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Global institutional investors eager to trade Chinese bond futures in Hong Kong, HKEX says

With Chinese government bond futures set for Monday trading debut, exchange reports ‘very positive response’ from ‘wide range’ of investors “We have contacted a wide range of international institutional investors in recent months to introduce the 5-year China government bond futures, and have received a very positive response from them,” said Kevin Fan, HKEX’s head of fixed income and currency product development, in a media briefing on Thursday. He added that many of these international institutional investors had been actively trading in the Chinese onshore bond market, which had reached 200 trillion yuan as of June, making it the world’s second largest after the US. Foreign investors held 3.2 trillion yuan of onshore Chinese bonds at the end of March, accounting for 1.6 per cent of the total. The new futures will be the first offshore products allowing such investors to manage risks in their Chinese treasury-bond investments at a low cost, he said. At present, international investors need a quota under the Qualified Foreign Institutional Investor (QFII) programme to trade onshore bond futures.

August 3, 2026

Business

Philippines eyes Ukraine’s drone know-how for South China Sea

Manila likes the look of Kyiv’s low-cost drones, but adapting battlefield tech to grey-zone sea stand-offs won’t be easy Others are more cautious, urging the Philippines to first assess whether Ukraine’s battle-hardened drone tactics are even suitable for a murky maritime “grey zone” of surveillance and coastguard encounters. The diplomatic groundwork for the mooted “Drone Deal” framework was laid on July 24 when Ihor Zhovkva, deputy head of the Ukrainian president’s office, met a Philippine delegation led by Undersecretary of National Defence Salvador Mison on his first official visit to Kyiv. According to a statement from the Ukrainian president’s office, the two sides have agreed to begin work on a possible deal, deepening a defence relationship that has been building since Ukraine first floated a memorandum of understanding last year covering drone co-production, technology exchange and cybersecurity cooperation.

August 3, 2026

Business

Eastern Washington fires have burned 600 structures and forced evacuation of 60,000 people

Investigators had yet to determine how the blazes started and Washington Senator Maria Cantwell warned that the danger is not over Wildfires in eastern Washington state forced the evacuation of 60,000 people in the Spokane area while destroying at least 600 homes, businesses and other structures, authorities said on Sunday. The fires in and around Spokane, the state’s second largest city, burned about 21 sq km (8.2 square miles) over the weekend and were among dozens of wildfires across the western US that stretched the ability of federal, state and local agencies to fight them. A total of about 1,000 sq km has burned across the state and some of the fires, including those in the Spokane area, have not been contained. Fire officials and police said there had been no reports of injuries or people unaccounted for – but they stressed it was early in the response effort. Officials also said the evacuees in Spokane included patients at its US Veterans Affairs hospital.

August 2, 2026

Business

Trump says new talks with Iran set to begin after calling off strikes

US president said negotiations would start Monday, but offered no details on the location or participants US President Donald Trump said that new negotiations with Iran will begin Monday after he decided to hold off on striking the Islamic republic to pursue a deal to end the war entering its sixth month. Trump told reporters on Sunday that the talks would cover the Strait of Hormuz – a route for global energy supplies that has become a key sticking point in the conflict – and ultimately, the denuclearisation of Iran. For its part, Iran said it was nearing a deal with Oman over a new route through the strait, where a tanker reported an explosion nearby on Sunday, underscoring the continued volatility of the strategic waterway. Washington and Tehran have been at war since February 28, when the US and Israel launched surprise strikes against Iran, though months of on-off diplomacy have led to periods of relative calm. Trump has repeatedly issued threats that he would escalate the war, only to allow more time for talks. Following a return to strikes last month, fears had mounted that the fighting could escalate once again.

August 2, 2026

Business

Price war fears grip China’s EV market after woeful July sales figures

Three premium Chinese electric car makers saw sales decline in July, intensifying concerns that the industry is heading for another discount war EV makers Xpeng, Nio and Li Auto all reported month-on-month sales declines last month, as demand for intelligent cars weakened amid an economic slowdown in mainland China. Li Auto, meanwhile, logged its fourth consecutive month of declining sales, as deliveries fell 1.4 per cent from June to 30,468. Other major Chinese EV players managed to eke out sales upticks in month-on-month terms, but their deliveries were still far lower than during the same period last year.

August 2, 2026

Business

China’s military goal is to stand neck and neck with the US: ex-PLA colonel Zhou Bo

Zhou Bo is a retired senior colonel in the People’s Liberation Army, a senior fellow at Tsinghua University’s Centre for International Security and Strategy, and the author of the book Should the World Fear China? This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here. The People’s Liberation Army (PLA) is approaching its 2027 centenary, a major benchmark set by Beijing to achieve military modernisation. What is that goal actually about? China...

