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KYIV, Ukraine (AP) — Two months ago, following high-level talks between Ukrainian and American delegations in the Saudi city of Jeddah, the United States proposed an unconditional 30-day ceasefire between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy publicly announced on that same day that Ukraine was ready to accept the proposal, provided Russia did the same.The Russian leader balked, saying a temporary break in hostilities would only benefit Ukraine and its Western allies by letting them replenish their arsenals. Since then, Russia has continued its military campaign, maintaining attacks along the roughly 1,000-mile (1,600-kilometer) front line and targeting civilian infrastructure.…

The intensifying trade war with the United States has created a crisis for businesses across China, as sky-high tariffs dampen trade, disrupt supply chains and raise concerns about a wave of job losses.But one island province could stand to benefit.Hainan, a tropical haven off China’s southern coast, has emerged as a major shopping destination over the past few years, with special policies allowing its duty-free stores to maintain unbeatable prices.Now, local shops are set to gain an even greater advantage over the rest of China, as Hainan is poised to launch its own separate customs regime and can avoid applying…

Taiwanese leader William Lai Ching-te has marked the 80th anniversary of the end of World War II in Europe, in a controversial move that is being interpreted as a symbolic stand against Beijing’s growing military pressure.It was the first time that Taipei formally observed the end of the war in Europe and triggered sharp criticism at home, where analysts and opposition lawmakers accused Lai of distorting history.Lai had sidestepped Japan’s wartime atrocities and minimised the crucial role of the Republic of China (ROC) – and main opposition party the Kuomintang (KMT) – in the Allied victory that ended the second…

Indonesia has been ranked as the world’s “most-flourishing” country, according to a first-ever study measuring such an indicator, based on factors such as high life satisfaction, strong social relations and religious participation.The Global Flourishing Study (GFS), written by researchers in Harvard, Baylor University and Gallup, asked more than 200,000 respondents in 23 countries and territories about five aspects of their life: happiness and life satisfaction, mental and physical health, meaning and purpose, character and virtue, and close social relationships.Conducted between 2022 and 24, it aims to expand the scope of the annual World Happiness Report, which often features Nordic nations…

China has reported a drop in consumer prices in April, unwelcome news as the country scrambles to battle deflation wrought by sky-high tariffs levied on shipments between the world’s two largest economies.The national consumer price index (CPI), a key gauge of inflation, edged down by 0.1 per cent year on year last month, according to data released by the National Bureau of Statistics on Saturday.That was nearly the same as the 0.09 per cent fall predicted by economists in a Bloomberg poll. During the first three months of 2025, the metric saw a 0.1 per cent year-on-year decline.Although the trade…

KYIV, Ukraine (AP) — The leaders of four European countries arrived in Kyiv Saturday in a joint show of support as calls intensify for Russia to agree to a monthlong ceasefire in the three-year war.The leaders of France, Germany, Poland and the United Kingdom arrived together at the train station in Kyiv, where they met Ukrainian President Volodymyr Zelenskyy. Shortly afterward, they laid flowers at a makeshift flag memorial for fallen Ukrainian soldiers at Kyiv’s Independence Square during a ceremony marking the 80th anniversary of the end of World War II.The visit marked the first time the leaders of the…

In the first of a three-part series on financial decoupling between China and the US, experts say the economies of the world’s two biggest countries are highly intertwined and pulling apart would inflict pain equally on both sides.What a difference five years makes. When one of China’s largest cloud services providers raised US$240 million from a stock offering last month, its underwriters had to contend with two rules that did not exist when Kingsoft Cloud Holdings listed in the US in May 2020.The first was the Outbound Investment Rule that came into effect on January 2 in the waning days…

In the first of a three-part series on financial decoupling between China and the US, experts say the economies of the world’s two biggest countries are highly intertwined and pulling apart would inflict pain equally on both sides.What a difference five years makes. When one of China’s largest cloud services providers raised US$240 million from a stock offering last month, its underwriters had to contend with two rules that did not exist when Kingsoft Cloud Holdings listed in the US in May 2020.The first was the Outbound Investment Rule that came into effect on January 2 in the waning days…

Stay informed with free updatesSimply sign up to the EU economy myFT Digest — delivered directly to your inbox.A top European Central Bank official has warned that global trade wars threaten to push up inflation in the Eurozone, limiting the room for further interest rate cuts in the currency area.ECB hawk Isabel Schnabel, a member of the central bank’s six-person executive board, said in a speech in the US on Friday night that protectionism and a surge in defence spending in Europe, particularly Germany, meant policymakers needed to “keep a steady hand and maintain rates close to where they are…

Australia is expected to lean towards boosting security and economic ties with Southeast Asia, even as its incumbent leader emerges from the recently concluded election with a strong mandate that would see Canberra continue its close alliance with the United States.Over the weekend, Australia’s Prime Minister Anthony Albanese secured a second term in office, as voters chose stability over change against a backdrop of global turmoil inflicted by US President Donald Trump.Albanese’s victory makes him the first Australian prime minister in two decades to win re-election, with the outcome set to give him a stronger hand particularly in dealing with…