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Shares of major semiconductor companies dropped sharply on Monday after a report suggested that a Chinese firm has made significant progress in developing advanced chipmaking equipment. The news raised concerns among investors that China could reduce its reliance on foreign technology and strengthen its position in the global semiconductor industry. The market reaction followed a report by The Information, which said Shanghai Yuliangsheng is producing immersion deep ultraviolet lithography machines. These machines use ultraviolet light to carve extremely small circuits onto silicon wafers, a key step in manufacturing modern computer chips. Neither Shanghai Yuliangsheng nor related companies SiCarrier and Huawei responded immediately to requests for comment. However, the report was enough to unsettle investors, who fear that China’s progress in chip manufacturing could reshape competition in the technology sector. If the reported breakthrough proves successful, China could reduce its dependence on Dutch company ASML, the world’s leading supplier of advanced lithography equipment. ASML’s exports are subject to strict restrictions, limiting China’s access to some of the most advanced chipmaking technology. Developing its own DUV lithography machines would allow China to expand domestic chip production and accelerate the development of more powerful processors. Industry analysts believe this could help Chinese technology companies narrow the gap with leading American semiconductor manufacturers. The development is also seen as important for China’s artificial intelligence industry. Improved access to advanced chips would strengthen the country’s AI capabilities and help Chinese companies compete more closely with leading US firms developing cutting edge AI models. The report triggered heavy selling across the US technology sector. Shares of AMD fell by as much as eight percent during trading, while Nvidia dropped nearly five percent. Micron Technology also lost around five percent, and Intel declined about 3.7 percent as investors reassessed the competitive outlook for the semiconductor industry. The decline spread quickly to Asian markets on Tuesday. South Korea’s stock market suffered steep losses as concerns over the future of the AI industry combined with the reported Chinese breakthrough. The Kospi index plunged more than 10 percent to its lowest level since April. Major South Korean chipmakers were among the hardest hit. Shares of SK hynix and Samsung Electronics each fell by around 12 percent as investors worried that stronger competition from China could affect future earnings and market share. Japan’s technology sector also came under pressure. The Nikkei 225 index dropped more than four percent, while leading technology companies including Advantest, Kioxia and Tokyo Electron each lost more than 10 percent during trading. The sharp decline across global markets highlights how closely investors are watching developments in the semiconductor industry. As countries compete to secure leadership in chip production and artificial intelligence, even reports of technological advances can have an immediate impact on stock markets and reshape expectations for the future of the global technology sector.

Australia’s state of Victoria has a new premier after the ruling Labor Party selected Ben Carroll as its leader ahead of the closely watched state election in November. The leadership change comes as Labor attempts to improve its standing with voters after months of declining public support under former premier Jacinta Allan. Carroll, who had been serving as Victoria’s deputy Labor leader, was elected unopposed on Tuesday shortly after Allan announced her resignation. He now takes charge of Australia’s second most populous state, which includes the city of Melbourne, at a time when Labor faces a difficult electoral challenge. Allan became premier in 2023 but struggled to maintain public confidence as concerns over the economy and growing dissatisfaction with Labor’s long period in office affected her popularity. The party has governed Victoria for the past 12 years, and recent opinion polls suggested many voters were ready for a change. Several surveys conducted before Allan stepped down indicated that the opposition Liberal Party was on course to win the November election. However, some polls suggested the Liberals might need support from the right wing One Nation party to form a government if they fail to secure a clear majority. Speaking after announcing her resignation, Allan warned that the possibility of a Liberal and One Nation alliance remained the biggest concern for Labor. She argued that such a coalition would pose a significant political challenge for the state and urged voters to consider the implications before casting their ballots. One Nation was founded in 1997 and was once considered a fringe political movement. In recent years, however, the party has gained greater public support through its tough stance on immigration and other national issues. Its leader Pauline Hanson has seen her popularity rise, with some opinion polls showing stronger public approval for her than for Australian Prime Minister Anthony Albanese. The leadership transition comes just one day after an Australian court rejected Hanson’s appeal against a ruling that found she had racially discriminated against a Muslim senator by telling her to return to Pakistan. The decision kept the earlier judgment in place and added further attention to One Nation during an already important political period. Allan said she had been prepared to contest any leadership challenge within Labor but ultimately decided that stepping aside was in the party’s best interest. She explained that a leadership battle only months before the election would consume valuable time and resources that should instead be focused on the campaign. She also expressed confidence that she could have retained the leadership if challenged, but said avoiding internal divisions would give Labor a better chance of competing effectively in November. With Ben Carroll now leading the party, Labor hopes a fresh face at the top will help reconnect with voters and improve its prospects in one of Australia’s most important state elections. The outcome will be closely watched across the country as a measure of changing political trends and the growing influence of smaller parties such as One Nation.

