![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/ae931f23-c324-4b97-bbf0-e825dd6b26ce_c7a8869f.jpg\")
A One Nation cartoon showing Bluey driving over a politician came under fire after a man allegedly drove deliberately into MP Helen Haines.
\n
Bluey is the popular star of an Australian cartoon series featuring canines navigating childhood and parenting in the suburbs. Photo: Ludo Studio
\nAustralia\u2019s national broadcaster ABC called on the far-right One Nation party on Wednesday to stop using children\u2019s TV character Bluey in its political cartoons.
\nBluey is the popular star of an Australian cartoon series featuring canines navigating childhood and parenting in the suburbs.
\nPauline Hanson\u2019s One Nation party has come under fire for a 2024 political cartoon depicting Bluey driving a car over an Australian politician.
\nThat cartoon in particular has come into the spotlight since a man allegedly drove deliberately into Australian independent lawmaker Helen Haines on October 19. Surgeons had to amputate both of her legs and she remains in hospital.
\nThe ABC said it did not own the intellectual property for Bluey, which it shows under licence, but was concerned by its unauthorised use for One Nation.
\n![\"Bluey](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/07bf2bd6-4399-4b99-99bf-0859306fe6dc_5b21820d.jpg\")
\n\u201cThe ABC is considering available options,\u201d a representative for the broadcaster said in a statement. \u201cIn the meantime, the ABC considers the relevant cartoons should be immediately removed from One Nation\u2019s platforms and no further use should occur.\u201d
\nABC managing director Hugh Marks told a Senate committee on Tuesday that he had only recently become aware of the One Nation cartoon.
\n\u201cIt is an infringement of the intellectual property, number one, but it\u2019s also a shocking use of Australia\u2019s most loved character,\u201d he said.
\nOne Nation hit back at the ABC director in a social media post, saying it was not the first time he had taken aim at the party: \u201cThis time, over Bluey!\u201d
\n\u201cHe cannot hide his contempt for One Nation and its voters. He exists in a parallel universe from most everyday Australians.\u201d
\nA 43-year-old man, Brendan Nugent, was charged last week over the alleged attack on Haines.
\nHe is accused of dangerous driving causing serious injury and intentionally causing serious injury, as well as the federal crime of harming a public official.
\nBy Agence France-Presse
\nSections: News / Asia / Australasia | Topics: Australia, ABC
\nShort link: https://sc.mp/d1u88
\nRead the original article on SCMP
", "summary": "A One Nation cartoon showing Bluey driving over a politician came under fire after a man allegedly drove deliberately into MP Helen Haines.
\n
Bluey is the popular star of an Australian cartoon series featuring canines navigating childhood and parenting in the suburbs. Photo: Ludo Studio
\nAustralia\u2019s national broadcaster ABC called on the far-right One Nation party on Wednesday to stop using children\u2019s TV character Bluey in its political cartoons.
\nBluey is the popular star of an Australian cartoon series featuring canines navigating childhood and parenting in the suburbs.
\nPauline Hanson\u2019s One Nation party has come under fire for a 2024 political cartoon depicting Bluey driving a car over an Australian politician.
\nThat cartoon in particular has come into the spotlight since a man allegedly drove deliberately into Australian independent lawmaker Helen Haines on October 19. Surgeons had to amputate both of her legs and she remains in hospital.
\nThe ABC said it did not own the intellectual property for Bluey, which it shows under licence, but was concerned by its unauthorised use for One Nation.
\n\n\u201cThe ABC is considering available options,\u201d a representative for the broadcaster said in a statement. \u201cIn the meantime, the ABC considers the relevant cartoons should be immediately removed from One Nation\u2019s platforms and no further use should occur.\u201d
\nABC managing director Hugh Marks told a Senate committee on Tuesday that he had only recently become aware of the One Nation cartoon.
\n\u201cIt is an infringement of the intellectual property, number one, but it\u2019s also a shocking use of Australia\u2019s most loved character,\u201d he said.
\nOne Nation hit back at the ABC director in a social media post, saying it was not the first time he had taken aim at the party: \u201cThis time, over Bluey!\u201d
\n\u201cHe cannot hide his contempt for One Nation and its voters. He exists in a parallel universe from most everyday Australians.\u201d
\nA 43-year-old man, Brendan Nugent, was charged last week over the alleged attack on Haines.
