On June 17, 2026, China’s State Council Information Office officially released a landmark white paper in Beijing titled *More Just and Equitable Global Governance: China’s Principles, Proposals and Actions*, laying out the country’s long-held stance, actionable proposals, and ongoing commitments to reforming and improving the global governance system. The document comes at a time of rising global fragmentation, growing governance deficits, and intensifying cross-border challenges that demand coordinated collective action from the international community. Its core goal is to clarify China’s approach, build broader consensus among nations, and strengthen collective capacity to address shared global risks, ultimately laying the groundwork for a more inclusive and fairer global governance framework. As the white paper emphasizes, global governance is a collective undertaking that shapes the long-term well-being of all people around the world. The pursuit of a just and equitable system has been a shared aspiration of communities across every region for decades, and China has consistently positioned itself as an active participant, dedicated contributor, and responsible builder of the global governance order. Central to China’s modern approach to global governance is the vision of a global community with a shared future for mankind, put forward by President Xi Jinping in the new era. Under this guiding vision, China advocates for a global governance system rooted in the principles of extensive consultation, joint contribution, and shared benefits. It also promotes true multilateralism, with the aim of nurturing an equal and orderly multipolar world and driving economic globalization that is universally beneficial and inclusive to all nations. In 2025, President Xi Jinping launched the Global Governance Initiative (GGI), a framework crafted to address the two defining questions of the current era: what kind of global governance system the world needs, and how to reform and improve existing governance structures to meet modern challenges. Since its introduction, the initiative has garnered remarkable international support: nearly 160 countries and international organizations have backed the proposal, and more than 60 nations have joined the GGI’s Group of Friends. The white paper notes that the international community recognizes the GGI sends a powerful, clear message: the world must reaffirm its commitment to multilateralism, unite divided forces, and work collectively toward a fairer global future. Aligned with the growing global push for greater democracy in international relations, the GGI has renewed international confidence in the practice of multilateralism, at a moment when multilateral institutions face unprecedented pressure and skepticism. It provides a clear, practical roadmap for upgrading global governance, offering much-needed stability and positive momentum to a world grappling with geopolitical turbulence, economic uncertainty, and overlapping transnational crises. The white paper underscores that the core foundation for effectively implementing the GGI is unwavering respect for the authority and central role of the United Nations in global affairs. For the initiative to succeed, major powers must step up to their international responsibilities, and all countries must come together in cooperative partnership to address the growing deficits in peace and development across the globe. All nations, the document stresses, should firmly uphold the international system centered on the United Nations, protect the international order rooted in international law, and abide by the basic norms of international relations grounded in the purposes and principles of the UN Charter — rejecting attempts to fragment the global order through exclusionary blocs and frameworks that serve narrow national interests. Structured into five core sections, in addition to a preface and concluding chapter, the white paper opens by outlining the severe, complex challenges facing the contemporary world. It moves on to explain how the GGI responds to these pressing modern challenges, before detailing China’s existing contributions to advancing more inclusive global governance. It then lays out the vision for guiding global governance reform toward a more prosperous and equitable future, and closes by calling for collective action at this critical juncture in global history. The release of the white paper comes as China prepares to host the inaugural Xiong’an Global Governance Forum, marking another key step in advancing dialogue and cooperation on global governance reform among the international community.
标签： Asia
亚洲
-
Philippine Senate president allied with Duterte removed ahead of his daughter’s impeachment trial
After a bitter two-week leadership deadlock that exposed deep political rifts at the heart of the Philippine government, a close ally of incumbent President Ferdinand Marcos Jr. has claimed the top leadership post in the Philippine Senate, ousting an ally of former President Rodrigo Duterte just months ahead of the impeachment trial of Duterte’s daughter, sitting Vice President Sara Duterte.
Sherwin Gatchalian secured the Senate presidency in a final vote Wednesday, earning the backing of 13 of the chamber’s 24 senators. His challenger, Alan Peter Cayetano — a long-time loyalist of the former Duterte political bloc — formally conceded defeat shortly after the vote result was finalized. The standoff began in early May when both Gatchalian and Cayetano claimed the Senate presidency, each citing conflicting legal interpretations of legislative quorum rules to legitimize their separate faction votes.
