Chinese parts supplier takes stake in leading Russian drone maker

The owner of a major Chinese drone parts supplier has taken a stake in one of Russia’s leading drone companies, highlighting a deepening relationship between Moscow and Beijing’s military-industrial complexes. A company filing, made in September and seen by the Financial Times, listed Wang Dinghua as the new owner of 5 per cent of the shares in Rustakt, a manufacturer of the VT-40 first-person-view drone widely used by Russia in attacks on Ukrainian forces. Shenzhen Minghuaxin and other companies owned by Wang, a businessman based in the southern Chinese city,…

Gold rally dents sales at China’s jewellery retailers

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s jewellery retailers are reeling from gold’s blistering rally and the reduction of a tax rebate as high prices have deterred buyers and led to hundreds of store closures in one of the world’s largest consumer markets for the metal. Large retail chains have reduced their footprint in mainland China this year, while a number of small sellers told the Financial Times that rising prices and a growing tax burden…

China takes on US and Russia as it touts J-35 fighter jet in the Middle East

China’s second fifth-generation fighter jet, the J-35, could find buyers in the Middle East as demand grows for advanced stealth aircraft in the region – though its capabilities remain unknown, according to analysts. A model of the J-35 – made by China National Aero-Technology Import & Export Corporation (Catic) and with a design similar to that of the American F-35 – was on display at the event. Advertisement Fifth-generation fighters typically feature stealth and supercruise capabilities – meaning they can cruise at supersonic speed without using their afterburners. They are…

Spain stops pork exports to China after African swine flu cases

Spain’s Agriculture Ministry said it has halted all pork exports to China after two wild boar found dead near Barcelona tested positive for African swine flu, the first cases in three decades. The outbreak, the first since 1994, coincides with Spanish efforts to court Beijing and gain market share in the pork sector and after China imposed tariffs on EU pork during an anti-dumping investigation. Spain is the European Union’s leading pork producer, accounting for roughly a quarter of the bloc’s output, ahead of Germany, with annual pork exports of…

Could the PLA use long-range rockets against ships in an attack on Taiwan?

The People’s Liberation Army’s long-range rocket launchers can hit moving targets at sea during island seizure operations, according to mainland Chinese state media. In a report on Thursday, state broadcaster CCTV gave the first official confirmation that the PLA’s PHL-03 land-based rocket launchers could be a threat to moving surface vessels more than 100km (62 miles) away, indicating potential use against ships. Previously, the launchers were thought to only pose a threat to land targets. Advertisement “Striking maritime targets not only significantly expands the operational reach of long-range firepower but…

China launches nationwide high-rise inspections after deadly Hong Kong fire

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China will inspect high-rise buildings across the nation for fire safety, its government said on Saturday, in the wake of the deadly fire in a Hong Kong housing complex that has claimed at least 128 lives.  The sweeping campaign will focus on high-density housing that is undergoing external wall renovations or interior modifications, as well as public buildings such as hospitals, office buildings and residential compounds, China’s Ministry of Emergency…

Beijing launches nationwide fire safety drive in wake of deadly Hong Kong blaze

Authorities in mainland China have launched a nationwide campaign to eliminate fire hazards in high-rise buildings, days after Hong Kong’s deadliest blaze in decades tore through a residential complex – claiming at least 128 lives. The Work Safety Committee of the State Council, China’s cabinet, announced the sweeping drive in a notice on Saturday, according to state media. The notice pledged to “identify and rectify” fire risks across high-rise residential and public-use buildings, from tower blocks to offices, hospitals and shopping complexes, state broadcaster CCTV reported. Advertisement The campaign specifically…

‘It is fake’: why US industry leader refused to believe China’s robot march clip

On November 14, Chinese robotics firm UBtech released footage showing hundreds of Walker S2 humanoid robots standing in precise formation inside a warehouse. The machines turned their heads in unison, waved their arms and marched into shipping containers – a scene so visually arresting it evoked sci-fi blockbusters like I, Robot. Brett Adcock, founder and CEO of leading US robotics company Figure, responded with disbelief. He immediately took to social media to suggest the footage was computer-generated. Advertisement “Look at the reflections on this bot, then compare them to the…

China set to benefit as South Africa looks to diversify away from US

South Africa is looking to new export markets in Asia – particularly China – and Europe to diversify away from the United States, as its relations with Washington rapidly deteriorate. America boycotted last weekend’s Group of 20 summit in Johannesburg after Washington accused Pretoria of persecuting Afrikaner farmers, labelling the situation “white genocide” – a claim the South African government strongly denies. On Wednesday the situation escalated, with US President Donald Trump saying Pretoria would not be invited to next year’s G20 talks in Miami. South Africa called the move…

Three days of mourning begin after Hong Kong’s deadliest fire in decades

Hong Kong officials mark beginning of official mourning period with moment of silence Hong Kong officials have held a moment of silence at the start of a three-day mourning period to remember those killed after the city’s deadliest fire in nearly 80 years. At least 128 people are now known to have died in the fire which engulfed several tower blocks on Wednesday. Hundreds remain unaccounted for. Eight people have been arrested on suspicion of corruption over the renovation works the blocks had been undergoing. Three others were detained earlier…