Month: April 2024

China-EU relations: Beijing promotes Hungary’s coming presidency as chance for ‘more pragmatic China policy’ in Europe

Media Library

It also comes amid souring relations after the EU accused China of overcapacity in green industries that might distort the market – a claim Beijing denies. The EU has also embarked on a de-risking drive that targets China’s supply chain and hi-tech industries. 01:06 President Xi Jinping tells German chancellor to seek ‘common ground’ to strengthen ties President Xi Jinping tells German chancellor to seek ‘common ground’ to strengthen ties Wang called Hungary “a European country of unique influence that adopts an independent policy”. He said Beijing hoped Budapest would…

Blinken kicks off direct engagement with China ahead of tough talks

Media Library

State Department —  U.S. Secretary of State Antony Blinken underscored the necessity for “direct” and “sustained engagement” between the United States and China during his first official meeting in Shanghai, a city home to more than 1,000 U.S. companies. Thursday morning, Blinken held talks with Chen Jining, Chinese Communist Party Secretary for Shanghai. Chen is the highest-ranking local official and is a member of the Politburo of the Chinese Communist Party. Blinken said he would lay out “our differences, which are real” but seek to “work through them” as well…

Japan feels inflation heat from Fed’s ‘higher for longer’ shift

Media Library

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investors are increasing their bets that the Bank of Japan will need to keep raising borrowing costs as a weaker yen fuels inflation and puts pressure on the central bank to tighten its policy to prop up the currency. The BoJ’s calculus has been complicated by the shifting tone in the US, where Federal Reserve chair Jay Powell has signalled that interest rates may need to stay high to tame…

How China’s Nuctech earned EU funds before being hit by EU raids

Media Library

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This article is an onsite version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. Spain’s Prime Minister Pedro Sánchez has said he’s considering quitting in response to corruption allegations against his wife, and will announce whether to end his almost six-year-long premiership next…

Nuctech raids leave Chinese businesses reeling as new EU foreign subsides regulation shows its teeth

Media Library

The “competition officers” – from Brussels, Poland and the Netherlands – were looking for evidence of financial help that Nuctech may have received from the Chinese government. In Brussels policy circles, Tuesday’s raids were about as dramatic as it gets, and the revelations – first revealed by the South China Morning Post – sent shock waves through the EU. They suggest that the European Commission has moved to a new stage in cracking down on what it views as one of the biggest risk to the Eurozone economy: foreign subsidies…

AI could kill off most call centres, says Tata Consultancy Services head

Media Library

Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. The head of Indian IT company Tata Consultancy Services has said artificial intelligence will result in “minimal” need for call centres in as soon as a year, with AI’s rapid advances set to upend a vast industry across Asia and beyond. K Krithivasan, TCS chief executive, told the Financial Times that while “we have not seen any job reduction” so far, wider adoption of generative AI among multinational clients would…

Europe turns on China’s Nuctech after decade of awarding security contracts

Media Library

Standard Digital Weekend Print + Standard Digital $75 per month Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%. What’s included Everything in Standard Digital Global news & analysis Expert opinion Special features FirstFT newsletter Videos & Podcasts FT App on Android & iOS FT Edit app 10 gift articles per month Exclusive FT analysis Premium newsletters FT Digital Edition 10 additional gift articles per month Weekday Print Edition FT Weekend FT Digital Edition Global news & analysis Expert…

A message to economists: geopolitics matters too

Media Library

Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. The writer was a central banker until 2013. He is the author of ‘Global Discord’ One big thing was largely missing in recent discussions among economists and the economic policy community on the fringes of the IMF and World Bank spring meetings in Washington DC. The new geopolitics rarely surfaced at all. For example, “friendshoring”, the shifting of production to politically friendly countries, was discussed in terms of welfare costs,…

The ambitions of China’s BYD stretch well beyond electric vehicles

Media Library

Upon arriving at the palatial entrance of BYD’s hexagon-shaped headquarters in Pingshan, on the outskirts of Shenzhen, a giant screen presents visitors with a question of biblical proportions: “Where is Noah’s ark that saved mankind?” The answer, given the query’s prominence at the doorway to a company whose rapid expansion is sending shivers through the boardrooms of automakers worldwide, appears to be: “right here”. BYD and its 58-year-old founder Wang Chuanfu have reason to feel confident. The Chinese company now rivals Elon Musk’s Tesla for the world’s most dominant EV…