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HKMA holds base interest rate at 4%, following Fed as war inflation worries persist

2026-04-29T09:30:01+00:00

Hong Kong’s monetary authority has held its base interest rate steady, following the lead of the US Federal Reserve, as analysts said the inflationary impact of the US-Israel war with Iran had reduced the chances of a rate cut this year.

The city’s base rate would stay at 4 per cent, the Hong Kong Monetary Authority (HKMA) said on Thursday, hours after the US Federal Reserve kept its target rate in the range of 3.5 to 3.75 per cent following the third meeting of the Federal Open Market Committee (FOMC) this year.

“We’re going to have to wait and see,” Fed chairman Jerome Powell said in a media briefing after he hosted his last FOMC meeting before his term ends on May 15.

He noted that while policymakers were not ⁠ready to signal the possibility of rate hikes at this week’s meeting, the centre was moving “towards a more neutral place” where an increase in borrowing costs would be given equal weight in policy guidance to a cut.

Powell also said that after his chairmanship ended, he would remain on the Fed board, acting as a central bank governor, citing President Donald Trump’s legal battle against him as his reason for staying.

“I had long planned to be retiring,” Powell said. “The things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through at least that long.”

The Fed’s decision was widely expected, with 100 per cent of traders forecasting no change, according to CME FedWatch data based on Fed funds futures contracts on Wednesday.

UN bloated, costly, but China fears should keep US involved, House committee told

2026-04-29T09:00:01+00:00

By Mark Magnier

The United Nations is bloated, costly, badly in need of reform, and too often works against US interests, but pulling out of the international organisation would see China expand its influence and leave Washington at a major disadvantage, according to testimony before a House oversight committee on Wednesday.

The hearing came as the administration of US President Donald Trump has imposed an “America first” overhaul of international funding, leaving the UN, over the past 18 months, at what Secretary General Antonio Guterres has called a “financial breaking point”.

US arrears currently amount to some US$2.2 billion for its regular budget and US$1.8 billion for peacekeeping.

“There is something systematically rotten within the organisation, but it doesn’t mean we should abandon it,” said Jared Moskowitz, a Democrat from Florida. “Abandoning the UN just speeds China’s progress there.”

Moscowitz added that China controls more votes than the US does by leveraging its funding of Belt and Road Initiative projects in Latin America and Africa to garner diplomatic support.

“You know, they went around and spent a tonne of money in all these small countries and picked up a tonne of votes at the UN,” he told the House Foreign Affairs Oversight and Intelligence Subcommittee.

Brown University shooter targeted symbolic victims tied to grievances, FBI says

2026-04-29T08:30:01+00:00

By Associated Press

Federal investigators say they believe the man who carried out a mass shooting at Brown University and later killed a Massachusetts Institute of Technology professor did not act randomly.

Instead, former Brown student Claudio Neves Valente, 48, appeared to target places and people for what they represented in his own life – institutions and individuals he associated with personal failure, missed opportunity and perceived injustice.

In a detailed behavioural assessment released on Wednesday, the FBI said Neves Valente, a Portuguese national, spent years planning the attack in isolation before killing two students and wounding nine others inside an engineering building on December 13.

Two days later, he killed MIT professor Nuno F.G. Loureiro at his home in Brookline, Massachusetts. Neves Valente was later found dead of an apparent self-inflicted gunshot wound inside a storage facility in Salem, New Hampshire, ending a multistate search.

The FBI described a man who spent years in isolation, rarely staying in one place and lacking traditional support systems such as family, peers and authority figures who might have recognised warning signs and alerted law enforcement.

Over time, investigators said, he built a narrative of grievance and inadequacy, with “little to no opportunity for bystanders to observe and contextualise the significance of his behaviours”.

Claudio Neves Valente picks up a rental vehicle in November 2025. Photo: Providence Police via Reuters.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

The UAE’s exit from Opec could bring ‘even bigger trouble’: Chinese expert

2026-04-29T08:30:06+00:00

By Vanessa Cai

The United Arab Emirates’ decision to leave a global cartel of major oil-exporting countries is seen to reflect a widening fracture within the Gulf Cooperation Council (GCC).

The UAE announced on Tuesday that it would leave the Organisation of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance, effective on Friday.

