Is an AI price war about to begin?

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The price of using artificial intelligence is falling. In China, entry-level access to AI models has been marketed for about $3 a month by the country’s hottest AI group Zhipu. Widely seen as one of China’s closest local equivalents to OpenAI, it develops large language models to compete with US systems. In a market where paid plans from US peers are closer to $20 a month depending on tier, and…

FirstFT: US and Japan unveil $36bn in projects as part of trade deal

Good morning and welcome back to FirstFT Asia. In today’s newsletter: US and Japan announce first projects under $550bn deal China’s push to develop brain implant tech The truth about population decline Washington and Tokyo have unveiled the first three industrial projects in the US to receive financing under a $550bn deal struck last year that protected Japan from the worst of President Donald Trump’s tariffs. What to know: The plans, worth a combined $36bn, followed months of negotiations and marked the first step in Japan’s commitment to act as…

Cricket legends join outcry over Imran Khan’s health in prison

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In his bitter fight with his jailers in Pakistan, the country’s former cricket captain and prime minister Imran Khan has received the backing of his former opponents on the pitch. Fourteen former international cricket captains this week called on Islamabad to provide “immediate” medical attention to Khan as outrage grows in Pakistan over his alleged mistreatment in prison. England’s Mike Atherton, India’s Kapil Dev Nikhanj and Australia’s Allan Border are…

US and Japan unveil first mega-projects under $550bn trade deal

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 and Japan have unveiled the first three industrial projects in America to receive financing under a $550bn trade deal struck last year that protected Japanese companies from the worst of President Donald Trump’s tariffs. The plans, worth a combined $36bn, followed months of negotiations and marked the first step in Japan’s commitment to act as chief financier for projects in critical sectors of the US economy.…

US and Japan unveil first mega-projects under $550bn deal

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 and Japan have unveiled the first three industrial projects in America to receive financing under a $550bn deal struck last year that protected Japanese companies from the worst of President Donald Trump’s tariffs. The plans, worth a combined $36bn, followed months of negotiations and marked the first step in Japan’s commitment to act as chief financier for projects in critical sectors of the US economy. The…

US has ample copper supplies while China falls short, study finds

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US has access to more than enough raw copper to meet domestic demand, according to new research on the crucial metal that suggests developing processing capacity is more important than an expansion of stockpiles planned by the Trump administration. The country can meet 146 per cent of annual demand using raw copper from overseas and domestic mines and from scrap, analysis by Benchmark Mineral Intelligence found. The figure for…

Alone in Japan by Tom Feiling — a country in crisis

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In 2040, just a decade and a half from now, the list of 10 most populous countries in the world is likely to include Nigeria, Pakistan and Indonesia. Missing will be one country that has been a mainstay of the list: Japan.   “Old people first outnumbered children in Japan back in 1995,” notes Tom Feiling in Alone in Japan. Schools are shutting down for lack of students, houses in the…

US copper problem is processing, not supply, study finds

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US has access to more than enough raw copper to meet domestic demand, according to new research on the crucial metal that suggests developing processing capacity is more important than an expansion of stockpiles planned by the Trump administration. The country can meet 146 per cent of annual demand using raw copper from overseas and domestic mines and from scrap, analysis by Benchmark Mineral Intelligence found. The figure for…

Former prince Andrew agreed to help strike $8bn cash-for-oil deal between UAE and China

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Andrew Mountbatten-Windsor agreed to help negotiate an $8bn cash-for-oil swap between a Chinese sovereign wealth fund and the rulers of the United Arab Emirates during an official visit to China, according to recently released emails. Mountbatten-Windsor and David Stern, a banker with whom the former prince worked closely, exchanged multiple messages about the plan with Jeffrey Epstein, starting while the disgraced financier was still under house arrest for soliciting sex from…

Bank probe reveals Adani associates’ secret investments

At the very moment India’s Adani Group was accused in 2023 of manipulating its public valuation to extreme highs, two of the conglomerate’s close associates secretly held billions of dollars’ worth of shares in its listed companies, bank documents indicate.  A memo to executives at Italy’s largest bank, Intesa Sanpaolo, sets out the conclusions of an internal investigation into clients associated with Adani Group after US short seller Hindenburg Research accused the group of “brazen stock manipulation”. The memo and other bank documents shared with the FT by the Organized…