Shein mulls China return for Hong Kong listing after London IPO stalls

Fast-fashion retailer considered £50bn float in London but has not received backing from Chinese authorities

The online fast-fashion retailer Shein is understood to be considering moving its base back to China from Singapore in a move expected to pave the way for a Hong Kong listing rather than a UK one.

The business, which was founded in China and moved its headquarters to Singapore in 2022, had been considering a £50bn float in London after failing to win approval from regulators in the US for a New York flotation.

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Swatch pulls ‘slanted eye’ ad after backlash in China

Calls for boycott after Swiss watchmaker becomes latest western brand accused of racist imagery

The Swiss watchmaker Swatch has apologised and removed an advert featuring a model pulling the corners of his eyes, after the image prompted accusations of racism and calls for a boycott on Chinese social media.

Internet users heavily criticised the “slanted eye” gesture made by the Asian male model as racist.

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Trump says Xi told him China will not invade Taiwan while he is in office

US president says Chinese counterpart told him ‘I am very patient and China is very patient’

The US president, Donald Trump, has said that his Chinese counterpart, Xi Jinping, told him China would not invade Taiwan while Trump is in office.

Trump made the comments in an interview with Fox News on Friday, ahead of talks with the Russian president, Vladimir Putin, over Moscow’s invasion of Ukraine.

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Tuvalu considers pulling out of Pacific leaders’ summit amid China-linked power struggle

Exclusive: Prime minister Feletei Teo says Tuvalu may withdraw from crucial meeting after key countries such as Taiwan were barred from attending

Tuvalu’s prime minister Feletei Teo said his country may pull out of the region’s top political meeting next month, after host nation Solomon Islands moved to block all external partners – including China, US and Taiwan – from attending.

The Pacific Islands Forum leaders meeting will be held in Honiara in September. On 7 August, Solomon Islands prime minister Jeremiah Manele told parliament that no dialogue partners would be invited to the annual gathering.

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Jimmy Lai trial: closing arguments in Hong Kong delayed by aftermath of Typhoon Podul

Lai has been detained since December 2020, with western nations and rights groups calling for his release

The closing arguments in the national security trial against jailed Hong Kong media mogul Jimmy Lai were postponed on Thursday after the Asian financial hub issued its highest-level “black” weather warning, stemming from ex-typhoon Podul.

Queues had formed outside the court for the public gallery, but torrential rain saw the closing arguments in the trial, which began in late 2023, delayed. Proceedings are expected to resume on Friday.

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US warships patrol South China Sea after two Chinese ships collide

USS Higgins and USS Cincinnati sailed near Scarborough Shoal after Chinese tried to drive away Philippine vessel

The US has briefly deployed two warships in a disputed South China Sea shoal where two Chinese ships collided earlier in the week while trying to drive away a smaller Philippine ship in a high-seas accident that raised alarms about maritime safety.

Both China and the Philippines claim Scarborough Shoal and other outcroppings in the South China Sea. Vietnam, Malaysia, Brunei and Taiwan also lay overlapping claims in the contested waters.

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China’s crackdown on lavish civil servant perks will ‘harm’ the economy, experts warn

Updated regulations ban the country’s 40 million civil servants from lavish banquets, and restrict them from overseas travel for ‘personal leisure’

Adjacent to a municipal government building in Beijing, a normally bustling restaurant is now eerily quiet, at lunchtime most of its seats are empty.

The recent crackdown on civil servants frequenting restaurants – part of a government austerity drive intended to crack down on corruption – has likely affected business and caused liquor sales to plummet, admits one waitress who works in the opulent establishment.

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Chinese warship crashes into own coastguard vessel while chasing Philippine boat in South China Sea

Footage shows Chinese coastguard vessel with its entire bow caved in after colliding with warship near contested Scarborough Shoal

The Philippines has released dramatic footage of a Chinese warship colliding with a vessel from its own coastguard while chasing a Philippine patrol boat in the South China Sea.

The incident occurred near the contested Scarborough Shoal on Monday as the Philippine Coast Guard (PCG) escorted vessels distributing aid to fishers in the area, Philippine authorities said.

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Nvidia and AMD agree to pay 15% of China chip sale revenues to US

Chipmakers agree to deal amid Trump trade war as condition for obtaining export licences for Chinese market

The chipmakers Nvidia and AMD have agreed to give the US government 15% of their revenue from advanced chips sold to China in return for export licences to the key market, in an unprecedented move amid Donald Trump’s trade war with China.

The move, an apparent reversal of US national security restrictions on the chip sales, signalled an easing in the US-China trade war.

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China diplomat tipped as next foreign minister detained by authorities – report

Liu Jianchao, the envoy in charge of managing ties with foreign political parties, was reportedly detained in late July

Liu Jianchao, a senior Chinese diplomat widely seen as a potential future foreign minister, has been detained by authorities for questioning, the Wall Street Journal has reported.

Liu was taken away after returning to Beijing in late July from an overseas work trip, it reported on Sunday, citing people familiar with the matter.

