China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
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China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)

A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown.

The government action has pummeled some of China's biggest tech firms, wiping out hundreds of billions of dollars in market value since last year, AFP said.

But with the Chinese economy hammered by Covid lockdowns, the government has rolled out a series of support measures, including a call for "predictable" tech regulation.

"Regarding large payment and fintech platform enterprises, Xi called for efforts to improve regulations, strengthen institutional weak links, ensure the security of payment and financial infrastructure, and guard against and defuse potential systemic financial risks," according to a readout of the Wednesday meeting by the official Xinhua news agency.

The Chinese leader also "called for these enterprises to be better supported in serving the real economy", Xinhua said.

The officials at the meeting discussed promoting the "healthy development" of fintech companies, it added, and said "China will tighten oversight" of financial holding firms and internet financial services.

Investors have been heartened in recent weeks by similar statements by the Chinese government, with some perceiving them as signals that the tech crackdown is finally easing.

Hopes also soared this month when dozens of new video games were approved, and tech stocks rose on reports that authorities were wrapping up a cybersecurity probe into ride-hailing giant Didi.

But regulators this month denied reports that they were discussing the potential revival of Ant Group's scuppered IPO, which would have been the world's largest public offering at the time.

Ant Group -- the payments affiliate of e-commerce giant Alibaba -- had its share offering cancelled at the last minute in 2020.

Alibaba was later hit with a $2.75 billion fine over alleged unfair practices.

Ant Group is set to apply for a financial licence as soon as this month, Bloomberg News reported Wednesday, citing unnamed people familiar with the matter.



At Least 12 People Shot at an Ohio Festival and a Search for Suspects is Still Ongoing

Police officers work at the scene of a shooting near a festival in Toledo, Ohio on Saturday, June 6, 2026. (WTVG via AP)
Police officers work at the scene of a shooting near a festival in Toledo, Ohio on Saturday, June 6, 2026. (WTVG via AP)
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At Least 12 People Shot at an Ohio Festival and a Search for Suspects is Still Ongoing

Police officers work at the scene of a shooting near a festival in Toledo, Ohio on Saturday, June 6, 2026. (WTVG via AP)
Police officers work at the scene of a shooting near a festival in Toledo, Ohio on Saturday, June 6, 2026. (WTVG via AP)

Gunfire erupted Saturday near a busy street festival in Ohio, wounding at least 12 people and sending some eventgoers scrambling for cover while others rushed to help the victims.

No suspects were in custody hours afterward, Toledo Deputy Police Chief Joe Heffernan said, and officials urged people who were at the festival to come forward with any photos or videos on their phones for possible leads.

The shooting happened near the Old West End Festival, an annual gathering of live music and home tours, The Associated Press said.

Heffernan said it appeared that at least two people fired weapons and they were “probably shooting at each other.”

Two of the victims were in critical condition, Heffernan added. The ages of the victims ranged from 14 to 61, with most of them in their early 20s.

“I am deeply concerned about the situation in Toledo tonight,” Ohio Gov. Mike DeWine said in a statement. “Summer festivals should be safe spaces for families to spend time together without fear of violence.”

Multiple videos posted to social media showed people running amid the sound of gunshots and emergency officials tending to others who appeared wounded.

Fire Chief Allison Armstrong said it was difficult to get to the hospital due to closed roads and traffic from people leaving the festival, but emergency responders were able to transport all patients from the scene within an hour.

Kevin Berry was sitting in the neighborhood arboretum listening to live music with friends when he heard a handful of gunshots ring out.

“Everybody hit the deck,” he said.

When Berry looked back up, he saw a gun being tossed to the ground less than 50 feet (15 meters) away from him. Officers who were already on site for the festival responded immediately.

Berry, who has medical training and served in the Navy, walked around looking for anyone who might need help and saw at least five people with gunshot wounds.

“The folks who were hit were spread out around the arboretum area,” he said.

The Old West End Festival is a two-day celebration in Toledo’s historic district that includes live music, food vendors, home tours, and shopping. Berry described it as the “kick-off to Toledo’s summer festival season.”

