Day: October 23, 2025

India’s top refiner Reliance says it will ‘recalibrate’ Russian oil purchases

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Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world India’s top refiner has said it will “recalibrate” Russian oil imports in line with government guidelines as US President Donald Trump steps up pressure on New Delhi to stop buying oil from Moscow. Reliance Industries, which operates the world’s largest refining complex in the western city of Jamnagar, said it would adjust its purchases based on advice given by the Indian government. “Recalibration of Russian oil imports is…

China confirms US trade talks in Malaysia as potential Xi-Trump summit looms

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China’s Vice-Premier He Lifeng will hold trade talks with US officials during a visit to Malaysia from Friday to Monday, Beijing’s Ministry of Commerce said on Thursday. Advertisement The two sides will “consult on important issues in China-US economic and trade relations” in keeping with the “consensus reached during multiple phone calls by the two nations’ leaders this year”, the ministry confirmed in a statement on its official website. The coming negotiation will mark the fifth round of trade talks between the world’s two largest economies and serve as a…

China-led moon mission’s water probe will be ‘first for humanity’: space agency

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China could beat the United States to become the first country to find water on the moon, with all international payloads already handed over for its next robotic lunar mission which is slated for launch in August. Advertisement Tang Yuhua, deputy chief designer for the Chang’e-7 mission, said the spacecraft’s development was progressing smoothly, with scientific instruments from six national partners and one NGO delivered to the China National Space Administration. The instruments have been provided by China’s traditional partner Russia along with Egypt and a number of US space…

As China’s fourth plenum wraps, editorial hails system as anchor of stability

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As China prepares to unveil its next five-year plan on Thursday, the mouthpiece of the country’s ruling Communist Party has styled the nation’s socialist system as a source of strength that powers the development of the vast Chinese economy and provides stability to the global economy. Advertisement In an editorial published on Thursday morning, People’s Daily said that China’s five-year plans provided clear direction and predictability amid global uncertainty, with the country estimated to have contributed about 30 per cent of global growth over the past five years. “Formulating and…

Former Citi banker jailed over role in Singapore money-laundering scandal

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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. A former Citibank relationship manager pleaded guilty and was sentenced to two years in jail on Thursday in connection with helping a Chinese gang launder money into Singapore in one of the city-state’s biggest financial scandals. Wang Qiming was the first financial services professional to be convicted of forgery over his involvement in the scheme, in which S$3bn ($2.3bn) of funds from illegal gambling operations flowed into Singapore. Wang, a…

Does China see ‘containment’ as Asia-Pacific allies build defence ties?

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Beijing is likely to view the growing defence cooperation between India, South Korea and Australia as a strategic effort to contain China in the Indo-Pacific, according to analysts. Advertisement They said closer defence ties between the three reflected concerns over a possible security vacuum in case the United States reduced its military presence in the region. The Indian naval vessel Sahyadri docked at Busan naval port in South Korea on October 13, according to a statement from India’s Ministry of Defence. The vessel was there to take part in the…