Month: August 2025

Chinese Foreign Minister visits Afghanistan for 3-way talks involving Pakistan

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Chinese Foreign Minister Wang Yi has arrived in Kabul to meet his counterparts from Afghanistan and Pakistan. Advertisement It is Wang’s first trip to the country since a surprise visit in March 2022. China’s Ministry of Foreign Affairs confirmed he arrived in Afghanistan on Wednesday. The ministry had earlier said he would travel to Pakistan later in the day for a three-day visit that will include talks with Ishaq Dar, Pakistan’s deputy prime minister and foreign minister. According to Geo News, a Pakistani media outlet, the Kabul meeting will focus…

Figma rival Canva valued at $42bn as IPO rumours swirl

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Stay informed with free updates Simply sign up to the Technology sector myFT Digest — delivered directly to your inbox. Canva, the Australian design software developer that competes with Adobe and Figma, has launched a share sale programme for its staff that it said valued the company at $42bn. The Sydney-based company said on Wednesday that demand came from existing shareholders and new investors including JPMorgan Asset Management. Founded in 2013, Canva develops web-based design software that is widely used in schools and large companies to prepare presentations. It is…

After Shaolin Temple scandal, China’s Buddhists urged to obey law and pay taxes

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Buddhists should obey the law, be patriotic, pay taxes and “play an active role in building the nation and society”, China’s Buddhist regulator said on Tuesday, speaking out for the second time this month about the disgraced abbot of Shaolin Temple. Advertisement In a statement on its website, the Buddhist Association of China said that Shi Yongxin, the former abbot, had misappropriated and embezzled funds and temple assets, violated Buddhist regulations, and was suspected of criminal offences. “This has tarnished the reputation of the Buddhist community in China. Therefore, Buddhist…

Beijing military parade to show off Chinese weapon advances

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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. China will show off a range of new hypersonic missiles and uncrewed weapons at a huge military parade early next month, highlighting the People’s Liberation Army’s increasing capabilities for targeting US naval forces in the Pacific and waging war on Taiwan. The parade on September 3 will include the “debut of hypersonic, anti-missile defence and strategic missiles to exhibit our strong strategic deterrence capabilities”, Major General Wu Zeke, deputy director…

Pop Mart targets mobile phones with mini Labubus as it aims to doubles sales

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Pop Mart said it would be able to easily double this year’s revenue from its 2024 record sales, as it prepares to launch a mini version of the Labubu plush toy to extend its phenomenal success and conquer more hearts beyond mainland China. Advertisement The company, founded in 2010 in Beijing, could double its 2025 revenue to 30 billion yuan (US$4.2 billion) from last year’s sales of 13 billion yuan, said Pop Mart’s founder and CEO Wang Ning, citing the bigger-than-imagined worldwide market for its plush toys and figurines. “I…

China-India talks: Modi praises ‘stable, predictable, constructive ties’

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China’s top diplomat Wang Yi highlighted to Indian Prime Minister Narendra Modi how dialogue mechanisms between their countries have been revived when the two met on Tuesday, following their latest cautious overture amid a rapidly evolving global landscape. Advertisement In New Delhi, Wang said that during border talks he and India’s National Security Adviser Ajit Doval had reached a consensus on regular management and control to maintain peace in border areas, properly handling sensitive points and advancing delimitation talks in specific regions, when conditions permitted. Wang said they also agreed…

India and China hail warming ties amid Trump-induced geopolitical shake-up

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India’s prime minister and China’s foreign minister have hailed “steady” progress in their countries’ fractious relationship, agreeing to resume trade and other ties, as well as work towards resolving the long-running Himalayan border dispute, amid a global geopolitical shake-up instigated by Donald Trump’s tariff regime. According to statements from China’s foreign ministry, the two sides agreed to resume direct flights – reiterating a pledge made in January – as well as issuing visas to journalists and facilitating business and cultural exchanges. On social media, India’s prime minister, Narendra Modi, noted…

Labubu frenzy sends Pop Mart profits and shares soaring

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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. The global popularity of the furry elf doll Labubu helped Pop Mart’s sales more than triple in the first six months of the year. The Chinese toy company’s sales jumped to Rmb13.9bn ($1.93bn), while net profit soared almost 400 per cent to Rmb4.6bn, beating the company’s own forecasts of “at least” 350 per cent given last month. Overseas sales accounted for about 40 per cent of sales. Shares climbed more…

New Zealand dollar slumps on outlook for further rate cuts

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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. The New Zealand dollar slumped to a four-month low after the country’s central bank lowered interest rates and signalled further cuts to combat a weak domestic economy and global uncertainty over US President Donald Trump’s tariffs. The Reserve Bank of New Zealand cut interest rates by a quarter of a percentage point to 3 per cent, as expected, but said two of the six members of its Monetary Policy Committee…

HKEX’s first-half profit soars 39% to record high on IPO boom, trading volume

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Advertisement Second-quarter net profit for the operator of Asia’s third-largest stock market rose 41 per cent to HK$4.44 billion (US$569 million), or HK$3.51 per share, from the previous second-quarter high of HK$3.16 billion in 2024. This is the second consecutive quarterly record profit for the HKEX. That propelled the exchange’s six-month profit to a record HK$8.52 billion, 39 per cent higher than last year, according to HKEX, which recently celebrated its 25th anniversary. The result beat analysts’ estimates and surpassed the previous record profit of HK$6.93 billion in the second…