Vladimir Putin arrives in North Korea for first go to in 24 years

Good morning. In at present’s e-newsletter we’re protecting:

• A ship collision within the South China Sea

• An unique interview with India’s opposition chief

• Entrepreneur Pierre Chen’s Taipei condominium

We begin, nonetheless, with Vladimir Putin’s first go to to North Korea in 24 years amid Russia’s burgeoning ties with Kim Jong Un’s regime.

The North Korean chief met Russia’s president on the airport earlier this morning for the beginning of a two-day go to, based on state tv footage. Putin and Kim are anticipated to signal a brand new strategic partnership settlement throughout the journey, the Kremlin has stated.

In an article printed in North Korean state newspaper Rodong Sinmun forward of his arrival, Putin stated Moscow would search to work intently with Pyongyang to withstand western stress over Russia’s invasion of Ukraine and North Korea’s nuclear and ballistic missile programme.

North Korea yesterday reaffirmed its assist for Russia’s invasion, which Kim has known as a “sacred war”.

Putin’s go to comes as considerations develop within the west about deepening commerce and navy co-operation between Moscow and Pyongyang. Learn extra on the settlement the 2 international locations are anticipated to signal.

Right here’s what else I’m retaining tabs on at present:

• Financial coverage: The Financial institution of Japan releases minutes from its newest financial coverage assembly.

• China-Malaysia relations: Chinese language Premier Li Qiang is visiting Malaysia as Prime Minister Anwar Ibrahim pushes for nearer ties with Beijing. However many in Kuala Lumpur are wanting extra from the federal government’s China pivot.

• China-Tibet dispute: A bunch of US lawmakers arrived in India yesterday to meet the Dalai Lama, Tibet’s religious chief, in a go to prone to upset Beijing. (Reuters)

5 extra prime tales

1. A Filipino sailor sustained a “severe injury” after the Chinese language coastguard deliberately rammed a Philippines vessel within the disputed South China Sea, the nation’s navy has stated. The incident is the most recent confrontation between the 2 international locations amid mounting tensions over contested waters within the South China Sea.

2. UBS chief government Sergio Ermotti has warned that Switzerland dangers being overtaken by Hong Kong because the world’s wealth administration hub if policymakers overreact to the autumn of Credit score Suisse. Throughout a speech yesterday, Ermotti displayed a slide that confirmed Hong Kong’s wealth administration sector set to overhaul Switzerland by 2027, whereas Singapore was on track to be in third place.

3. Nvidia has leapfrogged Microsoft and Apple to turn out to be essentially the most beneficial firm on the planet. The US chipmaker’s market capitalisation hit $3.335tn yesterday — a landmark second following months of explosive share value progress pushed by demand for its chips and an investor frenzy over synthetic intelligence.

4. Toyota chair Akio Toyoda was re-elected by shareholders yesterday amid considerations about governance points on the world’s largest carmaker. However Toyoda was pressured to defend himself after proxy advisers beneficial a vote in opposition to him over car testing and emissions knowledge points at group subsidiaries.

5. The Israeli navy stated yesterday that senior officers had accredited “operational plans for an offensive in Lebanon”. The announcement got here amid fears of an all-out battle between Israel and Hizbollah, with the US main a diplomatic push to de-escalate the scenario.

The Indian political panorama has undergone a “tectonic shift” after this month’s sudden election end result and Prime Minister Narendra Modi’s authorities will “struggle” to outlive, Rahul Gandhi, the nation’s most distinguished opposition politician, has claimed in an unique interview with the FT.

We’re additionally studying and listening to . . . 

• The bullish case for TSMC: Shares of the Taiwanese semiconductor large nonetheless lag behind Nvidia and different chipmakers. However there are progress alternatives within the coming quarters, writes June Yoon.

• 🎧 Tech Tonic: China is pushing the frontiers of scientific analysis, launching missions to the Moon and exploring the remotest locations on Earth as a part of its grand plan to turn out to be a tech superpower.

• At dwelling with Pierre Chen: The Taiwanese tech entrepreneur exhibits off his artwork and wine-filled Taipei condominium, and discusses holding agency within the face of threats from China.

Chart of the day

Shein has been diversifying away from quick vogue and attempting to enhance buyer loyalty forward of a deliberate itemizing in London. New analysis exhibits Gen Z buyers — who powered the Chinese language-founded start-up’s explosion on to the style scene throughout the pandemic — have been utilizing Shein much less at the beginning of the yr.

Take a break from the information

A brand new wave of luxurious lodges is providing guests to Tokyo wow-factor futurism in addition to quiet up to date luxe. FT Globetrotter has visited the better of the town’s new era of high-end lodging.

Further contributions from Irwin Cruz and Gordon Smith