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Xiaomi, Tesla’s biggest challenger in China, unveils...

News - South China Morning Post ·

2026/01/07

Xiaomi, one of Tesla’s biggest challengers in mainland China over the past year, has unveiled a refreshed version of its fully electric sedan capable of travelling more than 900km on a single charge, as it seeks to stay ahead of intensifying competition. Lei Jun, founder and CEO of the smartphone maker and electric vehicle (EV) start-up, said on Wednesday that the updated SU7 – priced higher than existing variants – would demonstrate superior performance to sustain strong sales growth. “Given...

Off-duty Hong Kong police sergeant suspended for...

News - South China Morning Post ·

2026/01/07

Hong Kong police have arrested and suspended an off-duty sergeant who allegedly drove a private car under the influence of alcohol and crashed into a van at Kowloon East regional headquarters. A police spokesman said on Wednesday that the station sergeant from the regional headquarters had been charged with four offences – drink-driving, careless driving, failing to stop after a traffic accident and failing to report a traffic accident. The man’s case is scheduled to be heard at Kwun Tong

Hong Kong firms set to return to projects as new...

News - South China Morning Post ·

2026/01/07

Hong Kong contractors will be able to start installing new scaffolding nets to resume renovation works as early as next week after the deadly Tai Po blaze triggered the citywide removal of mesh at around 420 buildings, an industry body has said. The Construction Industry Council planned to procure 50,000 scaffolding nets, costing HK$170 (US$21.80) each, with the first batch of 12,000 expected to be ready on January 15, executive director Albert Cheng Ting-ning said on Wednesday. Cheng said

Hong Kong’s embattled Urban Renewal Authority raises...

News - South China Morning Post ·

2026/01/07

Hong Kong’s beleaguered Urban Renewal Authority (URA) has raised HK$8 billion (US$1.02 billion) by selling bonds to finance capital expenditure and new projects. The cash-strapped authority on Wednesday said it sold two tranches of bonds, one worth HK$5 billion with a five-year term and the other for HK$3 billion with a 10-year term. The coupon rates were 2.95 per cent and 3.48 per cent, respectively. It marked the URA’s return to the bond market for the first time since August 2024, when it...

Trump says Greenland is ‘surrounded’ by Chinese...

News - South China Morning Post ·

2026/01/07

Just 24 hours after abducting the former Venezuelan leader Nicolas Maduro and his wife from Caracas, US President Donald Trump had already named his next potential target for military action: Greenland. Trump has been discussing “a range of options” – including the use of armed force – to acquire the self-governed Danish territory, the White House said on Tuesday. What would a US takeover of Greenland mean for China, if it were to really happen? The Post breaks down trade relations between

US seizes 2 Venezuelan sanctioned oil tankers Bella 1...

News - South China Morning Post ·

2026/01/07

The US has seized two sanctioned oil tankers linked to Venezuela in back-to-back actions in the North Atlantic and the Caribbean, officials said on Wednesday. US European Command announced the seizure of the merchant vessel Bella 1 for “violations of US sanctions” in a social media post. The US had been pursuing the tanker since last month after it tried to evade a US blockade on sanctioned oil vessels around Venezuela. Then, Secretary of Homeland Security Kristi Noem revealed that US forces...

Philippines investigates claims of Chinese dredger...

News - South China Morning Post ·

2026/01/07

Philippine President Ferdinand Marcos Jnr has ordered his coastguard to inspect dredging vessels operating in Manila Bay after a US-based maritime monitoring group alleged a Chinese ship had used different identities and flags while working in local waters, a tactic it claimed could skirt Philippine law. On Tuesday, Marcos directed the coastguard to verify the registrations and identities of dredgers – large vessels that excavate and move seabed material – involved in reclamation projects

Soaring prices, but shrinking demand as China’s...

News - South China Morning Post ·

2026/01/07

China’s secondary semiconductor market is seeing a sharp run-up in memory chip prices as global supplies tighten, though vendors say the rally faces an awkward conundrum: the price tags might be higher, but the buyers are disappearing. “We’re looking at high asking prices, but no buyers,” said Cai Zhaojie, a merchant who sells electronic components at Huaqiangbei, the vast Shenzhen wholesale hub often described as the world’s biggest electronics market. The mark-ups on memory products had

Warner Bros rejects Paramount’s new US$108 billion...

News - South China Morning Post ·

2026/01/07

Warner Bros Discovery’s board has unanimously turned down Paramount Skydance’s (PSKY) latest attempt to acquire the studio, saying its revised US$108.4 billion ‌hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros’ board said Paramount’s offer hinges on “an extraordinary amount ‍of debt financing” that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix’s US$82.7 billion deal for...

Why Shein doesn’t have to be the model for the...

News - South China Morning Post ·

2026/01/07

In 2025, familiar fashion brands around the world shut stores, restructured operations or disappeared. Meanwhile, Shein, the fast-fashion platform long criticised for its environmental and labour footprint, remained highly profitable. Last year, Shein told investors it was expecting a US$2 billion profit in 2025. At first glance, the conclusion appears straightforward: speed and scale are winning, while slower traditional fashion models are losing. However, this reading is dangerously...

