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The uncertainties facing Asia and the Pacific are also an opportunity to build a more resilient and sustainable future, Asian Development Bank (ADB) President Masato Kanda said at the Opening Session of ADB’s 58th Annual Meeting of the Board of Governors. “External shocks, debt burdens, and climate change weigh heavily on the people and economies of the region. But we are not starting from zero. Growth remains solid, trade and economic integration are deepening, supply chains are diversifying, and digital connectivity and innovation are accelerating,” said Mr. Kanda. “Uncertainty is not a reason for retreat. It is a call to…
The People’s Liberation Army will send an honour guard to the Victory Day parades in Minsk and Moscow, where Chinese leader Xi Jinping is expected to appear alongside his Russian counterpart Vladimir Putin at Red Square later this week.China’s defence ministry said on Monday that it would send an honour guard to join military parades in the Russian and Belarusian capitals to celebrate the 80th anniversary of the defeat of Nazi Germany on Friday.Beijing sent honour guards to Moscow for a parade to mark Victory Day in 2015, but this will be the first time for a Chinese honour guard…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing.1. Sixth-gen fighter could block airspace 1,000km from China’s shore: articleIn a future conflict over Taiwan, Beijing’s sixth-generation fighter could block the airspace to foreign bases in Guam for up to two hours from 1,000km away, according to a mainland Chinese military magazine.2. China’s offshore yuan jumps to 6-month high as tariff rollback likely: analystsThe offshore yuan strengthened and broke past the 7.2 level against the US dollar for the first time since November, signalling an…
This article is an on-site version of our Swamp Notes newsletter. Premium subscribers can sign up here to get the newsletter delivered every Monday and Friday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersRecently I’ve begun to think perhaps I’m too much of a gloom and doomer about the US economy and its place in the world. I was struck recently by a couple of pieces, one by Joel Kotkin on UnHerd, arguing that we shouldn’t conflate American government with American people, or America, the place. The former may be wildly dysfunctional now, but it hasn’t…
The US carmaker will “adhere to visual processing solutions” to achieve safer intelligent driving in various scenarios, the company said in a post on Chinese microblogging platform Weibo on Sunday.It added that this initiative would prove that “advanced technology doesn’t require expensive, complicated sensors”.The post formed part of Tesla’s latest social-media campaign on the mainland, which reasserts billionaire chief executive Elon Musk’s scepticism of lidar – short for light detection and ranging. Similar to radar, lidar uses lasers to measure a car’s distance from objects, providing higher precision in certain environments.Musk in 2019 famously dismissed the idea of installing lidar…
My top 10 things to watch Monday, May 5 — Jeff Marks wrote the Top 10 today. 1. Wall Street was heading for a lower open after the S & P 500 on Friday logged its ninth positive session in a row . That was the first time that’s happened in two decades. This week, we’re watching the Fed meeting and Club earnings, including Disney . 2. President Donald Trump put 100% tariffs on movies produced overseas. It’s unclear how this will work. Meanwhile, the president teased trade deals may come this week. 3. Warren Buffett will be stepping down as…
Zhao Xintong became China’s first winner of the World Snooker Championship in England on Monday, defeating Mark Williams 18-12 in the final.Resuming with a 17-8 lead at Sheffield’s Crucible Theatre and needing one more frame to complete victory, the 28-year-old proceeded to lose the first four to his veteran opponent, before getting over the finish line in the fifth.“I can’t believe what I’ve done. I’m very excited,” Zhao, draped in China’s flag, told the Crucible audience. “I was so nervous tonight. Mark is still a top player and gave me so much pressure. He’s the best.“I want to say thank…
The Hong Kong Monetary Authority (HKMA) has stepped in for the second time within three days to maintain the local currency’s peg to the US dollar after the Hong Kong dollar hit the strong end of its trading band.The city’s de facto central bank sold HK$9.532 billion worth of the local currency and bought US$1.23 billion at HK$7.75 per US dollar on Monday, according to an HKMA statement.It was the second such move within three days, following a larger intervention during the New York session on May 2, when the HKMA bought US$6.005 billion at HK$7.75 and sold HK$46.539 billion…
The Hong Kong Monetary Authority (HKMA) has stepped in for the second time within three days to maintain the local currency’s peg to the US dollar after the Hong Kong dollar hit the strong end of its trading band.The city’s de facto central bank sold HK$9.532 billion worth of the local currency and bought US$1.23 billion at HK$7.75 per US dollar on Monday, according to an HKMA statement.It was the second such move within three days, following a larger intervention during the New York session on May 2, when the HKMA bought US$6.005 billion at HK$7.75 and sold HK$46.539 billion…
BUCHAREST, Romania (AP) — Romanian Prime Minister Marcel Ciolacu announced his resignation on Monday, a day after the governing coalition’s joint candidate failed to advance to the runoff in the European Union country’s critical presidential election rerun.The coalition’s candidate, Crin Antonescu, finished third in Sunday’s first round vote, putting him narrowly behind Bucharest Mayor Nicusor Dan, and far behind hard-right nationalist George Simion — who decisively took first place.“Rather than let the future president replace me, I decided to resign myself,” Ciolacu, who came third in last year’s annulled presidential election, told reporters after a meeting at the headquarters of…