China's Y-20 large transport aircraft debuts at Africa's largest airshow

A Y-20 large transport aricraft from the Chinese People's Liberation Army (PLA) Air Force on Wednesday made its debut at the 2024 Africa Aerospace and Defence Exhibition (AAD-2024) at Waterkloof Air Force Base in Pretoria, the administrative capital of South Africa.

This marked the first time the Y-20 has flown to South Africa, with plans for both static and dynamic displays during the event.

Running until Sunday, the 12th edition of the AAD features cutting-edge innovations in aviation, aerospace, and defense.

Segomotso Tire, chairperson of the AAD Executive Committee, emphasized that the exhibition offers a key platform for industry players to present their technological breakthroughs and engage in meaningful dialogue.

The Y-20 transport plane, invited to participate in the airshow, is on static display from Wednesday to Friday, followed by dynamic demonstrations over the weekend.

"This participation in AAD-2024 is the first time that our Y-20 team has flown to South Africa. In the process of preparing for this air show, we had carefully designed the flight procedures in combination with the flight environment and the position of the viewing platform at Waterkloof Air Force Base, and striven to achieve precision and perfection in every move. We aim to fully demonstrate the excellent tactical maneuvering performance of the Y-20 transport aircraft, and showcase China's advanced aviation weapons and equipment, as well as the fine image of the Chinese soldiers," said Liang Yao, captain of the PLA Air Force's Y-20.

In the static display area, the Y-20 stands proudly alongside dozens of fighter planes from various countries, with its red star-adorned tail catching the eye of many spectators. Members of the Chinese community in South Africa, upon learning of the Y-20's arrival, gathered at the air show venue to take commemorative photos with the national asset and the Chinese national flag.

During the air show, the Y-20 is expected to share the skies with multinational flight demonstration teams, showcasing its impressive aerial capabilities through a variety of stunts and maneuvers.

Alongside the Chinese presence, the AAD-2024 also featured participants from Botswana, Brazil, the United Arab Emirates, India, Russia, Armenia, and Albania, highlighting the latest advances in technology, goods and services from the international defense industry.

China's Y-20 large transport aircraft debuts at Africa's largest airshow

U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.

The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.

Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.

Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.

Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.

In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.

Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.

U.S. stocks close higher amid criminal probe into Fed chair Powell