Former Hong Kong opposition leader Wu Chi-wai has been granted permission to stay in the United Kingdom for six months after initially facing the possibility of deportation upon arriving at Heathrow Airport. The decision ends several days of uncertainty and allows the veteran pro-democracy activist to reunite with his family after years of separation. Wu arrived in London last Wednesday but was detained by UK Border Force officers for nearly 10 hours. Speaking to BBC Chinese, he said officials initially refused him entry and later informed him that he would only be allowed to remain in the country for one week before reporting back to the airport for deportation. However, the situation changed on Monday when UK authorities approved his entry under standard visitor rules, allowing him to stay in the country for up to six months. The 63-year-old is one of Hong Kong’s best known pro-democracy figures and formerly led the now dissolved Democratic Party. He was also among the group widely known as the Hong Kong 47, prominent activists and politicians prosecuted under Hong Kong’s national security law. Wu was released from prison in June after serving more than five years on convictions related to subversion and other charges. Wu said the trip was mainly intended to reunite with his wife and son, who moved to the United Kingdom in 2022 and 2023. During his imprisonment, he said their contact was limited to monthly phone calls and letters, making the visit especially meaningful after years apart. Before leaving Hong Kong, Wu said he sought advice from staff at the British Consulate General regarding his travel plans. According to him, officials assured him there should be no problems entering the UK and said they would inform the UK Border Force about his criminal record and travel itinerary in advance. Wu said border officials questioned whether he was a genuine visitor travelling only to see his family. He also rejected media reports claiming that he intended to seek political asylum in Britain, insisting that he had no such plans. The rights group Hong Kong Watch welcomed the UK’s decision to allow Wu to remain in the country. Policy Director Megan Khoo said the outcome was the correct one and argued that Wu should never have faced the threat of being sent back to the city where he had been imprisoned. Wu entered Britain using a British National Overseas passport, a travel document available to many Hong Kong permanent residents born before the territory’s transfer from British to Chinese rule in 1997. Holders of the passport are generally allowed to visit the UK without a visa for up to six months. The UK introduced a special visa route for British National Overseas passport holders in 2021 following the crackdown on Hong Kong’s pro-democracy movement. The programme allows eligible applicants to live, work and study in Britain and eventually apply for citizenship after meeting residency requirements. Since the scheme began, more than 230,000 Hong Kong residents have received BNO visas, while nearly 170,000 have relocated to the United Kingdom, according to government figures. The UK Home Office declined to comment on Wu’s individual case but reaffirmed its support for the Hong Kong community living in Britain. Meanwhile, the Hong Kong government said it had not received any request for assistance from Wu or other Hong Kong residents regarding the matter.

