Property was Australia’s favourite wealth builder. A tax overhaul aims to end that

Just a short ⁠stroll from Sydney’s famous Bondi Beach, auctioneer Clarence White struggles to drum up bids for an ⁠airy three-storey home that boasts five bedrooms and an alfresco lounge – price tag, A$5.2 million (US$3.64 million).

“We know everyone’s cagey at the moment, but that’s OK … all power to those who are registered and those who take action,” the veteran auctioneer tells a small group of prospective buyers and onlookers


America’s ‘biggest risk’ on AI is China getting ahead, Bessent says

Treasury Secretary Scott Bessent emphasised that the US had to stay ahead on AI technology. Photo: Reuters

US Treasury Secretary Scott Bessent on Tuesday said China surpassing the United States on artificial intelligence was the “biggest risk” of the technology – outweighing concerns over safety or job losses.

“The biggest risk to AI is China getting ahead of us,” Bessent said at the Economic Club of New York, adding that China’s willingness to discuss AI underscored America’s technological lead.

“I am one of the point people on our

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India’s military self-reliance push hits private sector tech deficit

India ’s private defence companies are poised to expand their footprint in the sector, but analysts warn they still lack the technology and capabilities needed to produce cutting-edge weapons for the country’s military or export markets.

In the 2025-26 financial year, the private sector accounted for 24 per cent of India’s defence output, or US$4.4 billion out of a record US$18.7 billion, according to a defence ministry statement released last week.

India’s Defence Minister Rajnath Singh at an Air Force Academy graduation parade in Dundigal, near Hyderabad, on June 13. Photo: AP

ASML EUV in China? The rumour is ridiculed but it reveals a tougher reality on the ground

A partially assembled ASML EUV machine is seen at the headquarters of Belgian chip research lab IMEC, in Leuven, Belgium, March 18, 2026. Photo: Reuters

For anyone closely watching the semiconductor industry, the recent saga around ASML’s denial of possible EUV (extreme ultraviolet) lithography shipments to China, in an apparent response to US concern, may sound almost absurd at first.

The machine at the centre of the discussion is not a laptop-sized piece of equipment that can be easily packed into a shipping carton. ASML’s EUV lithography systems weigh about 180 tonnes, contain


Experts reveal why deadly Hong Kong blaze spread so rapidly

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As a judge-led panel continues its public inquiry into Hong Kong’s deadliest fire in decades, experts are set to give evidence on factors that contributed to the rapid spread of the blaze.

Richard Yuen Kwok-kit, chair professor of architectural engineering at the City University, will testify on Wednesday before the independent committee regarding the fire at Wang Fuk Court in Tai Po. He was


Hong Kong’s focus on rankings distorts universities’ true mission

“Hong Kong is the only city in the world with five universities ranked among the global top 100.” This talking point has become one of the Hong Kong government’s favourite slogans. It has appeared in government press releases and official speeches, including Chief Executive John Lee Ka-chiu’s policy address last year.

Though pleasing to the ear, this distorts our education priorities. Hong Kong is also an outlier in attaching such political significance to university rankings.

Once the Hong Kong government started doing this


‘Durian tsunami’ sweeps Malaysia, making premium Musang King dirt cheap

‘It feels like a rare chance to enjoy Musang King without paying a bomb,’ a durian lover says

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Musang King durians from Malaysia are displayed for sale at a supermarket in Beijing, China. Photo: Simon Song

Malaysia ’s durian lovers are in for a treat as prices for the “king of fruits” will remain low from now until August.

This is due to a bumper harvest, leading to a situation known as “durian tsunami” where an oversupply in the market causes prices to tumble.

Administrative


12-year-old Chinese boy caught after 6-hour highway joyride, claims dwarfism when stopped

A 12-year-old boy in China astonished the online community after driving solo for six hours on a highway. Photo: Guilin Traffic Police

A 12-year-old boy from southern China was detained after driving solo for six hours on the highway, claiming to have adult dwarfism, which shocked social media.

The boy, surnamed Luo and hailing from the Guangxi Zhuang autonomous region, was discovered by a highway toll collector on June 15 due to his unusually short stature.

He insisted he was an adult with dwarfism, but the toll collector was sceptical and contacted the police

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As China plans for demographic crisis, some sectors see opportunity

Two elderly people in Beijing on June 1. Photo: EPA

As China moves towards becoming one of the world’s fastest-ageing economies – a trend causing worry over future productivity and a widening gulf between the country’s working and retired populations – Goldman Sachs said the pharmaceutical and biotechnology sectors could end up the biggest winners from the demographic divide, while carmakers and technology hardware manufacturers may see fiercer headwinds.

Hong Kong and mainland China are both expected to enter the top 10 ranking for the world


Does Lithuania’s Taiwan pause signal a wider European shift towards pragmatism?

Analysts say economic pressures could force the Baltic nation to recalibrate relations with Beijing

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Lithuania’s prime minister-designate Mindaugas Sinkevicius (centre) has publicly advocated restoring relations with Beijing to a level comparable to those maintained by other European Union countries. Photo: Handout

Lithuania’s decision to suspend negotiations on an economic cooperation plan with Taiwan has cast fresh doubt over one of Taipei’s most celebrated foreign relations breakthroughs as the Baltic state’s incoming government seeks more pragmatic ties with Beijing.

Lithuania’s foreign ministry said on Monday that negotiations on an economic cooperation action plan with Taiwan had been