The deadlock broke abruptly Wednesday when one senator previously aligned with Cayetano defected to the pro-Marcos bloc, handing Gatchalian’s side the clear majority needed to formalize his leadership. The shake-up comes against a backdrop of intensifying political conflict between the Marcos administration and the Duterte camp, a once-formidable alliance that collapsed into open hostility in recent months, laying bare the persistent institutional vulnerabilities that have long marked Philippine democracy.
“It’s a relief,” noted Jean Franco, a political science professor at the state-run University of the Philippines, in the wake of the resolution. But she cautioned that the country’s democratic system, “with its weak and fragile institutions,” continues to face mounting challenges.
Observers have widely framed the Senate leadership fight as a proxy battle for the broader power struggle between Marcos and Vice President Sara Duterte, the country’s two highest-elected officials. The pair governed as coalition partners for years, but their relationship has fractured dramatically, a split that mirrors the deep partisan divisions that have roiled Philippine politics for decades.
Tensions escalated sharply after the 2023 handover of former President Rodrigo Duterte to the International Criminal Court (ICC) to face trial for alleged crimes against humanity stemming from his administration’s brutal anti-drug crackdown, which left thousands of mostly low-income drug suspects dead between 2016 and 2022. Sara Duterte has publicly blamed Marcos for orchestrating the arrest and transfer of her father, who has repeatedly denied authorizing extrajudicial killings throughout his time in office. Duterte’s ICC trial is scheduled to open in November.
In a twist that fueled the initial leadership deadlock, Cayetano claimed the Senate presidency on May 11 after Sen. Ronald dela Rosa — Duterte’s former national police chief and an alleged co-perpetrator in the ICC’s crimes against humanity case — emerged from months of hiding to cast the deciding vote for Cayetano. Hours after Cayetano’s win, the ICC unsealed an arrest warrant for dela Rosa, prompting him to return to hiding, where he remains at large.
The pro-Duterte bloc has suffered additional setbacks in recent weeks: another of Cayetano’s key allies, Sen. Jinggoy Estrada, was arrested on June 1 on a plunder charge linked to alleged massive kickbacks from a government flood control infrastructure project. Estrada has denied all wrongdoing and was released after posting bail.
Control of the Senate carries profound political stakes for the Marcos administration, as the chamber is set to convene the impeachment trial of Sara Duterte in July. The impeachment case was advanced last month by the House of Representatives, which is currently dominated by Marcos allies. Duterte faces multiple charges, including allegations of unexplained wealth and public statements threatening to assassinate President Marcos. She has denied all accusations, with her supporters arguing the charges are politically manufactured to derail her already-announced plan to run for the Philippine presidency in 2028, when Marcos’s current six-year term concludes.
-
Protesters block copper exports to China from Rio Tinto mine in Mongolia
On a clear sunny day in southern Mongolia’s Gobi Desert, a small group of activists from the domestic advocacy group Radical Reform Movement erected a makeshift barrier across the only two-lane road leading out of the massive Oyu Tolgoi copper and gold mine, halting all copper concentrate shipments bound for global markets Wednesday. The demonstration has thrown a spotlight on long-simmering public discontent over foreign ownership of Mongolia’s vast mineral wealth, and created an unexpected disruption to a critical copper supply chain that feeds into China’s booming renewable energy and electric vehicle sectors.
Copper is a foundational material for electric vehicle batteries, wind turbines, and solar power infrastructure — industries where China holds global leadership in production and deployment. Oyu Tolgoi, located just 50 miles north of the Mongolia-China border, is projected to become the world’s fourth-largest copper mine once fully operational, holding one of the planet’s largest untapped reserves of the critical mineral. The project is a joint venture between British-Australian mining giant Rio Tinto, which controls a 66% stake, and the Mongolian government, which holds the remaining 34% share.
For decades, Mongolian public discourse has centered on inequitable distribution of mining revenue: the country counts extensive deposits of copper, gold, coal and other critical minerals, yet widespread poverty remains pervasive across much of the population. The Radical Reform Movement, the group behind the blockade, has gone as far as calling for the full expulsion of foreign investors from the country’s mining sector, while even more moderate voices within the Mongolian government are pushing to renegotiate the original operating agreement with Rio Tinto to secure a larger share of project profits for the Mongolian public.
