Shining example: how China is propelling gold’s record-breaking rally

Gold’s rise to all-time highs above US$2,400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and centre of the extraordinary ascent. Worsening geopolitical tensions, including war in the Middle East and Ukraine, and the prospect of lower US interest rates all burnish gold’s billing as an investment. But juicing the rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look to bullion as a store of value in uncertain…

Taiwan to discuss with US how to use new funding

TAIPEI, Taiwan —  Taiwan’s defense ministry said Sunday it will discuss with the United States how to use funding for the island included in a $95 billion legislative package mostly providing security assistance to Ukraine and Israel. The United States is Taiwan’s most important international supporter and arms supplier despite the absence of formal diplomatic ties. Democratically governed Taiwan has faced increased military pressure from China, which views the island as its own territory. Taiwan’s government rejects those claims. The defense ministry expressed thanks to the U.S. House of Representatives…

Singapore gives top-level briefings to reassure foreign banks on stability

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Singapore has given international banks an unusual series of top-level briefings on geopolitics as it seeks to reassure them that the financial hub can remain stable and neutral at a time of rising tension between China and the west.  In meetings organised by Prime Minister Lee Hsien Loong’s office, officials discussed US-China rivalry, the Middle East conflict, the Ukraine war and the $2.2bn money-laundering scandal that rocked the city-state in…

Chinese nationalists take aim at Japanese animation master Miyazaki’s WWII film

The mixed responses came despite Miyazaki’s well-known anti-war stance in Japan, where he made headlines in 2015 as he urged his country’s leaders “to say clearly that aggressive war was completely wrong, having brought enormous damage to the Chinese people”. Miyazaki, a co-founder of Japanese animation company Studio Ghibli and director of films such as Spirited Away and Princess Mononoke, was named one of Time magazine’s 100 most influential people of 2024 on Wednesday. The publication described him as “a brutal realist regarding greed, war, and human rage”. Movie enthusiasts…

Hong Kong must turn Greater Bay Area integration challenges into opportunities

Between March 28 and April 8, which includes the extended Easter weekend and Ching Ming Festival, a staggering 3.6 million Hong Kong residents went north via land control points, compared to about 860,000 mainland residents who visited Hong Kong. Other cities in the Greater Bay Area have become Hongkongers’ go-to playground in the same way that mainland residents poured into Hong Kong after the Individual Visit Scheme was launched 21 years ago. The economic impact of this reversed travel pattern being felt across the Greater Bay Area. Last year, Shenzhen…

Australian researchers develop prototype device to devour carbon dioxide to make electricity

Sydney —  Australian researchers have built an electrical generator that consumes carbon dioxide, generates electricity and admits no exhausts. They say the technology could create a new industrial-scale carbon capture method. Scientists say too much carbon dioxide, or CO2, in the atmosphere is main driver of warming temperatures. Researchers at the University of Queensland have created a generator that consumes carbon dioxide and produces electricity. The carbon-negative “nano-generator” has been built by the university’s Dow Centre for Sustainable Engineering Innovation. The prototype device uses what is known as a poly…

2 Japanese navy helicopters carrying 8 crew believed crashed in Pacific

Tokyo —  Two Japanese navy helicopters carrying eight crewmembers were believed to have crashed in the Pacific Ocean south of Tokyo during a night-time training exercise, and rescuers were searching for the missing, Japan’s defense minister said. The two SH-60K choppers belonging to the Maritime Self Defense Force and carrying four crew each, lost contact late Saturday near Torishima island in the Pacific about 600 kilometers (370 miles) south of Tokyo, Defense Minister Minoru Kihara told reporters. One of the eight crewmembers was recovered from the waters, but his or…

US ponders trade status upgrade for Vietnam despite some opposition

Washington —  U.S. officials are considering a request from Vietnam to be removed from a list of “nonmarket” economies, a step that would foster improved diplomatic relations with a potential ally in Asia but would anger some U.S. lawmakers and manufacturing firms. The Southeast Asian country is on the list of 12 nations identified by the U.S. as nonmarket economies, which also includes China and Russia because of strong state intervention in their economies. Analysts believe Hanoi is hoping for a decision before the November U.S. election, which could mean…

Pancakes and dancing: how Russia and China are trying to take cultural ties to new heights

He said he became interested in Russian culture as a 15-year-old after seeing The Dawns Here Are Quiet, a film based on Boris Vasilyev’s novel about a group of women soldiers in World War II. “I was immediately attracted by the song ‘Katyusha’ and the sense of strength it delivered,” Yan said. “The more I learn about Russia, the more I can feel the strength – from its history to its literature to its music.” More than 1,000 locals attended the Maslenitsa celebration, organised by the semi-official Russian-Chinese Committee for…

8 suspected militants, linked to al-Qaida extremist group, arrested in Indonesia

Palu, Indonesia —  Indonesia’s elite counterterrorism police arrested eight suspected militants in recent days believed to be part of a new cell linked to Jemaah Islamiyah, an al-Qaida-linked group, authorities said Saturday. Police conducted raids in Central Sulawesi province between Tuesday and Thursday, said Agus Nugroho, the provincial police chief, adding that five suspects were arrested in the city of Palu, two in Sigi, and one in Poso which is a known extremist hotbed. Two laptops, several cellular phones and documents, including jihadi books were seized and suspects were being…