Wed. Jul 3rd, 2024

FirstFT: Taiwan is targeting Chinese drones<!-- wp:html --><div></div> <div> <div class="n-content-layout"> <div class="n-content-layout__container"> <div class="n-content-layout__slot"> <p>This article is an on-site version of our FirstFT newsletter. Subscribe to our <a target="_blank" href="https://ep.ft.com/newsletters/56caef18434fd60300f27c05/subscribe" rel="noopener">Asia</a>, <a target="_blank" href="https://ep.ft.com/newsletters/56caeea88b8aca0300efcbdc/subscribe" rel="noopener">Europe/Africa</a> or <a target="_blank" href="https://ep.ft.com/newsletters/56caef0ea9b6b90300a2283f/subscribe" rel="noopener">America</a> edition to get it straight to your inbox every weekday morning</p> </div> </div> </div> <p>Good morning. Taiwan has begun targeting Chinese drones flying over its remote islands for the first time, highlighting the risk that Beijing’s military pressure on Taipei could lead to actual conflict.</p> <p>Soldiers on Kinmen, a Taiwan-controlled island near the Chinese city of Xiamen, fired their first shots at a Chinese drone on Tuesday afternoon, the military’s Kinmen Defense Command said. It said the unmanned vehicle then flew off in the direction of Xiamen. </p> <p>“Under the procedure warn, report, we try to dispel with measures such as flares, and if that fails, we fire shots,” said Major General Chang Jung-shun, a spokesman for the command. </p> <p>The more assertive approach comes as Taipei tries to balance the risk of full-blown conflict against its desire to prevent China from demonstrating effective control over nearby waters and airspace or even Taiwanese territory.</p> <p><em>Do you think Beijing’s military pressure on Taipei will lead to conflict?</em> <em>Tell me what you think </em><em>firstft@ft.com</em><em>. Thanks for reading FirstFT Asia — Emily </em></p> <h2 class="n-content-heading-2">Five more stories in the news</h2> <p><strong>1. Chinese Communist Party Sets Congress for October </strong>The Chinese Communist Party will meet on October 16 in what is seen as the most important meeting of the decade, and will set the stage for Xi Jinping to secure leadership positions that will give him an unprecedented third term in power.</p> <p><strong>2. Musk seizes whistleblower report </strong>Elon Musk is using a whistleblower report from Twitter’s former security chief to amplify his legal battle to end his $44 billion deal to buy the social media company. Musk’s legal team has claimed that, if true, Peiter Zatko’s allegations conflict with several aspects of the merger agreement that was signed in April, but which the billionaire has been trying to get out of since July.</p> <p><strong>3. Gorbachev dies at age 91 </strong>Mikhail Gorbachev, the last leader of the Soviet Union, has died aged 91 after a “serious and prolonged illness,” Russian state media reported, citing a hospital in Moscow. Gorbachev, a former rural communist apparatchik, ended the Cold War and began democratizing the USSR in the 1980s during the perestroika era.</p> <p><strong>4.</strong> <strong>Kerry seeks a restart of US emissions talks with China</strong> US climate envoy John Kerry praised China’s efforts to tackle global warming and urged Beijing to resume suspended talks on the issue even as tensions flare with Washington over Taiwan’s status. The former foreign minister urged Xi Jinping to resume climate talks with the US, saying he was “hopeful” that the countries could “get back together”.</p> <p><strong>5. IMF approves Pakistan rescue package </strong>The IMF has approved the disbursement of more than $1.1 billion to Pakistan, reviving a stalled $7 billion aid package that is expected to help prevent default despite a severe economic crisis and devastating floods.</p> <p><strong>Related reading: </strong>Sri Lankan President Ranil Wickremesinghe has said the government will raise taxes and strengthen social security schemes in a budget designed to secure an IMF bailout deal and steer the bankrupt country out of a severe economic crisis.