3 h. ago China pushes trilateral currency swap, new drone sighted: 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. 1. China eyes currency swap with Japan and South Korea amid trade tensions: source China is in talks with Japan and South Korea – both US allies – about a possible trilateral currency swap to bolster the region’s financial safety net and deepen economic cooperation amid US President Donald Trump’s trade war, according to a source familiar with the issue. 2....

Events

4 h. ago EU to list two Chinese oil refineries, one trader in new Russia sanctions

EU to list two Chinese oil refineries, one trader in new Russia sanctions  Reuters

Politics

8 h. ago Russia launches deadly barrage on Ukraine after Putin–Trump summit shelved

Russia launched multiple drone and missile strikes on Ukraine as the latest peace attempts by US President Donald Trump appeared to be floundering. The attack killed at least six civilians, including two children, with more than a dozen injured across the country in the early hours of Wednesday, Ukraine’s President Volodymyr Zelensky said in a post on X. Zelensky said that 10 regions came under attack, including Kyiv, Odesa and Dnipro, adding that while the attack primarily targeted energy...

Politics

11 h. ago China’s Innovent Strikes Cancer Drug Deal With Takeda for Up to $11.4 Billion

China’s Innovent Strikes Cancer Drug Deal With Takeda for Up to $11.4 Billion  The Wall Street Journal

Economics

12 h. ago New Chinese drone spotted flying for the first time. Is it a next

A new Chinese stealth flying-wing drone, possibly a next-generation bomber, has been spotted flying for the first time. A video of the large stealth “cranked kite” drone, unofficially dubbed the GJ-X, has circulated on Chinese social media since October 19. It appeared to be the same aircraft – or one with a very similar design – captured in satellite imagery taken in August at China’s Malan airbase in Xinjiang Uygur autonomous region, according to a report by The War Zone earlier this week. The...

Events

12 h. ago North Korea prepares for Apec – with a ballistic missile launch

With the Apec summit in South Korea just days away, the nuclear-armed North fired a ballistic missile on Wednesday in an apparent bid to remind the world of its growing arsenal. The launch, occurring against the backdrop of deepening military ties between North Korea and Russia, has reignited fears of escalating provocations and their implications for global stability. Seoul’s Joint Chiefs of Staff reported that the missile, presumed to be a Hwasong-11da-4.5, was launched from North Hwanghae...

Events

12 h. ago KPop Demon Hunters headed to toy stores as Netflix taps Mattel, Hasbro

Netflix is teaming up with Mattel and Hasbro to turn its blockbuster animated film KPop Demon Hunters into toys, deepening a consumer-goods push that could help diversify its revenue. The partnerships, announced on Tuesday, will produce toys, collectibles, games and role-play products based on the film, which follows a successful female K-pop trio that plays massive concerts while trying to save the world from sinister forces. The first products from the tie-up will be released next year. Since...

Politics

17 h. ago Trump says Ukraine talks with Putin off for now, doesn’t want ‘wasted meeting’

US President Donald Trump said on Tuesday that his plan for a swift meeting with Russian leader Vladimir Putin was on hold because he doesn’t want it to be a “waste of time”. It was the latest twist in Trump’s stop-and-go effort to resolve the war in Ukraine. The decision to hold off on the meeting in Budapest, Hungary, which Trump had announced last week, was made following a call on Monday between Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov. “I don’t want to have...

Politics

18 h. ago China and Russia repeatedly tried to defund UN human rights work, report says

China and Russia repeatedly tried to defund UN human rights work, report says  Reuters

Politics

21 h. ago China and Russia accused of sabotaging UN human rights funding

China and Russia accused of sabotaging UN human rights funding  Geneva Solutions

Politics

23 h. ago Europe, Ukraine prepare plan to end war, proposing peace board headed by Trump

European nations are working with Ukraine on a 12-point proposal to end Russia’s war along current battle lines, pushing back against Vladimir Putin’s renewed demands to the US for Kyiv to surrender territory in return for a peace deal. A peace board chaired by US President Donald Trump would oversee implementation of the proposed plan, according to people familiar with the matter. Once Russia follows Ukraine in agreeing to a ceasefire and both sides commit to halting territorial advances, the...

