FirstFT: Hong Kong citizens facing Chinese repression can remain in US

Good morning. US president Joe Biden has prolonged a programme that enables Hong Kong residents dealing with potential political repression from China to remain in the US following stress from progressive lawmakers and human rights teams.

Biden declared that Hong Kong residents residing within the US may stay within the nation for 2 extra years as he prolonged the Deferred Enforced Departure programme. The US president took the transfer — forward of the programme expiring on February 5 — as a result of China had “continued to erode” the human rights and freedoms of Hong Kong residents.

“The Individuals’s Republic of China has continued its assault on Hong Kong’s autonomy, undermining its remaining democratic processes and establishments, imposing limits on educational freedom, and cracking down on the press,” Biden mentioned in a memorandum.

The US allowed Hong Kong residents to reap the benefits of the programme after China imposed a nationwide safety legislation on Hong Kong in June 2020 that has accelerated the erosion of freedom within the territory. Biden mentioned 120 opposition politicians and activists had been detained for the reason that legislation took impact and that greater than 1,200 political prisoners had been “now behind bars”.

Thanks to readers who took our quiz yesterday. Greater than three-quarters of readers polled mentioned west ought to ship trendy tanks to Ukraine.

5 extra tales within the information

1. IMF warns of market impression of abrupt BoJ coverage change Gita Gopinath, the IMF’s first deputy managing director, informed the FT {that a} sudden change in Japan’s ultra-loose financial regime would have “meaningful spillover” effects on global financial markets, underscoring the necessity for the Financial institution of Japan to obviously talk about its future coverage.

2. Kyiv rocked by explosions Russia carried out its latest barrage of missile strikes in Kyiv and different cities practically one 12 months into its full-scale invasion of Ukraine. Although officers mentioned most strikes had been repelled by Ukraine’s air defence system, the nationwide assaults got here sooner or later after the US and Germany introduced they’d ship trendy battle tanks to Ukraine, among the most refined weaponry offered by Kyiv’s allies.

3. Philippines information strongest financial development in over 40 years The south-east Asian economic system grew at an annual rate of 7.2 per cent within the fourth quarter of 2022, beating economist expectations of about 6.5 per cent development, in keeping with Philippine Statistics Authority knowledge. Full-year gross home product elevated by 7.6 per cent, its strongest development since 1976.

• Financial development across the globe: The US economic system additionally logged better than expected growth within the closing quarter of 2022, even because the Federal Reserve’s aggressive marketing campaign to lift borrowing prices started to weigh extra closely on enterprise exercise.

4. Turkey declares scheme to prop up lira Turkey has unveiled a new scheme to push exporters to carry much less overseas forex as the federal government of Recep Tayyip Erdoğan steps up its battle to defend the lira forward of this 12 months’s elections. The nation mentioned yesterday it could provide firms new incentives to swap cash they earn overseas into lira in return for a vow to not buy foreign exchange.

5. Tesla shares leap Tesla’s inventory rose as much as 11.8 per cent after markets opened on Thursday, following Elon Musk’s feedback that the electric-vehicle maker may ship as many as 2mn vehicles this 12 months. Musk, the corporate’s chief govt, sought to allay investor worries that demand is waning as Tesla faces rising competitors from different huge carmakers and harder financial circumstances.

• Associated learn: Akio Toyoda is stepping down as president of Toyota because the world’s largest carmaker battles to keep up its lead in a world shifting to electrical autos, autonomous driving and different disruptive applied sciences.

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The times forward

Australia inflation knowledge Producer Value Index inflation price knowledge is because of be printed at this time.

Chevron earnings The US oil main kicks off Big Oil’s earnings season at this time, adopted by ExxonMobil on Tuesday and Europe-based Shell, BP and TotalEnergies in early February.

Australian Open finals Kazakhstan’s Elena Rybakina will play Belarusian Aryna Sabalenka within the ladies’s closing on Saturday The boys’s closing is on Sunday.

Trump unveils South Carolina crew Former president Donald Trump is predicted to make his first public look for the 2024 presidential marketing campaign on Saturday, unveiling his South Carolina management crew.

What else we’re studying

Who would be the subsequent governor of the Financial institution of Japan? With lower than three months till Haruhiko Kuroda steps down after a decade on the high of Japan’s central financial institution it is still unclear who will replace him. There’s a shortlist of candidates, however an absence of enthusiasm to exchange the outgoing governor as Japan emerges from three a long time of low inflation.

How Scholz made Biden shift on tanks for Ukraine The deliberate deliveries of US-made M1 Abrams tanks and German-made Leopards had been met with jubilation in Kyiv and aid in western capitals. However the breakthrough concerned tense negotiations and coverage U-turns. Our correspondents have the details on the whirlwind talks.

• Opinion: Will Leopard 2 tanks actually boost Ukraine’s chances? It is dependent upon coaching and the circulation of western arms and ammunition, writes Franz-Stefan Gady of the Worldwide Institute for Strategic Research.

Franklin Templeton tries to reinvent itself In 2020, Jenny Johnson, the fourth member of her household to run the California-based fund, had taken the reins of a enterprise considered outdated and stodgy. Now, she is pushing the group rapidly into new asset lessons and expertise to show that an old-school, family-run stockpicker can still prove itself in opposition to business behemoths reminiscent of BlackRock and State Road.

How will Google clear up its AI conundrum? Microsoft threw down a direct problem to the search large with its multibillion-dollar funding in OpenAI this week. Within the AI arms race, Google needs to be well-positioned, however with politicians and regulators respiratory down its neck — and a massively worthwhile enterprise mannequin to defend — the corporate may be hesitant to wield many of the weapons at its disposal.

Explainer: How Biden’s local weather legislation provokes Europe The US president’s $369bn Inflation Discount Act has delivered a giant inexperienced bonus for local weather specialists and US enterprise whereas infuriating Europe. EU governments have launched a litany of complaints, claiming it violates commerce guidelines and distorts competitors. Here’s why companies are excited — and America’s trading partners less so.

Take a break from the information

Via the sensual and alluring medium of paint, ladies artists are delivering complicated, particular person narratives in a manner that someway additionally feels common. HTSI explores how female artists are reinventing the nude.