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An explosion of a drone is seen in the sky over the city during a Russian drone strike, amid Russia’s attack on Ukraine, in Kyiv, May 8, 2023. REUTERS/Gleb Garanich
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China’s return to global stage
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- China’s Foreign Minister Qin Gang said it is imperative to stabilize Sino-US relations after a series of “erroneous words and deeds” threw ties back into a deep freeze. In a meeting in Beijing with US ambassador Nicholas Burns, Qin stressed that the US must correct its handling of the Taiwan issue and stop the hollowing out of the “one China” principle.
- An experimental Chinese spacecraft returned to Earth after staying in orbit for 276 days, China’s state media reported, completing a landmark mission to test the country’s reusable space technologies. No details were given on what the spacecraft was, what technologies were tested, how high it flew, and where its orbits had taken it since its launch.
- China’s increasing focus on its own security and intensifying rivalry with the United States threatens to turn its re-engagement with the world after years of COVID curbs into a new era of isolation from the West, analysts say.
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- China is ground zero for the price war in electric vehicles and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla and BYD. The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both Chinese and foreign brands launched in April.
- President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion US debt ceiling and avoid a crippling default before the end of May.
- Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost. The world’s biggest crypto exchange shut bitcoin withdrawals saying there was a glut of pending transactions because it hadn’t offered so-called miners a high enough reward to log the trades on the blockchain. Sign up here for the weekly Crypto Wire newsletter.
- German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, once again spurring recession fears in Europe’s largest economy. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February.
- Warren Buffett criticized the handling of recent tumult in the banking sector and said a debt ceiling showdown could bring “turmoil” to the financial system, even as he offered a vote of confidence in the United States and his conglomerate Berkshire Hathaway Inc.
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Diabetes drugs that also promote weight loss such as Novo Nordisk’s Ozempic, becoming a darling of celebrities and investors, are being studied to tackle some of the most difficult-to-treat brain disorders, including Alzheimer’s disease.
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King Charles and Queen Camilla, stand on the Buckingham Palace balcony. REUTERS//Henry Nicholls
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/F4UACUWBYZM2DDBARM435AVJIQ.jpg "Russia rains missiles across Ukraine 40")