\nHe is accused of dangerous driving causing serious injury and intentionally causing serious injury, as well as the federal crime of harming a public official.
\nBy Agence France-Presse
\nSections: News / Asia / Australasia | Topics: Australia, ABC
\nShort link: https://sc.mp/d1u88
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T23:36:24Z", "date_modified": "2026-10-27T23:36:24Z", "authors": ["Agence France-Presse"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "dad05568-a5a2-4ac5-8361-6c940cb22a7f", "url": "https://www.scmp.com/business/china-evs/article/3372399/chinas-hybrid-car-exports-eu-200-response-teslas-flying-car-7-ev-reads", "external_url": null, "title": "China\u2019s hybrid car exports to EU up 200%; response to Tesla\u2019s \u2018flying car\u2019: 7 EV reads", "content_text": "", "content_html": "From CATL\u2019s profit dip to analyst warning anti-China protectionism is hurting US carmakers, here are seven EV stories you may have missed.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/27d710cf-bbf7-4ac9-9983-38d7a09d6507_e7336d40.jpg\")
A drone photo shows new energy vehicles to be exported at Yantai Port in east China\u2019s Shandong province on September 15. Photo: Xinhua
\nWe have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing.
\nChina\u2019s BYD will build new factories in Europe for a bigger market share, as the world\u2019s largest electric vehicle (EV) maker faces fiscal support pullback at home and rising trade barriers overseas, according to an executive.
\nChina\u2019s hybrid car exports to the European Union tripled in September from a year earlier, with shipments expected to remain elevated before an import cap agreed during recent trade talks takes effect.
\n![\"Tesla](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/2fae0ab0-d725-4a32-87fe-ecd85dafcf5a_edf4ac1b.jpg\")
\nThe Communist Party\u2019s flagship newspaper has urged the public not to underestimate China\u2019s technological achievements after Tesla\u2019s \u201cflying car\u201d demonstration sparked concern in some quarters that the country may be falling behind in the global auto race.
\nChinese battery giant Contemporary Amperex Technology Limited (CATL) extended its stock price rout after recording a surprise slowdown in third-quarter net profits, as analysts warned the company could be hit by slowing demand from China\u2019s electric car industry next year.
\n![\"Xpeng](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/3be4bec3-7d88-48f0-b35e-1ed55c5869d4_107b9da8.jpg\")
\nChina has granted new autonomous-driving permission to electric vehicle (EV) maker Xpeng and a mainland joint venture of Volkswagen, intensifying the commercialisation race between China\u2019s autonomous driving firms and US company Tesla.
\nTesla has agreed a deal to integrate Chinese fintech giant Ant Group\u2019s Alipay digital payment software into its vehicles in China, as Elon Musk\u2019s firm steps up efforts to offer localised smart features amid intense competition in the Chinese market.
\n![\"Electric](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/1dfa472a-a192-4acf-afc0-88e9816ffbf4_0693e825.jpg\")
\nWhile Washington\u2019s efforts to block Chinese electric vehicles (EVs) were originally intended to protect its domestic automotive industry, they have sparked concerns the strategy is hurting America\u2019s carmaking competitiveness.
\nBy SCMP
\nSections: Business / China EVs / News / China Future Tech / EVs | Topics: SCMP Highlights, Electric & new energy vehicles, United States, European Union, China, Volkswagen, Xpeng, BYD, Ant Group, Contemporary Amperex Technology Limited (CATL), Tesla
\nShort link: https://sc.mp/gjf9w
\nRead the original article on SCMP
", "summary": "From CATL\u2019s profit dip to analyst warning anti-China protectionism is hurting US carmakers, here are seven EV stories you may have missed.
\n
A drone photo shows new energy vehicles to be exported at Yantai Port in east China\u2019s Shandong province on September 15. Photo: Xinhua
\nWe have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing.
\nChina\u2019s BYD will build new factories in Europe for a bigger market share, as the world\u2019s largest electric vehicle (EV) maker faces fiscal support pullback at home and rising trade barriers overseas, according to an executive.
\nChina\u2019s hybrid car exports to the European Union tripled in September from a year earlier, with shipments expected to remain elevated before an import cap agreed during recent trade talks takes effect.
\n\nThe Communist Party\u2019s flagship newspaper has urged the public not to underestimate China\u2019s technological achievements after Tesla\u2019s \u201cflying car\u201d demonstration sparked concern in some quarters that the country may be falling behind in the global auto race.
