UK PM faces biggest challenge yet as resignation threat overshadows King’s Speech
Business

UK PM faces biggest challenge yet as resignation threat overshadows King’s Speech

According to reports, Health Minister Wes Streeting was preparing to resign as early as Thursday to challenge Starmer The report in the Times newspaper that Health Minister Wes Streeting was preparing to resign as early as Thursday to mount a formal leadership challenge could mean the Starmer government’s agenda, outlined by Charles amid much pomp and ceremony, might never be implemented. Streeting’s office did not immediately respond to a request for comment. British government bond futures fell sharply on the report, erasing their day’s gains, as did 20- and 30-year government bonds, while the pound weakened against the euro. Earlier, Streeting had briefly met Starmer at the prime minister’s Downing Street office but the health minister’s team said he would not comment on that meeting to make sure he did not distract from the King’s Speech.

Hong Kong Airport Authority takes over 11 Skies retail from New World: sources
Business

Hong Kong Airport Authority takes over 11 Skies retail from New World: sources

Ahead of Terminal 2’s opening, sources tell SCMP that the authority has assumed control of 70 per cent of the troubled project The authority managing Hong Kong International Airport has taken over the retail operations of 11 Skies from New World Development ahead of the opening of Terminal 2, the South China Morning Post has learned. Multiple sources said the Airport Authority had assumed control of key components of the 2.66 million sq ft retail and dining space, representing 70 per cent of the entire project. But it remains unclear whether the authority has also taken over the rest of 570,000 sq ft of experiential entertainment space and 570,000 sq ft of grade A offices. The move marks a significantly reduced role for New World, which in 2018 won the rights to design, build and operate the HK$20 billion (US$2.5 billion) project. During an SCMP reporter’s visit to 11 Skies on Wednesday, a five-minute walk from the AsiaWorld-Expo station on the MTR’s Airport Express line, only two restaurants were operating, including one coffee shop. The restaurants served mainly staff working at offices upstairs.

Donald Trump’s red-carpet welcome in Beijing before Xi summit – as it happened
Business

Donald Trump’s red-carpet welcome in Beijing before Xi summit – as it happened

This live article is freely available to our registered users. Please log in or create an account below. Unrivalled Xi-Trump summit analysis: get real-time updates and exclusive boots-on-the-ground reporting from our Beijing and Washington bureaus. Subscribe now with great savings to stay ahead. US President Donald Trump has arrived at Beijing Capital International Airport for talks with Chinese President Xi Jinping. The state visit is the first by an American president in almost nine years. It...

Alibaba CEO signals capex boost as China tech giant forges full-stack AI path
Markets

Alibaba CEO signals capex boost as China tech giant forges full-stack AI path

Alibaba’s quarterly revenue arrived largely in line with estimates as the tech giant disclosed its first AI sales data, and in early US trading, the shares jumped 6% Alibaba Group Holding expects its annualised recurring revenue from AI models and applications to hit 30 billion yuan (US$4.42 billion) by the year’s end, as the company ramps up its AI commitment. AI products are projected to generate more than 50 per cent of Alibaba’s cloud-computing revenue within the next year, as the tech giant looks to step up its AI monetisation efforts. Alibaba CEO Eddie Wu Yongming said the company was likely to “overshoot” the original capital-expenditure target of 380 billion yuan, citing the massive investment required for the buildout of AI data centres. The company on Wednesday disclosed quarterly revenue of AI-related products for the first time, reporting that the segment has registered triple-digit growth for an eleventh consecutive quarter. The surge helped bolster a 3 per cent overall revenue increase that was largely in line with market expectations. AI-related product revenue hit 8.97 billion yuan, the company said in a filing to the Hong Kong stock exchange, as the segment continues to show strong momentum.

Are those flying ants or termites? How to protect your home from the winged pests
Business

Are those flying ants or termites? How to protect your home from the winged pests

‘Flying ant’ sightings have risen across Hong Kong as the summer season approaches, raising concerns over termite infestations As the early summer season approaches after weeks of heavy rain, reports of “flying ants” have emerged across Hong Kong, sparking concerns that the insects could cause a nuisance and even damage homes. Social media users also shared photos of the insects circling street lights in the evening or of their carcasses scattered across toilet sinks, with some questioning whether they are in fact termites. The South China Morning Post looks into these flying insects and how to prevent termites from entering homes. The massive swarms of winged insects appearing during rainy days in homes are essentially termites. Although commonly referred to as “flying ants” in Chinese, there are differences between the two. While both termites and ants live in colonies, ants are close relatives of bees and wasps, while termites are not, according to a pest control newsletter by the Food and Environmental Hygiene Department. Despite sharing some resemblance, termites have straight antennae and broad waists, while ants have elbowed antennae and constricted waists. Termites subsist on wood, but ants feed on a variety of food.

