Day: July 30, 2023

‘Ticking bomb’ malware threatens to compromise US security

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The Biden administration is on the hunt for malware that may compromise military and civilian power grids, communications systems and water supplies, according to a report in the New York Times. The malware, which is believed to have been inserted by Chinese hackers associated with the People’s Liberation Army, could seek to disrupt and slow down any reaction by the U.S. military should China move against Taiwan, U.S. officials told the Times. One congressional official said the malware was “a ticking time bomb” that could make it possible for China…

US Officials See Stronger Ties After Trip to Indo-Pacific

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Brisbane, Australia —  U.S. officials are leaving Australia feeling emboldened following a nearly weeklong trip that also featured a visit to Papua New Guinea. Defense Secretary Lloyd Austin’s ninth trip to the Indo-Pacific aimed to improve intensifying ties with Papua New Guinea by strengthening the government’s defense capabilities, and secure more ambitious plans for defense cooperation with Australia. Speaking on the sidelines of multiple meetings with Australian defense officials, U.S. officials said the work, especially discussions in Brisbane for the 33rd annual Australia-United States Ministerial Consultations, paid off. “The U.S.-Australia…

China: 31,000 forced to flee homes in Beijing as Typhoon Doksuri brings heavy rains

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Beijing has recorded its heaviest rainfall this year as the remnants of Typhoon Doksuri passed through China’s capital, forcing more than 31,000 people to evacuate their homes in the city, according to state broadcaster CCTV. Heavy rain continued to fall in Beijing as well as in Hebei, Tianjin and eastern Shanxi as Doksuri dissipated over northern China, the China Meteorological Administration said. Doksuri is one of the strongest storms to hit China in years and caused widespread flooding over the weekend in the southern province of Fujian, driving hundreds of…

China’s economic recovery not ‘turning the corner’, but hope endures that Beijing will put money and policy where its mouth is

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“Policy support should drive a turnaround later this year. But with officials taking a restrained approach to stimulus, any reacceleration in growth is likely to be modest.” Last week, the Politburo – the Communist Party’s prime decision-making body – listed key tasks for the second half of the year to expand domestic demand, improve confidence and prevent risks after the country’s sequential economic growth slowed to 0.8 per cent in the second quarter. Advertisement “[The data] puts more onus on policymakers to move swiftly to provide much-needed policy support, echoing…

‘Absolute loyalty’: Xi turns anti-corruption focus to China’s military

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Receive free Chinese corruption updates We’ll send you a myFT Daily Digest email rounding up the latest Chinese corruption news every morning. Xi Jinping has unleashed a new campaign to enforce party discipline and root out corruption in the military, in a sign that the Chinese leader’s decade-long push to exert tight personal control over the armed forces has fallen short. At two high-level meetings in Beijing this month, Xi told military leaders they must “focus on solving the prominent problems that persist at party organisations on all levels with…

Italy seeking to leave ‘atrocious’ China Belt and Road plan without harming ties – minister

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Joining China’s vast Belt and Road Initiative (BRI) was an “atrocious” decision, Italy’s defence minister has said, and the issue was how to leave it without damaging ties with Beijing. Guido Crosetto said in an interview published on Sunday that the move made four years ago under a previous government had done little to boost exports, while Chinese exports to Italy had soared. Italy signed up to the BRI in 2019, becoming the only major western member. Crosetto is part of an administration that is considering how to break free…

Investment flows poised for historic shift after ‘giant leap’ by BoJ

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Receive free Japanese government bonds updates We’ll send you a myFT Daily Digest email rounding up the latest Japanese government bonds news every morning. Global investors are poised for days of uncertainty as bond, currency and equity markets absorb a landmark shift from the Bank of Japan to allow bond yields to rise more freely, a decision that analysts said marked a significant step towards unwinding decades of ultra-accommodative monetary policy. Kazuo Ueda, the BoJ’s new governor, announced on Friday that the central bank would loosen its grip over the…

Top China Official Visits Pakistan, Marking Economic Corridor Milestone

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Islamabad —  A senior Chinese leader landed in Pakistan Sunday to attend a government-sponsored ceremony this week, marking the 10th anniversary of their infrastructure development collaboration under China’s global Belt and Road Initiative. He Lifeng, the Chinese vice premier and special presidential envoy, arrived in Islamabad amid tight security. The government declared a two-day holiday in the Pakistani capital starting Monday “to provide foolproof security” to the foreign delegation. The foreign ministry said Lifeng’s visit “reflects the importance” the two countries attached to deepen their bilateral ties further. It noted…

Decoupling From China ‘An Illusion,’ French Finance Minister Says

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Beijing —  France’s finance minister said Sunday during a visit to Beijing that cutting all economic ties with China was “an illusion,” as some Western countries question their reliance on the Asian giant. “We are totally opposed to the idea of decoupling. Decoupling is an illusion,” Finance Minister Bruno Le Maire told reporters at the French embassy. “There is no possibility of having any kind of decoupling between the American, European and Chinese economies.” Le Maire nonetheless defended France’s ambition to become more economically independent in certain sectors. But, he…