Day: June 23, 2025

Growing China trade prompts Hong Kong venture for Saudi cargo carrier

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Saudia Cargo, the national air cargo carrier of Saudi Arabia, is tapping into diverse sectors in China and Asia, including e-commerce, agriculture and technology, through the launch of a new venture in Hong Kong and a planned capacity expansion. Advertisement “China specifically, and the Far East in general, as a critical trade market to Saudi Arabia, will play a critical role in supporting Saudi Vision 2030 goals, and hence expanding our operations here just comes naturally,” CEO and managing director Loay Mashabi said in an interview with the Post on…

Global economy jitters grow after Trump’s Iran strikes, Strait of Hormuz fears

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Surging uncertainty in the Middle East has clouded the outlook for global markets, with analysts warning that a potential shutdown of the Strait of Hormuz could send crude prices higher, intensify US inflation and complicate the Federal Reserve’s rate-cut plans. Advertisement Gold stands to benefit more directly from geopolitical shocks, while Chinese assets could remain relatively shielded, they added. “Looking ahead, we cannot rule out a rise and recurrence of risk aversion,” the China International Capital Corporation said in a note on Monday, adding that markets may struggle to gauge…

Is China preparing to unveil its new HQ-29 ballistic missile defence system?

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Footage on social media of what appears to be the new Chinese HQ-29 ballistic missile defence system on the move has triggered speculation that it could make its debut at a military parade in Beijing in September. Advertisement The system has yet to be officially acknowledged but is believed to be more advanced than known Chinese missile shields including the HQ-19, which has been likened to the US Terminal High Altitude Area Defence (THAAD) system. A video clip posted on Tuesday to Chinese social media shows the six-axle transporter erector…

Japan’s ruling party suffers record low result in Tokyo poll

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Japan’s ruling party has suffered its worst result in local assembly elections in Tokyo, as residents of the capital used the vote to protest against soaring food prices and low wage growth. The results of Sunday’s poll underscored the challenge Prime Minister Shigeru Ishiba could face next month in elections for the upper house of Japan’s national parliament. The Liberal Democratic party, which governs at the national level in a…

US asks China to stop Iran from closing Strait of Hormuz

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US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world’s most important shipping routes. His comments came after Iran’s state-run Press TV reported that parliament had approved a plan to close the Strait but added that the final decision lies with the Supreme National Security Council. Any disruption to the supply of oil would have profound consequences for the economy. China in particular is the world’s largest buyer of Iranian oil and has a close relationship with…

UK lobbies South Korea to switch to Rolls-Royce for new fighter jet programme

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Stay informed with free updates Simply sign up to the Aerospace & Defence myFT Digest — delivered directly to your inbox. UK officials are lobbying for Rolls-Royce to replace US rival GE Aerospace as the main engine partner on South Korea’s fighter jet programme, as Britain seeks closer ties with the Asian nation’s booming arms sector to help rebuild its own defence industrial base. South Korean defence group Hanwha Aerospace produces current-generation engines on the KF-21 fighter jet under licence from GE. But US export restrictions over national security concerns…

China needs to take a long-term view and let the renminbi rise

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is an economist and also sits on the board of the Bank of China (UK). He writes in a personal capacity China faces a currency trilemma. Should its policy be for the renminbi to strengthen, depreciate or stabilise? There are immediate arguments against each option so a longer-term approach is needed. Beijing should encourage a stronger renminbi and adjust domestic policy so this is seen as credible by…

Why more young Chinese have military academies in their sights

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Advertisement The defence ministry’s announcement last month that three new military academies would start recruiting high school graduates from this summer has been viewed more than 8 million times on social media platform Weibo. Many users said they were excited to have the opportunity to serve their country. The new academies are the People’s Liberation Army Ground Force Service Academy in Hefei, Anhui province; the PLA Information Support Force Engineering University in Wuhan, Hubei; and the PLA Joint Logistics Support Force Engineering University in Chongqing. But recruitment will not be…