Marco Rubio dons ‘Maduro look’ as he heads to China, sparking internet frenzy
Business

Marco Rubio dons ‘Maduro look’ as he heads to China, sparking internet frenzy

In the hours before Donald Trump’s arrival in Beijing to begin his state visit, an unexpected detail caught the internet’s attention: US Secretary of State Marco Rubio’s choice of travel attire. Instead of the tailored formalwear typically expected of a top diplomat, Rubio appeared in a grey Nike tracksuit on the Beijing-bound Air Force One – an ensemble social media users quickly recognised as the “Maduro arrest look”. White House communications director Steven Cheung posted a photo of the top...

Tesla lures budget-conscious Chinese buyers with cheap loans ahead of state visit by Trump
Markets

Tesla lures budget-conscious Chinese buyers with cheap loans ahead of state visit by Trump

Tesla China has launched a new financing scheme to attract more budget-conscious buyers after its sales in the world’s largest electric vehicle (EV) market fell behind its domestic rivals. The US carmaker said on Wednesday that the down payment for a Shanghai-made Model 3 vehicle – priced at 235,500 yuan (US$34,672) – would be slashed to 55,900 yuan from 79,900 yuan if the buyer chose a five-year car loan offered by Tesla. “Our strong products, combined with attractive incentives for car...

Tencent misses first-quarter revenue estimates, bets on AI for new growth
Markets

Tencent misses first-quarter revenue estimates, bets on AI for new growth

CEO Pony Ma told shareholders there was the beginning of a turnaround, but that the company was ‘not yet seated’ Facing scrutiny and persistent questions over its track record in artificial intelligence, Tencent Holdings’ co-founder and CEO Pony Ma Huateng offered this candid assessment to shareholders on Wednesday: “A year ago we thought we were on the boat, then we found it was leaking.” Speaking at the firm’s annual general meeting at the Four Seasons Hotel in Hong Kong, Ma signalled the beginnings of a turnaround, saying that the company had finally found its footing but was “not yet seated”. “We hope the ship can go a bit faster,” he said ahead of first quarter earnings that missed estimates amid a slowdown in gaming sales growth. A major AI milestone for the company this year was the launch of “Hy3 preview”, Tencent’s first flagship model since former OpenAI researcher Yao Shunyu joined the Shenzhen-based tech giant to lead its foundational AI development efforts. Since its launch in April, Hy3 preview, a relatively small model with only 295 billion parameters, quickly rose to the top of the leaderboard of OpenRouter, an AI hosting platform, in terms of token usage.

How US missile shortages after Iran war could strengthen China’s hand during Trump visit
Industry

How US missile shortages after Iran war could strengthen China’s hand during Trump visit

Depleted US weapons stockpiles as a result of its war in Iran risk eroding Donald Trump’s bargaining power when he meets Xi Jinping in China this week. With Trump on the high-stakes trip is Defence Secretary Pete Hegseth, marking the first time a Pentagon chief has accompanied a president to Beijing in decades. The weapons shortages not only raise questions about US preparedness for war in the Indo-Pacific, but may give Beijing extra leverage because of its control of the supply of critical...

SEEKOO Raises Tens of Millions, Launches Multi-Agent Video Platform Anijam.ai
Technology

SEEKOO Raises Tens of Millions, Launches Multi-Agent Video Platform Anijam.ai

SEEKOO, a Hangzhou video AI startup founded by former ByteDance and Tencent executives, raises tens of millions of dollars and launches Anijam.ai, a Multi-Agent video platform gaining traction with over 1,000 paying users.

Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces
Markets

Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces

Loan from HSBC and Hang Seng Bank, reportedly worth US$12.8 million, enhances city’s stature in sustainable finance, parties say This loan would provide a “scalable blueprint” for companies to achieve their sustainability goals and enhance Hong Kong’s position as a leading international sustainable finance centre, according to the two banks. The proceeds would support smart systems to support the maintenance and management of a newly established urban forest populated by native plant species, as well as surveys, assessments and monitoring of urban biodiversity at the project, according to the statement released by the developer and the banks. The loan showed how sustainable financing could “help businesses integrate urban development with ecological development”, said Matthew Hung, head of global corporates in Hong Kong for HSBC, adding that it would also enhance “Hong Kong’s position as a leading international sustainable finance centre”. The parties did not disclose the loan size, but it was estimated at about HK$100 million, according to sources familiar with the matter. As part of the project, more than 400 trees and about 280 plant species would be planted across multiple gardens, the parties said.

MiniCPM-V 4.6: Tsinghua Spinoff Open-Sources a 1.3B Multimodal Model That Runs on a Single RTX 4090
Technology

MiniCPM-V 4.6: Tsinghua Spinoff Open-Sources a 1.3B Multimodal Model That Runs on a Single RTX 4090

OpenBMB and Tsinghua University open-source MiniCPM-V 4.6, a 1.3B-parameter multimodal model that runs on a single RTX 4090 while matching larger competitors on key benchmarks.