Videos posted to Facebook by the advocacy group showed protesters gathering around the barrier, which included a tire wall and a large tree branch strung with a white banner emblazoned with red text reading “Stop Rio Tinto”, set across the road cutting through the arid Gobi landscape. As of Wednesday, it remains unclear whether the demonstration is a one-day action intended to raise awareness of the group’s demands, or the opening of an extended standoff that could trigger broader economic repercussions for both Mongolia and its key trading partner China.
According to official statements from the Oyu Tolgoi joint venture, the mine contributes roughly 9% of Mongolia’s total annual government tax revenue. The company warned that a prolonged seven-day blockade would cut into government revenue by an estimated 35 billion Mongolian Tugrik, equal to roughly $13.3 million. Following the blockade, Mongolian Prime Minister Uchral Nyam-Osor directed the country’s justice and internal affairs minister at a weekly Cabinet meeting to uphold existing law, and hold all participants accountable for unlawfully disrupting legally authorized commercial operations, according to a post on the Mongolian government’s official Facebook page.
-
Gill and Kishan hit centuries to help India clinch ODI series against Afghanistan
On a sweltering Wednesday in Lucknow, India, centuries from star batters Shubman Gill and Ishan Kishan delivered a commanding 170-run victory over Afghanistan in the second One-Day International, securing an unassailable lead in the three-match bilateral series. Afghanistan won the pre-match coin toss and made the decision to send India in to bat first, a choice that would quickly backfire against the hosts’ in-form top order. India made three changes to its starting lineup from the rain-shortened opening ODI in Dharamsala, which India had already won by seven wickets, and opened the innings with Yashasvi Jaiswal and captain Rohit Sharma. Jaiswal failed to capitalize on his starting opportunity, departing after scoring just four runs, but Sharma anchored the early innings, notching 48 runs off 39 deliveries and building an 87-run second-wicket partnership with Gill. When star Afghan spinner Rashid Khan clean-bowled Sharma in the 14th over, Gill and Kishan joined forces at the crease and turned a solid start into a historic batting onslaught. The pair compiled a staggering 224 runs for the third wicket from only 140 deliveries, with each batter reaching the triple-figure mark. Gill notched his ninth career ODI century, while Kishan claimed his second ODI hundred — his first on home soil, and his first since December 2022. The pair traded aggressive phases throughout their partnership: Gill raced to his half-century from 38 balls, while Kishan reached the same milestone from 52 deliveries, before Kishan accelerated dramatically, hitting his second 50 from only 19 balls to Gill’s 39. Kishan finished with 125 runs off 79 balls, hammering 14 fours and seven sixes before he was caught at midwicket while attacking left-arm spinner Nangyal Kharoti in the 37th over. Kharoti would also remove Gill, but not before the right-hander had crossed the 150-run mark. Gill eventually holed out in the 43rd over, struggling with cramps and dehydration from Lucknow’s extreme heat, having scored 154 runs off 110 deliveries with 22 fours and two sixes. India’s middle order stumbled late in the innings: Lokesh Rahul fell for a golden duck, caught at long on attempting to clear the boundary against Kharoti, and the side lost its final five wickets for just 42 runs. Even with the late collapse, India still posted a mammoth total of 402 runs from 49.5 overs. In pursuit of the daunting target, Afghanistan got off to a quick start, with opener Rahmanullah Gurbaz hitting 41 runs off 33 balls, including seven fours and one six, and sharing a 52-run opening stand with Ibrahim Zadran. Debutant Indian seamer Gurnoor Brar claimed Gurbaz, caught behind the stumps, before fellow debutant Prince Yadav took a spectacular diving catch at fine leg to help left-arm pacer Arshdeep Singh dismiss Zadran for 21. Sediqullah Atal scored 42 runs before being out leg before wicket to Washington Sundar, while Afghan batter Darwish Rasooli, also making his ODI debut, retired hurt after sustaining a hamstring injury during fielding earlier in the match, even after he had returned to the crease to bat. Rahmat Shah stepped in to anchor the Afghan innings, scoring a steady 79 runs and notching his 33rd ODI half-century to delay the inevitable result. The visitors were bowled out for 232 runs in the 45th over, with Arshdeep finishing with figures of 3 for 45 and Brar taking 3 for 60 to wrap up the victory for India. The third and final match of the series is scheduled to take place this Saturday in Chennai.
-
Japan raids ice cream giants over price-fixing allegations
As Japan grapples with another summer of record-breaking high temperatures that have sent consumer demand for frozen treats soaring, the country’s top competition regulator has launched a sweeping crackdown on six major domestic ice cream manufacturers accused of colluding to artificially inflate product prices.
