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Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions wi...
China is set to prohibit the resale of new cars within six months of registration, aiming to end the practice of inflating sales through so-called 'zero-mileage' used vehicles and restore transparency in the competitive auto market.
The move is intended to curb the widespread industry practice of reporting 'zero-mileage' used cars as new sales, a tactic employed to artificially boost performance figures in the country’s competitive automobile market.
'Zero-mileage' vehicles are new cars that are registered and insured before being sold or driven, allowing automakers and dealerships to report them as sales while they remain unsold and unused. The practice is particularly common among electric vehicle (EV) brands in China, which face intense price wars, overcapacity, and government pressure to show strong growth.
The draft rule was first disclosed by Auto Review, a publication backed by the China Association of Automobile Manufacturers, which reported that the Ministry of Industry and Information Technology plans to introduce a ban preventing vehicle resales within six months of initial registration. The proposed measure is part of broader government efforts to ensure fair competition and protect consumers.
The China Automobile Dealers Association has backed the proposal, suggesting additional mechanisms such as export codes for tracking used vehicle flows. Meanwhile, EV manufacturers including BYD and Chery have vowed to penalise dealers that manipulate registrations to inflate sales numbers.
The announcement follows growing concern over distorted market data. A recent Reuters investigation revealed that Hozon Auto’s Neta brand registered more than 64,000 vehicles before they were sold between January 2023 and March 2024, representing over half of the company’s reported sales. Geely’s premium EV brand Zeekr also saw a dramatic rise in registrations in Xiamen at the end of 2024, which aligned with suspected pre-sale registrations.
Although both Neta and Zeekr have denied wrongdoing, their practices are now under heightened scrutiny from media and regulators. State-run outlets such as People’s Daily have criticised the practice, warning it misleads buyers, disrupts the second-hand market, and reduces trust in official figures.
China’s Cabinet earlier this year pledged to curb “irrational competition” in the auto industry. The upcoming ban is expected to be the first direct intervention against zero-mileage sales, with further measures likely, including enhanced lifecycle tracking and used-car export regulations.
Yemen’s Houthis have claimed responsibility for the recent drone and missile strikes on Saudi Aramco facilities in Dhahran and Riyadh and at King Khalid International Airport in Saudi Arabia, vowing to carry out more attacks in the coming days.
The Saudi-led coalition in Yemen said late Monday that it intercepted and destroyed two ballistic missiles launched by the Houthi group toward Khamis Mushait in southwestern Saudi Arabia.
The Saudi-led coalition said early Thursday that it intercepted and destroyed a drone over Saudi Arabia’s Eastern Province.
Ukrainian President Volodymyr Zelenskyy says Russia hit at least six energy targets in deadly strikes across Ukraine, showing Moscow is unwilling to accept the energy ceasefire announced by U.S. President Donald Trump.
Ukraine's soldiers have had their access to Starlink satellite internet restricted. Kyiv's troops use the terminals, made by Elon Musk's SpaceX, to pilot drones. A source in Ukraine's Defence Ministry said the restrictions would make it harder for Kyiv's army to down Russian drones.
U.S. President Donald Trump has lifted sanctions on Russian diesel exports and announced a Russia-Ukraine energy ceasefire aimed at easing fuel prices ahead of November’s midterm elections. But can Moscow deliver and will the move will bring meaningful relief to markets?
Taiwan plans to buy 30 per cent of Alaska LNG's annual output and invest up to $4.4 billion in the project, but binding contracts and financing remain unresolved as the U.S. pushes to expand energy exports to Asia.
Asian stocks plunged to their lowest level in more than two months on Tuesday as advances by Chinese chipmakers rattled investor confidence in the artificial intelligence boom, despite soaring global semiconductor sales.
Artificial intelligence investment is helping sustain global growth at around 3 per cent, with Asia poised to reap major benefits. But soaring energy costs, unequal investment and growing pressure on young workers threaten to leave some economies behind.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
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