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Good morning. China’s ambassador to the EU has despatched a stark warning to the bloc, saying that any nation that curbs enterprise ties together with his nation would achieve this “at their very own peril”.

Fu Cong claimed the US would “cease at nothing” to disrupt regular relations between the EU and China, including {that a} “protectionist tendency” was on the rise in Europe.

The ambassador singled out the Netherlands for having “yielded to the stress of the US” by asserting restrictions on exports to China of its high-end semiconductor-making know-how this yr. He hinted Beijing might retaliate if wanted and urged the EU to proceed its drive for “strategic autonomy”.

Fu’s feedback got here after European Fee president Ursula von der Leyen earlier pledged to tighten scrutiny of commerce and funding flows in delicate technological areas within the face of an more and more assertive China.

  • Extra on US-China tensions: Talking at a convention of world political and enterprise leaders, China’s premier Li Qiang has warned in opposition to permitting “chaos and conflicts” to erupt in Asia amid hovering tensions with Washington.

Right here’s what else I’m watching as we speak:

  • China’s abroad itemizing rules: Beijing’s new guidelines for Chinese language firms in search of offshore listings come into impact as we speak. (Reuters)

  • China hosts Malaysia’s PM: Malaysia’s Anwar Ibrahim will meet Xi Jinping as we speak on his first go to to China as prime minister. (Al Jazeera)

  • Labour market figures: Japan and the EU will publish labour market updates as we speak.

What did you consider as we speak’s FirstFT? Tell us at [email protected]. Thanks for studying.

5 extra high tales

1. Wall Road bonuses fell in 2022 by probably the most because the monetary disaster, amid increased charges and a decline in dealmaking, in accordance with a report from the New York state comptroller. Payouts dropped 26 per cent to a median of $176,000.

2. Alibaba will take into account ceding management of a few of its companies in the event that they decide to listing as a part of a break-up into six semi-autonomous items, high executives stated, because the Chinese language tech group maps out its largest restructuring in years.

3. Ford plans to spend money on a $4.5bn battery supplies plant in Indonesia alongside a Chinese language mining group, the most recent gamble by the US carmaker that drawing China into its provide chain for electrical autos won’t backfire in Washington.

4. Russia has detained Wall Road Journal reporter Evan Gershkovich on suspicion of spying, the primary arrest by its secret service of a international journalist because the invasion of Ukraine. The crime carries a sentence of as much as 20 years in jail.

5. Ken Griffin’s hedge fund Citadel plans to reopen its Tokyo workplace later this yr, virtually a decade and a half after shutting down its Japan operations in the course of the world monetary disaster. Citadel’s enlargement comes as different traders, together with the activist fund Elliott, have been rising their Japan-focused groups.

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Information in-depth

© FT montage/Dreamstime

The top of traditionally low rates of interest was billed as excellent news for banks, however latest crises on each side of the Atlantic present the fact is extra advanced, in opposition to typical knowledge. We break down the new threats and challenges at banks as rates of interest rise.

We’re additionally studying . . . 

Chart of the day

Chipmaking is a thirsty enterprise. Taiwan, house to Asia’s largest semiconductor business, is bracing itself for one more water scarcity lower than two years after overcoming its worst drought in a century.

Take a break from the information

Roger Federer reunites with pal and comic Trevor Noah to offer an unique interview to the FT on the set of the tennis nice’s newest movie for Switzerland Tourism, through which they share recommendation on visiting the nation, from Appenzell to Zurich, by way of cold-water swimming, practice journey and snowboarding the Matterhorn — or not.

Further contributions by Gordon Smith and Tee Zhuo

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