Couche-Tard scraps $47 billion bid for Japan's Seven & i
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South China Morning Post
12 minutes ago
- South China Morning Post
South Korea faces US pressure on defence, China amid tariff deadline
As a crucial August 1 deadline looms, South Korea and the United States are racing to finalise a sprawling package deal encompassing tariffs and security. The high-stakes negotiations are intensifying scrutiny on how Washington's far-reaching demands concerning defence and regional stability will ultimately shape the agreement. The negotiations may include pressure on Seoul to increase its defence spending and take on a larger role in countering China , both of which align with US President Donald Trump' s explicit demands of American allies in Asia. Since President Lee Jae-myung took office on June 4, US officials have repeatedly emphasised the need to modernise the bilateral alliance on defence and security cooperation. The term was notably used by Secretary of State Marco Rubio in a congratulatory message on Lee's inauguration, when he said, 'We are also modernising the alliance to meet the demands of today's strategic environment and address new economic challenges.' The idea was highlighted again during a visit to Seoul by Kevin Kim, US Deputy Assistant Secretary of State for China, Japan , South Korea, and Mongolia , on July 10. 01:42 Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress Alliance modernisation was a key item on the agenda in his meeting with his counterpart, Hong Ji-pyo, director general for North American affairs at Korea's Ministry of Foreign Affairs. When asked to clarify what the term specifically entails, a foreign ministry official said the government would 'continue to consult and cooperate closely with the US to develop the alliance into a future-oriented, comprehensive strategic partnership capable of responding to the evolving economic and security environment,' but declined to offer further details.


South China Morning Post
12 minutes ago
- South China Morning Post
China approving innovative drugs at record pace as discovery momentum shifts from West
China is making inroads in the race for innovative pharmaceuticals, with a record number of drug approvals this year amid growing appeals for multinational giants to run onshore research entities. Authorities approved 43 innovative drugs in the first half of 2025, marking a 59 per cent year-on-year increase and nearly matching the total of 48 approvals for all of last year, state broadcaster CCTV reported on Wednesday, citing data from the National Medical Products Administration (NMPA). Many of the 43 innovative drugs approved for market launch are for serious conditions such as cancer, metabolic disorders and immune diseases, the report said. 'China's reform of drug review and approval processes has enabled pharmaceutical companies to better forecast their returns on R&D investments … making them more willing to pursue long-term, high-risk innovative drug development,' said Yang Ting, director of the NMPA's drug registration department, in an interview with CCTV. China is the world's second-largest biomedicine market, and global players have been increasingly expanding their presence there. Also in the year's first half, China set a record for licensing out innovative drugs – referring to rights granted to overseas markets – with a total value of US$48.4 billion, according to figures from mainland pharmaceutical consultancy DrugTimes. To further refine manufacturing processes and improve drug quality, additional approval procedures are often required after a drug's market launch.


The Standard
42 minutes ago
- The Standard
HK stock spread cuts unlikely to boost turnover
A Stock Exchange of Hong Kong (HKEX) sign is seen at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS