7 minutes on Asia: Europe’s struggle for relevance in the age of Trump’s ‘G2’

At a meeting in Brussels last month, foreign ministers from the European Union’s 27 member states sat down to discuss the bloc’s plans for the Indo-Pacific region. The conversation, according to several people familiar with it, lasted just seven minutes. Advertisement It is perhaps unsurprising, then, that officials, diplomats and experts are groaning about the lack of coherence and foresight in the union’s China policy. At a time when European leaders are promising independence, credibility and resilience, the fleeting discussion suggests a union that is distracted, divided and increasingly peripheral…

Driving competition: China’s carmakers in race to dominate Europe’s roads

When Tesla wanted to catch the eye of British buyers, it put its cars and bright signage at a dealership in west London’s prominent Hogarth roundabout. Exposure to half a million drivers every day helped the US carmaker to become the dominant electric vehicle seller in the UK. Yet drivers passing by that site now see something different: twin Chinese brands Omoda and Jaecoo, both owned by the state-controlled manufacturer Chery. Chinese cars are on a roll across Europe – they outsold Korean rivals in western Europe for the first…

Macquarie profits hit by weak performance in linchpin commodities unit

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Macquarie’s shares fell 7 per cent on Friday after the Australian financial group reported lower than expected half-year earnings, driven by weak performance in its once-booming commodities division and a writedown on some of its green investments. The Sydney-based company reported net profit rose 3 per cent year on year to A$1.7bn (US$1.1bn) in the six months to September, compared with analyst estimates of A$1.8bn compiled by Bloomberg. Its retail…

China’s most advanced aircraft carrier, the Fujian, enters service

China’s third aircraft carrier, the Fujian, entered into service on Wednesday at a grand ceremony held in Sanya, Hainan, according to state media reports. Advertisement The Fujian is China’s most advanced warship and its first aircraft carrier to be equipped with electromagnetic catapults. Its inauguration makes China only the second country, after the United States, to operate a carrier with this aircraft launch technology. President Xi Jinping oversaw the ceremony and boarded the Fujian afterwards to hear briefings on aircraft carrier combat capacities and the usage of the electromagnetic catapults,…

COP makes me excited about emerging companies again

Once again my invitation to the latest Conference of the Parties was lost in the mail. Probably for the best. It’s a long journey to Brazil only to discover when you arrive that everyone is on their own journey. At least I’ve now had time to read the Action Agenda and priorities. The woke-speak is as insufferable as ever — but often amuses. Did you know that “communities in peripheries of cities” are now lumped with indigenous peoples and the poor? Those vulnerable stockbrokers of Surrey and Connecticut! In short,…

US backs Brazilian mine to help loosen China’s grip on rare earths

Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world The US government is backing a Brazilian rare earths mine to the tune of almost half a billion dollars as part of the drive to develop a supply chain outside China for the crucial materials.  The US Development Finance Corporation in August approved a $465mn loan to Serra Verde to help fund the company’s Pela Ema rare earths mine in Goias, Brazil, DFC filings show. The funds will…