Officials from the Japan Fair Trade Commission (JFTC) executed on-site inspection raids at the headquarters and facilities of the targeted firms on Tuesday, according to confirmation from the companies themselves. The list of firms under investigation includes industry leaders Meiji, Morinaga Milk Industry, Lotte, Morinaga, Ezaki Glico — the producer of the globally popular Pocky snack brand — and Akagi Nyugyo. None of the core allegations have been proven as of the investigation’s early stages.
Multiple companies have publicly acknowledged the inspection in recent days, with official statements confirming that the probe centers on suspicions of violating Japan’s Antimonopoly Act through coordinated price-fixing for ice cream and other frozen dessert products. Meiji, the brand behind the well-known Hello Panda snack line, released a formal comment noting that it takes the investigation extremely seriously and has committed to full cooperation with JFTC authorities. Ezaki Glico echoed that commitment, stating it would respond to the inquiry in good faith and cooperate fully with the regulator’s process. Morinaga Milk also confirmed it would work alongside investigators to address the allegations.
Japanese public broadcaster NHK, citing anonymous sources familiar with the case, reported that the six firms are alleged to have improperly raised the prices of their most popular ice cream products multiple times over recent years, with increases ranging from 5% to 10% per adjustment. Regulators suspect that the price hikes went far beyond what would be justified by rising raw material costs, taking advantage of sustained high consumer demand during consecutive hot summers. The accused companies distribute their products through wholesale channels to nearly every supermarket and convenience store chain across Japan, meaning any collusive price increases would impact millions of consumers nationwide.
The JFTC has declined to issue any public comment on the ongoing investigation, per standard procedure for active antitrust probes. The BBC has reached out to all six targeted firms to request additional comment beyond their initial statements, with no further responses released as of reporting.
The investigation comes at a particularly charged moment for Japanese consumers, who are already navigating broader nationwide inflation trends and facing an unusually intense summer heat. Just months ago, after recording the hottest summer on record in 2025, the Japanese government officially introduced a new terminology category for days when temperatures reach 40 degrees Celsius (104 degrees Fahrenheit) or higher: *kokushobi*, translated by global and local media as “cruelly hot,” “brutally hot,” or “severely hot” days. Forecasts for 2026 have already matched the record heat of the previous year, pushing demand for cooling products like ice cream to unprecedented levels and putting consumer price pressures in the national spotlight.
Additional reporting from Chika Nakayama in Tokyo.
-
Police rescue hundreds of cats from being eaten in Vietnam with bust of major animal theft ring
In a landmark crackdown on the illegal cat meat trade in southern Vietnam, law enforcement in Ho Chi Minh City have broken up a large-scale criminal ring, seizing more than 500 cats in what animal welfare advocates call one of the country’s biggest cat rescue cases in recent years. The multi-day operation, launched last week in response to a growing wave of reported pet thefts across the city, has ended a three-year run of illicit activity for the criminal network, with nine suspects taken into custody, local law enforcement confirmed.
According to official statements from the Ho Chi Minh City Criminal Police Division, officers uncovered 45 cages holding roughly 400 live cats at the ring’s main operation site, plus four foam containers packed with ice that held around 80 dead cats. An additional 21 live cats were recovered from a secondary storage location, bringing the total number of seized cats to more than 500. The suspects have reportedly confessed to trapping and stealing cats across three southern Vietnamese provinces — Ho Chi Minh City, Tay Ninh, and An Giang — over the past three years, supplying the animals to the commercial cat meat trade.
Despite the successful bust, the outcome carries a heavy toll for the rescued animals. Animal welfare groups report that around 100 of the seized cats have already died from neglect, due to the extreme overcrowding and unsanitary conditions the ring kept them in. So far, just over 40 of the surviving cats have been reunited with their heartbroken owners who reported them stolen. Chris Gindelhumer, a representative of the local nonprofit Vietnam Cat Welfare who is supporting emergency care for the surviving animals, described the emotional weight of the aftermath of the bust.
“It’s really beautiful to see how many Vietnamese families are coming, looking for their cats,” Gindelhumer said. “But it’s also heartbreaking because many families were looking for their cats and didn’t find them.” He added that dozens of veterinarians and community volunteers have been working around the clock to provide medical care and shelter to the surviving cats, a response that has drawn widespread public support.
