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Philippine authorities are racing to stop the oil spill from the 65-meter-long (213 feet) MT Terra Nova, which capsized on Thursday as monsoon rains battered large swathes of the country. The Philippine Coast Guard has deployed floating barriers and started to clean up an oil spill to prevent it from reaching the capital, Manila.

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China released a comprehensive policy document on Sunday, outlining its ambitions to develop advanced industries and improve the business environment. Analysts, however, noted the absence of imminent structural shifts in the world's second-largest economy. The 60-point document follows the Communist Party's Central Committee meeting, led by President Xi Jinping, which occurs approximately every five years and is known as a plenum.

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In a bid to stimulate economic growth and accelerate the transition to electric vehicles (EVs), China has doubled its cash subsidies for consumers trading in conventional cars for EVs. The National Development and Reform Commission and the Ministry of Finance announced on July 25, 2024, that buyers will now receive 20,000 yuan ($2,770) per vehicle, up from the 10,000 yuan subsidy introduced just three months earlier.

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