Anthony Albanese has sniped back at the opposition’s criticism of his “indulgent” six-day visit to China, pointing out the former Coalition government failed to hold a single phone call with the major trading partner for years. The prime minister has spent this week touring the country with stops in Beijing, Shanghai and Chengdu amid a period of geopolitical instability and escalating trade hostilities between the US and its trading partners. Albanese met with the Chinese president, Xi Jinping, and the premier, Li Qiang, to discuss a number of issues, including…
Month: July 2025
Chinese police investigating 5 missing teens warn of telecoms crime risk
Chinese police are investigating at least five cases of teenagers who have gone missing recently and are suspected of being caught up in scam centres, including some who have lost contact with their families after travelling to Myanmar. Advertisement Police in Hefei, the capital of Anhui province in central China, issued a notice on Wednesday, confirming the disappearance of an 18-year-old high school student who had travelled to a city in Yunnan province, in southwestern China, at the border with Myanmar. According to his parents, the student surnamed Hu left…
US-China trade deal may resemble phase 1 pact from Trump’s first term: ex-official
The US-China deal under negotiation is likely to bear similarities to the phase one trade agreement from Donald Trump’s first term, according to a former senior official in that administration – offering clues to what the highly anticipated pact may look like just weeks before a trade truce between the two rival economies is set to expire. Advertisement The agreement is “very likely to resemble, in its broad contours, the phase one trade deal negotiated between 2017 and 2020, and at the heart of that was a substantial purchase of…
China’s ASML endeavour and India eyes Taiwan ties
Hi everyone, this is Lauly, waving hello from drizzly Tokyo, where I am on a short business trip. It’s been a while since I last visited this vibrant city. That was in spring 2023, shortly after the lifting of Covid quarantine controls. We had a company team-building event that almost every overseas correspondent attended. We took a dinner cruise on a traditional boat in Tokyo Bay and later sang karaoke. Touching down in Haneda Airport yesterday reminded me how joyful it is to see colleagues that you work closely with…
Restaurant in China criticised for putting baby lion cuddles on menu
A restaurant in northern China has been criticised by animal welfare groups for offering an unusual item on the menu: lion cub cuddles. According to a screenshot of a menu circulating on social media, Wanhui – a restaurant in Taiyuan, the capital of Shanxi province – has a four-course set afternoon menu costing 1,192 yuan ($166/£124) that includes playtime with the in-house animals. The restaurant’s profile on Dazhong Dianping, a popular restaurant listings app, shows pictures of the lion cubs alongside other animals, such as deer and alligators. The menu…
Couche-Tard drops its $46bn pursuit of 7-Eleven owner
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Canada’s Alimentation Couche-Tard has withdrawn its record-breaking $46bn proposal to acquire Japan’s Seven & i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms. Couche-Tard, which owns the Circle K chain, on Thursday said a lack of “constructive engagement” by Seven & i had prompted it to withdraw the unsolicited takeover proposal that would have resulted in the largest…
China’s corruption busters target science sector in research funds crackdown
China’s top anti-corruption watchdog has pledged to focus on funding for scientific research in its latest crackdown to help ensure that hi-tech development and innovation remain a driving force for the country’s economy. Advertisement Li Xi, party chief of the Central Commission for Discipline Inspection (CCDI), told a meeting of the body’s standing committee on Tuesday that it needed to ensure that the country’s scientific and technological development advanced “in the right direction” to create a good environment for innovation. He said this would require a focus on key risk…
Wahaha heiress’ inheritance battle puts Chinese family firms in spotlight
Kelly Zong Fuli, chairwoman and CEO of mainland China’s largest soft-drinks producer Hangzhou Wahaha Group, is embroiled in a wealth-inheritance dispute that has prompted questions about the sustainability of the country’s family businesses. Advertisement The daughter of late founder Zong Qinghou is facing two lawsuits as three plaintiffs, claiming to be her half-brothers and half-sister, seek to prevent her from dealing with assets worth about US$2 billion. The feud surfaced just a year after the heiress won a battle for control of the company following her father’s death in February…
China’s Type 076 Sichuan is a next-level amphibious assault ship
China’s latest amphibious warship is designed to take sea-to-land assaults to the next level – a vessel capable of launching fighters and fixed-wing drones like never before. Advertisement The new-generation Type 076 assault ship will feature an advanced electromagnetic catapult launch system, allowing a wider variety of aircraft to take off more frequently during an amphibious attack. The flat-top vessel will serve as a fleet command centre that will enable drones, helicopters, fighters and landing craft to approach an adversary’s coast. China’s first Type 076 new-generation amphibious assault ship, the…
US investment banking is so back
Donald Trump asked lawmakers whether he should fire Federal Reserve chair Jay Powell, and Wall Street saw a surprise comeback in investment banking fees. Plus, the UK’s inflation rate rose higher than expected last month, and yields on Japan’s 10-year government debt jumped ahead of Sunday’s election. Mentioned in this podcast: Donald Trump asked lawmakers whether he should fire Fed’s Jay Powell Goldman Sachs profits jump 22% after investment banking gains UK inflation unexpectedly rises to 18-month high of 3.6% Japan’s 10-year yield hits highest level since 2008 financial crisis…