Karanvir Kukreja, who leads the global campaign against dog and cat meat consumption for the international nonprofit Humane World for Animals, called the bust a sobering wake-up call about the massive scope of the unregulated cat and dog meat trade in Vietnam. Kukreja noted that millions of companion animals fall victim to theft rings each year, with stolen pets and stray animals alike slaughtered for human consumption.
Currently, the commercial sale and consumption of cat and dog meat remains legal in Vietnam, requiring only official permits to verify animal origins. But shifting policy winds are already underway: the central tourist city of Hoi An has already partnered with international welfare organizations to phase out the trade entirely within city limits. And following South Korea’s national ban on dog meat implemented in 2024, Vietnamese national officials have announced plans to revise the country’s existing animal and pet protection legislation to strengthen legal safeguards for pets and their owners.
For local cat lovers like An Pham, a Ho Chi Minh City-based graduate student and animal welfare advocate, the high-profile bust has already shifted public conversation around the cat meat trade. “This event surprised a lot of people and has raised awareness among many to stop consuming cat meat,” Pham said. Advocates hope the case will build momentum for broader national reform to end the illicit trade that targets millions of beloved pets each year.
-
Telegram challenges India ban over exam paper leak fears
Just days before millions of Indian students retake the country’s high-stakes National Eligibility-cum-Entrance Test (NEET), messaging giant Telegram has taken legal action against the Indian government over its sudden temporary ban on the platform, launching a high-profile clash over exam integrity and digital access.
Indian authorities ordered the block on Telegram earlier this week, citing evidence that organized cheating networks had used the app to distribute leaked copies of the original NEET exam, which was held last month and subsequently canceled after widespread leak allegations sparked national outrage. The government has defended the measure as a necessary step to safeguard the credibility of Sunday’s rescheduled exam, even as it acknowledges the widespread disruption the ban will cause.
Telegram formally contested the order before the Delhi High Court on Wednesday, just 24 hours after the block went into effect. The platform’s chief executive Pavel Durov has publicly slammed the ban as a counterproductive mistake, arguing that penalizing a platform used by 150 million active Indian users does nothing to stop the individuals behind the leak. Durov noted that the ringleaders behind the cheating scam have already shifted their operations to other apps, and pointed out that Telegram has proactively removed hundreds of channels linked to leaked exam materials and fraud schemes in recent weeks. The platform has also strengthened its anti-scam features by making its edited post label more prominent to prevent backdating fraud, Durov added. Delhi High Court has scheduled an immediate hearing for the case later the same day.
The entire controversy traces back to last month’s initial NEET, India’s annual gateway to undergraduate medical programs that draws millions of aspirants nationwide. After allegations that the full question paper was leaked in advance via social media, the National Testing Agency (NTA), the body that administers the exam, was forced to cancel the test. The cancellation triggered mass protests across the country, with students, activists and opposition leaders arguing the incident exposed deep systemic flaws in India’s examination administration regime.
India’s top investigative agency, the Central Bureau of Investigation (CBI), is currently probing the leak, and has already arrested more than a dozen suspects tied to the scam. For the upcoming Sunday retest, authorities have deployed extraordinary security measures: local media reports confirm that Indian Air Force planes and helicopters will be used to transport question papers to prevent tampering.
In a statement defending the ban, the NTA acknowledged that millions of ordinary Telegram users rely on the app for legitimate personal, professional, educational and communication purposes, but argued the block was unavoidable given the organized exploitation of the platform by cheating rings to defraud aspirants.
With more than 150 million monthly active users in India alone, Telegram is far more than a simple messaging app for many Indians. Millions of students rely on its public channels and groups to access free educational study material that is out of reach for many low-income aspirants who cannot afford costly private coaching alternatives. Small businesses also use Telegram communities to connect with customers and run daily operations.
The ban, which is the first nationwide block of a major messaging platform in India under the country’s information technology law, has ignited fierce public debate over whether shutting down a platform used by hundreds of millions is a proportionate or effective response to exam fraud. The restriction was issued under an IT law provision that allows the government to block online platforms to protect national “sovereignty and integrity.”