\nChinese battery giant Contemporary Amperex Technology Limited (CATL) extended its stock price rout after recording a surprise slowdown in third-quarter net profits, as analysts warned the company could be hit by slowing demand from China\u2019s electric car industry next year.
\n\nChina has granted new autonomous-driving permission to electric vehicle (EV) maker Xpeng and a mainland joint venture of Volkswagen, intensifying the commercialisation race between China\u2019s autonomous driving firms and US company Tesla.
\nTesla has agreed a deal to integrate Chinese fintech giant Ant Group\u2019s Alipay digital payment software into its vehicles in China, as Elon Musk\u2019s firm steps up efforts to offer localised smart features amid intense competition in the Chinese market.
\n\nWhile Washington\u2019s efforts to block Chinese electric vehicles (EVs) were originally intended to protect its domestic automotive industry, they have sparked concerns the strategy is hurting America\u2019s carmaking competitiveness.
\nBy SCMP
\nSections: Business / China EVs / News / China Future Tech / EVs | Topics: SCMP Highlights, Electric & new energy vehicles, United States, European Union, China, Volkswagen, Xpeng, BYD, Ant Group, Contemporary Amperex Technology Limited (CATL), Tesla
\nShort link: https://sc.mp/gjf9w
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T23:30:08Z", "date_modified": "2026-10-27T23:30:08Z", "authors": ["SCMP"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "12c6f899-a0fa-4bbf-879b-fc07926c1dfe", "url": "https://www.scmp.com/week-asia/politics/article/3372413/melaka-avoiding-another-umno-rout-anwars-best-hope", "external_url": null, "title": "In Melaka, is avoiding another Umno rout Anwar\u2019s best hope?", "content_text": "", "content_html": "After a string of state election defeats, Malaysia\u2019s PM is under pressure to prove his coalition can slow Umno\u2019s \u2018blue wave\u2019.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/7563138a-9a72-4d3e-9c43-f089eb1a3d75_0f4fde4e.jpg\")
Malaysian Prime Minister Anwar Ibrahim gives a speech on Saturday at a Pakatan Harapan candidate announcement ceremony ahead of next month\u2019s Melaka state election. Photo: Facebook/AnwarIbrahimOfficial
\nMalaysia\u2019s Prime Minister Anwar Ibrahim is up against it in next month\u2019s Melaka state poll, as his ruling Pakatan Harapan (PH) coalition risks yet another electoral wipeout at the hands of its federal partner Umno.
\nThe two are competing head-to-head in nearly all of the 28 state assembly seats up for grabs on November 14, in a contest widely seen as favouring an incumbent state administration led by the United Malays National Organisation\u2019s Barisan Nasional (BN) coalition.
\nWhether BN holds onto power in Melaka matters less than whether Anwar and PH can mount a strong challenge, observers say \u2013 especially given the string of bruising electoral defeats the prime minister has suffered in recent months.
\nPH was trounced in July\u2019s Johor state election, with Umno retaining its supermajority, and weeks later it lost Negeri Sembilan to an electoral pact between Umno and the Pan-Malaysian Islamic Party (PAS).
\n![\"Barisan](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/922b4519-8d2e-4f62-96c6-9712d7773daf_5f9070e9.jpg\")
\n\u201cState poll results do not directly change his [Anwar\u2019s] parliamentary majority, but repeated losses and disputes over reforms and the balance between PH and BN could put the [federal] coalition under strain,\u201d said Asrul Sani, associate vice-president at strategic advisory firm The Asia Group.
\nPH and BN have each named 21 candidates ahead of nomination day on Saturday, leaving room for prospective partners to contest the remaining seven seats.
\nThe political arrangements in Melaka offer a glimpse of possible alliances heading into the next general election, due by February 2028.
\nAs Umno explores a possible long-term partnership with PAS, PH is considering reviving its alliance with Malay-nationalist party Bersatu, which engineered the collapse of the previous PH government in 2020 via a political coup known as the \u201cSheraton Move\u201d.
\nBersatu has since been weakened by an exodus of senior leaders, but it remains PH\u2019s only credible route to shore up support among Malay voters against an Umno-PAS union, according to Mazlan Ali, a political scientist at the University of Technology Malaysia.
\n\u201cPH has no other option to counterbalance the Malay-Muslim narrative of PAS and Umno,\u201d Mazlan said.