The country joined the group in 1971, though one of its emirates – Abu Dhabi – joined in 1967.

The UAE’s Ministry of Infrastructure said in a statement that the decision was based on the country’s national interests and its commitment to meeting global market demand. The UAE is one of the world’s biggest oil producers and exporters.

The decision follows the departures of several other Opec members in recent years. Qatar terminated its membership in 2019, while Ecuador officially withdrew a year later and Angola left in 2024.

Sun Degang, director of the Centre for Middle Eastern Studies at Fudan University, said the UAE’s exit from Opec showed that “the cohesion of the GCC has encountered serious problems”.

From Japan to India, overtourism cries out for new success metrics

2026-04-29T08:00:01+00:00

By Divya Singhal

Can tourism be considered successful if arrivals increase, but the local communities – the very soul of the destination – feel strained and excluded? Too often, tourism success is measured in arrivals, occupancy and revenue. These numbers matter. But they tell only a fraction of the story.

We must ask: who is this success really for? Traditional growth metrics are no longer sufficient to protect the residents who host the world or the workers who power the experience. To prevent cultural heritage from being reduced to mere photo spots, we must rethink what success means and prioritise people over spreadsheets.

This tourism paradox has emerged as a challenge for major Asian economies, specifically Japan and India. The Japan National Tourism Organisation reported a surge to 42.7 million international visitors to the country in 2025. Consider Kyoto, for example. In 2024, the city recorded 8.21 million foreign hotel guests, a historic high and a 53.2 per cent increase from the previous year. For the first time ever, foreign visitors outnumbered domestic travellers, with 8.09 million Japanese guests over the same period.

When visitors begin to outnumber locals in the spaces they live, cities and people risk transitioning from living cultural ecosystems to visitor-oriented economies. In Kyoto, narrow streets are no longer pathways for residents; they have become photo corridors for visitors. Quiet neighbourhoods devolve into backdrops for social media posts, and it is increasingly common to see residents directing angry looks towards tourists as local frustration reaches a breaking point.

Overtourism creates physical pressure on infrastructure and the environment. Stress is put on water systems as transport networks and streets become overcrowded. Then there is the social pressure, especially in terms of rising frustration among local residents. Traditions dating back to the Edo period risk being reduced to superficial cultural performances staged solely for profit, stripped of their original value and depth. In this landscape, we must ask: where are the locals?

According to India’s Ministry of Tourism, in 2024 alone, the country recorded 2.9 billion domestic tourist visits, marking a 17.51 per cent increase from the previous year. Foreign tourist visits reached 20.57 million, up by more than 8.8 per cent from 2023.

King Charles commemorates 9/11 victims in New York visit

2026-04-29T07:00:01+00:00

By Reuters

Britain’s King Charles and Queen Camilla commemorated victims of the September 11, 2001, al-Qaeda attack on New York on Wednesday, laying a floral bouquet at the memorial where the World Trade Centre’s twin towers once stood.

The royal visit to lower Manhattan came at a time of tensions between Britain and the US, with President Donald Trump having criticised Prime Minister Keir Starmer for what he says is his lack of help in ‌the US and Israel’s war with Iran.

Michael Bloomberg, a former New York mayor, walked the king and queen to one of the reflecting pools that outline the footprints of the 110-storey towers destroyed when al-Qaeda militants flew two planes into the skyscrapers.

Charles laid a bouquet of white lilacs, daffodils and peonies on the bronze parapet surrounding the pool, engraved with the names of all the fatal victims of the attack.

A note accompanying the flowers, in the king’s handwriting, read: “We honour the memory of all those who so tragically lost their lives on 11th September 2001, and stand in enduring solidarity with the American people in the face ⁠of such profound loss. Charles R Camilla R.”

The three stood silently before heading into a canopy to meet with guests including relatives of some of the nearly 2,800 people killed in ‌New York that day.

A bouquet of flowers with a note from Britain’s King Charles and Queen Camilla lies at the 9/11 Memorial in New York on Wednesday. Photo: Reuters.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Powell says he’ll stay at Fed after chair term ends, citing attacks by Trump team

2026-04-29T06:00:01+00:00

By Associated Press

Jerome Powell said he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for an undetermined period of time”, citing the “unprecedented” legal attacks against the central bank by the Trump administration.

