This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. Weekly jobless claims fell last week, the US labour department reported yesterday. While the lower-than-expected number looks reassuring, it may have been due to seasonal quirks — fewer US auto plants shut down this year than in a typical summer, according to multiple economists. Meanwhile, the rise in continued claims indicated that hiring…
Month: July 2025
Japan’s Ishiba on the brink in pivotal poll as inflation stokes backlash
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Chinese farmer turns inventor with homemade 7-metre submarine
On a quiet river in central China’s Anhui province, villagers in Hanshan county stopped to stare as a sleek black shape sliced through the water with a low mechanical growl. Advertisement It was not a military test or an industrial prototype. It was a home-made submarine – designed, built, and piloted by Zhang Shengwu, a 60-year-old farmer with no engineering degree and no blueprint to follow. Zhang’s boatbuilding has become a viral sensation in China. Photo: Handout “I’d watched boats all my life,” Zhang told Dawan News, a government-affiliated outlet,…
China’s influential marketisation index declines, sparking calls for reforms
Chinese economists have called for more pro-market reforms to tackle economic imbalances and vicious intra-industry competition, as a new report has revealed a decline in a major index tracking the country’s marketisation. Advertisement In a new assessment from the National Economic Research Institute, a Beijing-based think tank, China’s overall level of marketisation – measured by five criteria, including government-market relations – stood at 5.62 out of 10 in 2023, slipping by 0.1 from 2019 and by 0.4 from 2021, the index’s four-year peak. The index, typically published every two years,…
China unveils new drone that takes off and lands on its tail like a rocket
China has unveiled a tail-sitter drone – which takes off and lands on its tail like a rocket – during a disaster rescue drill, according to state media. Advertisement In its debut, the new unmanned aerial vehicle’s sensors and cameras were put to the test for reconnaissance and real-time situational awareness operations in a mountainous region of Sichuan province, the official Science and Technology Daily reported on Tuesday. The drone’s Wenyao intelligent control system was also on show, with the drill demonstrating capabilities such as autonomous target allocation, automatic route…
‘No longer a pet project’: tiny Beijing stock exchange becomes IPO hub
The tiny Beijing stock exchange is attracting more companies hoping to list this year than China’s two dominant mainland markets combined, as the previously-overlooked venue benefits from investors’ renewed appetite for small cap technology stocks. Established by President Xi Jinping in September 2021, the exchange was for several years regarded as something of a joke by investors, with a market capitalisation of just $118bn, compared with a total of around $17tn across Shanghai, Hong Kong and Shenzhen. But it has received 113 applications for initial public offerings so far in…
US House committee chair warns Panama about Chinese influence over Panama Canal
The head of a US congressional on Thursday, warned Panama over Chinese influence on the Panama Canal, following reports that leading Chinese state-owned conglomerates are bidding for port concessions there now for sale by Hong Kong-based CK Hutchison Holdings. Advertisement In his letter to Minister of Maritime Affairs and Administrator of the Panama Maritime Authority Luis Roquebert, Representative John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, expressed alarm over China’s “malign influence” on the canal, a conduit vital for global shipping and supply chain security.…
Fentanyl likely on US-China trade agenda after long absence: analysts
The trafficking of materials to make the drug fentanyl – the issue cited by the US in its initial tariff escalation against China in March – is set to be back in focus for future talks, analysts said, after two previous rounds did not appear to broach the subject. Advertisement Speculation over the drug’s presence in future negotiations was fuelled by US President Donald Trump’s remarks on the topic Wednesday, making reference to China’s “big steps” – including the threat of the death penalty for smugglers – to curb the…
Brazil triples rare earth exports to China, a ripple from US-China rift
Brazil’s rare earth exports to China tripled in the first half of 2025 just as Chinese imports surged to a record high, fuelling concerns that Beijing-Washington trade tensions may be quietlyreroutingg the world’s supply chains through emerging economies. Advertisement The figures are part of a report released on Thursday by the China-Brazil Business Council (CBBC) that shows Brazil’s exports to China fell 7.5 per cent compared to the same period last year, reaching US$47.7 billion. Imports from China rose 22 per cent to US$35.7 billion. As a result, Brazil’s trade…
Japan’s troubling fiscal laxity
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Given how long Japan had to battle to emerge from deflation, the nation’s politicians can perhaps be forgiven for struggling to respond appropriately to an election in which voters’ leading concern is rising prices. Yet opposition party promises to scrap or cut the 10 per cent consumption tax charged on most goods and services, and the ruling bloc’s rival offers of cash handouts — both headline pledges ahead of Sunday’s…