\nEthnic Malays and other indigenous groups account for the majority of Malaysia\u2019s voters.
\n![\"Anwar](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/16ae5e68-4430-4f21-aaab-45dd9aa4663c_b91ed7e9.jpg\")
\nAnwar became prime minister in 2022 after being appointed by the country\u2019s then king, Sultan Abdullah Ahmad Shah, on condition that he form a unity government including his former rivals in Umno. No coalition had won enough seats to govern on its own in that year\u2019s deeply divided election.
\nThat federal compact began to unravel after PH was all but wiped out in last November\u2019s Sabah state election, as long-time supporters made clear their dissatisfaction with Anwar\u2019s perceived failure to deliver promised reforms.
\nUmno seized the moment, building a narrative of solidarity among the Malay-Muslim majority that has since translated into an informal electoral partnership with the Islamist PAS and its Perikatan Nasional (PN) coalition.
\n\u201cPH looks very weak right now because of the strength and cooperation between BN and PN,\u201d said political analyst Azmi Hassan, a senior fellow at the Nusantara Academy for Strategic Research, a Malaysian think tank.
\n\u201cThe Chinese vote is still with PH, no doubt about that. But the Malay vote is solidly behind the cooperation between BN and PN.\u201d
\nThe Chinese vote is still with PH, no doubt about that. But the Malay vote is solidly behind \u2026 BN and PNAzmi Hassan, political analyst\n
In politics, perception is everything. Umno has made clear that it wants to return to federal power after being ousted in the 2018 general election amid allegations of widespread corruption, chiefly tied to the multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
\nEmboldened by its strong showing in Johor and Negeri Sembilan, party president Ahmad Zahid Hamidi has already called for a snap national poll to end the political deadlock facing Anwar\u2019s administration.
\nMelaka is far from a bellwether for the next general election, given that the state contributes just six of parliament\u2019s 222 seats. But with a little over a year left in his first term in office, former reformist champion Anwar is under increasing pressure to prove that PH can still deliver.
\n\u201cHe needs to get his supporters excited to come out and vote,\u201d said Adib Zalkapli, managing director of the geopolitical and public affairs firm Viewfinder Global Affairs.
\n\u201cSo yes, Anwar needs to show some results before calling for a general election.\u201d
\n![\"Pakatan](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/8959cccb-2f3b-439d-9821-ea655c3aec34_3ed517c1.jpg\")
\nThe bar for what counts as a success is not set especially high.
\nAvoiding a total rout in Melaka might be enough to slow the roll of BN\u2019s \u201cblue wave\u201d, said political scientist Syaza Farhana Mohamad Shukri, in reference to the rival coalition\u2019s colour of choice.
\n\u201cPeople are frustrated with Anwar but there are still many pockets of Malaysian voters still wary of BN because they want a better and cleaner system,\u201d said Syaza, an associate professor of political science at the International Islamic University of Malaysia.
\n\u201cA lot boils down to what Anwar can do to at least not get crushed by BN.\u201d
\nBy Joseph Sipalan
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Malaysia, Malaysian politics, Anwar Ibrahim, Prime Minister Anwar Ibrahim\u2019s administration (Malaysia), Viewfinder Global Affairs, Asia Group Advisors, Universiti Kebangsaan Malaysia
\nShort link: https://sc.mp/gzeoc
\nRead the original article on SCMP
", "summary": "After a string of state election defeats, Malaysia\u2019s PM is under pressure to prove his coalition can slow Umno\u2019s \u2018blue wave\u2019.
\n
Malaysian Prime Minister Anwar Ibrahim gives a speech on Saturday at a Pakatan Harapan candidate announcement ceremony ahead of next month\u2019s Melaka state election. Photo: Facebook/AnwarIbrahimOfficial
\nMalaysia\u2019s Prime Minister Anwar Ibrahim is up against it in next month\u2019s Melaka state poll, as his ruling Pakatan Harapan (PH) coalition risks yet another electoral wipeout at the hands of its federal partner Umno.
\nThe two are competing head-to-head in nearly all of the 28 state assembly seats up for grabs on November 14, in a contest widely seen as favouring an incumbent state administration led by the United Malays National Organisation\u2019s Barisan Nasional (BN) coalition.
\nWhether BN holds onto power in Melaka matters less than whether Anwar and PH can mount a strong challenge, observers say \u2013 especially given the string of bruising electoral defeats the prime minister has suffered in recent months.