“I worry these attacks are battering this institution and putting at risk the things that really matter to the public,” Powell said at a press conference after the Fed announced its decision to keep its benchmark interest rate steady.

Powell’s decision to stay denies US President Donald Trump a chance to fill a seat on the central bank’s seven-member governing board with his own appointee.

The Senate Banking Committee earlier approved Powell’s successor as chair, Trump appointee Kevin Warsh, on a party-line vote. Powell would continue as a Fed governor, possibly until January 2028.

US Attorney for the District of Columbia Jeanine Pirro said on social media on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead. But she added that her office could reopen the investigation if “the facts warrant doing so”.

Apparently that did not bring Powell the closure he felt was needed.

Kevin Warsh, nominee for US Federal Reserve chair, testifies during a Senate Banking Committee hearing in Washington on April 21. Photo: TNS.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Trump says he had ‘good talk’ with Putin on Iran and Ukraine

2026-04-29T05:00:01+00:00

By Agence France-Presse

Russian President Vladimir Putin spoke by phone with US counterpart Donald Trump, Kremlin aide Yuri Ushakov said on Wednesday, adding that the two leaders discussed the Middle East war and Ukraine.

The call lasted more than 90 minutes and was “frank and businesslike”, Ushakov told reporters during a phone briefing.

“We had a good talk, I’ve known him a long time,” Trump said. The US president, speaking to reporters as he met ⁠with astronauts from the Artemis II mission ‌in the Oval Office, said he suggested “a little bit of a ‌ceasefire” in the war in ⁠Ukraine ⁠in his phone call with the Russian leader.

“And I ‌think he might do that,” Trump said, then ‌asked reporters ‌whether Putin had announced a ‌ceasefire.

Trump said Putin offered to help ⁠on the issue of Iran’s enriched uranium, a ⁠key obstacle to a deal to end the Iran war, but “I ‌said I’d ‌much rather have you be involved with ending the war with Ukraine”.

Russia’s Ushakov, on the other hand, said the presidents “paid particular attention to the situation regarding Iran and in the Persian Gulf”.

US Supreme Court curbs race-based voting maps in landmark ruling

2026-04-29T04:00:01+00:00

By Agence France-Presse

The US Supreme Court on Wednesday sharply limited the use of race in drawing electoral districts, in a decision that could reshape congressional maps nationwide and boost Republican prospects ahead of midterm elections.

In a 6-3 ruling split along ideological lines, the conservative-dominated court struck down a map that creates a second majority-black district in Louisiana, finding it amounted to an unconstitutional racial gerrymander despite being drawn to comply with the 1965 Voting Rights Act (VRA).

The decision leaves the core of the VRA intact but narrows how it can be applied, and will be seen by civil rights activists as a blow to a landmark law that has already been weakened by previous rulings over the past decade.

Democracy Docket, a voting rights platform, said the ruling could help secure 27 extra Republican seats, cementing the party’s control in the US House of Representatives “for at least a generation”.

“Without racial protections, maps could be redrawn with almost no limits,” the outlet reported.

It was not immediately clear how much the ruling will affect November’s elections, with primaries already under way and legal challenges likely to delay any changes.

An American flag is reflected in a protester’s glasses outside the US Supreme Court on Wednesday. Photo: AFP.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Man charged with trying to kill Trump took photo with knife in hotel

2026-04-29T04:00:06+00:00

By Associated Press

The man charged with trying to storm the White House Correspondents’ Association dinner and kill US President Donald Trump took a picture of himself in his hotel room just minutes earlier, outfitted with an ammunition bag, a shoulder gun holster and a sheathed knife, authorities said on Wednesday in a new court filing.

Cole Allen wore black pants, a black shirt and a red tie as he snapped the image in his room at the Washington Hilton, where Trump and hundreds of journalists were meeting for a gala Saturday night, authorities say.

The 31-year-old from Torrance, California, was captured when he tried to race past security barricades near the hotel’s ballroom, prompting an exchange of gunfire with Secret Service agents tasked with safeguarding the event, investigators say.

New details emerged in a court filing made by prosecutors who want Allen to remain in custody. A hearing is set for Thursday.

