Our daily cruise around the world

🇻🇳 The largest financial fraud trial in Vietnam history began yesterday. The case centers around real estate tycoon Truong My Lan, who allegedly used thousands of ghost companies to embezzle $12.5 billion – roughly 3% of Vietnam’s annual GDP – from the country’s largest bank between 2018 and 2022. Her husband and 16 central bank officials are also among the 85 defendants being prosecuted in the trial, which is expected to last through the end of April. Lan could face imprisonment or the death penalty if found guilty, though she denies any wrongdoing.

🇨🇳 Apple lost the title of China’s best-selling smartphone maker, per a new report. iPhone sales in China – which represent one-fifth of Apple’s sales – fell 24% through the first six weeks of 2024, causing Apple’s market share in the country to fall from first to fourth, per new data from Counterpoint Research. The US tech giant’s top spot was taken by Chinese smartphone manufacturer Vivo, while fellow local player Huawei rose from fifth to second following a 64% bump in domestic sales this year.

⚖️🇷🇺 The International Criminal Court issued arrest warrants for two top Russian commanders. The ICC accused the two officials of war crimes and “crimes against humanity” for directing a series of attacks targeting Ukraine’s power grid in December 2022, which caused emergency blackouts across the entire country. It marks the ICC’s second round of warrants for Russian officials related to the war in Ukraine, after targeting President Vladimir Putin and another top official in March 2023.