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The Japanese yen rose in Asian trade on Thursday against a basket of major rivals, extending gains for the second straight session against the US dollar after major inflation data.   US inflation missed expectations in May, reducing price pressures on Fed policymakers and bolstering the odds of a September Fed rate cut.    The Bank of Japan is convening next week to discuss latest economic policies, with a less than 50% chance of a 0.25% rate hike.   The Price   The USD/JPY price fell 0.55% today to 143.72, with a session-high at 144.54.   The yen rose 0.25%…

China’s military mouthpiece has called for the large-scale and centralised deployment of unmanned combat forces at key locations to fully realise their potential in any future intelligent warfare, amid rising tensions with the US in the Indo-Pacific.In an article published on Tuesday, the PLA Daily urged “innovative” organisation and applications of unmanned systems, highlighting their “decisive and dominant” role in future conflicts, including the capability to conduct close-range precision strikes.“Driven by technologies such as autonomous unmanned systems and advanced networks, unmanned combat innovation is undergoing dramatic transformation,” the article said.“We must move beyond traditional thinking, abandon the conventional use of…

A Chinese woman has been arrested for attempting to break into the home of South Korean pop supergroup BTS member Jeon Jung-kook, better known as Jungkook, hours after his discharge from the military.The unnamed woman, in her thirties, is accused of trying to gain entry to Jungkook’s Seoul flat at around 11pm on Wednesday by repeatedly pressing the keypad door lock, according to Yonhap News Agency.Police apprehended her at the scene on charges of attempted housebreaking after a resident reported the suspicious activity, The Korea Times newspaper reported.The woman reportedly told police that she had flown to South Korea to…

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. Yesterday the US and China announced that they have agreed to a framework to restore a trade-war truce. The details are sparse, but it appears that there will be concessions from China on rare earths and magnets, and the US will soften some technology export controls and visa restrictions. The market did not get excited: the S&P 500 finished the day down 0.3 per…

After two days of closely watched trade talks between the United States and China in London, US President Donald Trump has declared the negotiations have led to a wide-ranging deal to maintain the fragile truce laid out after earlier talks in Geneva.The agreement, Trump said, would cover numerous points of contention, including shipments of rare earth minerals, student visas and tariffs.China, meanwhile, has been reticent to comment on the talks’ outcome, with representatives only saying they would submit a report for President Xi Jinping’s approval.Here, we summarise the latest developments in the ever-changing trade relationship between the world’s two largest…

Starbucks is planning to hire more baristas, in a costly gambit to re-establish a personal connection with customers put off by long queues and poor service.Brian Niccol, chief executive, on Wednesday promised an arena full of 14,000 store managers in Las Vegas that “the biggest human capital investment in connection in the history of Starbucks is about to happen”. His pledge was endorsed on stage by Howard Schultz, the revered former chief who built Starbucks into the world’s biggest coffee shop chain. Niccol was hired last year to turn around Starbucks after a sharp decline in sales. He has christened his…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Western companies say China is demanding sensitive business information to secure rare earths and magnets, raising concerns about potential misuse of data and exposure of trade secrets.Beijing’s commerce ministry is asking for production details and confidential lists of customers as part of its export approval process for critical minerals and magnets, according to multiple companies and official guidelines.China dominates the processing of rare earths and manufacturing of the magnets in which they are used.These magnets are widely used in electronics, electric vehicle…

A recent case of a Chinese militia vessel running aground on a strategic island in the disputed South China Sea has raised concerns from the Philippine side of another wave of so-called grey-zone activities by Beijing, even as Manila’s officials acknowledge the incident could be down to inclement weather.Observers point to the Philippines having adopted the same strategy to stake claim over the Second Thomas Shoal when it permanently grounded the war vessel BRP Sierra Madre in 1999.The recent incident involving a Chinese maritime militia vessel with bow number 16838 happened on June 7, just one nautical mile from Pagasa…

Horizon Robotics, which makes artificial intelligence chips for self-driving cars, plans to raise around HK$4.67 billion (US$595 million) with a share placement, as it looks to grow its business and fund more research and development efforts.In a filing with Hong Kong’s stock exchange on Thursday, the company said it would sell 681 million existing Class B shares at HK$6.93 each.Current shareholders, including 5Y Capital, Morningside China TMT Fund and HRRB Holdings agreed to sell shares to at least six independent investors through a book-building process managed by Goldman Sachs, Morgan Stanley and UBS, Horizon said.On Wednesday, Horizon shares closed at…

Chery Automobile, China’s second-largest automobile maker by volume, is aiming to complete its initial public offering (IPO) in Hong Kong in the third quarter of this year, said its chairman.The company, based in Wuhu city in eastern China’s Anhui province, has filed its intention to list on the Hong Kong stock exchange and use the city as its springboard for venturing into the global market, said Yin Tongyue during the 2025 Automotive Expo in the city.“We hope to have more of our manufacturing, research and development, and [more of our] data in Hong Kong to fully utilise the city’s advantage…