Pop Mart pushes global expansion amid concerns of ‘peak Labubu’

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India’s billionaires struggle to woo Trump

India’s billionaires had big hopes for the Trump presidency but nearly one year since his second term began, two of the biggest are paying the price for the worst relationship between New Delhi and Washington in decades. US President Donald Trump, angry with President Vladimir Putin for refusing to stop his war in Ukraine, directed that ire to India’s Russian oil imports, and doubled the tariff on Indian goods to 50 per cent.  It meant a direct hit for the business empire of India’s richest man, Mukesh Ambani. The refining…

Rise of China’s open source platforms will burst AI bubble

The open source approach championed by some Chinese tech companies is preventing monopoly platforms from taking hold in artificial intelligence (AI). The massive investment in AI is justified in the case of repeat monopoly winners from previous waves of tech development, such as Microsoft, Intel, Qualcomm, Google and Meta. However, as China views proprietary systems and platforms as potential chokepoints, it is leveraging its market to develop open source substitutes. Users in the wider world are likely to prefer open source platforms that they can control. Open source platforms will…

India’s year in review

This article is an on-site version of the India Business Briefing newsletter. To receive it in your inbox regularly, sign up if you’re a premium subscriber, or upgrade your subscription here. Good morning. What a year! It’s been an intense 12 months for India. We had a terror attack, a war, a trade stand-off, a deadly plane crash. The markets were down, and then they were up, even though it didn’t ever quite feel like it since it was on a narrow band of stocks. Politically and economically, it was . . . a lot.…

PLA begins second day of live-fire exercises around Taiwan

The PLA Eastern Theatre Command said troops would conduct exercises simulating attacks on maritime targets and carry out anti-air and anti-submarine operations to the north and south of the island. PLA kicks off military exercises around Taiwan PLA kicks off military exercises around Taiwan The command on Monday said the drills – dubbed Justice Mission 2025 – were a warning to the “independence forces” and against external interference. Advertisement They come amid heightened tensions across the Taiwan Strait after Washington approved a record US$11.1 billion arms sale to Taiwan. Beijing…

Trump ‘not worried’ about Beijing’s military drills around Taiwan

US President Donald Trump on Monday described Beijing’s large-scale military exercises around Taiwan as routine activities that have occurred “for 20-25 years”, expressing no concern over the escalation and instead citing his personal rapport with Chinese President Xi Jinping. “I have a great relationship with President Xi, and he hasn’t told me anything about it,” Trump said in remarks to reporters during a press conference with Israeli Prime Minister Benjamin Netanyahu at his Mar-a-Lago estate in Florida. When pressed on whether the manoeuvres were a sign of impending conflict, Trump…

Why the feud between Tokyo and Beijing could rage on for a while yet

Nearly two months after Japan’s new prime minister enraged Beijing with her remarks on Taiwan, the issue is not going away. Sanae Takaichi set off a diplomatic firestorm in November when she suggested that Japan could justify a military response if Beijing attacked Taiwan. Beijing hit back with diplomatic, economic and military pressure in a campaign analysts said reflected concerns about Japan’s assertiveness on regional security and closer ties with the US and other allies. Advertisement Tensions are soaring, and there is no end in sight. But according to analysts,…

Venezuela condemns US arms sale to Taiwan, echoing Beijing’s position

Venezuela criticised the United States on Monday over its decision to approve a large-scale arms sale to Taiwan, aligning itself with Beijing as tensions escalated around the island. In a statement issued by the foreign ministry, the Venezuelan government said the sale interfered in China’s internal affairs and breached international commitments undertaken by Washington. It reiterated its support for the one-China principle and said Taiwan is “an inalienable part of China’s territory”. Advertisement The comments followed Washington’s approval of an arms package to Taiwan valued at about US$11 billion, one…

FirstFT: China launches military exercises around Taiwan

This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here Good morning and welcome back to FirstFT Asia. In today’s newsletter: Beijing’s war games around Taiwan US stocks eclipsed by global markets in 2025 How Abu Dhabi rose as a sovereign wealth power The rise of the side hustle China has launched a new round of military drills around Taiwan, a move it said was…

Nuclear game changer: China builds crab-walking electric ICBM mobile launcher prototype

Researchers in China have developed a fully modular, intelligent electric-drive heavy-duty vehicle that could be used as a mobile launcher for an intercontinental ballistic missile (ICBM). The researchers said the vehicle could “crab walk” through tight or obstructed terrain that would defeat conventional launchers and its near-silent operation improved its stealth abilities. A prototype was unveiled in Beijing on December 21, less than two years after the project was approved in January 2024 as a major initiative under the National Natural Science Foundation of China. Advertisement Led by Tsinghua University,…