Japan’s ‘ninja stealth rally’ draws in global investors

A four-month “ninja stealth rally” has driven Tokyo’s equity market to record highs, as global investment funds diversify away from China and the US and bet that a decade of structural change has transformed Japan’s corporate boardrooms. The rally, which began shortly after the panic set off by President Donald Trump’s “liberation day” tariff announcements in early April and which has been supported by a US-Japan trade deal, pushed the benchmark Topix above 3,000 for the first time in August. Although the Topix has retreated about 1 per cent this…

UK National Wealth Fund boosts investment in ‘volatile’ battery storage sector

Stay informed with free updates Simply sign up to the Energy sector myFT Digest — delivered directly to your inbox. The UK’s National Wealth Fund has partnered with two institutions to invest a combined £500mn in a UK-focused battery storage developer, in a move it hopes will help to crowd in more investment to the “volatile” sector.  The NWF and Aware Super, one of Australia’s largest pension funds, on Wednesday committed to invest £200mn each in battery storage developer and operator Eelpower Energy. Global infrastructure investor Equitix, which co-ordinated the…

China’s Tiangong beats ISS in heated space research race

China’s Tiangong space station has set a new record in space-based materials research after a tungsten alloy was heated to temperatures exceeding 3,100 degrees Celsius (5,612 degrees Fahrenheit). Advertisement On the ISS’s Japanese module, Kibo, scientists used a similar method – known as electrostatic levitation – to suspend tiny metal samples in mid-air and heat them with lasers, reaching around 3,000 degrees. The technique eliminates the need for a physical container that could contaminate or interfere with the sample at extreme temperatures. The experiments were conducted to study heat-resistant materials…

AstraZeneca bounces back from scandal in China

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Less than a year after a scandal embroiled its then China boss, pharma group AstraZeneca appears to have bounced back, maintaining sales and avoiding major fallout in the country. Since Leon Wang’s arrest last October during a probe of alleged illegal drug sales, the UK-listed company has installed new local leadership, launched an employee incentive scheme and pledged $2.5bn for a Beijing research and development centre — the centrepiece of…

The Chinese gadget maker taking on Tesla and Apple

An electric vehicle factory built by China’s largest smartphone maker has become a tourist attraction in Beijing, with visits to the company’s plant needing to be booked a month in advance and entry sometimes decided by lottery at peak times. Xiaomi’s loyal fans, styled “mi fen”, pack its smart car factory every day to watch the production line churn out a car every 76 seconds. Tour guides proudly compare the manufacturing processes to those of Tesla, as the Chinese company seeks to emulate its American rival’s automated production line and…

Chinese AI chipmaker Cambricon posts record profit as Beijing pushes pivot from Nvidia

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Chinese AI chipmaker Cambricon posted a record profit in the first half of the year, as it benefits from a surge in demand from companies including ByteDance for domestically made semiconductors to replace Nvidia’s chips.  The Beijing-based company on Tuesday reported a Rmb1bn ($140mn) profit in the first six months, compared with a loss of Rmb533mn the previous year. It recorded revenues of Rmb2.9bn, a 44-fold rise from 2024. Cambricon’s…

In a first, US-China team turns plastic waste into petrol in 1 step

Scientists in the US and China say they have developed a one-step method to safely turn toxic mixed plastic waste into petrol, with more than 95 per cent efficiency at room temperature. Advertisement Compared to conventional ways of turning plastic into fuel, their process requires less energy, less equipment and fewer steps, making it scalable for industrial applications. At the end of this conversion process are the main components of petrol or gasoline, chemical raw materials, and hydrochloric acid. That means the end product could be used for water treatment,…

New US envoy Julie Eadeh to arrive in Hong Kong this month: sources

Julie Eadeh, the new US consul general for Hong Kong and Macau, is set to arrive in the city at the end of this month, having received Beijing’s approval for the much-watched appointment, according to sources. Advertisement The Post reported in July that Eadeh, a career diplomat who served as the political section chief at the US consulate in Hong Kong and Macau during the 2019 protests, would take the role, subject to Beijing’s approval. “Her agrément was granted recently, so she is set to come to Hong Kong,” said…

2027 PLA goal: Victory Day parade puts progress and challenges on show

China is on a mission to turn its military into a modern fighting force. In the final article in this four-part series, we look at President Xi Jinping’s military goals and obstacles facing the People’s Liberation Army. Advertisement The 80th anniversary of China’s victory over Japan in World War II is intended to display both the strength and solidarity of the People’s Liberation Army. But just two weeks before it is set to take place, Beijing announced that former navy chief of staff Li Hanjun – a veteran who took…

China may not be waging war in Ukraine. But it still stands to win

It seems clear that US President Donald Trump achieved little more than a photo opportunity from the bilateral summit in Anchorage, Alaska, with Russian President Vladimir Putin and his subsequent meeting with Ukrainian President Volodymyr Zelensky and other European leaders. Now, a ceasefire seems more out of reach than ever. Advertisement For a negotiated peace agreement, Putin has insisted on his demands that Ukraine give up ambitions to join the North Atlantic Treaty Organisation, as well as land occupied by Russian forces. However, with the backing of top European leaders,…