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This year’s escalation of the US-China trade war has led many Chinese companies to rethink their overseas expansion strategies, with accessing the American market no longer their top priority when considering building factories in foreign countries, industry insiders said.There had been a “drastic downshift” in inquiries from Chinese companies seeking land to rent or purchase in Mexico, one of their hottest overseas investment destinations in the past, said Jack Lee, an industrial property agent based in the United States whose clients are mostly Chinese firms.Mexico had become a popular choice since US President Donald Trump’s first term, when he began…

NUUK, Greenland (AP) — French President Emmanuel Macron’s first trip to Greenland, the strategic Arctic island coveted by U.S. President Donald Trump, is aimed at shoring up Europe’s political backing for Denmark and its semiautonomous territory.Macron’s visit on Sunday comes just ahead a meeting of the Group of Seven leading industrialized nations next week in Canada that will be attended by both Macron and Trump.The French president’s office said the trip to Greenland is a reminder that Paris supports principles of sovereignty, territorial integrity and the inviolability of borders as enshrined in the U.N. charter.Macron is also to meet with…

Wang Ruoshuo, a 21-year-old student from Hefei, the capital of central Anhui province, is searching for a flat in Hung Hom in southern Kowloon, which is close to her university and the company where she interns. As a first-time renter, however, she has been taken aback by the high prices.Wang and her friends are looking for a two-bedroom unit, budgeting about HK$7,000 to HK$8,000 (US$892 to US$1,019) per person. “But when we began our search, we found that properties meeting our criteria would cost each of us around HK$10,000,” she said.“Over 120,000 professionals and university students have already arrived in…

Hong Kong virtual insurer OneDegree is gaining ground in the Middle East and has signed 20 contracts since entering the region in 2023, according to one of its founders.In an interview on June 6, Alvin Kwock Yin-lun said the nine-year-old company was looking for additional growth in the Middle East. It has insured the digital assets of 20 out of the 34 companies licensed by Dubai’s Virtual Assets Regulatory Authority, which includes digital asset exchanges and providers of trading and custody services.OneDegree had reported no claims, losses, or incidents among its clients after debuting its products, which were in line…

BARCELONA, Spain (AP) — In Barcelona’s residential Gràcia neighborhood known for its quaint squares, Txema Escorsa feels he is being left behind. The friendly faces of neighbors in his apartment building have been replaced by a non-stop flow of hard-partying foreigners, and his teacher’s salary can’t keep pace with the rising rent.“It is tough for me to imagine what to do next,” he told The Associated Press in the living room of his two-bedroom apartment. “If I leave, will I be contributing to Barcelona losing its essence that comes from its locals? But there comes a time when I’m fed…

Newly elected South Korean President Lee Jae-myung has signalled a desire to ease tensions with North Korea, halting propaganda loudspeaker broadcasts along the border, and he has turned to China for support.In a 30-minute phone call with Chinese President Xi Jinping on Tuesday, six days after taking office, Lee urged China to play a “constructive role” in the denuclearisation of the Korean peninsula.Xi responded that China would make efforts to resolve the issue, saying that peace and stability on the peninsula were in the common interest of both countries, according to South Korean presidential spokeswoman Kang Yu-jung.However, that part of…

Goku Technologies, a Shanghai-based quantitative trading fund, is expanding its ambitions beyond finance, looking to artificial intelligence (AI) as a means to overcome challenges faced by humanity, according to CEO Wang Xiao.In an interview with the Post, Wang said the firm’s AI initiatives were driven by a vision that transcended short-term commercial interests. “What I believe is [AI exists] to solve issues for humanity – this is the only thing that matters,” he said.Last month, Goku launched Shanghai AllMind Artificial Intelligence Technology, an AI-focused subsidiary, in a move that draws parallels with Chinese hedge fund High-Flyer Quant, which established DeepSeek…

The spotlight is back on the so-called Squad minilateral grouping of nations aimed at countering China’s influence in the Asia-Pacific, after US Defence Secretary Pete Hegseth hailed the bloc as the most “strategically positioned to manifest deterrence”.Observers, however, are mixed on such a stance, pointing to Washington’s transactional approach and seemingly erratic policy shifts under President Donald Trump, warning there may be “little appetite” in focusing on the group.In his summit opening remarks, Hegseth underscored the Squad’s potential to “bring about peace” amid “an unprecedented military build-up by China.” In a joint statement following the forum, the defence chiefs expressed…

Russia has maintained a delicate balancing act in the Middle East for decades, trying to navigate its warm relations with Israel even as it has developed strong economic and military ties with Iran.Israel’s military strikes this weekend on Iranian nuclear and military facilities, killing top generals and scientists, and Tehran’s response with drones and missiles, put Moscow in an awkward position, requiring fine diplomatic skills to preserve ties with both parties. But it also could open opportunities for Russia to possibly become a power broker to help end the confrontation.Some observers in Moscow also argue that the focus on the…

This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. Get faster notifications on the latest updates by downloading our app.For the first time in more than three decades, the United States is holding a major military parade in the nation’s capital on Saturday – fulfilling a long-standing desire of US President Donald Trump on a day that was marred by a political assassination.Echoing displays more typically seen in countries including China, France and Russia, the parade in Washington was already expected to showcase the nation’s political divisions.…