Brief

Elon Musk has joined Donald Trump's delegation during a visit to Beijing, positioning himself as a crucial intermediary for trade discussions between the US and China. His presence alongside Trump for meetings with President Xi Jinping highlights the commercial and personal dimensions of this diplomatic engagement. Musk's involvement is seen as a strategic move by the US to leverage influential business figures to ease bilateral tensions and advance commercial interests, particularly given his significant investments and operational success with Tesla's Gigafactory in Shanghai. AI

China has successfully initiated its first international standard for digital product carbon footprinting, with the project "Digital Product Carbon Footprint (CFP) - Part 2: CFP Data Exchange Format and Guidelines" being approved by the International Electrotechnical Commission (IEC). This standard aims to facilitate the exchange of CFP data. Separately, a new investment fund, Hubei Changjiang Quantum Technology Investment Fund Partnership, has been established with a capital of 100 million RMB, involving several investment firms and government-backed funds. AI

House Democrats, with some Republican support, have successfully gathered enough signatures to force a vote on a bill providing aid to Ukraine and imposing sanctions on Russia. This legislative maneuver bypasses Speaker Mike Johnson and marks the eighth use of a discharge petition in recent years to bring bills to a vote against leadership's wishes. The proposed bill includes $1.3 billion in military and other assistance for Ukraine, alongside up to $8 billion in loans, and new sanctions against Russia, though its passage through the Senate and potential enactment remain uncertain. AI

A proposed Microsoft AI data center in Kenya faces significant power challenges, with government officials stating it would necessitate shutting down power to half the country. The scale of the energy demand for the AI facility has raised concerns about its impact on the national grid and existing power supply. AI

Morgan Stanley has become more optimistic about the US stock market, raising its S&P 500 target to 8300 points based on strong corporate earnings and economic conditions. The bank's strategists noted that the market has already priced in significant risks, and a robust earnings season, with S&P 500 companies exceeding profit expectations, supports this positive outlook. This shift in sentiment from a previously skeptical strategist highlights market sensitivity to regulatory signals, particularly concerning AI chip exports to China. AI

SoftBank Group reported a net profit of 1.83 trillion yen for its fourth quarter, with Vision Fund contributing 2.88 trillion yen to its quarterly profit. Separately, Indonesia's Finance Minister announced plans to launch a new electric vehicle subsidy policy in June 2026 to mitigate the impact of rising global oil prices due to Middle East tensions. The country aims to reduce its reliance on fossil fuels by incentivizing the adoption of electric vehicles and motorcycles. AI

Indonesia is planning to introduce new electric vehicle subsidies starting in June 2026 to combat high oil prices driven by Middle East tensions. The government aims to encourage the adoption of electric vehicles and reduce reliance on fossil fuels. Separately, the ChiNext index in China reached a new historical high, surpassing its 2015 peak. AI

Anthropic is reportedly in discussions to secure a substantial funding round, potentially between $30 billion and $50 billion. This new investment would significantly increase the company's valuation to as much as $950 billion, more than doubling its previous valuation of $380 billion. The news highlights Anthropic's rapid growth and investor confidence despite its classification as a potential national security risk. AI

Recent geopolitical events and trade tensions are reshaping the semiconductor supply chain, particularly for photoresist materials. Korean companies are increasing reliance on domestic suppliers and have secured waivers to import Russian naphtha, while Japanese firms, adhering to G7 restrictions, face disruptions due to their just-in-time inventory models. This divergence creates opportunities for Korean suppliers and risks for Japanese ones in the critical photoresist production process. AI

The Trump administration is reportedly considering a ban on Chinese-made cellular modules, a move that could significantly disrupt the global supply chain for connected devices. This potential restriction, part of an expanded FCC crackdown on Chinese technology due to national security concerns, would affect a wide range of products including smart devices, routers, and industrial IoT systems. Chinese firms currently dominate over 70% of the cellular module market, making this a substantial threat to the electronics industry. AI

Chinese regulators are intensifying their oversight of financial institutions, mandating improved monitoring systems for illegal financial activities. These institutions must integrate monitoring into their corporate governance, refine their detection models, and actively investigate key risk areas. Furthermore, firms are required to scrutinize employee conduct to prevent involvement in or facilitation of illicit financial operations. AI

QiJing Auto, a premium intelligent new energy vehicle brand co-created by GAC Group and Huawei Qiankun, has secured over 1 billion yuan in funding. Investors in this round include CATL, a Bosch investment platform, and state-owned capital. Separately, Tencent's acquisition of Ximalaya has been conditionally approved by China's State Administration for Market Regulation, with specific commitments to prevent anti-competitive practices in the online audio market. AI

South Korea has indicated a willingness to provide phased support for a US-led mission in the Strait of Hormuz. Defense Minister Ahn conveyed this position to US Secretary of Defense Pete Hegseth, suggesting potential contributions such as political backing, personnel, information sharing, and military assets. However, Ahn emphasized that no specific details regarding troop expansion have been discussed, and any decisions would require adherence to domestic legal processes. AI