\nPH was trounced in July\u2019s Johor state election, with Umno retaining its supermajority, and weeks later it lost Negeri Sembilan to an electoral pact between Umno and the Pan-Malaysian Islamic Party (PAS).
\n\n\u201cState poll results do not directly change his [Anwar\u2019s] parliamentary majority, but repeated losses and disputes over reforms and the balance between PH and BN could put the [federal] coalition under strain,\u201d said Asrul Sani, associate vice-president at strategic advisory firm The Asia Group.
\nPH and BN have each named 21 candidates ahead of nomination day on Saturday, leaving room for prospective partners to contest the remaining seven seats.
\nThe political arrangements in Melaka offer a glimpse of possible alliances heading into the next general election, due by February 2028.
\nAs Umno explores a possible long-term partnership with PAS, PH is considering reviving its alliance with Malay-nationalist party Bersatu, which engineered the collapse of the previous PH government in 2020 via a political coup known as the \u201cSheraton Move\u201d.
\nBersatu has since been weakened by an exodus of senior leaders, but it remains PH\u2019s only credible route to shore up support among Malay voters against an Umno-PAS union, according to Mazlan Ali, a political scientist at the University of Technology Malaysia.
\n\u201cPH has no other option to counterbalance the Malay-Muslim narrative of PAS and Umno,\u201d Mazlan said.
\nEthnic Malays and other indigenous groups account for the majority of Malaysia\u2019s voters.
\n\nAnwar became prime minister in 2022 after being appointed by the country\u2019s then king, Sultan Abdullah Ahmad Shah, on condition that he form a unity government including his former rivals in Umno. No coalition had won enough seats to govern on its own in that year\u2019s deeply divided election.
\nThat federal compact began to unravel after PH was all but wiped out in last November\u2019s Sabah state election, as long-time supporters made clear their dissatisfaction with Anwar\u2019s perceived failure to deliver promised reforms.
\nUmno seized the moment, building a narrative of solidarity among the Malay-Muslim majority that has since translated into an informal electoral partnership with the Islamist PAS and its Perikatan Nasional (PN) coalition.
\n\u201cPH looks very weak right now because of the strength and cooperation between BN and PN,\u201d said political analyst Azmi Hassan, a senior fellow at the Nusantara Academy for Strategic Research, a Malaysian think tank.
\n\u201cThe Chinese vote is still with PH, no doubt about that. But the Malay vote is solidly behind the cooperation between BN and PN.\u201d
\nThe Chinese vote is still with PH, no doubt about that. But the Malay vote is solidly behind \u2026 BN and PNAzmi Hassan, political analyst\n
In politics, perception is everything. Umno has made clear that it wants to return to federal power after being ousted in the 2018 general election amid allegations of widespread corruption, chiefly tied to the multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
\nEmboldened by its strong showing in Johor and Negeri Sembilan, party president Ahmad Zahid Hamidi has already called for a snap national poll to end the political deadlock facing Anwar\u2019s administration.
\nMelaka is far from a bellwether for the next general election, given that the state contributes just six of parliament\u2019s 222 seats. But with a little over a year left in his first term in office, former reformist champion Anwar is under increasing pressure to prove that PH can still deliver.
\n\u201cHe needs to get his supporters excited to come out and vote,\u201d said Adib Zalkapli, managing director of the geopolitical and public affairs firm Viewfinder Global Affairs.
\n\u201cSo yes, Anwar needs to show some results before calling for a general election.\u201d
\n\nThe bar for what counts as a success is not set especially high.
\nAvoiding a total rout in Melaka might be enough to slow the roll of BN\u2019s \u201cblue wave\u201d, said political scientist Syaza Farhana Mohamad Shukri, in reference to the rival coalition\u2019s colour of choice.
\n\u201cPeople are frustrated with Anwar but there are still many pockets of Malaysian voters still wary of BN because they want a better and cleaner system,\u201d said Syaza, an associate professor of political science at the International Islamic University of Malaysia.
