Russia demands inclusion in any Ukraine security guarantees

Good morning and welcome again to FirstFT Asia. In at the moment’s publication:

• Ukraine peace effort falters

• The Chinese language army’s large army parade

• How China imports Russian oil

• The Japanese metropolis recruiting immigrants

We begin with the talks to finish the Ukraine struggle, after Russia poured chilly water on US efforts to dealer a peace deal yesterday.

What to know: Russia stated it should solely comply with safety ensures for Ukraine that give Moscow an efficient veto over any future effort to defend Kyiv. International minister Sergei Lavrov stated that “actually safe” ensures for Ukraine must contain Russia and its greatest ally China alongside the US, UK and France. Nevertheless, Ukraine has beforehand stated it could not settle for Moscow being given the appropriate to thwart different international locations coming to its defence.

‘WTF second’: Lavrov’s remarks, which additionally solid doubt on whether or not Russian President Vladimir Putin would attend a summit together with his Ukrainian counterpart Volodymyr Zelenskyy, marked a distinction with current optimism expressed by US officers over the probability of a peace deal. An EU diplomat described Russia’s insistence on involving China, which is allied with Moscow, as a “WTF second”. Read the full story.

Right here’s what else we’re conserving tabs on at the moment:

• Financial information: South Korea publishes July producer costs and Hong Kong stories shopper costs for the month.

• Chinese language diplomacy: Beijing’s prime diplomat Wang Yi visits Afghanistan, the place he’ll attend a trilateral overseas ministers’ assembly that will even embody Pakistan. (Reuters)

• Jackson Gap symposium: This 12 months’s gathering of central bankers, which begins at the moment in Wyoming, will likely be an apprehensive affair with Federal Reserve chair Jay Powell below assault by US President Donald Trump.

5 extra prime tales

1. China will exhibit a variety of recent hypersonic missiles and uncrewed weapons at an enormous army parade early subsequent month. The September 3 occasion will likely be intently watched for signs of the increasing strength of the People’s Liberation Army, which lately has expanded workout routines that simulate blockading and attacking Taiwan and denied US forces’ capability to function within the area.

2. Indian banking billionaire Uday Kotak has referred to as on Prime Minister Narendra Modi’s authorities to channel extra budgetary help to small and medium-sized companies because the financial system grapples with Donald Trump’s punishing tariffs. Kotak joins a current refrain of tycoons pushing New Delhi to assist the nation stand up to the influence of Trump’s 50 per cent tariffs. Read his interview with the FT.

• Trump’s India tariffs: India shouldn’t be the one nation buying and selling with Russia, so why is the US president singling out New Delhi? Ashok Malik explains.

3. Federal Reserve governor Lisa Cook dinner has defied calls from Trump to resign, saying she has “no intention of being bullied to step down” after one of many president’s allies accused her of breaching mortgage guidelines. The allegations towards Cook dinner are the newest in a multipronged assault from the Trump administration on the central financial institution and its workers.

4. Israel will name up about 60,000 reservists within the coming weeks because it pushes forward with plans to take management of Gaza Metropolis, the Israel Protection Forces stated yesterday. It coincided with Israel’s granting of ultimate approval of a controversial settlement project within the so-called E1 space close to Jerusalem, which can in impact cut up the occupied West Financial institution in two.

5. Citigroup has stood by wealth administration boss Andy Sieg after hiring legislation agency Paul Weiss to analyze complaints into his behaviour since he arrived as a high-profile recruit of chief govt Jane Fraser. The investigation, which has concluded, centred round accusations of bullying, intimidation and unfairly sidelining employees, stated two individuals accustomed to the main points.

The Massive Learn

A Chinese language ghost fleet, ship-to-ship transfers and shell firms. The FT has uncovered methods utilized by worldwide networks of brokers and shipowners that allow them to avoid sanctions and export oil from international locations equivalent to Iran, Venezuela and Russia. Tom Wilson delves into the trading of banned oil.

We’re additionally studying . . . 

• AI colonialism: It’s simple to see how tech can develop into an excellent greater bargaining chip in US overseas coverage, writes Marietje Schaake.

• Dismantling Assad’s narco-state: Syria’s new rulers are attempting to destroy the drug empire that financed the previous regime in Damascus. Can they succeed? Raya Jalabi investigates.

• Trump-whisperer: Far-right influencer Laura Loomer has no official position within the White Home, however many find her impact baffling.

Chart of the day

Hamamatsu, a metropolis situated 250km west of Tokyo, has spawned firms like Honda which have outlined Japan to the skin world. However a shrinking workforce has gnawed at metropolis authorities and key employers, and Hamamatsu’s mayor is betting on a method that Japan has usually been hesitant to do: actively recruit immigrants to bolster its dwindling inventory of residents and staff.

Take a break from the information . . . 

What does your work bag say about you behind your again? Carl Wilkinson opinions a variety of backpacks. The purpose: to discover a bag large enough for carrying the modern ephemera of the office commute with spare capability, with out being cumbersome.