israel war with Iran had reduced the chances of a rate cut this year. The city’s base rate would stay at 4 per cent, the Hong Kong Monetary Authority (HKMA) said on Thursday, hours after the US Federal Reserve kept its target rate...

8. UN bloated, costly, but China fears should keep US involved, House committee told

   The United Nations is bloated, costly, badly in need of reform, and too often works against US interests, but pulling out of the international organisation would see China expand its influence and leave Washington at a major disadvantage, according to testimony before a House oversight committee on Wednesday. The hearing came as the administration of US President Donald Trump has imposed an...

9. Brown University shooter targeted symbolic victims tied to grievances, FBI says

   Federal investigators say they believe the man who carried out a mass shooting at Brown University and later killed a Massachusetts Institute of Technology professor did not act randomly. Instead, former Brown student Claudio Neves Valente, 48, appeared to target places and people for what they represented in his own life – institutions and individuals he associated with personal failure, missed...

10. The UAE’s exit from Opec could bring ‘even bigger trouble’: Chinese expert

    The United Arab Emirates’ decision to leave a global cartel of major oil-exporting countries is seen to reflect a widening fracture within the Gulf Cooperation Council (GCC). The UAE announced on Tuesday that it would leave the Organisation of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance, effective on Friday. The country joined the group in 1971, though one of its...