The government said Allen repeatedly made online checks to keep track of Trump’s status that night, including live coverage of the president exiting his vehicle at the Hilton hotel. Investigators said preset emails with an “Apology and Explanation” attachment were sent at around 8.30pm.

“He intended to kill and fired his shotgun while trying to breach security and attack his target. Put simply, the defendant poses an uncommonly serious danger to the community if released pending trial.

Some of the weapons Cole Allen possessed when he was arrested are seen in images released on Wednesday. Photo: US Attorney for the District of Columbia via AFP.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Iran war price tag hits US$25 billion as Hegseth defends record Pentagon budget

2026-04-29T03:30:01+00:00

By Yuanyue Dang

The two-month war with Iran has cost about US$25 billion, a Pentagon official told lawmakers on Wednesday, as US Defence Secretary Pete Hegseth defended a record $1.5 trillion military budget that faces backlash from Democrats.

At a House Armed Services Committee hearing on Wednesday, Jules Hurst III, the Pentagon’s chief financial officer, offered the first official estimate of the cost of the war in Iran.

He said that most of the US$25 billion in spending went towards ammunition, but the US military also allocated funds for operations and equipment upgrades.

Hurst was one of the witnesses at the hearing on the Pentagon’s record-breaking budget. Seated next to him were defence secretary Hegseth and General Dan Caine, chairman of the Joint Chiefs of Staff.

In a packed hearing room, Hegseth faced his first congressional questioning regarding the war on Iran since the US and Israel launched strikes against Iran on February 28.

The top defence official, a former Fox News host who has been the subject of considerable controversy, began his remarks by apparently taking aim at Congress: “The biggest challenge, the biggest adversary we face at this point are the reckless, feckless and defeatist words of congressional Democrats and some Republicans.”

Jules Hurst III testifies before the House Armed Services Committee, outlining a US$25 billion cost for the Iran war. Photo: EPA.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Trump says US blockade could last for months, warns Iran to ‘get smart soon’

2026-04-29T03:30:06+00:00

By Agence France-Presse

US President Donald Trump warned Tehran on Wednesday that it should “get smart soon” and capitulate to Washington’s demands for tight controls on its nuclear programme, as a US naval blockade turned the screws on Iran’s economy.

The US could extend its naval blockade of Iran for months more, oil executives were told in a meeting with Trump, an official said, after press reports that he had rejected Iran’s latest proposed deal to reopen the Strait of Hormuz.

“Iran can’t get their act together … They better get smart soon,” Trump posted on his social media platform, above a mocked-up picture of himself toting a rifle in front of explosions wrecking a desert fortress and the slogan: “No more Mr. Nice Guy!”

According to the administration official, speaking on condition of anonymity, Trump discussed with the oil executives “steps we could take to continue the current blockade for months if needed and minimise impact on American consumers”.

The news that peace talks were still stalled sent oil prices higher once again.

The UN Development Programme, meanwhile, warned that the war, which has sent the price of energy and fertiliser soaring, could plunge more than 30 million people into poverty in 160 countries.

Sweden targets social media giants over ‘murder adverts’ recruiting children

2026-04-29T02:00:01+00:00

By Agence France-Presse

Sweden’s government said on Wednesday it planned to introduce legislation requiring social media platforms like TikTok and Snapchat to take down criminal gangs’ ‘murder adverts’ within an hour or face hefty fines.

Criminal gangs active in Sweden increasingly use social media to recruit people to commit murders and other violent acts amid a surge in “crime as a service”.

The recruits are often children under the age of 15, Sweden’s age of criminal responsibility, meaning the youngsters cannot be prosecuted and fall under the responsibility of social services, making them valuable assets to the gangs.

“We will be first (in the European Union) with this kind of legislation targeting organised crime’s recruiting of children and youths,” Swedish Justice Minister Gunnar Strömmer told a press conference.

The minority right-wing government, propped up by the far-right Sweden Democrats, has been pushing through a rash of proposals cracking down on crime and immigration in the run-up to Sweden’s general election on September 13.

If the proposal is adopted by parliament, social media sites would as of July 15 face fines of up to five million kronor (US$537,000) if they fail to take down the adverts in time.