</p> <h2 class="n-content-heading-2">the next day</h2> <p><strong>India GDP </strong>The country’s economy is expected to <a target="_blank" href="https://www.reuters.com/world/india/base-effect-help-lift-indias-gdp-growth-double-digits-april-june-2022-08-26/" rel="noopener">expanded by 15.2 percent</a> in the last quarter, according to a Reuters poll of economists. (Reuters) </p> <p><strong>Evergrande court hearing </strong>The controversial Chinese real estate developer faces a court hearing in Hong Kong today after an investor in its online real estate and auto market, Fangchebao, filed a liquidation petition against the company.</p> <p><strong>Nord Stream 1 maintenance </strong>From today, Russia will suspend gas supplies through its largest pipeline to Germany for three days of maintenance work. Fears that gas flow will not resume after that, which alarmed German officials the first time it happened, have resurfaced.</p> <h2 class="n-content-heading-2">What else do we read </h2> <p><strong>Increase in Chinese espionage alarms Europe </strong>China is already known for sophisticated cyber attacks. Now his human intelligence, or “humint,” skills have taken on a level of sophistication commonly associated with Russian espionage, according to eight current and former Western intelligence officials, adding to the sense of alarm in the West.</p> <p><strong>Tough economic times are ahead </strong>If the planned tightening of monetary policy is likely to trigger a recession in the US, what could happen in Europe? The answer is that recessions are likely to be deep there, as the energy price shock is so great, writes Martin Wolf. </p> <p><strong>Has Covid-19 Made Us All Sicker?</strong> There is already evidence supporting geriatrician Dr David Strain’s concerns that the coronavirus has predisposed people to other conditions ranging from stroke to heart failure. “This is something that we’re going to have to deal with in a very big way in the near future,” he said.</p> <p><em>If you’ve had Covid-19, have you had any new health problems since then? Tell us in our latest </em><a target="_blank" href="https://compass.pressekompass.net/compasses/financial_times/have-you-suffered-from-new-conditions-or" rel="noopener"><em>opinion poll</em></a><em> below.</em></p> <p><strong>Hope for US-China Audit Agreement </strong>A deal last week for US regulators to inspect the audits of Chinese companies could prevent about 200 groups from being kicked off US exchanges. US officials — as well as hundreds of Chinese companies and global investors who own about $1.4 trillion of their shares — hope Beijing’s rare concession is real. </p> <p><strong>Actors worry that AI will take center stage </strong>A range of AI startups are developing tools for use in film and audio, from making actors look and sound younger to creating AI voices that can be used for marketing campaigns, consumer assistants or even narration in audiobooks.</p> <h2 class="n-content-heading-2">Leadership</h2> <p>“Many leaders aren’t necessarily nice people,” said Jeffrey Pfeffer, a professor of organizational behavior at Stanford University. He tells Stefan Stern the stark truth about management and power, including his seven crucial rules for getting to the top.</p> <p><em>(</em><a target="_blank" href="https://ep.ft.com/newsletters/subscribe?newsletterIds=62039b7ea31d6577a31f70df" rel="noopener"><em>Sign up for our Working It newsletter</em></a><em>and stay on top of the post-pandemic trends that are shaking up workplaces worldwide.)</em></p> <div class="n-content-layout"> <div class="n-content-layout__container"> <h2 class="n-content-heading-4">Recommended newsletters for you</h2> <div class="n-content-layout__slot"> <p><strong>Disturbed times</strong> — Documenting the changes in business and the economy between Covid and conflict. Sign Up <a target="_blank" href="https://ep.ft.com/newsletters/subscribe?newsletterIds=5e67775d8bb28f00049b0f76" rel="noopener">here</a></p> <p><strong>Asset management</strong> — <a target="_blank" href="https://ep.ft.com/newsletters/subscribe?newsletterIds=56b87287f224b50300bf8519" rel="noopener">Register here</a> for the inside story of the movers and shakers behind a multi-billion dollar industry</p> </div> </div> </div> </div><!-- /wp:html -->