Snow, ice paralyse Europe as brutal cold snap...

News - South China Morning Post ·

2026/01/07

Snow, ice and high winds brought transport chaos to swathes of Europe for a third day on Wednesday, with hundreds of flights cancelled and passengers stranded. Airports in Paris and Amsterdam were the worst affected, with the Dutch authorities saying more than 1,000 travellers had been forced to spend the night at Schiphol, one of Europe’s busiest hubs. Six people have died in weather-related accidents as the continent reels from the most bitter cold snap of the winter so far. Five of those...

China blasts US for ‘blatant interference’ after...

News - South China Morning Post ·

2026/01/07

China has denounced the United States for its “blatant interference” in Venezuela, accusing it of violating international law and infringing upon the country’s sovereignty following Donald Trump’s statement that America would take its oil. On Wednesday, Chinese foreign ministry spokeswoman Mao Ning described the US’ actions in the South American country as breaching international norms. “Venezuela is a sovereign state and has full permanent sovereignty over all its natural resources and

Tight race for Hong Kong’s Legco presidency as...

News - South China Morning Post ·

2026/01/07

Two candidates vying to become the next president of Hong Kong’s legislature are locked in a tight race as major political parties have given their members a free vote. The newly sworn-in members of the Legislative Council will on Thursday elect either Starry Lee Wai-king of the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) or finance sector representative Ronick Chan Chun-ying through a secret ballot. Before voting begins, both candidates will present their election...

China’s top lithography bet shifts gears: SMEE sells...

News - South China Morning Post ·

2026/01/07

China’s state-backed lithography champion Shanghai Micro Electronics Equipment (SMEE) has reshuffled its business, divesting a manufacturing arm as it sharpens its focus on research in Beijing’s push for chip self-sufficiency. SMEE – widely seen as China’s best chance of closing the gap with Dutch lithography giant ASML – had transferred 100 per cent of its subsidiary Shanghai Weiyao Industrial to AMIES Technology, according to updates on corporate database Qichacha. The deal was priced at

China discourages trend-chasing among officials,...

News - South China Morning Post ·

2026/01/07

As the period covered by China’s next five-year plan begins, the official newspaper of the country’s ruling Communist Party urged local governments to curb the herd behaviour that could fuel “involution” – the fierce competition that has driven down prices and undermined sustainable growth within several industries. “China has a vast territory, and the imbalances between regions and between urban and rural areas remain significant. There is no one-size-fits-all solution for high-quality...

The US, Venezuela and why China is even less keen on...

News - South China Morning Post ·

2026/01/07

When Donald Trump alluded to the Group of Two before meeting Chinese President Xi Jinping in South Korea in October, his choice of phrase was widely seen as Washington’s acceptance of Beijing as its peer. Diplomatic observers said the US leader’s terminology at the time was ill-suited for Beijing’s strategic calculus. And following America’s military operation in Venezuela, China would appear more likely to reject any talk of a G2, they added. Analysts also said Beijing would seize on the...

Hong Kong developers rush new flats as sentiment...

News - South China Morning Post ·

2026/01/07

Hong Kong’s leading property developers are accelerating new residential launches, with two major firms unveiling plans to roll out more than 4,300 flats this year as sentiment shows signs of improvement, but analysts caution that a surge in supply may add fresh pressure to a market that has only begun to stabilise. Developers, including Wheelock Properties and Kerry Properties, are pressing ahead with large-scale launches, adding new supply on top of still-elevated inventory from previous...

Nestle Hong Kong’s baby formula recall: what parents...

News - South China Morning Post ·

2026/01/07

Nestle Hong Kong has recalled 21 batches of baby milk formula products over potential contamination with a toxin that can cause food poisoning. The company revealed the precautionary recall on Tuesday, with the Centre for Food Safety urging parents to refrain from feeding their infants and young children the affected batches of powdered formula. The Post examines the recall, the risk associated with the cereulide toxin, and the recommended disposal steps for affected items. 1. Why did Nestle...

UN accuses Israel of West Bank ‘apartheid’, citing...

News - South China Morning Post ·

2026/01/07

The United Nations on Wednesday said decades of discrimination and segregation of Palestinians by Israel in the West Bank were intensifying, and called on the country to end its “apartheid system”. In a new report, the UN rights office said the “systematic discrimination” against Palestinians across the occupied Palestinian territories had “drastically deteriorated” in recent years. “There is a systematic asphyxiation of the rights of Palestinians in the West Bank,” UN rights chief Volker

Why China may want to avoid direct confrontation with...

News - South China Morning Post ·

2026/01/07

China is expected to avoid direct confrontation with the United States following the assault on Venezuela, but analysts said Beijing might try to capitalise on the unease created among Latin American countries to deepen economic and diplomatic ties. Beijing had already been expanding its influence in the region through investments and trade, but these interests now face a direct challenge from Washington’s increasing assertiveness, with President Donald Trump saying the US is now “in charge”

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