Prominent Indian tech analyst Nikhil Pahwa questioned the logic of the ban in a post on X, pointing out that identical leak activity can just as easily move to rival platforms like WhatsApp and Discord. “If we block one for this, why not block all?” Pahwa asked. Senior opposition leader Mallikarjun Kharge of the Indian National Congress has gone further, calling on Prime Minister Narendra Modi to demand the resignation of Education Minister Dharmendra Pradhan, arguing the government’s response has put the future of millions of young aspirants at risk.
Public reaction to the ban is divided. Many students who depend on Telegram for free study resources have voiced frustration over the disruption, noting they cannot afford to switch to paid alternative platforms. Even some students who support the goal of preventing cheating during the retest say the government is targeting the wrong party. “This is a good step in intention, but the main focus should be fixing the root problem. The people who actually organize the paper leaks are the ones who need to be caught,” one NEET aspirant told local news agency ANI.
-
World shares are mixed and oil trades below $80 on optimism over interim US-Iran war deal
Global equity markets traded mixed on Wednesday, with benchmark oil prices holding below the $80 per barrel threshold, as market participants closely monitor developments around a tentative U.S.-Iran interim agreement to end their ongoing conflict and prepare for a highly anticipated interest rate decision from the U.S. Federal Reserve.
In early European trading session, regional benchmarks displayed divergent performance. Britain’s FTSE 100 slipped 0.2% to settle at 10,471.84, pulled down after official inflation data revealed U.K. consumer price growth held steady at 2.8% in May despite rising fuel costs. Germany’s DAX index retreated 0.3% to 24,829.58, while France’s CAC 40 bucked the downward regional trend to climb 0.2% to 8,465.32.
Across the Asia-Pacific, most major stock indices closed higher, with Japan and South Korea notching fresh all-time record highs. Tokyo’s Nikkei 225 rose 0.7% to end the session at 69,902.25, after hitting an intraday peak of 70,125.75. The rally was fueled by stronger-than-expected trade data showing Japanese exports surged 17% year-over-year in May, driven largely by robust global demand for the country’s high-tech manufactured goods.
South Korea’s benchmark Kospi index gained 1.6% to close at 8,864.24, also marking a new record closing high. Large-cap technology and semiconductor stocks led the upward move, even as AI-related equities faced a broad sell-off on U.S. markets a day earlier. Samsung Electronics, South Korea’s most valuable public company, added 1% to its value, while top memory chipmaker SK Hynix jumped 5.8%. Hong Kong’s Hang Seng Index fell 0.7% to 24,312.16, while mainland China’s Shanghai Composite Index rose 0.4% to 4,108.08. Other regional indices also posted modest gains: Australia’s S&P/ASX 200 climbed 0.5% to 8,966.30, Taiwan’s Taiex added 0.2%, and India’s Sensex gained 0.3%.
Global oil markets stabilized on Wednesday after a sharp sell-off the previous session, as optimism over a potential end to the U.S.-Iran conflict and the reopening of the Strait of Hormuz — a critical chokepoint that handles a large share of global oil and gas trade — pulled prices sharply lower. Uncertainty remains over key terms of the tentative deal, however, including whether it requires Israel’s full withdrawal from Lebanon. Brent crude, the global benchmark for oil pricing, edged 0.1% higher to $79.05 per barrel early Wednesday, after tumbling more than 5% in the previous session. Even with the drop, the price remains above the roughly $70 per barrel level seen in late February, before the conflict began. U.S. benchmark crude traded nearly unchanged at $76.02 per barrel.
HSBC economists noted in a recent research note that returning global oil supply flows to pre-conflict norms will take months to achieve, citing multiple significant hurdles including mine clearance in shipping lanes, reinstatement of commercial insurance coverage for oil cargos, drawing down excess stored crude in Gulf storage facilities, repositioning of global oil tanker fleets, and restarting idled oil production fields.
Later Wednesday, the Federal Reserve is set to conclude its two-day monetary policy meeting, the first gathering led by new Fed Chair Kevin Warsh. Market analysts broadly expect the central bank to hold its benchmark interest rate steady, despite repeated pressure from former U.S. President Donald Trump to push through rate cuts. Persistent inflation concerns tied to energy price volatility from the Iran conflict have reinforced the Fed’s cautious stance, as lower interest rates could further stoke upward pressure on consumer prices.
