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South China Morning Post
2 hours ago
- South China Morning Post
China's high-speed jet drone, Trump shrugs off Latin American moves: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing In an aviation tech breakthrough that could change naval warfare, Chinese aerospace engineers have unveiled what could be the world's first high-speed vertical take-off and landing (VTOL) drone powered by a jet engine. After six months of steady improvement, China's economy showed signs of strain in July, with several headline indicators losing momentum amid a weakening of domestic consumption, headwinds from the US trade war and a prolonged property downturn. President Donald Trump said the US was 'doing better than any other country in the world right now'. Photo: EPA US President Donald Trump on Thursday said he was not worried about Brazil, Mexico and other Latin American nations moving closer to China, telling reporters in the Oval Office, 'They can do whatever they want.'


South China Morning Post
2 hours ago
- South China Morning Post
As Typhoon Trump wreaks havoc, is there a way to escape the storm?
As the typhoon that is US President Donald Trump sweeps over trading partners and foes alike, even as stock markets are hitting record highs , there is an eerie feeling of being trapped inside the eye of the hurricane with no guidance on what to do and where to go. There is misinformation everywhere. It seems as though there is no objective, independent verification of the real level of casualties and devastation in the wars in Ukraine and Gaza. Neither is it clear Trump can deliver peace in Ukraine when he meets Russian President Vladimir Putin or rein in Israel-Iran tensions before they become nuclear. Reality today is stranger than even the most speculative science fiction. Who would have predicted a month ago that Trump would impose 50 per cent tariffs on India, or unlisted start-up Perplexity AI – which has an estimated valuation of US$18 billion – would bid US$34.5 billion to buy the Chrome browser from Google, which has a market cap valuation of US$2.4 trillion? Lions are trying to swallow elephants, as also seen in the United States now taking on both China and India. From the perspective of financial markets , the US does appear to be on a roll. Recent estimates indicate that the nearly 5,500 companies listed in the US have a market valuation of more than US$81 trillion – almost 280 per cent of the 2024 US gross domestic product – with rising revenue of nearly US$30 trillion. The Magnificent Seven tech companies alone have a market capitalisation of nearly US$20 trillion, or just under one quarter of the total market cap. At the same time, they have revenue of more than US$2 trillion, or 7 per cent of total US listed corporate revenue. The US economy is proving more resilient than expected. This is despite real interest rates for 10-year US Treasuries standing at 1.17 per cent after being 2 per cent as late as February this year. Small wonder that US Treasury Secretary Scott Bessent has called for upwards of 175 basis points in cuts to interest rates as the US federal debt of US$37 trillion is already paying US$1 trillion a year in interest rate charges.


AllAfrica
7 hours ago
- AllAfrica
Will the Trump-Putin summit deliver peace?
Subscribe now with a one-month trial for only $1, then enjoy the first year at an exclusive rate of just $99. Alaska summit hope fades as Trump hardens line on Ukraine James Davis reports that optimism for the US-Russia summit in Alaska is fading as President Donald Trump hardens his Ukraine stance. Meanwhile, Russian forces are making significant battlefield gains in Donbass and northern Ukraine, deepening Kiev's vulnerability. Germany's structural decline accelerates as economy flashes red Diego Faßnacht warns that Germany's economy is in structural decline, with July insolvency filings surging 19.2% year-on-year and bankruptcies rising across key sectors. Berlin faces a slow-motion industrial recession absent euro devaluation or deep structural reforms. Ishiba holds ground as Japan frets over Taiwan's course Scott Foster observes that Japanese Prime Minister Shigeru Ishiba is consolidating support within the ruling LDP despite right-wing pressure to resign. Japanese media, meanwhile, is increasingly at odds with Taiwanese President William Lai's confrontational leadership style.