The United States walked out of a United Nations Security Council meeting on Monday during remarks by France’s ambassador, escalating a diplomatic dispute between the two allies over human rights and the leadership of the UN’s top human rights office. The disagreement began after a recent vote on extending the term of Volker Turk as the United Nations High Commissioner for Human Rights. The United States joined Russia and North Korea in opposing his reappointment, placing Washington on the same side as two countries it has frequently criticized over human rights issues. Following the vote, France’s mission to the United Nations strongly criticized the US position on social media, saying Washington had once been a global symbol of human rights but no longer deserved that reputation. The statement drew a sharp response from American officials and set the stage for the diplomatic confrontation that followed. The latest tension unfolded during an emergency Security Council meeting on Russia’s war in Ukraine. As France’s UN Ambassador Jerome Bonnafont began speaking, members of the US delegation left the chamber in protest. US Ambassador Dan Negrea later said the walkout was a direct response to what he described as France’s disrespectful and condescending language toward the United States. He warned that similar protests would continue unless France changed its approach and withdrew its criticism. Earlier, US Ambassador Mike Waltz defended Washington’s opposition to Turk’s second term. He argued that the human rights chief had unfairly criticized democratic countries while failing to take a strong enough stance against governments with poor human rights records. Waltz did not identify specific examples to support his criticism. During his time in office, Turk has repeatedly condemned Russia’s invasion of Ukraine and has also raised concerns about Israel’s military operations in Gaza. Despite US objections, his second term was approved by a large majority of UN member states, with 144 countries voting in favor, 10 voting against and 13 abstaining. The dispute reflects broader tensions between the United States and the United Nations under President Donald Trump’s administration. In recent years, Washington has reduced financial support for several UN agencies and withdrawn from a number of UN bodies as part of a wider review of its international commitments. After the vote on Turk’s reappointment, US Ambassador Jeff Bartos warned that the United States would reconsider its participation, engagement and funding for UN institutions. He accused the organization of allowing procedural abuses and political deals to influence key appointments. France, however, strongly defended Turk’s leadership. Ambassador Bonnafont described him as a principled and impartial official who had carried out his responsibilities with integrity during his first term. France argued that his reappointment reflected the confidence of the overwhelming majority of UN member states. A spokesperson for the United Nations declined to comment directly on the American walkout but said the organization expects all member countries to respect decisions made through its established voting process. The incident has added to growing friction between Washington and the UN at a time when international cooperation is already under pressure from several global conflicts.

The head of the US National Transportation Safety Board has urged Congress to end months of legislative delays and pass a major aviation safety package aimed at reducing the risk of deadly midair collisions. NTSB Chair Jennifer Homendy said lawmakers already have clear recommendations from investigators and should move quickly to turn them into law. Homendy said the agency has provided Congress with a detailed plan to strengthen aviation safety and prevent another disaster like the one that claimed dozens of lives near Washington last year. She stressed that the necessary reforms have been discussed for months and that it is now time for lawmakers to take action. Her appeal comes after the January 2025 collision between an American Airlines regional passenger jet and a US Army helicopter near Washington, DC. The crash killed 67 people and became the deadliest aviation accident in the United States since 2001. Following the tragedy, the House of Representatives approved a broad aviation safety bill in April with overwhelming bipartisan support in a 396 to 10 vote. The legislation includes dozens of recommendations made by investigators after the crash. The Senate had earlier passed its own proposal, known as the ROTOR Act, but the measure failed to secure enough support in the House under fast track voting procedures, leaving the reforms stalled. According to the NTSB, the collision could have been prevented if both aircraft had been equipped with Automatic Dependent Surveillance Broadcast technology, commonly known as ADS-B. The system allows aircraft to continuously share their position with air traffic controllers and nearby aircraft, improving awareness in busy airspace and reducing the risk of collisions. Earlier this year, the NTSB concluded that failures within the Federal Aviation Administration contributed to the fatal accident. Investigators found that the FAA had allowed helicopters to operate too close to commercial flight paths near Washington’s airport without maintaining adequate separation. The agency was also criticized for failing to properly review safety data and for not acting on earlier recommendations to redirect helicopter traffic away from the area. The House approved legislation would require most US military aircraft to be fitted with collision prevention technology by 2031. Fighter jets, bombers and drones would be exempt from the requirement. The bill also introduces new standards for collision mitigation systems on civilian airplanes and helicopters to improve safety across the aviation sector. Lawmakers from both chambers are continuing negotiations to resolve differences between the House and Senate versions of the legislation before a final bill can be approved. FAA Administrator Bryan Bedford recently said the agency has been providing technical guidance to Congress throughout the legislative process. He noted that the FAA has the authority to expand the use of ADS-B technology without waiting for new legislation but said clear direction from Congress would provide a stronger framework for implementing long term safety improvements. The NTSB believes the proposed reforms would significantly strengthen aviation safety and reduce the chances of another catastrophic midair collision. With negotiations continuing in Congress, transportation officials are urging lawmakers to finalize the legislation as soon as possible to better protect passengers, flight crews and military personnel.