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The Japanese yen rose in Asian trade on Friday against a basket of major rivals, resuming gains against the US dollar and approaching a two-week high and a weekly profit on strong haven demand amid concerns about US financial stability.   Earlier Tokyo data showed inflation rose to a two-year peak, showcasing the inflationary pressures facing the Bank of Japan’s policymakers, and bolstering the odds of a Japanese rate hike in June.   The Price   The USD/JPY fell 0.% today to 143.44 yen per dollar, with a session-high at 144.07.   The yen lost 0.25% on Thursday against the…

Tensions between Beijing and Manila in the disputed South China Sea have intensified after another confrontation near Sandy Cay, this time involving the use of water cannon and a collision.The Chinese coastguard said on Thursday that it had implemented the water cannon a day earlier as a control measure, against two Philippine vessels which it said had illegally intruded into waters near Subi Reef and Sandy Cay in the Spratly Islands.According to the coastguard statement, the Philippine vessels landed personnel on Sandy Cay and, ignoring repeated warnings, “dangerously” approached a Chinese ship as it was carrying out regular law enforcement…

AXA, one of Hong Kong’s largest insurers, announced on Friday that it plans to move the legal domicile of its Hong Kong-serving entity from Bermuda to Hong Kong, following a new law introduced by the government that allows companies to return to the city while retaining their legal identity and business continuity.“We are excited to be among the first to redomicile to Hong Kong,” Sally Wan, chief executive officer of AXA Greater China, said in a statement. “This move is not merely administrative; it is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting…

Chinese advancements and inconsistent signalling by the United States under Donald Trump’s presidency are stoking concerns among allies and partners in Asia that Washington may not be a reliable guarantor of regional security, according to a report.This perception has led to increased militarisation across the region – a trend that was likely to intensify, stated the report by the independent non-profit International Crisis Group (ICG) this month.Titled “Asia in flux: the US, China and the search for a new equilibrium”, the report called on Washington and Beijing to work together to manage the risk of unintended escalation which could generate…

BYD sold more battery electric vehicles (BEVs) than market leader Tesla in Europe for the first time last month, as the Chinese carmaker continued to make inroads despite hefty tariffs on cars imported from the mainland.Shenzhen-based BYD, which also makes plug-in hybrids (PHEVs), sold 7,231 BEVs in April, a year-on-year increase of 169 per cent, according to data compiled by market research firm Jato Dynamics from 28 countries in Europe. Tesla’s sales fell 49 per cent to 7,165 units in the same period.“Although the difference between the two brands’ monthly sales totals may be small, the implications are enormous,” said…

Senior military officials from China and Thailand reached “important consensus” on strategic cooperation when they met on Thursday, according to the defence ministry in Beijing.The meeting was held between China’s chief of joint staff, Liu Zhenli, and Thailand’s top defence official, Songwit Noonpackdee, during his visit to the Chinese capital.The two military leaders “reached important consensus on strengthening strategic communication and deepening cooperation in joint exercises and training”, according to a readout on Thursday.They also “exchanged views on issues of common concern, such as relations between the two countries and their militaries and the international and regional situation”. 03:57‘We won’t…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe gutting of the Biden-era green tech and energy tax credits programme in the US would hurt key Republican states, drive up prices for consumers, hit jobs and “hand[s] a victory” to China, a key architect of the Inflation Reduction Act has warned. The House of Representatives narrowly passed a sweeping budget bill on Thursday, which includes plans to end clean energy tax credits earlier than expected, undermining a central plank of the signature programme launched under former president Joe Biden.Former…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe gutting of the Biden-era green tech and energy tax credits programme in the US would hurt key Republican states, drive up prices for consumers, hit jobs and “hand[s] a victory” to China, a key architect of the Inflation Reduction Act has warned. The House of Representatives narrowly passed a sweeping budget bill on Thursday, which includes plans to end clean energy tax credits earlier than expected, undermining a central plank of the signature programme launched under former president Joe Biden.Former…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Donald Trump’s trade negotiators are pushing the EU to make unilateral tariff reductions on US goods, saying without concessions the bloc will not progress in talks to avoid additional 20 per cent “reciprocal” duties.US trade representative Jamieson Greer is preparing to tell his EU counterpart Maroš Šefčovič today that a recent “explanatory note” shared by Brussels for the talks falls short of US expectations, according to people briefed on his thinking.The US is unhappy that the EU only offered mutual tariff reductions…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The trade war between the US and China is putting south-east Asian countries under increasing pressure to pick sides between the world’s two biggest economies, government ministers have warned.“China is looking and watching,” Malaysian trade minister Zafrul Aziz, who is leading tariff negotiations with Washington on behalf of the Association of Southeast Asian Nations, told the Financial Times.“They are saying, ‘Whatever you give to the US, we want the same because whatever you give to the US is at our expense,’” Zafrul…