Chips, oil and Iran: why US is raising pressure on China before Xi-Trump talks

2026-04-29T01:30:01+00:00

By Ralph Jennings

The United States is stepping up pressure on China across multiple strategic fronts, in moves analysts say could strengthen US President Donald Trump’s hand ahead of his planned high-stakes mid-May meeting with President Xi Jinping.

But they cautioned that Beijing was likely to remain unfazed because it had already adapted to earlier curbs by reducing its reliance on the American market.

US lawmakers in the House Foreign Affairs Committee have advanced 20 new export control measures this month to tighten Chinese access to American technology and limit its ability to obtain advanced semiconductor manufacturing equipment.

The restrictions – which will next be debated by the rest of the Republican-controlled House – would also require US allies such as the Netherlands and Japan to more closely align with Washington’s curbs on the sale of advanced semiconductor equipment to China.

On Wednesday, Reuters reported that the US Department of Commerce had also ordered chip equipment companies to halt shipments of certain tools to Hua Hong Semiconductor, China’s second-largest chipmaker.

“It seems that they do worry about China’s progress in chipmaking and its recent spending spree on chipmaking machinery like lithography tools,” said Liang Yan, a professor of economics at Willamette University in the US.

China Southern Airlines orders Airbus jets worth US$21b as Boeing deal remains rumour

2026-04-29T01:00:01+00:00

By Xiaofei Xu

Airbus secured an order for 137 A320neo jets from Chinese airlines, extending the European company’s edge in one of aviation’s most contested markets as US rival Boeing waits on a long-speculated deal with Beijing.

China Southern Airlines, one of China’s three major state-owned carriers, announced the deal on Wednesday. The airline, based in the southern city of Guangzhou, will purchase 102 aircraft, while its subsidiary Xiamen Airlines will acquire the remaining 35.

The orders carry a combined list price of US$21.37 billion, although both carriers received discounts, according to a statement from China Southern. The discounts – common for large orders in the industry – were fair and “in line with those obtained in previous Airbus orders”, China Southern said.

The deal was pending approval from the airline’s shareholders and relevant state authorities, the statement added. The aircraft would be delivered to China Southern between 2028 and 2032 and to Xiamen Airlines between 2029 and 2032.

China Southern’s board said the purchase would help both carriers capitalise on major state-led development initiatives, including the Greater Bay Area and the Belt and Road Initiative, while strengthening their competitive position through a more modern fleet.

With the deal, China Southern joins its state-owned peers in choosing Airbus aircraft. Shanghai-based China Eastern ordered 101 A320neo jets in March. And last year, Airbus secured orders for 148 A320s from several Chinese airlines and a state-owned aircraft leasing group, including Beijing-based Air China.

UK police say London stabbing of 2 Jewish men is terrorist incident

2026-04-29T01:00:06+00:00

By Associated Press

London police say the stabbing of two Jewish men on Wednesday has been declared a terrorist incident.

Metropolitan Police say they are investigating whether the attack specifically targeted the Jewish community.

The force says the incident, in the Golders Green area, left two men, aged 34 and 76, hospitalised with knife wounds.

A 45-year-old man has been arrested on suspicion of attempted murder.

Police are investigating whether the stabbings are linked to recent arson attacks on synagogues and other Jewish sites in the British capital.

“Attacks on our Jewish community are attacks on Britain,” Prime Minister Keir Starmer said.

Police officers at the scene of a stabbing in London on Wednesday. Photo: EPA.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

DeepSeek adds AI vision in major move: ‘the whale can now see’

2026-04-29T00:30:01+00:00

By Vincent Chow

Chinese artificial intelligence start-up DeepSeek has added multimodal capabilities to its flagship chatbot for the first time – meaning that it can process images and video in addition to text – bringing it in line with rivals that already offer the function.

The limited release to select users comes just days after the Hangzhou-based company released its new flagship model V4, which was followed by extensive price cuts.

According to DeepSeek multimodal team leader Chen Xiaokang, who made the announcement on Wednesday on social media, the function was initially offered to select users on DeepSeek’s chatbot website and mobile application for beta testing.

“Come try out the incredible work from our genius multimodal colleagues!” senior researcher Chen Deli wrote on social media shortly after, adding that “the little whale can now see”, a reference to DeepSeek’s whale logo.