Preston Caldwell, chief U.S. economist at Morningstar, argued in a recent commentary that underlying economic conditions point to slowing inflation once energy market shocks fade. “With weak wage growth and rent growth, underlying forces are pointing to inflation falling sharply once the energy price shock recedes. We don’t expect the Fed to hike rates in 2026,” Caldwell wrote, adding that his team forecasts the Fed will begin cutting rates again in 2027.
In currency markets, the U.S. dollar weakened slightly against the Japanese yen, dipping to 160.15 yen early Wednesday from 160.42 yen in the prior session. The euro also edged lower, trading at $1.1601, down fractionally from $1.1608.
On Tuesday, U.S. equity markets also posted mixed results. The benchmark S&P 500 fell 0.6%, while the Dow Jones Industrial Average gained 0.6% to hit a new all-time high. The technology-focused Nasdaq Composite dropped 1.2% to 26,376.34, dragged down by losses across large technology stocks fueled by renewed investor concerns over a potential valuation bubble in AI-related equities. Chip giant Nvidia fell 2.4%, Broadcom dropped 4.4%, and memory chipmaker Micron Technology lost 6.2%. Against the broader tech sell-off, Elon Musk’s SpaceX gained 4.8% to extend its winning streak to three consecutive trading days following its recent public debut on Wall Street. Restaurant conglomerate Yum Brands rose 1.9% after announcing it would sell its Pizza Hut brand to U.S. private equity firm LongRange Capital for $2.7 billion.
-
Japan’s exports jump 17% in May, but logs a deficit as imports surge
TOKYO – Fresh government data released Wednesday by Japan’s Finance Ministry reveals that the world’s fourth-largest trading economy has logged its first monthly trade deficit in four months for May, as soaring demand for AI-related technology pushed up imports enough to offset double-digit growth in outbound shipments. Preliminary calculations show that Japan’s total exports climbed 17% year-on-year to 9.51 trillion yen, equivalent to roughly $59.4 billion, while total imports jumped 12.5% over the same period to 9.89 trillion yen ($61.8 billion). The gap between inbound and outbound trade left the country with a 378.6 billion yen ($2.4 billion) trade deficit.
-
Tunisia’s Hervé Renard embraces challenge against Japan in World Cup debut
Hours after touching down in Monterrey, Mexico, veteran French football manager Hervé Renard stepped onto the training pitch Tuesday to lead his new Tunisia national squad for the first time. The 57-year-old’s appointment comes on the heels of Tunisia’s humiliating 5-1 opening defeat to Sweden, which prompted the immediate firing of former boss Sabri Lamouchi.
Renard now faces an extremely tight turnaround: just four days to integrate himself into the squad, assess player form, and devise a game plan for Tunisia’s must-win second Group F fixture against Japan this Saturday. A man familiar with last-minute coaching overhauls, this is not the first time Renard has stepped into the role Lamouchi vacated. Back in 2014, the two-time Africa Cup of Nations-winning manager took over as Ivory Coast’s head coach following the team’s early group stage exit from that year’s World Cup, a parallel that makes his latest appointment a striking moment in his managerial career.
Renard brings a resume packed with high-profile World Cup upsets that make him an intriguing pick for Tunisia’s uphill battle. Most famously, he led Saudi Arabia to a stunning 2-1 victory over eventual tournament champion Argentina at the 2022 Qatar World Cup, one of the biggest upsets in modern World Cup history. Four years prior, at the 2018 Russia World Cup, his Moroccan national side held powerhouse Spain to a surprising draw, even if the team ultimately fell short of qualifying for the knockout round.
For Renard, the draw of the World Cup’s unique energy was enough to convince him to take on the high-pressure role with little preparation time. “It’s a World Cup. I know the passion around this event. That’s what motivated me to come and it’s a challenge which isn’t easy,” he told reporters on the training ground Tuesday. He added that he has emphasized team focus to his new players, telling the squad, “At the moment we need to be focused on ourselves. We still have a few days to be ready.” He also encouraged the side to stay resilient in the face of their opening defeat, telling players they must keep their heads up as they represent their nation on the global stage.
The task Renard faces is steep. Tunisia has never advanced past the group stage in its six previous World Cup appearances, and the path to the knockout round looks narrow after the heavy opening loss. The Carthage Eagles now need positive results against both Japan and group-leading Netherlands to secure a spot in the next stage, a feat that would go down as one of Renard’s most impressive career achievements if he pulls it off.