Trump tariff turbulence expected to keep gold prices high for rest of year

Growing economic risks and uncertainties pushed first-quarter demand for gold to the highest level since 2016, with prices expected to remain strong for the rest of the year, according to two outlook reports. Advertisement “The broader economic landscape remains difficult to predict, and that uncertainty could provide upside potential for gold,” Louise Street, senior markets analyst at the World Gold Council, said in a reported released on Wednesday that showed global gold consumption increased by 1 per cent year on year to 1,206 tonnes in the first three months of…

Rio Tinto shareholders reject activist proposal for review of London listing

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rio Tinto shareholders have emphatically rejected an activist investor’s proposal for the miner to review its primary London listing in favour of consolidating its shares in Australia. Only 19 per cent of Rio’s combined shareholder base backed Palliser Capital’s proposal for a review, well short of the 75 per cent needed to adopt the resolution formally. It was also shy of the 20 per cent threshold that would have triggered…

China’s new private sector law takes aim at ‘profit-driven’ enforcement

China’s newly passed private sector law bans “profit-driven” enforcement that unfairly targets the non-state sector, according to the full text of the legislation, underscoring Beijing’s determination to rein in local authorities and allay private entrepreneurs’ concerns as the country faces increasing economic pressure at home and abroad. Advertisement Compared with the initial draft released last year, the final version of the 78-article Private Economy Promotion Law adds more weight to addressing long-standing complaints about cross-regional enforcement and includes specially added clauses to reinforce accountability for officials directly responsible for failures…

China signals opening for trade talks with US

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Chinese state media has said there would be “no harm” in holding trade talks with the Trump administration, indicating a softening of Beijing’s position as both sides look for a way out of their crushing tariff war. The gesture comes as the fallout from the trade war has begun to show in China’s economic data, with factory activity in April dropping the most since 2023 as export orders dried up.…

BlackRock-backed Suez taps HSBC to review China assets

French utility group Suez is reviewing its Chinese water-infrastructure assets, people familiar with the matter said, as the company looks at potential ways to streamline its global operations. Advertisement The BlackRock-backed company is working with HSBC Holdings to study options for the business, the people said, asking not to be identified because the deliberations are private. It has approached a select group of potential buyers to gauge their interest, according to the people. A transaction could value the China water business at more than US$1 billion, some of the people…

Star deputy at China’s top securities regulator Wang Jianjun in corruption probe

A corruption investigation into Wang Jianjun, a well-known deputy at China’s top securities regulatory body, has sent a new round of shock waves through the country’s financial sector. Advertisement The top political disciplinary and anti-corruption body, the Central Commission for Discipline Inspection (CCDI), said on Wednesday that Wang, 57, was suspected of “serious violations of discipline and laws” – a standard euphemism for corruption. In this position, which he held since 2021, Wang, oversaw financial institutions, market and bond regulations. He previously spent more than five years at the Shenzhen…

Philippines arrests Chinese man for operating surveillance device near voting agency

TAIPEI, Taiwan – The Philippines has arrested a Chinese man for operating a surveillance device near the offices of its election commission, less than two weeks before the country’s midterm polls, adding further strain to relations between the two countries. Tensions have been rising between Manila and Beijing, fueled by rival flag-raising displays on the disputed Sandy Cay in South China Sea. “When we made the arrest, that was the third time he had come to Comelec,” said Philippine National Bureau of Investigation spokesman Ferdinand Lavin on Wednesday, referring to…

Trump believes in ‘good chance’ of China trade deal as US envoy says no talks under way

US President Donald Trump says there is “a very good chance” of reaching a trade deal with China, even as his own trade envoy acknowledged just hours earlier that no tariff discussions are taking place between Washington and Beijing. Advertisement “Will we make a deal? There’s a very good chance we’re going to make a deal … and it [is] got to be fair,” Trump told US cable channel NewsNation on Wednesday. “We were ripped off by China, we were ripped off by everybody, but really by China. They were…

Poll finds quarter of non-Asian Americans consider Chinese-Americans a possible threat

One in four non-Asian Americans regard Chinese-Americans as a potential threat, especially related to national security, while four in 10 fear that Asian-Americans have greater allegiance to their countries of origin than to the United States, according to a poll released on Thursday. Advertisement The results from an Asian American Foundation survey come as US-China relations plummet and add to concerns in the diverse community about the ability to assimilate at a time of growing social tension. “The poll underscores a troubling and ongoing disconnect between how Asian-Americans are perceived…

Foreign companies flock to ‘panda bond’ market in hunt for China hedge

Stay informed with free updates Simply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox. Multinational companies are flocking to China’s bond market at a record rate as they try to secure cheaper financing and hedge against deteriorating relations between Beijing and the US. So-called panda bond issuance — renminbi borrowing by overseas companies in mainland Chinese markets — hit Rmb194.8bn ($26.5bn) in 2024, the highest level on record for a full year. In the first quarter of this year it reached Rmb41.6bn,…