Disgraced head of China’s famed Shaolin Temple defrocked, firms deregistered

Companies linked to Shi Yongxin, the disgraced head of China’s renowned Shaolin Temple, have been deregistered, and his Buddhist credentials revoked – with authorities citing “severe damage” caused to the image of the order. Advertisement The swift move to erase the institutional footprint of the abbot of China’s most famous Buddhist sanctuary came a day after temple authorities said Shi was under investigation for criminal charges, including embezzling funds and temple assets. The Buddhist Association of China, the national governing body overseeing Buddhist affairs, expressed its strong support for the…

China investigates head monk of Shaolin ‘Kung Fu’ temple

Shi Yongxin, the abbot of the world-renowned Shaolin Temple, is being investigated by multiple agencies for embezzlement, “improper relationships with multiple women” and “fathering illegitimate children”, the temple said on Sunday. The 1,500-year-old Shaolin Temple, located in a mountain range in central China’s Henan province, attracts thousands of disciples every year – some from across the world. Mr Shi, who has been Shaolin Temple’s abbot since 1999, has earned the nickname “CEO monk” for transforming the institution into a global brand. He has been stripped of his ordination certificate amid…

Tracking Trump’s Tariffs: Rates for China, the E.U. and More

MapSize by 2024 imports MapSize by 2024 imports MapSize by 2024 imports MapSize by 2024 imports 10% 20% 54% 104% 145% 30% Feb. 1 March 4 April 2 May 12 Canada 2021 ’21 2022 ’22 2023 ’23 2024 ’24 2025 ’25 May 2025 58% Mexico 2021 ’21 2022 ’22 2023 ’23 2024 ’24 2025 ’25 May 2025 48% MapSize by 2024 imports Active Steel 50 Active Aluminum 50 Active Autos and auto parts 25 In process Copper — In process Lumber — In process Semiconductors — In process Pharmaceuticals —…

Head of Shaolin Temple in China under investigation on suspicion of embezzlement

China’s famous Shaolin Temple has announced that its abbot is under investigation on suspicion of misappropriation and embezzlement of project funds and temple assets. Shi Yongxin is alleged to have committed criminal offences and violated Buddhist precepts by maintaining relationships with multiple women over a long period and fathering at least one child, according to a notice from the temple’s authority on its WeChat account. The notice said a joint investigation was being carried out by multiple departments and its findings would be announced in due course. On Monday, China’s…

Why some Chinese students are skipping elite universities amid job market fears

After underperforming in China’s national college entrance exam in June, Lu Jie was accepted into a computer science and technology programme earlier this month at a lesser-known polytechnic university in central China’s Hunan province. Advertisement “Good schools had too many applicants for this major, so I had to choose a lower-ranked one to pursue it,” Lu said. The results for the exam, better known as the gaokao, have been released over the past two weeks – marking a life-changing moment for students like Lu. Now more than ever, students are…

US-China talks to restart as hopes grow for trade war truce extension

The US and China are due to start a fresh round of talks on Monday as expectations grow that the world’s two biggest economies could agree a 90-day extension to their trade war truce. The meetings in Sweden – led on Washington’s side by Treasury Secretary Scott Bessent and for Beijing by Vice Premier He Lifeng – come hours after US President Donald Trump announced a framework tariffs deal with the European Union. The current 90-day truce between the US and China – which saw the two countries temporarily lowering…

GSK to pay Hengrui US$12.5 billion for global rights to 12 drug projects

GlaxoSmithKline (GSK) will pay a Chinese company US$12.5 billion for exclusive global rights to develop a dozen drugs, in a landmark deal that underscores how China’s research labs are snapping up market share in the global pharmaceutical and biomedical industries. Advertisement The deal would give GSK the rights to develop a drug for treating chronic obstructive pulmonary disease (COPD) called HRD-9821, as well as 11 of the preclinical programmes owned by Jiangsu Hengrui Pharmaceuticals. The global rights exclude mainland China, Taiwan, Hong Kong and Macau, according to a statement to…

How Chinese scientists fought 74 years for world’s most powerful dam – and won

In 1951, immediately after Tibet’s liberation, the Chinese government established the first Tibetan scientific expedition. Advertisement This was the first comprehensive scientific expedition to the Qinghai-Tibet Plateau. More than 50 researchers, equipped with barometers, compasses and other basic instruments, accompanied the army on their pioneering quest. It took them nearly three years to complete the expedition from the Jinsha River in the east to Mount Everest in the west, and to the Yarlung Tsangpo River in southern Tibet. A geological map highlighting key mining areas along the route was compiled,…

What India’s economy can teach the UK

Stay informed with free updates Simply sign up to the Indian business & finance myFT Digest — delivered directly to your inbox. Last week, as India’s Prime Minister Narendra Modi was preparing to board his plane to the UK to announce the countries’ new mangoes-to-motor-cars trade deal, his government put out a little-noticed press release: India’s UPI digital payments network was now processing real-time transactions at a rate of 640mn a day, overtaking Visa to become the world leader. The network has rocketed in importance in India, thanks to the…

Trump freezes export controls to secure trade deal with China

The US has frozen restrictions on technology exports to China to avoid hurting trade talks with Beijing and help President Donald Trump secure a meeting with President Xi Jinping this year, according to people familiar with the matter. The commerce department’s Bureau of Industry and Security, which runs export controls, has been told in recent months to avoid tough moves on China, according to eight people, including current and former US officials. US and Chinese officials will meet in Stockholm on Monday for a third round of trade talks following…