Japanese farmers’ bank vows caution after $12bn loss from Treasuries bet

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The farmers’ bank known to global markets as one of Japan’s most aggressive investors will be more cautious and correct its “imbalances” after it lost $12bn following a big bet on US Treasury bonds, its new chief executive said. Norinchukin, a co-operative lender that manages the savings of Japan’s farmers and fishermen, was until recently a voracious buyer of US government debt and other global assets, searching for yield away…

The remote Australian port caught in the middle of a US-China tussle

One of Anthony Albanese’s biggest achievements as Australia’s leader has been repairing economic ties with China. But the prime minister is now seeking to undo one contentious link with his country’s biggest trading partner: ownership of the strategic Darwin Port. Albanese, speaking before he was re-elected in May, said his party had opposed the 2015 decision by the Northern Territory regional government to “flog off” the port to Chinese shipping company Landbridge under a A$504mn ($333mn), 99-year lease. “Obviously we live in an uncertain world at the moment, the idea…

Chinese scientists create a ‘storm eye’ for PLA forces in electronic warfare

Chinese scientists have developed an advanced electronic warfare technique that can create a zone of electromagnetic calm, similar to the eye of a storm at the heart of an intense signal jamming environment. Advertisement This groundbreaking innovation could allow Chinese military forces to disable enemy communications and navigation systems while protecting their own troops and allied networks from collateral disruption. The technology, still at an early stage with feasibility verified in computer simulations, relies on coordinated unstaffed aerial platforms that emit precisely-tuned radio frequency (RF) interference. By adjusting the waveform,…

Why Nanking massacre remains such a powerful Chinese cultural symbol

This summer, two Chinese films – Dead To Rights and 731 – have stirred strong public reactions. Focusing on some of the darkest chapters of World War II in Asia, these films revisit the horrors of the Nanking massacre and the atrocities of Japan’s Unit 731, which conducted biological experiments on civilians in northeastern China. Advertisement The films have triggered a wave of reflection, especially among younger audiences. Many are watching depictions of these wartime events for the first time, discovering a legacy of trauma that still shapes Chinese national…

Meta changes course on open-source AI as China pushes ahead with advanced models

Facebook parent Meta Platforms, a major proponent of open-source artificial intelligence (AI) models with its Llama family, has indicated it would be more “careful” going down the open-source road, a move that contrasts with China’s embrace of open-source. Advertisement In fact, China has probably found the path to “surpass the US in AI” thanks to the momentum in the country’s vibrant open-source AI ecosystem, according to Andrew Ng, a renowned computer scientist known for his work in AI and the field of deep learning. Wu, an adjunct professor at Stanford…

More than just fun: how China is using theme parks to fuel consumer spending

As temperatures soared to a sweltering 39°C, thousands of families still lined up for the launch of China’s first Legoland resort, undeterred by the heatwave. Advertisement The attraction became an instant hit – not just for children craving plastic-brick adventures, but for policymakers desperate to find the next big demand driver and jolt a weary consumer market back to life. With families eager for quality experiences during the summer holidays, the spotlight is back on leisure spending – one of the few bright spots in a faltering consumer landscape, where…

Will Chinese Z-10ME attack helicopters now power Pakistan’s military?

Images circulating online suggest Pakistan’s military has received a shipment of Chinese-made advanced attack helicopters, a version of which has been deployed by the People’s Liberation Army (PLA) near China’s mountainous border with India. Advertisement In the past week, photos and videos of the Z-10ME, the export version of the Chinese multirole attack helicopter, have appeared on Pakistani social media accounts. On Tuesday, a social media user believed to be an active-duty member of the Pakistan Army uploaded a video clearly showing the helicopter airborne, apparently conducting field airport support…

China-built satellite station a ‘shining’ example of support for Namibia

On the outskirts of the Namibian capital Windhoek, a Chinese-funded and built satellite data receiving ground station symbolises China’s growing cooperation in Africa’s nascent space industry. Advertisement The station was described by the Chinese embassy as “a shining example of China-Namibia cooperation” as they celebrated the 35th anniversary of diplomatic relations. In a social media post on July 18 announcing the completion of the satellite facility ahead of time earlier this year, the embassy said it aimed to support Namibia in developing its space-related infrastructure and training technical talent, while…

China’s new breed of academic paper mills promising a shortcut to grad school

The agency’s advertisement promised just the kind of “cutting-edge” expertise that Chris Wong was looking for. Advertisement The 21-year-old arts student was aiming to get into a graduate programme overseas after completing his studies in Australia, and the “commercial research” firm could give him a ticket in. For nearly 20,000 yuan (US$2,800), the Beijing-based agency would guide Wong through a three-month independent online course of study in his field to produce a research paper that would be published in a leading journal. The paper would help him stand out from…

Vice-premier urges south China’s Foshan to stamp out chikungunya as cases rise

A senior Chinese official has visited the epicentre of the country’s chikungunya fever outbreak, as the number of cases of the mosquito-borne virus rises. Advertisement Chinese Vice-Premier Liu Guozhong visited the southern city of Foshan in Guangdong province earlier in the week, urging authorities to “strictly implement port health quarantine measures”, state news agency Xinhua reported on Friday. Liu told city authorities to “improve prevention and control measures”, “effectively eliminate mosquitoes” and “cut off epidemic spread channels”, the report said. Foshan, a manufacturing hub of 10 million residents, accounted for…