\n\u201cA lot boils down to what Anwar can do to at least not get crushed by BN.\u201d
\nBy Joseph Sipalan
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Malaysia, Malaysian politics, Anwar Ibrahim, Prime Minister Anwar Ibrahim\u2019s administration (Malaysia), Viewfinder Global Affairs, Asia Group Advisors, Universiti Kebangsaan Malaysia
\nShort link: https://sc.mp/gzeoc
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T23:17:37Z", "date_modified": "2026-10-27T23:17:37Z", "authors": ["Joseph Sipalan"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "f1b07cc8-1496-405f-8ab5-3650f266cce1", "url": "https://www.scmp.com/economy/china-economy/article/3372411/yulan-bond-debuts-dubai-amid-beijings-yuan-denominated-asset-push", "external_url": null, "title": "Yulan bond debuts in Dubai amid Beijing\u2019s yuan-denominated asset push", "content_text": "", "content_html": "A 2 billion yuan Yulan transaction by Bank of China Dubai drew an order book five times oversubscribed amid Beijing\u2019s push to internationalise the currency.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/a3ef4ba8-2ab9-4787-802f-af029dcedc6a_d7f11f22.jpg\")
A woman takes photos of the city skyline in Dubai, United Arab Emirates, on October 20. Photo: AP
\nAgainst a backdrop of geopolitical strains in the Middle East, the Yulan renminbi bond structure has made its debut in Dubai, garnering strong investor interest with its order book more than five times oversubscribed, as global investor appetite for yuan assets remains firm.
\nBank of China Dubai rang the listing bell at Nasdaq Dubai on Tuesday for its offshore bond, issued under the Yulan structure. Priced at 2 billion yuan (US$299.6 million) with a two-year tenor, the deal tightened 50 basis points from initial price guidance at its launch. Sovereign accounts took up more than 30 per cent of the allocation.
\nThe listing represents the first offshore bond in the Middle East and North Africa that uses the Yulan framework, as well as the maiden Yulan structure listing on Nasdaq Dubai.
\n\u201cThis listing provided Middle Eastern investors with Chinese yuan on their hands; a new investment channel. It is also part of China\u2019s efforts to internationalise its own currency,\u201d said Gu Weiyong, the chief investment officer at Shanghai-based asset manager Ucon Investment Management.
\n\u201cMoreover, the transaction could encourage more regional issuers to tap renminbi financing,\u201d Gu added.
\nNamed after Shanghai\u2019s city flower, Yulan bonds were launched at the end of 2020. Issued through the Shanghai Clearing House \u2013 the settlement platform for China\u2019s interbank bond market \u2013 the instrument was developed in partnership with Euroclear Bank, its Brussels-based counterpart.
\nThe framework supports Chinese offshore bonds denominated in all Euroclear-eligible currencies, letting international investors settle securities within Euroclear\u2019s network and removing the need to navigate China\u2019s domestic settlement regime.
\n![\"A](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/f4945297-322c-4d11-8ec6-b876442bbeb1_ffd2840e.jpg\")
\nDubai is not the only recent milestone for the structure. On Monday, the Shanghai Pudong Development Bank sold 1 billion yuan worth of bonds in Singapore under the same Yulan framework. The transaction drew orders from 31 domestic and overseas financial institutions, with overseas investors accounting for 80 per cent of the investor base.
\n\u201cThe expansion [of offshore bonds this year] is driven mainly by a sharp divergence between Chinese and the US monetary policies, which has sharpened the funding-cost advantage of yuan financing,\u201d wrote Yu Lifeng, an analyst at the Beijing-based Dongfang Jincheng ratings agency, in a report in mid October.
\nYu noted deepening renminbi internationalisation had enlarged the pool of offshore renminbi liquidity, supported by benefits stemming from Beijing\u2019s policies.
\n\u201cYulan bonds are expected to further grow in the second half of this year,\u201d he wrote.
\nAccording to Chinese financial data provider Wind, over the past six years, Yulan bonds have been denominated in renminbi, US dollars and euros, with issuers spanning financial institutions and a range of companies. Figures from the Shanghai Clearing House showed cumulative issuance topped the equivalent of 30 billion yuan, as of July.
\nInvestor appetite for yuan assets, particularly bonds issued by China\u2019s state lenders, is set to strengthen further.
\nFitch Ratings on Tuesday announced that it had affirmed ratings of China\u2019s six large state-owned commercial banks. Industrial and Commercial Bank of China (ICBC), the world\u2019s biggest lender by assets, was assigned a long-term foreign-currency issuer default rating of A, with a stable outlook.
\nThe agency upgraded the viability rating (VR) for all six banks. ICBC, for instance, saw its VR raised from BBB to BBB+.
