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Early figures from China’s two dominant mobile payment services, Alipay and WeChat Pay, showed strong inbound travel spending during the country’s five-day Labour Day holiday.Alipay, a unit under Ant Group, said in a statement on Monday that both the number of transactions and total spending by inbound travellers across 13 e-wallets in its network – including those from Hong Kong, Macau, Singapore, Pakistan and South Korea – doubled in the May 1 to 5 period from a year ago. It attributed the growth to China’s updated tax refund and visa-free policies. Ant is the fintech affiliate of Alibaba Group Holding,…

Former South Korean president Yoon Suk-yeol is facing disapproval from local shamans over his purported links to a spiritual adviser who is under investigation for corruption.Yoon, who was removed from office on April 4 following his failed December 3 martial law decree, and his wife, Kim Keon-hee, have been accused of regularly asking shamans for spiritual advice, according to local media.On Wednesday, prosecutors conducted their first court-approved raid against the couple as part of an investigation into one of their advisers, Jeon Seong-bae, a shaman better known as Monk Kujin.Members of the country’s “shamanic community” said Yoon had given their…

The State Bank of Pakistan (SBP) cut the policy rate on Monday to 11 per cent, amid trade and industry sectors advocating for a significant cut. The central bank’s policy rate, after being slashed by 1,000bps from 22pc since June 2024 in six intervals, previously stood at 12pc. April inflation stood at a low of 0.3pc, largely due to a high base a year ago. The reduction is also primarily attributed to lower prices of key food staples such as wheat and its derivatives, onions, potatoes and certain pulses, as well as a cut in electricity and fuel charges. These…

Stay informed with free updatesSimply sign up to the EU trade myFT Digest — delivered directly to your inbox.Like Donald Trump, the EU prides itself on its mastery of the art of the deal. The trademark Brussels event is a summit that ends at three in the morning, with weary negotiators emerging with a complex new accord.The EU’s way of dealmaking is almost the precise opposite of the White House style. The US president is impulsive, fast-moving, makes extreme demands and is willing to break all the rules. The Europeans are legalistic, methodical and constantly looking for compromises and trade-offs.The…

India has begun work to boost reservoir holding capacity at two hydroelectric projects in the India-occupied Kashmir, sources with knowledge of the matter told Reuters, after fresh escalation with Pakistan led it to suspend the Indus Waters Treaty. Tensions between the two countries have spiked following the April 22 attack in occupied Kashmir’s Pahalgam that killed 26 people, mostly tourists, marking one of the deadliest assaults in the region since 2000. India has implied cross-border links without evidence, while Pakistan vehemently rejected the allegation and called for a neutral probe. A “reservoir flushing” process to remove sediment began on Thursday,…

Foreign Minister Olivier Nduhungirehe says the ‘ongoing’ discussions are ‘still in the early stages’.Rwanda’s foreign minister has confirmed his country has entered discussions to receive immigrants deported from the United States, less than a year after a similar plan with Britain fell through. “It has not yet reached a stage where we can say exactly how things will proceed, but the talks are ongoing,” Olivier Nduhungirehe told state broadcaster Rwanda TV in an  interview late on Sunday. “Still in the early stages.” Last week, US Secretary of State Marco Rubio said he was searching for more countries to take in…

Foreign Minister Olivier Nduhungirehe says the ‘ongoing’ discussions are ‘still in the early stages’.Rwanda’s foreign minister has confirmed his country has entered discussions to receive immigrants deported from the United States, less than a year after a similar plan with Britain fell through. “It has not yet reached a stage where we can say exactly how things will proceed, but the talks are ongoing,” Olivier Nduhungirehe told state broadcaster Rwanda TV in an  interview late on Sunday. “Still in the early stages.” Last week, US Secretary of State Marco Rubio said he was searching for more countries to take in…

Global rating agency Moody’s on Monday said that escalating tensions between India and Pakistan would weigh on Pakistan’s economic growth. An attack on April 22 in occupied Kashmir’s Pahalgam killed 26 people, mostly tourists, in one of the deadliest assaults since 2000. India has implied cross-border links without evidence, while Pakistan has rejected the claim and called for a neutral probe. Tensions have since spiked, with Pakistan reinforcing its forces as it expected an incursion and India’s premier granting “operational freedom” to his military. As temperatures remain high, with the military warning of a “swift” response to any misadventure by…

In 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.The goal involving the next-gen fighter was created in view of People’s Liberation Army weaknesses against the American B-21 stealth bomber in a conflict within the first island chain, it said. The ginkgo leaf-shaped fighter is unofficially dubbed the J-36 and is in development by the PLA.According to the article in Shipborne Weapons, a publication owned by China Shipbuilding Industry Corporation, when the sixth-generation fighter is in service,…

Beneath the bustling streets of major South Korean cities, vast underground malls have become an integral part of urban life, but several sinkhole incidents across the country have raised concerns about the safety of this subterranean network.A prime example is the sprawling GOTO Mall beneath the express bus terminal station in Seoul, a major transfer hub between three subway lines.The 880-metre-long underground mall street attracts many visitors to its 630 stores, ranging from restaurants and grocery stores to medical clinics. There are also unstaffed stores running 24 hours a day, including pet supply shops and print centres.Fears about the structural…