The federal government is racing to save a major new agreement with Vanuatu, after Anthony Albanese’s plans to sign the deal were rebuffed over concerns about infrastructure funding from China. Speaking alongside Vanuatu’s prime minister, Jotham Napat, on Tuesday, Albanese said he was confident the Nakamal agreement will be “able to be signed soon”, talking up cooperation and proper process with Vanuatu’s governing coalition. The Australian prime minister travelled to Port Vila before this week’s Pacific Islands Forum, hoping to sign the agreement, which would see Australia spend up to…
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Indonesian markets rattled after Prabowo fires finance minister
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Indonesian stocks and the rupiah fell on Tuesday as fears mounted over the country’s fiscal discipline under President Prabowo Subianto after he removed longtime finance minister Sri Mulyani Indrawati. Sri Mulyani, who had served as Indonesia’s finance minister for 14 of the past 20 years under three different presidents, was abruptly removed from her role on Monday. She was replaced with Purbaya Yudhi Sadewa, an economist and chair of the…
China detains banker son of ex-regulator facing corruption probe
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Chinese authorities have detained a senior banker whose father, the country’s former top securities regulator, is also under investigation, as President Xi Jinping’s anti-corruption campaign increasingly ensnares family members of fallen officials. Yi Chenyang, a rising star at state-backed China International Capital Corporation, one of the country’s leading investment banks, was taken away by authorities in recent weeks as part of the investigation into his father, according to two people…
BYD predicts car brand clearout in China as Beijing cracks down on discounting
Stay informed with free updates Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox. BYD has predicted a bloodbath in the Chinese car industry in the wake of Beijing’s crackdown on aggressive discounts, warning that roughly 100 carmakers needed to be “pushed out” of the hyper-competitive market. China’s car industry has been at the forefront of President Xi Jinping’s attacks on cut-throat price wars stemming from excessive manufacturing capacity. Government officials have blamed aggressive discounting, known as neijuan or “involution”, in various industries for…
Hong Kong: a comeback with Chinese characteristics
For individuals Discover all the plans currently available in your country For multiple readers Digital access for organisations. Includes exclusive features and content. Financial Times
Will GST reforms help Indian exporters weather Trump tariff turmoil?
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. As Veena mentioned on Friday, Andres Schipani and I will be filling in for her this week as she is off gallivanting in Europe, so bear with us if we can’t match her award-winning wit and style. The weekend was largely news-free in India, but what drew attention was a softening of rhetoric between the Indian and US leaders.…
India’s banks want to break into the M&A game
Stay informed with free updates Simply sign up to the Indian business & finance myFT Digest — delivered directly to your inbox. In the first-half of this year. India saw nearly 700 mergers and acquisitions worth around $24bn, excluding private equity investments and exits. But Indian banks earned absolutely nothing from directly financing the deals. India’s regulators have long blocked the country’s public and private banks from providing loans to domestic companies to buy equity in other businesses. That has pushed acquirers turn to bond issues, non-banking financial institutions and…
Russia’s Rosatom says planning to sell renminbi bonds in China
Stay informed with free updates Simply sign up to the Russian business & finance myFT Digest — delivered directly to your inbox. Russian state-owned nuclear monopoly Rosatom is preparing to raise funds on the Chinese bond market, underscoring Moscow’s growing reliance on Beijing as ties between the two countries deepen. Confirmation of the plans by a Rosatom representative came after the Financial Times reported on Sunday that China was preparing to reopen its domestic bond market to Russian energy companies. Rosatom, which builds nuclear power plants and exports enriched uranium,…
Russia’s Rosatom prepares sale of renminbi bonds in China
Stay informed with free updates Simply sign up to the Russian business & finance myFT Digest — delivered directly to your inbox. Russian state-owned nuclear monopoly Rosatom is preparing to raise funds on the Chinese bond market, underscoring Moscow’s growing reliance on Beijing as ties between the two countries deepen. Confirmation of the plans by a Rosatom representative came after the Financial Times reported on Sunday that China was preparing to reopen its domestic bond market to Russian energy companies. Rosatom, which builds nuclear power plants and exports enriched uranium,…
China and Russia increasingly working ‘in tandem’ to undermine faith in governance, top Finnish official claims
Finland’s political state secretary for foreign affairs and defence has claimed China and Russia are increasingly working “in tandem” to disrupt and interfere in free societies, and undermine faith in governance. In an interview with Guardian Australia to mark his official visit to Australia and New Zealand, Pasi Rajala said Russia would not be able to sustain its war in Ukraine without help from Beijing, including through supply of critical technology and the proceeds of oil and gas sales. Sign up: AU Breaking News email “You need to expose what…