South Korean leader Lee takes ‘pragmatic approach’ to reset ties with China, Japan

South Korean President Lee Jae Myung’s back-to-back visits to China and Japan suggest a “pragmatic approach” to reset ties with both countries as tensions soar between Beijing and Tokyo, analysts said. Lee met Japanese Prime Minister Sanae Takaichi on Tuesday during a two-day trip to Japan. Speaking to reporters after their summit in Nara – Takaichi’s hometown – Lee said there was “unprecedented turmoil” in the global political landscape and trade order. He stressed the need for South Korea and Japan to expand cooperation at this “pivotal turning point in…

Bessent warns Korean currency weakness ‘not in line’ with economy

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US Treasury secretary has criticised weakness in the Korean won, saying its depreciation is “not in line” with the country’s “strong economic fundamentals” and adding to concerns about the currency’s volatility in one of Asia’s biggest exporters. The Korean won strengthened as much as 0.84 per cent following Scott Bessent’s comments to Won1,463 overnight in Asia, before weakening during Thursday trading back to Won1,472. Bessent “emphasized that excess volatility…

Beijing looks for social workers to place on disputed South China Sea islands

China is recruiting social workers for disputed islands in the South China Sea. According to a notice published on Monday, the government of Sansha, the authority set up to administer the disputed territories, said it was looking for 11 “community workers” to post on eight reefs and islands in the Paracel and the Spratly islands. The territories include Woody Island, the administrative centre of the disputed territories, and Mischief Reef, which is home to a large military base. Advertisement The notice was unclear about the nature of the roles, but…

The crisis whisperer: how Adam Tooze makes sense of our bewildering age

In late January 2025, 10 days after Donald Trump was sworn in for a second time as president of the United States, an economic conference in Brussels brought together several officials from the recently deposed Biden administration for a discussion about the global economy. In Washington, Trump and his wrecking crew were already busy razing every last brick of Joe Biden’s legacy, but in Brussels, the Democratic exiles put on a brave face. They summoned the comforting ghosts of white papers past, intoning old spells like “worker-centered trade policy” and…

China pushes coal-fired power projects alongside renewables

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. More than 100 coal-fired power station generator units are set to start supplying electricity worldwide in 2026 as China continues to develop projects using the fossil fuel even as it installs huge amounts of wind and solar power.  The 104 projects due to open this year are among 439 under construction, according to an analysis of plans by Global Energy Monitor, highlighting the enduring reliance on coal-fired power stations despite…