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Banker Bao Fan reportedly released from Chinese detention after two years

High-profile founder of China Renaissance Holdings went missing in 2023, sending company’s share price plunging

Bao Fan, a star dealmaker and the founder of the boutique investment bank China Renaissance Holdings, has been released more than two years after being detained by Chinese authorities, according to a person with knowledge of the matter.

China Renaissance sent shock waves through the country’s financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two others and still owns nearly 49% of its issued shares. The company’s share price tanked as a result of his detention.

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Penny Wong complained to China about intimidation of exiled Hong Kong pro-democracy campaigners

Exclusive: Foreign affairs minister used July meeting on Asean sidelines to elevate criticism of targeting of Adelaide-based Ted Hui and Melbourne-based Kevin Yam

The foreign affairs minister, Penny Wong, complained about the targeted intimidation of exiled pro-democracy campaigners from Hong Kong directly to her Chinese counterpart, Wang Yi, during a bilateral meeting in Kuala Lumpur.

The July meeting was the first face-to-face discussion between the pair since two Hong Kong activists wanted for alleged national security crimes were subjected to anonymous letters offering Australian neighbours $203,000 to inform on them.

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Video shows rare protests in China over beating of schoolgirl by three teenagers

Large crowds gather in city of Jiangyou in Sichuan province after case causes outrage online

A large protest erupted in the south-western Chinese city of Jiangyou, videos on social media have shown, after the beating of a young girl by three other teenagers caused public outrage.

Protests are rare in China, where opposition to the ruling Communist party and anything seen as a threat to civil order is swiftly quashed.

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Panama files lawsuits against owner of ports at centre of US-China struggle

Comptroller general lodged two cases in country’s supreme court after failed attempt to sell to consortium

Panama’s comptroller general has lodged two cases with the country’s supreme court against the owners of two ports at the centre of a geopolitical struggle between the US and China, in a move likely to be seen as a victory for Donald Trump in his attempt to rid the Panama canal of Chinese influence.

The decision follows a failed attempt to sell the ports to a consortium headed by the US investment fund BlackRock and Swiss shipping firm MSC.

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Anger grows in China over reports of online groups sharing explicit photos of women

Chinese media said more than 100,000 were members of Telegram group that shared pictures taken without consent

Anger is growing on Chinese social media after news reports revealed the existence of online groups, said to involve hundreds of thousands of Chinese men, which shared photographs of women, including sexually explicit ones, taken without their consent.

The Chinese newspaper Southern Metropolis Daily published a report last week about a group on the encrypted messaging app Telegram called “MaskPark tree hole forum”. It said it had more than 100,000 members and was “comprised entirely of Chinese men”.

Additional research by Lillian Yang and Jason Tzu Kuan Lu

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Chinese official makes rare admission of failings over deadly Beijing floods

Local Communist party secretary says there were ‘gaps’ in city’s readiness for extreme weather after at least 40 killed

A Beijing city official has issued a rare public acknowledgment of official failings in the authorities’ response to the severe flooding that hit China’s capital this week.

Yu Weiguo, a Communist party secretary for Miyun, the northern district worst affected by this week’s extreme weather, said in a press conference on Thursday that there were “gaps” in the city’s readiness for the deadly floods.

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Countries failing to act on UN climate pledge to triple renewables, thinktank finds

Fossil fuel reliance likely to continue and Cop28 target of limiting global heating to below 1.5C will be missed

Most global governments have failed to act on the 2023 UN pledge to triple the world’s renewable energy capacity by the end of the decade, according to climate analysts.

The failure to act means that on current forecasts the world will fall far short of its clean energy goals, leading to a continued reliance on fossil fuels that is incompatible with the target of limiting global heating to below 1.5C.

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White House to end US tariff exemption for all low-value overseas packages

Under Trump order, parcels valued at or under $800 outside of international postal network to face ‘all applicable duties’

The United States is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on Wednesday.

Under an executive order signed by Donald Trump on Wednesday, packages valued at or under $800 sent to the US outside of the international postal network will now face “all applicable duties” starting on 29 August, the White House said.

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HSBC boss says Rachel Reeves putting up bank taxes would harm UK growth

Georges Elhedery’s comments come amid speculation the chancellor could make such a move in autumn budget

The boss of HSBC has joined a growing chorus of bankers cautioning Rachel Reeves against increasing taxes on banks in her autumn budget, warning it risked “eroding” investment and ultimately harming UK growth.

Georges Elhedery, its chief executive, said banks in the UK were already subject to the highest level of taxes on profits compared with other sectors, and paid more than in most other countries. He said placing further financial pressures on lenders could spell trouble for the UK economy.

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Taiwan president scraps Latin America trip amid reports the US opposed stopover in New York

The Taiwanese government insists Lai Ching-te’s visit was delayed due to domestic issues, including natural disasters and tariff negotiations

Taiwan’s President Lai Ching-te will delay an expected trip to his country’s remaining allies in Latin America, amid conflicting accounts of the reason for the postponement.

Lai was expected to travel to the Americas next month, as his government seeks to shore up support in a region where many countries have cut diplomatic ties in favour of relations with China, which claims Taiwan as its territory.

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