On DeepSeek’s chat interface, a new “image recognition mode” had been added alongside the “expert” and “flash” chat modes, which were introduced earlier this month.

As AI continues to rapidly progress, multimodal capabilities are viewed as a necessity to move beyond simple text conversations with users into more complex and economically valuable domains.

While DeepSeek’s breakout moment in January 2025 made it a household name internationally due to its model’s powerful reasoning capabilities and cost-efficiency, the start-up’s lack of a multimodal offering since then has been seen as an Achilles' heel.

Are US agents around Trump armed with Chinese red dot sights?

2026-04-29T00:30:06+00:00

By Chao Kong

A press photo of a US protective agent responding to a gunman breaching security during last weekend’s White House Correspondents’ Association dinner has ignited debate within America’s firearms community.

The controversy centres not on the agent’s actions, but on what appeared to be a Chinese-made Holosun red dot sight mounted on her Glock pistol.

The image, which spread rapidly across firearms forums after being shared on social media, shows a plain-clothes agent with her weapon drawn as US President Donald Trump is rushed from the stage to safety.

While commenters said the agent belonged to the US Secret Service, some US media labelled the pictured team as Army CID Executive Protection Directorate Special Agents.

Segments of the American shooting community have previously dismissed Chinese-made optics as inferior, but the issue gained prominence among gun owners when it appeared that those safeguarding the president might be using Holosun optics.

Holosun optics are renowned for features such as solar-powered fail-safe systems, motion-activated technology and multi-reticle options, often priced lower than those of competitors such as the American Trijicon or Swedish Aimpoint.

Tropical rainforest loss eases after record year, but still ‘11 football fields a minute’

2026-04-29T00:00:01+00:00

By Agence France-Presse

The pace of tropical forest destruction slowed in 2025 after record losses the year before but remained at worrying levels equivalent to 11 football fields per minute, researchers said Wednesday.

The world lost 4.3 million hectares (10.6 million acres) of tropical primary rainforest last year, down 36 per cent from 2024, said researchers from the World Resources Institute (WRI) and the University of Maryland.

“A drop of this scale in a single year is encouraging – it shows what decisive government action can achieve,” said Elizabeth Goldman, co-director of WRI’s Global Forest Watch platform.

“But part of the decline reflects a lull after an extreme fire year,” Goldman said.

The researchers also warned that fires fuelled by climate change have become a “dangerous new normal” which threatens to reverse the recent gains made by government efforts to tackle deforestation.

The warming El Niño weather phenomenon is expected to return in the middle of the year, which could push global temperatures even higher, raising the threat of heatwaves, droughts and wildfires.

A river flowing through the Amazon rainforest in 2023. Photo: Jens Büttner/dpa.css-mkkf9p{-webkit-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto;}

Revenue jumps for China’s Cambricon, MetaX amid thirst for domestic AI chips

2026-04-28T23:30:01+00:00

By Xinmei Shen

Chinese chip designers Cambricon Technologies and MetaX Integrated Circuits reported substantial growth in the first quarter, as the artificial intelligence boom, lingering US export-control risks and China’s self-sufficiency push drove the country’s demand for home-grown computing power.

Cambricon’s first-quarter revenue jumped 160 per cent from a year earlier to 2.89 billion yuan (US$423 million), while profit soared 185 per cent to 1 billion yuan, the company said in a filing on Wednesday.

Sometimes dubbed “little Nvidia” in China, the Beijing-based, Shanghai-listed company attributed its strong growth to a “sustained surge in the AI industry’s computing power demand”.

The company said last month that it planned to distribute a cash dividend of 15 yuan (US$2.20) for every 10 shares held, totalling more than 632 million yuan, after announcing in February that it had swung to a net profit of 2 billion yuan last year, following years of losses.

Shanghai-based MetaX said on Wednesday that its revenue for the first three months of the year grew 75 per cent from a year earlier to 561.9 million yuan. The company, which went public in December, reported a 98.8 million yuan net loss for the quarter.

MetaX, founded in 2020 by former engineers of US chipmaker Advanced Micro Devices, attributed its increased revenue to significant growth in shipments of its graphics processing units (GPUs).