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Switzerland says talks planned for Friday between Iran, US

ZURICH — Initial talks between the United States and Iran are planned at the Buergenstock mountaintop resort in Switzerland on Friday, following the signing of a ceasefire agreement between Tehran and Washington, the Swiss government said on Thursday. "As things stand, the plan is still for the U.S. and Iran, along with mediators Pakistan and Qatar and other involved countries, to meet tomorrow at Buergenstock for initial negotiations about implementing the agreement. "No further information is currently available regarding the schedule and details of this meeting," the Swiss foreign ministry said in a statement.

7h agoBy Reuters
Switzerland says talks planned for Friday between Iran, US
World

Can Pop Mart sustain the Labubu juggernaut as China sales cool?

Chinese toymaker Pop Mart recorded its first year-on-year decline in domestic online sales since 2024 in May, raising fresh questions about the sustainability of demand for its intellectual property (IP) portfolio, including its blockbuster Labubu character. Domestic online sales fell 5 percent from a year earlier and 14 percent from April, according to Moojing e-commerce data tracking transactions across Tmall, Taobao and Douyin. Sales were also 25 percent below the average monthly level recorded in the second half of last year. "This confirms our earlier prediction of mounting sales pressure in Pop Mart's domestic market from the second quarter of 2026 onwards," said Deutsche Bank analyst Sammi Xu. "We believe this pressure could intensify in the second half of the year, driven by a higher comparison base and waning IP popularity in China." Shares of the Hong Kong-listed company fell 2 percent to close at HK$171.30 on Wednesday. "We think the earlier frenzy surrounding Labubu has cooled, while intensifying competition is likely to weigh on revenue growth in 2026," said Jeff Zhang, an a

7h agoBy SCMP
Can Pop Mart sustain the Labubu juggernaut as China sales cool?
World

Taiwan needs US weapons to defend against China threat, diplomat says

WASHINGTON — Taiwan needs to purchase American weapons to ensure its self-defense in the face of a growing threat from Beijing, the island's top diplomat in the U.S. said, adding that he has seen no change in Washington's policy toward the self-governing island that China claims as its own. A $14 billion arms sale package to Taiwan is still in limbo after President Donald Trump returned from Beijing in May and said he had discussed the proposal “in great detail” with Chinese leader Xi Jinping, heightening anxieties in Taiwan and raising concerns among lawmakers on the Capitol Hill. “We need those arms for defensive purposes,” Alexander Yui Tah-ray, who heads the Taipei Economic and Cultural Representative Office in the U.S., told The Associated Press in an interview Wednesday in Washington. “We're trying to increase our defense expenditure. We try to increase our ability to defend ourselves better and survive times of crisis.” The Trump administration has not moved forward with the $14 billion weapons sale proposal after approved by senior lawmakers earlier this year. Trum

9h agoBy AP
Taiwan needs US weapons to defend against China threat, diplomat says
World

Africa's Ebola outbreaks complicated by victims who prefer traditional healers

BUNDIBUGYO, Uganda — Whenever Ebola comes, some of the afflicted choose the road to the nearest hospital. Others take the path to the shrine of a traditional healer, often with devastating consequences. Many view the onset of hemorrhagic fever as a spiritual affliction and seek out herbs and prayers instead of going to the hospital. This is the case now in Congo, which is suffering its seventeenth outbreak of Ebola since 1976, when the virus was first identified in the rich Congo Basin ecosystem. Five decades later, the virus continues to mystify many of the sick in Africa while turning religious leaders into first responders in a deadly emergency. The current outbreak’s victims include health workers without protective gear as well as pastors and worshippers who gathered while Ebola was spreading, according to humanitarian workers and others who spoke to The Associated Press. Ebola spreads through close contact with sick or deceased patients’ bodily fluids. The current outbreak is particularly worrisome in a region where many are distrustful of health workers and refuse to seek m

9h agoBy AP
Africa's Ebola outbreaks complicated by victims who prefer traditional healers
World

Fed holds key rate steady under new Chair Warsh; policymakers project rate increase this year

WASHINGTON — The U.S. Federal Reserve on Wednesday held its benchmark interest rate steady in its first rate decision since new Chair Kevin Warsh took office last month, with at least half of its policymakers anticipating a higher rate later this year. During the two-day Federal Open Market Committee (FOMC) meeting, the central bank decided unanimously to leave the rate unchanged at the 3.5-3.75 percent range, marking its fourth consecutive pause, amid lingering concerns over the economic fallout of the U.S.-Israeli war against Iran. According to the FOMC members' new median economic projection, the federal funds rate is expected to be cut to 3.8 percent at the end of this year, up from the March projection of 3.4 percent, suggesting a higher year-end rate than previously projected. The "dot plot" projection chart showed that nine of the 19 FOMC participants expected borrowing costs to be higher by year-end. Warsh did not submit a dot plot projection. The meeting came a week after the U.S. Labor Department reported that the consumer price index rose 4.2 percent in May from a year earli

15h agoBy Yonhap
Fed holds key rate steady under new Chair Warsh; policymakers project rate increase this year
World