August 2, 2026

Business

Jardine Foundation to cut scholarship scheme for Oxford, Cambridge undergrads

‘Following a strategic review, the foundation will be increasing its focus and investment in Asia’, educational trust says An educational trust established by Hong Kong-based conglomerate Jardine Matheson will end its prestigious undergraduate scholarship programme for Oxford and Cambridge universities after a strategic review, redirecting the funds to institutions in Asia. According to the Jardine Foundation’s website, students starting their studies later this year will be the final cohort of undergraduate “Oxbridge” scholars to be covered by the programme. The move marks the end of an undergraduate scholarship programme that has lasted for 44 years. “The Jardine Foundation remains committed to providing access to higher education by talented students across the Asian communities in which Jardines operates,” it said. “Following a strategic review, the foundation will be increasing its focus and investment in Asia, expanding opportunities for local students to study at leading universities in the region.” The foundation added that it would continue to support the current Jardine scholars at the two universities and the 2026 awardees, as well as its existing Oxford and Cambridge postgraduate scholarship programmes.

August 2, 2026

Business

Israeli strikes kill 9 in Gaza, cabinet minister says no deal to stop

Israel’s Energy Minister Eli Cohen also said he sees the need for Israel to control all of the enclave. Now, it controls about 70 per cent Israeli ⁠air strikes continued in Gaza for a second straight day on Sunday, killing at least nine Palestinians, despite US President Donald Trump’s announcement of a breakthrough in efforts to implement last year’s Gaza ceasefire agreement. Israeli Energy Minister Eli Cohen said on Sunday that there was no deal to halt attacks on Gaza and that he saw a need for Israel, which already ‌controls 70 per cent of the Strip, to take full control of it. Cohen is a member of Prime Minister Netanyahu’s security cabinet, a small circle of ministers that oversees security and diplomatic policy. Palestinian health officials said Israeli warplanes carried out separate strikes across the enclave in the northern Gaza City, central city of Deir al-Balah, and the southern area of Khan Younis. A man and his wife were killed and four people were wounded in an air strike on a flat in Deir al-Balah, while two more people, including a child, were killed in a ⁠strike on a flat in Gaza City, doctors said.

August 2, 2026

Business

Chinese rocket scientists find ‘most effective’ way to nuke a doomsday asteroid

China’s two-pronged method could blast apart an Earth-threatening space rock using a 3-megaton explosion equivalent to 200 Hiroshima bombs In simulations, a 3-megaton explosion – or around 200 Hiroshima bombs – could completely blast apart an asteroid about 100 metres (328 feet) across, the team reported in the Space: Science & Technology journal in May. The researchers also found that burying the bomb 30 metres beneath the surface could more than triple the change in the asteroid’s speed compared with a shallow explosion, making it far more effective at pushing the rock off course. Instead of relying on a high-speed impact at a random spot, the two-step method allows engineers to choose where to bury the bomb and place it much deeper beneath the surface.

August 2, 2026

Business

Spend HK$10,000 a month on your pets? Why not, say cat lovers at Hong Kong expo

From premium cat food to AI meow translators, final day of annual expo draws thousands with purr-chasing power With 14 cats and a dog at home, Hong Kong couple Mr and Mrs Cheung spend more than HK$10,000 (US$1,275) a month on their beloved pets. “Pets are meant to be spoiled rotten,” said Mrs Cheung, a pet groomer in her thirties who visited the cat expo in Wan Chai on Sunday with her husband and four Maine Coon cats. The cats were dressed up and carried in a HK$4,000 stroller made in Japan. She said the four cats enjoyed going out, but were “a bit emotional today” because of the attention they received from eventgoers. Halfway through their visit, the couple had already spent about HK$2,000 on cat food and snacks from Hong Kong and Taiwan brands. “We do not have a budget in mind; we will buy anything that is right for us,” Mr Cheung said. He said they used to buy cat food from Taiwan and ship it to Hong Kong because of the premium quality, so they were happy to see more Taiwanese brands at this year’s event.

August 2, 2026

Business

‘Discouraged’ at university, maths star Wang Hong spurs Chinese education debate

Fields Medal winner’s candid remarks resonate with young students in China who say they’ve had similar experiences But it is the 35-year-old’s candid remarks about feeling “discouraged” in her early years at an elite Chinese university that appear to have struck the deepest chord. Those comments have set off a broader debate about the country’s education system and whether it provides the support students need to develop confidence and pursue original ideas. Wang and her compatriot Deng Yu, 37, were among four mathematicians awarded the Fields Medal on July 23. It was also the first time two Chinese mathematicians had won the prize in the same year. In interviews since then, Wang has spoken about how she lost confidence as a young undergraduate at Peking University but regained it when she continued her studies in France.

August 2, 2026

Business

5 dead in Indonesia ferry fire, 41 missing

The captain reported the blaze as the vessel sailed from East Java to South Sulawesi. Some passengers jumped into the sea An Indonesian ferry caught fire at sea on Sunday, killing five people and leaving another 41 missing after some jumped overboard, search and rescue officials said. A total of 225 people on the vessel were rescued, said the regional Surabaya Search and Rescue Agency, which provided the latest figures in an afternoon update. Some passengers jumped into the sea and were picked up by a nearby ship, according to Basarnas, Indonesia’s National Search and Rescue Agency. Four other vessels were on standby near the ferry but could not approach because of the risk posed by flammable material on the ferry, it said. The captain had called the ferry company to report the fire as the vessel sailed from Surabaya in East Java to Makassar in South Sulawesi, Basarnas said.

August 2, 2026