Brazil's President Lula has signed an executive order reinstating tax exemptions for cross-border e-commerce purchases under $50. This decision reverses a previous tax policy and is seen as a move to appeal to lower-income voters ahead of the October presidential election. The Brazilian Ministry of Finance anticipates this will reduce costs for essential goods purchased through popular e-commerce platforms by the country's poorer citizens. AI

The European Union is exploring the construction of new undersea cables to Asia that would traverse the Arctic, bypassing unstable regions like the Middle East and Russia. This initiative, dubbed Polar Connect, aims to establish a more secure and direct communication route by 2030. However, the project faces significant challenges, including the harsh Arctic environment with icebergs and the lack of specialized icebreaking cable-laying ships, which could impact its feasibility and timeline. AI

The National Medical Products Administration (NMPA) reported that in 2025, China saw a record high in both the number of drug applications submitted and those approved. The Center for Drug Evaluation received 20,149 drug registration applications, a 3% increase year-over-year, encompassing new drug clinical trial applications, marketing applications, and supplementary applications. In separate news, JPMorgan Chase is undergoing a significant restructuring of its investment banking division, appointing new co-heads for global investment banking and integrating its M&A team into the industry client coverage group. AI

US President Donald Trump has arrived in China for a high-stakes summit with Chinese President Xi Jinping. His delegation includes prominent tech leaders such as Jensen Huang of Nvidia and Elon Musk, alongside top US officials including Defense Secretary Pete Hegseth. This marks a rare diplomatic occasion, with Hegseth being the first US Defense Secretary to accompany a president on a state visit to China since 1972. AI

Hong Kong's Legislative Council has approved a bill to implement tax relief measures, including one-time tax reductions and increased deductions, which will be reflected in taxpayers' assessments for the 2025/26 and 2026/27 tax years. In other news, Hengrui Medicine announced that its subsidiaries have received approval from the National Medical Products Administration to conduct clinical trials for three antibody drugs, including a novel treatment for advanced solid tumors. Additionally, a separate report mentions Qwen's advancements with Doubao and other tech news. AI

Bangladesh is facing a critical shortage of condoms and contraceptives in nearly a third of its districts, disrupting its long-standing, successful family planning program. This scarcity is attributed to procurement failures and administrative disruptions, leaving government clinics unable to provide essential services. As a result, healthcare workers are advising citizens to purchase these items from private dispensaries, impacting access for underprivileged populations. AI

Senior officials from China and the United States met in Seoul for trade talks, with discussions expected to cover trade deals, export controls on critical minerals, and the conflict in Iran. The delegations were led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent. This meeting is a precursor to a high-profile summit between the leaders of the two nations. AI

President Donald Trump is traveling to Beijing this week for a meeting with President Xi Jinping, and he is bringing several prominent U.S. executives with him. Among the invitees are Tesla CEO Elon Musk and Apple CEO Tim Cook, signaling an effort to thaw escalating trade tensions and discuss critical issues like artificial intelligence. The delegation's attendance highlights the complex, interconnected relationship between the U.S. and China, despite ongoing discussions of decoupling. AI

The Canadian government has allocated over $800 million towards artificial intelligence contracts in the past three years. Public Services and Procurement Canada and Innovation Canada were the leading departments in this spending. National Defence also contributed significantly, with $83.7 million spent on AI-related contracts. AI

Vietnam is considering raising the foreign ownership limit for domestic airlines from 34% to 49%. This proposed change aims to help airlines attract investment, strengthen their financial standing, and acquire advanced technology and operational expertise from foreign partners. The move is part of a draft document from Vietnam's Ministry of Construction. AI

First Ladies from across Africa have called for unified action to safeguard children within the expanding digital landscape. This initiative, highlighted at the Africa Forward Summit, addresses the growing concerns surrounding artificial intelligence and its impact on the digital economy. The leaders emphasized the need for collective strategies to ensure child safety in these evolving online environments. AI

Medicare has launched a new program called ACCESS, which establishes the first payment system specifically for AI agents in healthcare. This initiative focuses on rewarding positive health outcomes rather than specific actions, allowing AI to monitor patients remotely and coordinate care. The program is currently being tested by 150 companies and has the potential to significantly alter how healthcare is delivered. AI

South Carolina lawmakers are highlighting the risks AI and social media pose to children. The initiative aims to increase public awareness about these dangers and promote safer online environments for young people. This effort focuses on educating the community and stakeholders about the potential harms associated with emerging technologies. AI

Hong Kong is planning a new regulatory framework for ride-hailing services, requiring platforms, drivers, and vehicles to obtain separate licenses. The government aims to introduce this legislation by late July and begin accepting applications from platforms in the third quarter, followed by drivers and vehicles in the fourth quarter. Specific details regarding the number of vehicle permits to be issued are still under consideration. AI