World news in brief

Manila — The Philippine Navy said a Chinese aircraft carrier battle group had passed close to its northern maritime boundaries in the run-up to a six-day maritime exercise with the US that began on Thursday as part of their annual Balikatan military drills.

Led by the aircraft carrier Shandong (CV-17), the battle group consisted of six warships, including frigates and destroyers, and two support vessels, a Philippine Navy spokesperson said. The flotilla reportedly came within three nautical miles of the Philippines’ northern islands. Reuters

Pound rebounds against dollar

London — The pound rallied against the dollar on Thursday as investors turned increasingly pessimistic about the lack of progress in easing the trade war between the US and China.

The pound, which has risen 6.5% so far this year, last traded at $1.331, not far off its highest in seven months.

US assets, including the dollar, jumped on Wednesday after a report that President Donald Trump’s administration was considering cutting its 145% levy on Chinese imports. Reuters

CEOs continue to mint it

Bengaluru — Median pay among top US CEOs rose 7.5% to a record $16.8m for 2024, a study found, as big stock grants boosted their reported earnings further beyond that of US workers.

The CEOs of Axon and Union Pacific were among those who received big boosts from stock awards, according to the review of pay among S&P 500 CEOs by ISS-Corporate, the corporate advisory arm of Institutional Shareholder Services. Reuters