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Good morning. In today’s newsletter we cover:
We start, though, in Taipei, where Taiwan’s new president Lai Ching-te has asked visiting US lawmakers to support more legislative action to help strengthen his country’s defences.
His request yesterday followed two days of Chinese military exercises around Taiwan, which Beijing branded a “punishment” of Lai. The US government criticised them as “provocations”.
China claims Taiwan as part of its territory and threatens to attack it if Taipei refuses to submit under its control indefinitely. Beijing is particularly hostile towards Lai, whom it accused of being “provocative” and “deceitful” in his inaugural address a week ago, when he urged a resumption of cross-Strait exchanges but also reasserted Taiwan’s sovereignty.
The FT’s Kathrin Hille has the details of Lai’s meeting with US lawmakers in Taipei.
Here’s what else I’m keeping tabs on today:
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Hess vote: Shareholders will vote today on whether to accept Chevron’s $53bn to buy Hess.
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Australia trade figures: April retail trade data will be released today.
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Donald Trump in court: A Manhattan court will hear closing arguments in Trump’s “hush money” trial. Our US Election Countdown newsletter will have the latest on the trial and the upcoming November vote. Sign up for free here.
Five more top stories
1. China’s Premier Li Qiang hailed a “new beginning” with South Korea and Japan as the three countries pledged to revive talks on a free trade agreement. Here’s what else we learned from the summit in Seoul yesterday.
2. Israel faced international criticism after its air strike killed dozens of Palestinians in a camp for displaced civilians in Rafah. Israel’s Prime Minister Benjamin Netanyahu called the deaths a “tragic accident”, and the Israeli military prosecutor ordered an investigation. Earlier, the military said Israel had targeted a “Hamas compound” in an operation that killed two senior militants. Read the full story.
3. China has raised Rmb344bn, its largest round to date, to support its chip industry. The money raised from the so-called Big Fund will support President Xi Jinping’s self-sufficiency drive launched amid US efforts to restrict the country’s access to the latest technology. Our reporters detail where the contributions have come from, and what they’ll go towards.
4. Profits at China’s industrial companies returned to growth in April. Businesses with more than Rmb20mn ($2.8mn) in turnover increased 4 per cent year on year, according to the National Bureau of Statistics. The data highlights Beijing’s efforts to boost manufacturing as other areas of the world’s second-largest economy struggle to regain momentum.
5. US market modernisation plan will have huge repercussions. The project is going live tomorrow, shortening the time it takes to finalise the millions of securities trades across its markets every day. Jennifer Hughes and Harriet Clarfelt explain why, and what could go wrong . . .
The US-China geopolitical relationship: what is the way forward? Join FT, Nikkei Asia and Asia Society experts for a free webinar on June 18 and put your questions to our panel now.
Big Read
As rewilding opens new habitats, the debate is growing over whether to coexist with animals or control their numbers. In Europe, the issue is especially relevant as it pertains to wolves, whose population is up 81 per cent since 2012. The issue of human-wolf coexistence is more than an economic question for farmers. “It’s now a conflict of urban against rural, of left against right . . . The wolf is in the middle of this fight.”
We’re also reading and listening to . . .
Chart of the day
Low prices, revenge travel and a blockbuster IPO are keeping the cruise industry shipshape. Overall 34.7mn passengers worldwide are expected to take a cruise this year according to trade body the Cruise Lines International Association — 17 per cent more than in 2019.
Take a break from the news
“Baking has been getting all the love for far too long, it’s time ice-cream claimed its crown as the ruler of desserts!” Terri Mercieca writes in the introduction of her new book The Happy Endings Cookbook: Desserts That Dreams Are Made Of. A nerd and a revolutionary, Mercieca will make you fall in love with ice-cream making.
Additional contributions from Sarah Ebner and Tee Zhuo.