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa or America edition to get it straight to your inbox every weekday morning

Good morning. Taiwan has begun targeting Chinese drones flying over its remote islands for the first time, highlighting the risk that Beijing’s military pressure on Taipei could lead to actual conflict.

Soldiers on Kinmen, a Taiwan-controlled island near the Chinese city of Xiamen, fired their first shots at a Chinese drone on Tuesday afternoon, the military’s Kinmen Defense Command said. It said the unmanned vehicle then flew off in the direction of Xiamen.

“Under the procedure warn, report, we try to dispel with measures such as flares, and if that fails, we fire shots,” said Major General Chang Jung-shun, a spokesman for the command.

The more assertive approach comes as Taipei tries to balance the risk of full-blown conflict against its desire to prevent China from demonstrating effective control over nearby waters and airspace or even Taiwanese territory.

Do you think Beijing’s military pressure on Taipei will lead to conflict? Tell me what you think firstft@ft.com. Thanks for reading FirstFT Asia — Emily

Five more stories in the news

1. Chinese Communist Party Sets Congress for October The Chinese Communist Party will meet on October 16 in what is seen as the most important meeting of the decade, and will set the stage for Xi Jinping to secure leadership positions that will give him an unprecedented third term in power.

2. Musk seizes whistleblower report Elon Musk is using a whistleblower report from Twitter’s former security chief to amplify his legal battle to end his $44 billion deal to buy the social media company. Musk’s legal team has claimed that, if true, Peiter Zatko’s allegations conflict with several aspects of the merger agreement that was signed in April, but which the billionaire has been trying to get out of since July.

3. Gorbachev dies at age 91 Mikhail Gorbachev, the last leader of the Soviet Union, has died aged 91 after a “serious and prolonged illness,” Russian state media reported, citing a hospital in Moscow. Gorbachev, a former rural communist apparatchik, ended the Cold War and began democratizing the USSR in the 1980s during the perestroika era.

4. Kerry seeks a restart of US emissions talks with China US climate envoy John Kerry praised China’s efforts to tackle global warming and urged Beijing to resume suspended talks on the issue even as tensions flare with Washington over Taiwan’s status. The former foreign minister urged Xi Jinping to resume climate talks with the US, saying he was “hopeful” that the countries could “get back together”.

5. IMF approves Pakistan rescue package The IMF has approved the disbursement of more than $1.1 billion to Pakistan, reviving a stalled $7 billion aid package that is expected to help prevent default despite a severe economic crisis and devastating floods.

Related reading: Sri Lankan President Ranil Wickremesinghe has said the government will raise taxes and strengthen social security schemes in a budget designed to secure an IMF bailout deal and steer the bankrupt country out of a severe economic crisis.

the next day

India GDP The country’s economy is expected to expanded by 15.2 percent in the last quarter, according to a Reuters poll of economists. (Reuters)

Evergrande court hearing The controversial Chinese real estate developer faces a court hearing in Hong Kong today after an investor in its online real estate and auto market, Fangchebao, filed a liquidation petition against the company.

Nord Stream 1 maintenance From today, Russia will suspend gas supplies through its largest pipeline to Germany for three days of maintenance work. Fears that gas flow will not resume after that, which alarmed German officials the first time it happened, have resurfaced.

What else do we read

Increase in Chinese espionage alarms Europe China is already known for sophisticated cyber attacks. Now his human intelligence, or “humint,” skills have taken on a level of sophistication commonly associated with Russian espionage, according to eight current and former Western intelligence officials, adding to the sense of alarm in the West.

Tough economic times are ahead If the planned tightening of monetary policy is likely to trigger a recession in the US, what could happen in Europe? The answer is that recessions are likely to be deep there, as the energy price shock is so great, writes Martin Wolf.

Has Covid-19 Made Us All Sicker? There is already evidence supporting geriatrician Dr David Strain’s concerns that the coronavirus has predisposed people to other conditions ranging from stroke to heart failure. “This is something that we’re going to have to deal with in a very big way in the near future,” he said.

If you’ve had Covid-19, have you had any new health problems since then? Tell us in our latest opinion poll below.

Hope for US-China Audit Agreement A deal last week for US regulators to inspect the audits of Chinese companies could prevent about 200 groups from being kicked off US exchanges. US officials — as well as hundreds of Chinese companies and global investors who own about $1.4 trillion of their shares — hope Beijing’s rare concession is real.

Actors worry that AI will take center stage A range of AI startups are developing tools for use in film and audio, from making actors look and sound younger to creating AI voices that can be used for marketing campaigns, consumer assistants or even narration in audiobooks.

Leadership

“Many leaders aren’t necessarily nice people,” said Jeffrey Pfeffer, a professor of organizational behavior at Stanford University. He tells Stefan Stern the stark truth about management and power, including his seven crucial rules for getting to the top.

(Sign up for our Working It newsletterand stay on top of the post-pandemic trends that are shaking up workplaces worldwide.)

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Disturbed times — Documenting the changes in business and the economy between Covid and conflict. Sign Up here

Asset managementRegister here for the inside story of the movers and shakers behind a multi-billion dollar industry

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