International News 29 April 2026
-
Chery Expands Global Reach, Adopts “Double T” Strategy Inspired by Toyota and Tesla
Chinese automaker Chery is accelerating its global expansion by adopting a hybrid strategy inspired by industry giants Toyota and Tesla. This approach is part of its broader ambition to strengthen its presence in Europe and other international markets. Chairman Yin Tongyue said the company is considering expanding production capacity in Barcelona, Spain, where it already operates a joint venture. Chery is also exploring the possibility of sharing manufacturing facilities with European carmakers to improve efficiency and speed up its overseas growth. Founded in 1996 along the Yangtze River, Chery was once known as a low-cost automaker with a modest image. Today, it is repositioning itself by combining Toyota-like quality standards with Tesla-style technological innovation.
Crude Oil Tops US$110 as Investors Eye Deadlock in Iran Tensions
Global financial markets moved cautiously on Tuesday (April 28, 2026) as investors monitored the ongoing stalemate between Iran and the United States. Equity markets remained broadly steady, while oil prices surged due to disruptions in energy supply through the Strait of Hormuz. Brent crude rose 2.7% to US$111.20 per barrel, its highest level in three weeks, while U.S. West Texas Intermediate gained 2.9% to US$99.10 per barrel. The rally was driven by continued disruptions in global energy flows, as the Strait of Hormuz reportedly remains partially blocked. The United States is said to be reviewing a new proposal from Tehran aimed at ending the conflict. However, President Donald Trump is reportedly dissatisfied with the proposal, as it does not address Iran’s nuclear program, leaving negotiations at an impasse. The prolonged two-month conflict has tightened global energy supply and continued to push oil prices higher in recent days.
The Bank of Japan keeps its benchmark interest rate unchanged, while three board members dissent and favor a rate hike.
The Bank of Japan (BOJ) kept its benchmark interest rate unchanged on Tuesday (April 28, 2026). However, three out of nine board members reportedly supported a rate hike, reflecting growing concern among policymakers about inflationary pressures stemming from the ongoing conflict in the Middle East. The war between the U.S.-Israel alliance and Iran has complicated the BOJ’s gradual path toward raising interest rates from historically low levels toward a perceived neutral range of around 1.5%. As widely expected, the central bank maintained its short-term policy rate at 0.75% following its two-day meeting. Market participants are now closely watching Governor Kazuo Ueda’s press conference for clues on how the prolonged Iran conflict may influence the future pace of monetary tightening.