\nIn its statement, Fitch said the upgrade stemmed from ICBC\u2019s \u201cstrong business profile\u201d, which underpinned its \u201cthrough-the-cycle credit resilience\u201d, alongside \u201ccontinued improvement\u201d in the operating environment for Chinese banks.
\nBy Emma Ma
\nSections: Economy / China Economy / Global Economy / Business / Banking & Finance / China Business | Topics: Yuan, United States, Shanghai, China, United Arab Emirates (UAE), Singapore, He Lifeng, Fitch Ratings, Banking & finance, Bonds, Currencies, Financial regulation, Foreign exchange market, Ministry of Finance (China), China stock market
\nShort link: https://sc.mp/62s59
\nRead the original article on SCMP
", "summary": "A 2 billion yuan Yulan transaction by Bank of China Dubai drew an order book five times oversubscribed amid Beijing\u2019s push to internationalise the currency.
\n
A woman takes photos of the city skyline in Dubai, United Arab Emirates, on October 20. Photo: AP
\nAgainst a backdrop of geopolitical strains in the Middle East, the Yulan renminbi bond structure has made its debut in Dubai, garnering strong investor interest with its order book more than five times oversubscribed, as global investor appetite for yuan assets remains firm.
\nBank of China Dubai rang the listing bell at Nasdaq Dubai on Tuesday for its offshore bond, issued under the Yulan structure. Priced at 2 billion yuan (US$299.6 million) with a two-year tenor, the deal tightened 50 basis points from initial price guidance at its launch. Sovereign accounts took up more than 30 per cent of the allocation.
\nThe listing represents the first offshore bond in the Middle East and North Africa that uses the Yulan framework, as well as the maiden Yulan structure listing on Nasdaq Dubai.
\n\u201cThis listing provided Middle Eastern investors with Chinese yuan on their hands; a new investment channel. It is also part of China\u2019s efforts to internationalise its own currency,\u201d said Gu Weiyong, the chief investment officer at Shanghai-based asset manager Ucon Investment Management.
\n\u201cMoreover, the transaction could encourage more regional issuers to tap renminbi financing,\u201d Gu added.
\nNamed after Shanghai\u2019s city flower, Yulan bonds were launched at the end of 2020. Issued through the Shanghai Clearing House \u2013 the settlement platform for China\u2019s interbank bond market \u2013 the instrument was developed in partnership with Euroclear Bank, its Brussels-based counterpart.
\nThe framework supports Chinese offshore bonds denominated in all Euroclear-eligible currencies, letting international investors settle securities within Euroclear\u2019s network and removing the need to navigate China\u2019s domestic settlement regime.
\n\nDubai is not the only recent milestone for the structure. On Monday, the Shanghai Pudong Development Bank sold 1 billion yuan worth of bonds in Singapore under the same Yulan framework. The transaction drew orders from 31 domestic and overseas financial institutions, with overseas investors accounting for 80 per cent of the investor base.
\n\u201cThe expansion [of offshore bonds this year] is driven mainly by a sharp divergence between Chinese and the US monetary policies, which has sharpened the funding-cost advantage of yuan financing,\u201d wrote Yu Lifeng, an analyst at the Beijing-based Dongfang Jincheng ratings agency, in a report in mid October.
\nYu noted deepening renminbi internationalisation had enlarged the pool of offshore renminbi liquidity, supported by benefits stemming from Beijing\u2019s policies.
\n\u201cYulan bonds are expected to further grow in the second half of this year,\u201d he wrote.
\nAccording to Chinese financial data provider Wind, over the past six years, Yulan bonds have been denominated in renminbi, US dollars and euros, with issuers spanning financial institutions and a range of companies. Figures from the Shanghai Clearing House showed cumulative issuance topped the equivalent of 30 billion yuan, as of July.
\nInvestor appetite for yuan assets, particularly bonds issued by China\u2019s state lenders, is set to strengthen further.
\nFitch Ratings on Tuesday announced that it had affirmed ratings of China\u2019s six large state-owned commercial banks. Industrial and Commercial Bank of China (ICBC), the world\u2019s biggest lender by assets, was assigned a long-term foreign-currency issuer default rating of A, with a stable outlook.
\nThe agency upgraded the viability rating (VR) for all six banks. ICBC, for instance, saw its VR raised from BBB to BBB+.
