Markets

Former President Trump pledged to address homelessness and crime in Washington, D.C., proposing to relocate homeless individuals and jail criminals. Prompted by an attempted carjacking, the administration deployed federal law enforcement and considers National Guard deployment. Trump claims D.C. is dangerous, vowing to make it safer. Mayor Bowser disputes claims of a crime surge, noting collaboration with federal law enforcement. The plan’s legal basis and implementation details remain unclear, raising questions about federal authority in the District.

Tencent Music Entertainment (TME) reported strong Q2 2025 results, with revenue up 17.9% year-over-year to RMB 8.44 billion and adjusted net profit surging 33.0% to RMB 2.64 billion. While MAUs dipped slightly to 553 million, paying subscribers for online music climbed 6.3% to 124.4 million. Monthly ARPPU for online music services increased 9.3% to RMB 11.7. TME is focused on content and platform development, including collaborations with labels and product innovation to enhance user engagement.

Merck’s KEYNOTE-905 (EV-303) trial showed positive results for muscle-invasive bladder cancer (MIBC) patients ineligible for cisplatin-based chemotherapy. The study combined KEYTRUDA (pembrolizumab) and Padcev (enfortumab vedotin-ejfv) before and after surgery, demonstrating statistically significant and clinically meaningful improvement in event-free survival (EFS), overall survival (OS), and pathologic complete response (pCR) compared to surgery alone. This represents the first systemic therapy to improve survival in this population, potentially establishing a new standard of care. The treatment’s safety profile was consistent with existing data.

A hot pot restaurant in Inner Mongolia was fined ¥100,000 (approximately $13,700 USD) for operating a “dual menu” system, charging tourists higher prices than locals for the same dishes. The controversy began when a blogger exposed the practice at Mengyuan Niumen Flame Traditional Hot Pot. The Hailar District Market Supervision Administration investigated and issued the fine for misleading pricing tactics. Authorities are committed to a “zero tolerance” approach to such violations. The incident highlights a trend of unfair pricing targeting tourists.

Adidas is facing accusations of cultural appropriation after releasing its “Oaxaca Slip-On” shoe, designed in collaboration with Chavarria. Critics allege it resembles the traditional Mexican “huarache” sandal, handcrafted by Zapotec artisans in Oaxaca. Mexican officials, including President Sheinbaum, have condemned the design and demanded reparations for affected artisans. Adidas and Chavarria have issued apologies, and discussions are underway regarding compensation and legislative reforms to protect traditional crafts, which significantly contribute to the Mexican economy.

E3 Lithium Ltd. is nearing completion of Phase 1 of its Demonstration Facility in Alberta, Canada, focused on Direct Lithium Extraction (DLE). All major equipment is assembled, and infrastructure integration is underway. Commissioning, starting with brine introduction to optimize the DLE system, is targeted for late August. The facility aims to produce high-quality lithium chloride for battery-grade lithium carbonate production. E3 Lithium holds a substantial lithium resource base and a promising Pre-Feasibility Study on its Clearwater Project.

A Chinese court rejected a lawsuit filed by a man seeking compensation after his mother tripped over another passenger’s luggage at a train station and later died. The court ruled that the woman, Ms. Wang, who was walking against the flow of traffic, was responsible for her own fall. Mr. Zhang, the passenger with the luggage, had no way to anticipate her actions and was not found negligent. The court cited the Civil Code of the People’s Republic of China in its decision.

Zhou Guanyu’s move to Scuderia Ferrari for the 2025 F1 season stems from his lifelong fandom and the team’s confidence in his potential. As revealed on Sina’s “Beyond the Heatwave,” Zhou, a Ferrari Driver Academy alumnus since 2014, sees Ferrari as the “ultimate destination” for his career growth. Officially announced as a reserve driver on February 5th, 2025, the move excites the Chinese racing community. Zhou departs Sauber after three years, having secured 16 championship points, proud of representing China as its first F1 driver.

An LED lamp shaped like the Hiroshima atomic bomb’s mushroom cloud has sparked intense outrage in Japan. Marketed with names referencing the event and reportedly popular in China, the product, often paired with a Hiroshima miniature, is viewed by Japanese netizens as a desecration of history and commercialization of pain. The backlash highlights lingering emotional wounds and a perceived lack of humanitarian sensitivity from Chinese sellers, reigniting debate surrounding the bombing’s complex moral and historical implications.

DigitalOcean priced $550M in convertible senior notes due 2030, up from $500M, in a private offering. They’ll use $73.81M for capped call transactions against dilution and the rest with term loans to repurchase $1,131.3M of existing 2026 notes, extending repayment & potentially benefiting from interest rates. Initial conversion is 25.5317 shares/$1,000 note (39.17/share, 32.5% premium). DOcan redeem notes starting 2028 if share price exceeds 130% conversion price. A new $100M stock repurchase program was also authorized.