EU and China agree on plan to iron out rare earth export restrictions: von der Leyen

Advertisement “We agreed – and this is new – to have an upgraded export supply mechanism. In other words, if there are bottlenecks, this upgraded support supply chain support mechanism can immediately check and solve the problem or the issue that is out there,” von der Leyen said. China’s chokehold on rare earth exports has become one of the biggest issues in the EU-China relationship and was high on Brussels’ agenda as its leaders sat down with Chinese President Xi Jinping and Premier Li Qiang in separate sessions. The tension…

Starmer and Modi seal UK-India trade deal

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK Prime Minister Sir Keir Starmer and his Indian counterpart Narendra Modi finalised a trade deal between the two countries on Thursday that London believes will boost British exports to India by 60 per cent by 2040.  The agreement, first announced in May, means tariffs on more than 90 per cent of UK exports to India will be cut, with the largest reductions on cosmetics, clothes and food and drink…

Chinese drones carry 180 tonnes of steel and concrete up mountain

In an unprecedented show of China’s advanced civilian drone technology, a swarm of heavy-lift unmanned aerial vehicles (UAVs) has carried 180 tonnes of construction materials up a remote mountain in the country’s southwest, according to state media. Advertisement State broadcaster CCTV reported last Thursday that the aerial operation had taken place in May at a solar power project in Xichou county in Yunnan province, where rugged karst terrain and cliffs made traditional transport difficult. The feat drew widespread attention online after news reports noted the labour-saving benefits of unmanned aerial…

Nvidia AI chips worth $1bn smuggled to China after Trump export controls

At least $1bn worth of Nvidia’s advanced artificial intelligence processors were shipped to China in the three months after Donald Trump tightened chip export controls, exposing the limits of Washington’s efforts to restrain Beijing’s high-tech ambitions. A Financial Times analysis of dozens of sales contracts, company filings and multiple people with direct knowledge of the deals reveals that Nvidia’s B200 has become the most sought-after — and widely available — chip in a rampant Chinese black market for American semiconductors. The processor is widely used by US powerhouses such as…

China cuts back on pork as excess hog supply drives down prices

In response to a persistent oversupply of pigs that has contributed to a steep drop in pork prices, China’s agricultural authorities have announced concrete plans to cut back on the country’s breeding stock. Advertisement Measures should be taken to reasonably cull the sow population, reduce secondary fattening – feeding hogs past standard slaughter weights to increase margins – and strictly control new capacity to address the issue, said Minister of Agriculture and Rural Affairs Han Jun at a meeting on Wednesday. The announcement comes as pig, chicken and duck farmers…

In the Latest Space Race, It’s China vs. SpaceX

new video loaded: In the Latest Space Race, It’s China vs. SpaceX By Selam Gebrekidan, Nikolay Nikolov, Jon Hazell, Laura Salaberry and Malika Khurana•July 24, 2025 China has made it a national priority to catch up with SpaceX’s nearly 8,000 Starlink internet-providing satellites in low-Earth orbit, which it regards as a military threat. Despite successes in other parts of its space program, China has just 124 internet-providing satellites in low-Earth orbit. Selam Gebrekidian, an investigative reporter for The New York Times, explains why China is lagging behind in this new…

China sets out ethical guidelines for autonomous driving technologies

China has released ethical guidelines for autonomous driving technologies, highlighting user safety and technology transparency. Advertisement In publishing the guidelines on Wednesday, the Ministry of Science and Technology said automated driving systems “must demonstrate a high degree of respect for human life and actively seek effective strategies to minimise harm” in case of unavoidable traffic accidents. Algorithms, models and other content related to the technologies must be clearly documented and readily accessible for inspection, it said. The guidelines aim to “guide the regulated development and application of automated driving technologies,…

Thai fighter jets strike Cambodia as border clashes erupt

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Thailand has used F-16 fighter jets to bomb military targets in Cambodia after accusing its neighbour of launching attacks that it said resulted in at least nine civilian deaths, as a century-long border dispute erupted in violence on Thursday. The south-east Asian neighbours traded blame for the clashes on Thursday, which reignited a territorial dispute over several temple complexes along the 800km long border. Tensions had been simmering for weeks,…

China approving innovative drugs at record pace, shifting momentum from West

China is making inroads in the race for innovative pharmaceuticals, with a record number of drug approvals this year amid growing appeals for multinational giants to run onshore research entities. Advertisement Authorities approved 43 innovative drugs in the first half of 2025, marking a 59 per cent year-on-year increase and nearly matching the total of 48 approvals for all of last year, state broadcaster CCTV reported on Wednesday, citing data from the National Medical Products Administration (NMPA). Many of the 43 innovative drugs approved for market launch are for serious…

Hyundai profits fall 22% as US tariffs on carmakers bite

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hyundai Motor reported a 22 per cent drop in second-quarter profits on Thursday, as steep US auto tariffs began to bite amid intensive efforts by South Korean officials to secure relief for their carmakers. Hyundai, which together with sister company Kia forms the world’s third-largest auto group by sales, managed to increase US sales in the first half of 2025 by 10 per cent compared with a year earlier, as…