Harvard's international crisis ~ ⛾:Kaffibolla

Good morning. Harvard is being forced to halt international student enrollments. Xiaomi takes a big tech leap. And the Cannes crowd can't quite comprehend the US president's threatened tariffs. Listen to the day's top stories.

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The Trump Administration escalated its fight with Harvard University by ordering the institution to stop enrolling international students, saying its leaders allowed protests to create an "unsafe campus environment." Current foreign students—almost 27% of the university's population—must transfer or lose their legal status, authorities said. The move deals a fresh blow to the school, months after the government froze billions of dollars in federal funding. Harvard called the latest action unlawful and said it's "working quickly to provide guidance and support."

Judge Blocks US From Revoking Visa Status of Foreign Students

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Wall Street struggled to stage a rebound in the wake of a Treasury selloff that shook global markets, with stocks wiping out gains in the last stretch of trading. Pressures on the US bond market eased a bit, but the surge in long-term yields still threatens a popular hedge-fund trade. Crypto bulls may not be bothered as Bitcoin topped $111,000 for the first time.

Tesla took another hit in Europe as BYD sold more electric vehicles in the region than Elon Musk's carmaker for the first time, overtaking a brand that long led the continent's EV segment. China's top automaker notched a 169% year-over-year gain in new battery-electric vehicle registrations last month, vaulting it into the top 10 brands. Tesla registrations plunged 49%.

Private credit, for the people. Fund managers in Asia are looking to unlock billions of dollars for the burgeoning asset class from the last untapped pocket: retail investors. Private credit firms that once catered almost exclusively to institutions and ultra-wealthy clients are shifting their focus, with Singapore seeking public feedback on a proposed regulatory framework and Japan's Keyaki Capital launching the country's first online investment platform for the industry.

A North Korean destroyer was damaged in a botched launch attempt, with the now-covered vessel appearing to be on its side and partially submerged. Supreme Leader Kim Jong Un, who was present, called it a "criminal act caused by absolute carelessness"—a rare admission of failure.

Deep Dive: Xiaomi's Tech Leap

Xiaomi CEO Lei Jun unveils the YU7 sports utility vehicle. Photographer: Adek Berry/AFP/Getty Images

SUVs, gadgets, chips and beyond: Xiaomi's billionaire co-founder Lei Jun showcased the firm's ambitions to expand its technology portfolio—and move past a much-publicized accident—at an event in Beijing.

The Chinese electronics leader also announced plans to invest 200 billion yuan ($28 billion) in EV-focused research and development over the next five years, days after saying it will pump at least 50 billion yuan over a decade into making its own mobile processor.
Xiaomi's also thrown its hat into the AI ring. The company unveiled its own open-source AI model last month, joining the growing ranks of companies hoping to make a splash in a burgeoning field backed by Beijing.
Its ambitions recall Huawei's breakthrough of a few years ago with the Mate 60 Pro, which spooked Washington and raised concerns about Chinese advances in strategic technologies such as AI and chips.

The Big Take

China's Lithium City Is a Front Line of the Battery Trade War

Beijing wants a high-tech economy built on domestic supply, even if it comes at a cost.

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Opinion

India should look to 21st-century China—not 20th-century America—when building intercity travel infrastructure, Andy Mukherjee writes. Road expansion has come at a high cost to the middle class and the environment. For all to breathe easier, authorities must develop better public transport.

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Before You Go

Photographer: Miguel Medina/Getty Images

Trump's "100% tariff" on films shot outside the US is perplexing attendees at Cannes. Take a quintessential Hollywood blockbuster like Mission: Impossible—The Final Reckoning, shot in the UK, South Africa, Norway and Malta. "Can you hold up the movie in customs?" asked acclaimed filmmaker Wes Anderson, whose latest offering, The Phoenician Scheme, was filmed in Germany.

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