China's Car Sales Decline 21.5% for April
China's car sales fell 21.5% in April, marking the seventh consecutive month of decline, with total passenger vehicle deliveries dropping to 1.4 million, the lowest for April since 2022. Deliveries of internal combustion engine cars decreased by a third, while new energy vehicles, including electric vehicles, saw a smaller decline of 6.8%. In a notable shift, exports of electric vehicles surpassed those of traditional cars for the first time, as automakers increasingly targeted international markets to mitigate weak domestic demand.
KNDS Sets Deadline for German Government on Equity Stake
KNDS management has given the German government eight weeks to decide on a state equity stake, or the defense group will proceed with its planned IPO, targeting a valuation of €18-20 billion, regardless of political indecision. The dispute between the economy and defense ministries over the stake size—30% versus 40%—adds urgency, as France has indicated it may step in if Germany does not act. Compounding the situation, auditor PwC is withholding approval of KNDS's annual accounts due to an ongoing investigation into past corruption allegations, which could delay the IPO further.
Federal Authorities Charge 30 in Insider Trading Scheme
Federal authorities, including the Department of Justice and the SEC, have charged 30 individuals in connection with a sophisticated insider trading scheme that allegedly generated tens of millions of dollars over nearly ten years. Central to the operation are attorneys Nicolo Nourafchan from California and Robert Yadgarov from New York, who are accused of exploiting access to confidential merger and acquisition documents to facilitate front-running of approximately 30 major transactions. Nineteen defendants were arrested on May 6, while two fugitives are believed to be in Russia and Israel, complicating extradition efforts.
Saudi Aramco reports 25% profit increase amid disruptions
Saudi Aramco reported a 25% increase in first-quarter net profit, reaching 120 billion riyals ($32 billion), as it successfully redirected exports through its East-West pipeline amid disruptions in the Strait of Hormuz due to the ongoing conflict with Iran. Total revenue for the quarter rose to 433.10 billion riyals, driven by higher prices and sales volumes of crude, refined, and chemical products. Amin Nasser, Aramco's president and CEO, noted that the pipeline is operating at its maximum capacity of 7 million barrels per day, helping to mitigate the impact of global energy supply constraints.
KOSPI Hits Record High Amid AI-Driven Market Surge
South Korea's benchmark stock index, the KOSPI, reached an all-time high of 7,876.60 during intraday trading on May 11, 2026, driven by a 15% surge in SK Hynix shares and a more than 5% increase in Samsung Electronics. The index rose 5.05% in early trade, marking an 85% increase this year, following a 76% rise last year, as the market benefits from advancements in artificial intelligence.
Goldman Sachs predicts interest rate hikes in Asia
Goldman Sachs forecasts that South Korea and Taiwan's artificial intelligence-driven chip booms will lead to record current-account surpluses, prompting their central banks to consider interest rate hikes later this year. Economists led by Andrew Tilton predict two 25-basis point increases in South Korea in the third and fourth quarters, and two 12.5-basis point hikes in Taiwan in the second and fourth quarters.