US releases Iran MOU text, including 60 days of no-charge Hormuz transit

WASHINGTON — U.S. President Donald Trump's administration on Wednesday unveiled the text of a signed memorandum of understanding (MOU) aimed at ending the Iran war, which includes safe passage through the Strait of Hormuz with no charge for 60 days. In a press call, a senior U.S. official read out the text of the 14-point MOU in the administration's first public disclosure of the deal. President Donald Trump, Vice President JD Vance and Iran's parliamentary speaker Mohammad Bagher Ghalibaf have electronically signed it, with an official signing ceremony set for later this week. The MOU includes the declaration of an "immediate and permanent" end to military operations "on all fronts," a commitment to negotiating a final deal in 60 days extendable with mutual consent, and Iran's reaffirmation that it will not procure or develop nuclear weapons. It also includes the United States' commitment to work with regional partners to develop a "definitive" mutually agreed-upon plan with at least US$300 billion for the reconstruction and economic development of the war-damaged Islamic Republic. Th

15h agoBy Yonhap
US releases Iran MOU text, including 60 days of no-charge Hormuz transit
World

US stocks waver after Fed officials indicate rate hike possible this year

NEW YORK — The U.S. stock market is wavering Wednesday after several officials at the Federal Reserve indicated they may raise interest rates before the end of the year. The S&P 500 fell 0.6 percent and erased an earlier, modest gain after the Fed released projections showing policymakers see the federal funds rate ending this year and the next two at higher levels than they had been forecasting a few months ago. Higher interest rates can keep a lid on inflation, but they also slow the economy and hurt prices for investments. The Dow Jones Industrial Average went from a gain of 281 points before the Fed's announcement to a dip of 86 points, or 0.2 percent, as of 2:25 p.m. Eastern time. The Nasdaq composite slipped 0.6 percent. In the bond market, Treasury yields rose after nine of 18 policymakers at the Fed said they are projecting at least one increase to the federal funds rate by the end of this year. One policymaker did not submit a forecast following the first meeting by the Fed since Kevin Warsh took over as chair. The yield on the 10-year Treasury, which influences rates for mort

18h agoBy AP
US stocks waver after Fed officials indicate rate hike possible this year
World

Fed begins Warsh era by keeping rates on hold, sees one hike later this year

WASHINGTON — The Federal Reserve held interest rates steady on Wednesday, but policymakers expect a hike in borrowing costs later this year amid growing concerns about inflation lodged above the U.S. central bank's 2 percent target. New quarterly projections showed nine Fed officials now anticipate a hike in rates by the end of 2026, and an updated policy statement removed language that had been used to flag the likelihood of further reductions in borrowing costs this year. Indeed, the statement, in an early sign of new Fed Chairman Kevin Warsh's influence, removed any guidance about future rate moves altogether, with a revised format that simply stated the rate decision and reaffirmed the central bank's intent to keep "ample reserves in the banking system." The shortened document, a return to a format similar to that used by former Fed Chairman Alan Greenspan, was approved by a unanimous 12-0 vote by the central bank's Federal Open Market Committee. The statement showed other signs of Warsh's early influence on the debate as he takes over after being appointed earlier this year by Pre

19h agoBy Reuters
Fed begins Warsh era by keeping rates on hold, sees one hike later this year
World

Trump says Iran accord to be signed 'shortly', 'maybe' Thursday or Friday

EVIAN, France — U.S. President Donald Trump said Wednesday he expected the accord with Iran ending the Middle East war to be signed "shortly" but cast uncertainty over the exact date. "The deal we reached with Iran on Sunday will be signed shortly, tomorrow (Thursday), maybe the next day (Friday)," Trump said at the G7 summit, after previous announcements that it would be signed on Friday in Switzerland with Vice President JD Vance representing the United States. "We are going to most likely sign a deal," he added. Trump told reporters at the final press conference of the G7 that he was prepared to "bomb the hell" out of Iran if they violated the agreement. "If they are not behaving they will be hit again," he said. But he added: "They don't want to get bombed, they don't want to get hit." Trump said he "might" stay in Europe for the signing but added that as a memorandum of understanding "it might not be the kind of a document I should be signing". Asked if sending Vance to the signing rather than going himself was to avoid blame if it did not work out, Trump replied: "I like that idea."

20h agoBy AFP
Trump says Iran accord to be signed 'shortly', 'maybe' Thursday or Friday
World

The interim US-Iran deal leaves the fate of Tehran's nuclear program still to be negotiated

WASHINGTON — The interim deal between the United States and Iran is supposed to usher in a two-month period that would address the most divisive issue between the longtime adversaries — Tehran's nuclear program. Preventing Iran from attaining a nuclear bomb is a key reason that President Donald Trump said he launched the war alongside Israel in February, but the tentative agreement he has trumpeted leaves little runway to negotiate the long-running sticking point. The previous nuclear pact between Iran and world powers, from which Trump pulled the U.S. in his first term, took many months to negotiate. Under terms of the initial deal, Iran would immediately take steps to reopen the Strait of Hormuz to global oil shipments and would be allowed to sell its oil without restrictions, U.S. and regional officials say. The accord, due to be officially signed Friday in Switzerland, also envisions Iran receiving at least $300 billion to rebuild after the war and says the U.S. would work to end all American and U.N. sanctions imposed on Tehran. That is if a final agreement addressing Iran’s

20h agoBy AP
The interim US-Iran deal leaves the fate of Tehran's nuclear program still to be negotiated
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