Politics

24 h. ago Three’s a crowd: China’s efforts to woo North Korea away from Russia

Three’s a crowd: China’s efforts to woo North Korea away from Russia  The Economist

Politics

27 h. ago Hong Kong drones hunt illegal filling stations, diesel worth HK$6 million seized

Hong Kong has started deploying drones to detect illegal refuelling stations in the city, with the Fire Services Department having seized diesel worth more than HK$6 million (US$772,362) in the past month during a crackdown on 23 locations. Bradan Kwok Chi-kwan, divisional officer for dangerous goods enforcement, said the department introduced drones to help uncover illicit operations last month and conducted 41 flights. “When our drone squad detects suspicious activity, it alerts task force...

Events

27 h. ago Why Trump’s ‘best for business’ diplomacy will fail with Russia or China

“All I’ve done all my life is deals,” US President Donald Trump told the Gaza peace summit, going on to say “maybe this is going to be the greatest deal of them all”. Trump has cultivated his image on being the greatest deal-maker, a legacy central to his identity as a business tycoon and now fundamental to his reputation as a world leader. The ceasefire in Gaza has been framed as a crowning achievement in this repertoire. “Together we’ve achieved what everyone said was impossible, but at long...

Politics

31 h. ago Why top Chinese scientist warned public against ‘hubris’ over country’s advances

The Chinese people have been urged to stay “calm and objective” about the country’s advances in cutting-edge weapons by a veteran rocket scientist, who warned “a lot of effort” was still needed. An array of advanced rockets, including intercontinental ballistic missiles, featured in last month’s Victory Day parade in Beijing along with other hi-tech weapons, generating considerable public enthusiasm. In an interview for a popular video account, Zhao Ruian, 84, a former researcher with the China...

Events

34 h. ago Air strikes and insults: Trump’s feud with Colombia threatens key alliance

For decades, Colombia and the United States have been devoted allies, sharing military intelligence, a robust trade relationship and a multibillion-dollar fight against drug trafficking. Now that is all at risk as the US ramps up deadly air strikes off Colombia’s coast and the leaders of both nations trade scathing verbal attacks. US President Donald Trump called Gustavo Petro, a former guerrilla fighter and Colombia’s first leftist president, an “illegal drug dealer”. Petro called Trump “rude”...

Events

36 h. ago Russia, China Finalize Deal to Jointly Develop Arctic Shipping Along the Northern Sea Route

Russia, China Finalize Deal to Jointly Develop Arctic Shipping Along the Northern Sea Route  gCaptain

Politics

45 h. ago Trump Blames China for Supporting Russia’s Invasion of Ukraine

Trump Blames China for Supporting Russia’s Invasion of Ukraine  The National Interest

Politics

51 h. ago ‘Act of defiance’: China’s crude oil imports from Russia rise despite US pressure

Russia remained China’s top crude oil supplier in September, at a time when the United States is stepping up pressure on major economies to curb their reliance on energy from the Eurasian country. Imports from Russia rose 4.3 per cent in volume from August to 8.29 million tonnes in September, accounting for 17.5 per cent of China’s total crude imports, customs data showed – a sign of Beijing’s willingness to maintain trade links with Moscow despite geopolitical frictions. Chinese purchases of US...

Events

53 h. ago China’s generative AI user base doubles to 515 million in 6 months

China saw a massive uptick in generative artificial intelligence adoption in the first half of the year to 515 million users, with most of the users preferring domestic models, according to a state-run research organisation. The number of users more than doubled in the first six months of the year from the end of December to reach an adoption rate of 36.5 per cent, a report released on Saturday by the China Internet Network Information Center (CNNIC) found. Bolstered by advanced infrastructure...

Politics