UK and India locked in final stages of trade talks

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. India and the UK are locked in the final stages of negotiating a free trade deal with both sides wrangling over key demands in London this week, according to people briefed on the talks. The most intractable area of disagreement is over Delhi’s request to be exempted from the UK’s “carbon border tax”, starting in 2027, which would add costs to imports from Indian such as steel, two people with…

Vietnam hails ‘victory of justice’ as it marks 50 years since end of war

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Vietnam’s top leader has hailed the country’s “victory of justice” and its rapid development, as the south-east Asian nation celebrated the 50th anniversary of the end of the war with the US. At a grand military parade in Ho Chi Minh City, formerly Saigon, on Wednesday, To Lam, chief of Vietnam’s Communist party, praised the nation’s transformation from a war-torn country into one of the world’s fastest-growing economies, and described…

Junta bombs kill 8, injure dozens in northwest Myanmar

Junta aerial attacks in an embattled region of northwest Myanmar killed eight people and injured dozens more, residents told Radio Free Asia on Wednesday. The country’s Sagaing region is the epicenter of both insurgent movements against the military that seized control over the country in a 2021 coup and the recent 7.7 magnitude earthquake that killed thousands. It is home to towns and villages frequently targeted by junta soldiers for raids, arson, mass arrests and bombings. The military regime’s air force dropped 47 bombs on Kale township’s Nat Chaung, Nat…

Demand for Chinese stocks lifts Hong Kong exchange’s profits

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Surging global demand for Chinese stocks led Hong Kong’s exchange operator to its highest-ever quarterly profits, as investors renewed their optimism over Chinese technology companies and new listings. Net profit at Hong Kong Exchanges and Clearing rose 36 per cent year on year in the first quarter to HK$4.1bn (US$528mn) on revenues of HK$5.5bn, up 42 per cent from the same period last year. Earnings per share rose by almost…

Chinese investors pile into gold funds at record pace

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Chinese investors are piling into gold funds at a record rate, as Donald Trump’s trade war and fears over a US recession and inflation drive a hunt for haven assets. Inflows into gold exchange traded funds in China total 70 tonnes — or about $7.4bn — so far this month, more than double the previous monthly record, according to the World Gold Council, an industry body. “Whilst we have seen…

China manufacturing activity plummets amid Trump tariff war

China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States. Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs. The impact of the measures began to show in official data on Wednesday, with the Purchasing Managers’ Index (PMI) –…

Samsung warns US tariffs will dent memory chip and smartphone sales

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Samsung Electronics has warned that US tariffs will hit demand for its products as the world’s largest maker of memory chips and smartphones presented a downbeat outlook for the year. The South Korean company said “growing policy risks” would increase uncertainty for its chip business, while tariffs would raise prices for smartphone components and put downward pressure on mobile device sales. “Ongoing uncertainty surrounding US tariff policies continues to pose…

Tariffs hit home for small US businesses that rely on Chinese imports

Stay informed with free updates Simply sign up to the US economy myFT Digest — delivered directly to your inbox. Small US businesses that have relied on Chinese manufacturing are in a bind as Donald Trump’s tariffs begin to bite, with few able to find US factories that will produce their wares. As the Trump administration pushes ahead with 145 per cent levies on imports from China, there are growing worries that trade paralysis could crush small businesses that have blossomed with the aid of Chinese labour, materials and technology.…

Trump’s tariffs and China cloud post-Lee Singapore poll

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Singapore’s election outcome this week is set to provide a rare moment of relative certainty for its citizens, as Donald Trump’s trade war changes the world on which the country has built its wealth since independence 60 years ago. Barring an almost unthinkable upset, Prime Minister Lawrence Wong will extend the dominance of his People’s Action party with its 16th consecutive victory on Saturday, making it one of the most…

Trade hub Singapore votes in shadow of Trump’s tariff war

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Singapore’s election outcome this week is set to provide a rare moment of relative certainty for its citizens, as Donald Trump’s trade war changes the world on which the country has built its wealth since independence 60 years ago. Barring an almost unthinkable upset, Prime Minister Lawrence Wong will extend the dominance of his People’s Action party with its 16th consecutive victory on Saturday, making it one of the most…