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Adidas lands on Anfu Road, joining the retail mix shaping Shanghai’s storied street

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Qantas to shut Jetstar Asia unit

just now
AFR
Qantas will shut Jetstar Asia, its Singapore-based budget airline, and reallocate 13 aircraft to routes in Australia and New Zealand. Citing high costs and regional competition, Qantas expects AUD 175 million in closure costs and a AUD 35 million loss this year. The move aligns with a wider fleet overhaul and capital shift to stronger markets.

EngineAI files patent for robot gait tech

just now
CGTN
Chinese robotics firm EngineAI has filed a patent for a control method enabling straight-leg walking in humanoid robots. The system reportedly combines gait data, adversarial networks, and real-world feedback to enhance energy efficiency, stability, and human-like agility.

US-China talks yield trade framework deal

just now
Nikkei Asia
US and Chinese officials say they have agreed on a framework to ease trade tensions during talks in London, resolving rare earths disputes and reinforcing a fragile truce. While some tariff relief may follow, core issues like industrial policy and sanctions remain, leaving global markets cautiously hopeful.

China faces trade hit and deepening deflation

just now
Reuters
China’s export growth slowed to 4.8% in May as US tariffs weighed on shipments, with exports to the US plunging 34.5% YoY, according to customs data. Producer prices fell 3.3%, the steepest fall in nearly two years, underscoring pressure on both trade and domestic demand.

Baidu rolls out AI tools across Wenku, Wangpan

just now
GeekPark
Baidu has introduced a multimodal AI system across its Wenku and Wangpan platforms, featuring a smart camera and an upgraded GenFlow assistant. The tools unify image storage, editing, and learning across life, work, and study scenarios, with enhanced content generation powered by voice, image, and video integration.

Cainiao’s global client base jumps 60%

just now
Guandian
Cainiao is accelerating its global logistics tech expansion, with its international client base growing over 60% YoY and overseas sales expected to outpace domestic growth. In Brazil, a self-developed smart sorting system has reportedly boosted parcel handling efficiency sevenfold and now processes nearly one million packages daily.

Shopee launches “GMV Max” ad rebate

just now
Ebrun
Shopee has reportedly launched a June 2025 “GMV Max” incentive for returning sellers across ten markets, including Brazil and the Philippines. Sellers who meet ad spend thresholds will earn ad credits, with an additional 10% rebate for hitting GMV targets. The program runs through June 30, with signup closing on June 16. Rewards will be issued in mid-July.

Mistral launches AI model for reasoning

just now
CNBC
French AI firm Mistral has launched Magistral, a reasoning model it says rivals OpenAI’s o1 and DeepSeek’s R1. Unveiled at the London Tech Week, the new model is reportedly designed for math, coding, and step-by-step logic in European languages.

BYD integrates Alibaba’s AI in cars

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Alibaba Cloud
BYD is deepening its partnership with Alibaba Cloud by embedding advanced AI tools into its vehicles. New cockpit features include voice-activated wallpapers, emotional chat support, and a "mobile agent" system that executes complex tasks by visually navigating third-party apps. The updates aim to streamline user commands into seamless in-car experiences.

GAC expands across Chile and Bolivia

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GAC
GAC has opened new showrooms across Chile and Bolivia, advancing its Latin America expansion. Each site features localized elements, from high-altitude systems in La Paz to starlit driving displays in La Serena and test platforms in Puerto Montt. These features aim to merge innovation with local needs as GAC targets presence in over 100 cities in the region by 2027.

China leans on housing fund for recovery

just now
Bloomberg
China is turning to its RMB 10.9 trillion housing provident fund to boost the property market as banks tighten mortgage lending. The fund now backs RMB 8.1 trillion in home loans, with cities easing rules and cutting rates to expand access. While demand remains soft, the fund is filling a key financing gap.

Huawei CEO urges faith in China’s AI

just now
People's Daily
Huawei founder and CEO Ren Zhengfei downplayed US tech restrictions, pointing to chip stacking, cluster computing, and open-source software as viable paths forward. In an interview, he urged long-term support for fundamental research, called for patience with theorists, and said China’s infrastructure and youth offer key advantages in AI development.

Shein says no export deal with Reliance

just now
Ebrun
Shein has denied reports that it plans to export India-made apparel through its partnership with Reliance, stating the collaboration is limited to brand licensing and local sales. The company said it is not involved in manufacturing or overseas shipments from India.

Rubber prices fall on BYD price cuts

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Nikkei Asia
Natural rubber prices are sliding as EV maker BYD’s sharp price cuts raise fears of a broader automotive sector price war and weakening tire demand. Rubber futures fell 4% on the Osaka Exchange to a four-month low. With tires accounting for 70% of rubber use, rising seasonal supply and softening US car sales may drive further declines.

US-China trade talks enter day two

just now
Bloomberg
US-China trade talks will continue in London for a second day as negotiators seek to ease tensions over tech exports and rare earth supplies. The US is weighing the removal of some export curbs if China lifts rare earth restrictions. Both sides called day one productive, though curbs on Nvidia’s AI chips are expected to remain in place.

ChatGPT’s voice mode gets an upgrade

just now
TechCrunch
OpenAI has upgraded ChatGPT’s voice mode with more natural speech, featuring refined intonation, cadence, and emotional expressiveness. It now also supports continuous translation. Available to all paid users, the update doesn’t fully resolve known issues such as hallucinated audio or pitch variation.

Lovable in talks to raise USD 100 million

just now
Bloomberg
Swedish AI startup Lovable is in early talks with US investors to raise at least USD 100 million at a valuation of USD 1.5 billion or more, according to sources. Founded in 2023, its no-code platform has reached USD 61 million in ARR and serves about 130,000 paying users. CEO Anton Osika cited strong investor interest but said funding isn’t urgently needed.

Xiaohongshu opens first office in Hong Kong

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SCMP
RedNote, also known as Xiaohongshu, has opened its first office outside mainland China in Hong Kong to accelerate cross-border business and regional growth. Invited by financial secretary Paul Chan, the company aims to support local innovation, expand across Asia, and offer talent programs through university partnerships.

Manifold Tech raises pre-Series A funding

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KrASIA
Manifold Tech has raised a seven-figure RMB sum in pre-Series A funding from Hony Capital, following earlier backing from ZhenFund and Junsan Capital. The Shenzhen-based startup builds 3D spatial sensing systems for robots and drones, including Odin 1, a module that integrates perception and memory. The funds will support manufacturing and global rollout, with mass production set for July.

China pilots robots for elderly care

just now
SCMP
China has launched a three-year pilot to deploy eldercare robots in homes, communities, and institutions, aiming to ease labor shortages and improve quality of life for seniors. Backed by state ministries, the initiative includes over 200 trials and promotes standards development. By 2035, seniors will make up over 30% of the population.
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