FirstFT: Hong Kong citizens facing Chinese crackdown can stay in US

Hello. US President Joe Biden has extended a program that allows Hong Kong citizens facing possible political repression from China to stay in the United States following pressure from progressive lawmakers and human rights groups male.

Biden said Hong Kong citizens residing in the United States could stay in the country for two more years as he extends the delayed forced departure program. The US president made the decision – before the program expired on February 5 – because China had “continued to erode” the human rights and freedoms of Hong Kong residents.

“The People’s Republic of China continued its assault on Hong Kong’s autonomy, undermining its remaining democratic processes and institutions, imposing limits on academic freedom and cracking down on the press,” Biden said in a memorandum.

The United States allowed Hong Kong citizens to take advantage of the program after China imposed a national security law on Hong Kong in June 2020 that accelerated the erosion of freedom in the territory. Biden said 120 opposition politicians and activists have been detained since the law took effect and more than 1,200 political prisoners are “now behind bars.”

Thank you to the readers who answered our quiz yesterday. More than three quarters of the readers polled said that the west should send modern tanks to Ukraine.

Five other stories in the news

1. IMF warns of market impact of abrupt BoJ policy change Gita Gopinath, the IMF’s first deputy managing director, told the FT that a sudden change in Japan’s ultra-loose monetary regime would have “significant spillover” effects on global financial markets, underscoring the need for the Bank of Japan to communicate clearly about its future. Politics.

2. Kyiv shaken by explosions Russia carried out its latest barrage of missile strikes in Kyiv and other cities nearly a year after its full-scale invasion of Ukraine. Although officials said most of the strikes were repelled by Ukraine’s air defense system, the domestic attacks came a day after the United States and Germany announced they would send battle tanks modern weapons to Ukraine, some of the most sophisticated weapons supplied by Kyiv’s allies.

3. The Philippines records the strongest economic growth in over 40 years Southeast Asia’s economy grew at an annual rate of 7.2% in the fourth quarter of 2022, beating economists’ expectations of around 6.5% growth, according to data from the Philippine Authority. statistics. Gross domestic product for the full year rose 7.6%, its strongest growth since 1976.

• Economic growth around the world: The U.S. economy also recorded better-than-expected growth in the final quarter of 2022, even as the Federal Reserve’s aggressive campaign to raise borrowing costs began to weigh more heavily on business activity.

4. Turkey announces plan to support lira Turkey has unveiled a new plan to push exporters to hold less foreign currency as Recep Tayyip Erdoğan’s government steps up its battle to defend the lira ahead of this year’s election. The country said yesterday it would offer companies new incentives to exchange the money they earn abroad for liras in return for a vow not to buy foreign currency.

5. Tesla shares jump Tesla’s stock rose 11.8% after markets opened on Thursday, following comments from Elon Musk that the electric vehicle maker could deliver up to 2 million cars this year. Musk, the company’s chief executive, has sought to allay investor concerns about declining demand as Tesla faces growing competition from other major automakers and tougher economic conditions.

• Related reading: Akio Toyoda is stepping down as chairman of Toyota as the world’s largest automaker battles to maintain its lead in a world shifting to electric vehicles, autonomous driving and other disruptive technologies.

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The coming days

Inflation data in Australia Data on the producer price index inflation rate is due out today.

Herringbone gains The US oil major kicks off Big Oil’s earnings season today, followed by ExxonMobil on Tuesday and European companies Shell, BP and TotalEnergies in early February.

Australian Open Final Kazakh Elena Rybakina will face Belarusian Aryna Sabalenka in the women’s final on Saturday. The men’s final will take place on Sunday.

Trump unveils South Carolina team Former President Donald Trump is set to make his first public appearance for the 2024 presidential campaign on Saturday, unveiling his leadership team in South Carolina.

What else we read

Who will be the next governor of the Bank of Japan? Less than three months from the resignation of Haruhiko Kuroda after a decade at the top of Japan’s central bank, it is still unclear who will replace him. There is a shortlist of candidates, but a lack of enthusiasm to replace the incumbent governor as Japan emerges from three decades of low inflation.

How Scholz got Biden on the tanks for Ukraine Scheduled deliveries of American-made M1 Abrams tanks and German-made Leopards were greeted with jubilation in Kyiv and relieved in Western capitals. But the breakthrough involved tense negotiations and political shifts. Our correspondents have the details of the flash talks.

• Notice: Will Leopard 2 tanks really increase Ukraine’s chances? It depends on training and the flow of Western arms and ammunition, writes Franz-Stefan Gady of the International Institute for Strategic Studies.

Franklin Templeton tries to reinvent itself By 2020, Jenny Johnson, the fourth member of her family to lead the California-based fund, had taken the reins of a business considered outdated and cumbersome. Now she is rapidly pushing the group into new asset classes and new technologies to prove that an old-fashioned family stockpicker can still hold its own against industry giants such as BlackRock and State Street.

How will Google solve its AI riddle? Microsoft issued a direct challenge to the search giant with its multi-billion dollar investment in OpenAI this week. In the AI ​​arms race, Google should be well positioned, but with politicians and regulators stretched thin – and a hugely profitable business model to defend – the company may be hesitant to use many of the weapons at its disposal. arrangement.

Explainer: How Biden’s climate law is provoking Europe The US President’s $369 billion Cut Inflation Act has offered a big green bonus to climate experts and US companies while infuriating Europe. EU governments have launched a litany of complaints, saying it violates trade rules and distorts competition. Here’s why businesses are excited — and America’s trading partners less so.

Take a break from the news

Through the sensual and seductive medium of paint, female artists deliver complex and individual narratives in a way that also seems universal. HTSI explores how female artists are reinventing the nude.