Walmart’s Sam’s Club cracks China market formula even as foreign retailers shut shop

US warehouse retailer Sam’s Club has gained traction among Chinese shoppers by strengthening localisation and launching more China-tailored products, continuing to expand even as many foreign retailers have scaled back their mainland operations or exited the market. Instead of replicating its US model, Walmart-owned Sam’s Club has introduced products catering to local tastes, including copper gourd ornaments, ginseng and some traditional food items in the days leading up to the Lunar New Year holiday. Its stores have seen robust foot traffic, with some gift-box varieties such as nuts selling out.…

Macron meets Modi in India as blockbuster fighter jet deal nears

France’s President Emmanuel Macron has held talks with Indian Prime Minister Narendra Modi as the two countries close in on a blockbuster fighter jet deal. In remarks to journalists after their meeting in Mumbai, neither Modi nor Macron, who arrived in India for a three-day visit on Tuesday, referred to the negotiations on the deal, but both stressed the importance of their nations’ defence sector co-operation. The $35bn purchase of 114 Rafale fighter jets would be India’s largest-ever defence deal. But officials in New Delhi said last-minute negotiations over details…

Macron arrives in India as blockbuster fighter jet deal nears

Stay informed with free updates Simply sign up to the Indian business & finance myFT Digest — delivered directly to your inbox. France’s President Emmanuel Macron has arrived in India as the two countries close in on a blockbuster fighter jet deal. The $35bn purchase of 114 Rafale fighter jets would be India’s largest-ever defence deal. But last-minute negotiations over details including the price could prevent the deal from being signed during Macron’s visit, officials in New Delhi said. The French president, who arrived in Mumbai early on Tuesday, will…

Why the harsh words between China and India over a remote, inhospitable valley?

Not far from the fringe of the disputed Kashmir region between India and Pakistan, in a remote valley to the north of the Karakoram mountain range, China’s road building programme has encountered another tough diplomatic posture from New Delhi. In January, India’s external affairs ministry said the stretch was “Indian territory” and that it had “consistently protested with the Chinese side against attempts to alter the ground reality”. Beijing responded that the area “belongs to China”, adding that it was “fully justified” in conducting infrastructure construction “on its own territory”.…

China’s companies cut back on year-end bonuses as profit margins narrow

As China’s workforce heads into another year-end bonus season ahead of the Lunar New Year, the mood is colder than in previous cycles. Unlike a few years ago, when social media was flooded with posts flaunting outsized payouts, public talk of bonuses has largely faded from view. Long viewed by Chinese employees as a barometer of corporate prospects, industry momentum and even the broader economy, the year-end bonus packages for 2025 have become smaller, rarer and far more unevenly distributed, amid slowing growth, squeezed profit margins and heightened external uncertainty.…

India seeks a ‘Delhi Declaration’ on AI

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. The Bangladesh National Party won a landslide victory in the general elections. Its leader, Tarique Rahman, who returned after 17 years in exile, will be sworn in today. New Delhi seems ready to work towards a reset of ties with its neighbour. We will keep an eye on the developments in the coming months. Separately, India and France…

Why China is being urged to integrate commercial space tech with military systems

China has been urged to build dual-use satellite application systems to increase the military use of commercial technology. The appeal by researchers from a university affiliated with the Central Military Commission – China’s highest command body – comes as space technology developed by private firms is increasingly being used for military purposes. For example, the US military has stepped up its use of technology from Elon Musk’s Starlink network and other commercial satellite companies, carrying out tests to help it build a more advanced and efficient command system. Advertisement Musk’s…

Brussels to tie EV subsidies to 70% local content rule

Stay informed with free updates Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox. Brussels is planning to force electric-vehicle manufacturers benefiting from state support to ensure that at least 70 per cent of the components in their cars are made in the EU, as it seeks to protect the bloc’s industries from intense Chinese competition. The European Commission will also stipulate that at least 25 per cent of products made from aluminium and 30 per cent of plastics used for windows and doors…

EVs must be 70% made in the EU to qualify for state support, Brussels says

Stay informed with free updates Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox. Brussels is planning to force electric-vehicle manufacturers benefiting from state support to ensure that at least 70 per cent of the components in their cars are made in the EU, as it seeks to protect the bloc’s industries from intense Chinese competition. The European Commission will also stipulate that at least 25 per cent of products made from aluminium and 30 per cent of plastics used for windows and doors…