George Kral, safety director for the city, said officials were discussing with organizers whether it would continue through the weekend.

“This is one of the most iconic festivals in Toledo,” he said, “and it’s a shame that something like this had to ruin it.”


US Says Shot Down Iran Drones in Fresh Escalation

A US F-16 fighter jet on patrol near the Strait of Hormuz last month (CENTCOM)
A US F-16 fighter jet on patrol near the Strait of Hormuz last month (CENTCOM)
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US Says Shot Down Iran Drones in Fresh Escalation

A US F-16 fighter jet on patrol near the Strait of Hormuz last month (CENTCOM)
A US F-16 fighter jet on patrol near the Strait of Hormuz last month (CENTCOM)

The United States said it shot down a pair of Iranian drones threatening the Strait of Hormuz, the latest escalation of violence as the war crept into its 100th day on Sunday with no end in sight.

Weeks of indirect talks marked by tit-for-tat threats and sporadic exchanges of fire have failed to secure a deal to end the conflict or reopen the vital waterway, a chokepoint for Gulf oil and gas shipments, said AFP.

US Central Command (CENTCOM) said it destroyed two Iranian drones "that threatened international maritime traffic in the Strait of Hormuz", hours after announcing it struck four other drones and coastal surveillance radar sites.

Tehran responded with a salvo of missiles at US allies Bahrain and Kuwait on Saturday, drawing a furious response from the Gulf states and piling pressure on a shaky ceasefire agreed on April 8.

CENTCOM said Iran launched seven ballistic missiles towards Bahrain and Kuwait, with six intercepted and one falling short. Iran's Revolutionary Guards said they had targeted "enemy bases in the area" with missiles.

Bahrain, which hosts the headquarters of the US Fifth Fleet, denounced the latest attacks as "blatant aggression", while Kuwait said they "represent a dangerous escalation".

In Bahrain's capital Manama, an AFP journalist heard three explosions as air raid sirens sounded.

In Kuwait, another AFP journalist heard repeated blasts near the international airport, where a Wednesday strike blamed on Iran killed one person.

"We woke up to a huge explosion," said Reem, a mother of two. "My children were terrified, and I couldn't calm them down."

- 'Flagrant violations' -

Iran's foreign ministry denounced the latest US strikes as "flagrant" violations while condemning Washington's "hostile and provocative behavior".

Efforts to turn the truce into a lasting settlement have repeatedly stalled, while the conflict has rattled global markets and increased pressure on US President Donald Trump at home ahead of midterm elections.

"The negotiations are at a deadlock, and Trump must break this deadlock," Mohsen Rezaei, military adviser to Iran's supreme leader, told CNN as he called for the release of some $24 billion in frozen Iranian assets.

Washington instead may seek to use the funds to pay for damage wrought by Iranian strikes on Gulf allies.

The US "Treasury will utilize all tools available to allow Iranian assets to be made available to our Gulf allies to support rebuilding and repairs for any future damage caused by Iran", a source familiar with Treasury Secretary Scott Bessent's thinking said.

Lebanon -- drawn into the Middle East war when Iran-backed militant group Hezbollah attacked Israel on March 2 -- called on Friday for Iran to stop interfering in its affairs.

Beirut's army chief Rodolphe Haykal left on Saturday for Pakistan, which has emerged as a central mediator between the United States and Iran.

Pakistan's Interior Minister Mohsin Naqvi landed in Tehran the same day to meet Iran's Foreign Minister Abbas Araghchi.

Iran, in its peace negotiations with Washington, has insisted the fighting in Lebanon and the war in the Gulf are inextricably linked.

On Saturday, Lebanon said an Israeli strike in the country's south killed three of its soldiers. Israel's military said it was "reviewing the incident" and insisted its campaign in Lebanon was targeting Hezbollah, not government forces.

The health ministry said two women were killed and 22 people wounded in an Israeli strike on Saksakiyeh in the south.

The Israeli military, meanwhile, on Saturday announced the death of two of its soldiers.

The ceasefire announced in April did not stop the fighting in Lebanon, and a new conditional truce deal announced this week was flatly rejected by Hezbollah.

