Day: August 12, 2025

Man faces jail in US for shipping 850 turtles in socks to Hong Kong

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A Chinese man has pleaded guilty in a US district court to exporting around 850 protected turtles wrapped in socks and falsely labelled as toys, the US Department of Justice said. Between August 2023 and November 2024, Wei Qiang Lin exported to Hong Kong more than 200 parcels containing the turtles, according to a Justice Department statement on Monday. The boxes packed with the turtles had been labelled as “containing ‘plastic animal toys’, among other things”, the authorities said. Lin primarily shipped eastern box turtles and three-toed box turtles. Both…

Trump’s China trade truce extension spurs market rally

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Donald Trump’s decision to extend a truce in the trade war with China has triggered a stock market rally across the globe. On Monday night, the US president signed an executive order extending the deadline for higher tariffs on China until 10 November. Beijing said early on Tuesday it would suspend additional tariffs on US goods for a further 90 days. In response, markets in Japan and Australia hit record highs on Tuesday, as expectations grow that the US and China could secure a trade agreement before the end of…

MP Tulip Siddiq holds Bangladeshi citizenship, say prosecutors

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Bangladeshi prosecutors say that British MP Tulip Siddiq holds Bangladeshi citizenship, despite her claims she does not, as the former anti-corruption minister faces trial. The Labour MP has held a Bangladeshi passport and identity card as an adult, and has been registered to vote in the country, Mohammad Sultan Mahmud, public prosecutor for Bangladesh’s Anti-Corruption Commission, told the Financial Times on the sidelines of court proceedings this week in which…

Global stocks rally as Washington and Beijing signal trade talks

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Global stock markets rallied on Tuesday, with Japanese and Australian equities hitting record highs after US President Donald Trump extended a trade war truce with China. Japan’s Topix benchmark rose 1.6 per cent, while the country’s exporter-oriented Nikkei 225 jumped 2.7 per cent. Australia’s S&P/ASX 200 hit a new all-time high after climbing 0.2 per cent, and China’s CSI 300 gained 0.6 per cent. Futures tracking the S&P 500 and…

Scania to export half of trucks built at €2bn China plant

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Scania intends to export half of the trucks to be built at its new €2bn plant in China as the Swedish group doubles down on manufacturing in the world’s largest commercial vehicle market despite rising geopolitical tensions. Chief executive Christian Levin told the Financial Times that the Volkswagen-owned group was preparing for a wave of Chinese-made trucks by staying close to rivals who are producing cars in the country and…