- Football flare-up -

The latest unrest came amid a diplomatic row over the United States' refusal to grant visas to some staff of Iran's World Cup football team.

Iranian state television confirmed the team's players and technical staff had received visas, but reported that 15 administrative and managerial members of the delegation had been refused.

An unnamed US administration official said: "We will not allow the Iranian team to abuse this system to sneak terrorists into the United States under false pretenses."

Iran's embassy in Türkiye demanded FIFA "hold the US accountable for violations of its rules and for the discriminatory treatment" of the Iranian team.

Iran's Football Federation, whose chief Mehdi Taj was reportedly among those denied a visa, described the decision as "political interference in sport in its worst form".

Adding to the tensions, Iran's ambassador to Mexico said Saturday the squad had been notified that under conditions of their visas, the team must enter and leave the US on the same day as their matches.


Taiwan Coast Guard Says Deploys Vessels in Response to China Operation

A Taiwan Coast Guard ship patrols near Dadan Island, with the Chinese city of Xiamen visible in the background on October 18, 2025.  Ann Wang, Reuters
A Taiwan Coast Guard ship patrols near Dadan Island, with the Chinese city of Xiamen visible in the background on October 18, 2025. Ann Wang, Reuters
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Taiwan Coast Guard Says Deploys Vessels in Response to China Operation

A Taiwan Coast Guard ship patrols near Dadan Island, with the Chinese city of Xiamen visible in the background on October 18, 2025.  Ann Wang, Reuters
A Taiwan Coast Guard ship patrols near Dadan Island, with the Chinese city of Xiamen visible in the background on October 18, 2025. Ann Wang, Reuters

Taiwan's coast guard said Sunday it has deployed vessels "to respond appropriately" to a Chinese operation in waters east of the island democracy, which it said "violates international law".

It comes after Chinese state media reported Saturday that the "law enforcement operation" was in response to talks between Japan and the Philippines to draw a boundary in the affected waters, AFP said.

China, which asserts Taiwan is part of its territory, called the talks "illegal" and has claimed exclusive control over the waters.

The Chinese ships have been monitored "throughout the entire process" and Taiwan "has deployed the necessary vessels to respond appropriately," the Taiwanese coast guard said in a statement.

Taiwan said it had detected four Chinese government vessels departing from Xiamen port which had sailed outside Taiwanese restricted waters southwest of the island.

Taiwan's coast guard dispatched more than five vessels "to assist with surveillance".

The Chinese vessels were expected to arrive "in the relevant waters" on Sunday, the statement said, adding that "China does not enjoy any sovereign rights in the waters east of Taiwan".

Tokyo and Manila said last month they would start formal talks "to delimit the maritime boundary" of an economic zone and continental shelf between them, angering Beijing.

On Saturday, Beijing's transport ministry organized maritime police from coastal provinces Fujian and Guangdong to "conduct a special maritime traffic law enforcement operation in waters east of Taiwan Island", state news agency Xinhua said.

The report did not give details on the operation, including how long it lasted or whether it was still ongoing, and it did not say whether maritime police dispatched ships to the area.

The operation was "a necessary action taken against Japan and the Philippines' unilateral announcement they would start 'negotiations on delimiting a maritime boundary'" near Taiwan, Xinhua added.

Taiwan said Wednesday it should be consulted on the Japan-Philippines talks.

Manila and Tokyo's shared grievances over Chinese maritime territorial claims have seen them draw increasingly close in recent years.

Japan and China are in territorial and economic disputes in the East China Sea, where coast guard ships from both sides routinely stage tense standoffs.

Beijing has meanwhile deployed navy and coast guard vessels in the South China Sea, in a bid to bar the Philippines from strategically important reefs and islands, leading to a string of confrontations.

Taiwan's coast guard said Saturday that a Chinese survey vessel had joined a coast guard ship in waters around Pratas Island in the northern part of the South China Sea.

The Taiwanese coast guard said it was "the first observed instance of Chinese coast guard and survey vessels acting in coordination to provoke Taiwan".

Taiwan controls Pratas but Beijing also claims the island, along with most of the strategic waterway.