\nIn its statement, Fitch said the upgrade stemmed from ICBC\u2019s \u201cstrong business profile\u201d, which underpinned its \u201cthrough-the-cycle credit resilience\u201d, alongside \u201ccontinued improvement\u201d in the operating environment for Chinese banks.
\nBy Emma Ma
\nSections: Economy / China Economy / Global Economy / Business / Banking & Finance / China Business | Topics: Yuan, United States, Shanghai, China, United Arab Emirates (UAE), Singapore, He Lifeng, Fitch Ratings, Banking & finance, Bonds, Currencies, Financial regulation, Foreign exchange market, Ministry of Finance (China), China stock market
\nShort link: https://sc.mp/62s59
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T23:07:07Z", "date_modified": "2026-10-27T23:07:07Z", "authors": ["Emma Ma"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "06fde911-5f72-47f2-b7cd-53ac2da6b252", "url": "https://www.scmp.com/business/companies/article/3372384/jpmam-plans-more-active-etfs-china-after-debut-fund-hits-us300-million-cap-day-one", "external_url": null, "title": "JPMAM plans more active ETFs in China after debut fund hits US$300 million cap on day one", "content_text": "", "content_html": "Any active strategy that suits the ETF format and meets investor demand will be considered, its China chief says.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/1c8341e2-4bd2-4739-940e-5051792787b8_e97430cf.jpg\")
JPMorgan Asset Management\u2019s China CEO Desiree Wang said the company would launch more actively managed exchange-traded funds (ETFs) in mainland China. Photo: Shutterstock
\nJPMorgan Asset Management expects to launch more actively managed exchange-traded funds (ETFs) in mainland China after its first such fund there hit the 2 billion yuan (US$300 million) fundraising cap on the first day of sales, its China chief said.
\n\u201cThe first launch is just an opening move in a much bigger game,\u201d Desiree Wang, the firm\u2019s chief executive for China, said in an interview with the South China Morning Post on Tuesday.
\nAny active strategy that suits the ETF vehicle and meets investor demand \u201cwill be on the table\u201d, she added.
\nThe fund was one of three to hit the cap among the first 18 active ETFs approved by the China Securities Regulatory Commission on October 19. The batch drew more than 15 billion yuan in total subscriptions in October.
\nWang said the fund was the first of the 18 to reach the target, a result that \u201cdoes exceed expectations\u201d. Ahead of the debut, her team held more than 750 roadshows and training sessions to prepare mainland investors, she said.
\nThe fund is the only product from a wholly foreign-owned asset manager among the 18 and the only growth-style fund in the group.
\nIt is managed by Li Bo, a veteran dubbed a \u201cdouble-10\u201d manager for delivering annualised returns above 10 per cent over more than a decade. Wang said his track record helped it stand out from local rivals.
\nActive ETFs are new to a mainland market that has so far been dominated by passive, index-tracking funds.
\nTotal ETF assets on the mainland fell from more than 6 trillion yuan at the start of the year to 4.7 trillion yuan by midyear, as retail and institutional investors moved money out of broad-market index products, China Fund News reported.
\nUnlike traditional mutual funds, which report holdings quarterly with a delay, active ETFs must disclose their portfolios every trading day.
\nSome market watchers caution that full disclosure exposes proprietary strategies to copycat investing and front-running by quantitative trading desks.
\nWang dismissed those concerns. \u201cThe edge of active management is not to hide your position from your clients, from your competitors,\u201d she said. \u201cTransparency builds investor trust.\u201d
\nShe said lasting alpha, or returns above the market, stems from fundamental research, institutional discipline, rigorous stock selection and risk management.
\nJPMorgan Asset Management became the world\u2019s largest active ETF manager earlier this year, overseeing roughly US$257 billion in active ETF assets as of April.
\nWang said the onshore unit will draw on the parent group\u2019s \u201ctremendous experience\u201d. Further expansion in China required minimal capital expenditure, she added, because trading systems, technology infrastructure and distribution networks had been built over the past three years.
\nThe launch of active ETFs in mainland China was part of a broader shift towards actively managed exchange-traded funds across Asia-Pacific, according to Philippe El-Asmar, JPMorgan Asset Management\u2019s head of ETFs for the region.
\nSpeaking at a media summit in Singapore, he noted that while the region lagged the United States \u2013 which cleared its first active ETF in 2008 \u2013 adoption was accelerating.
\n\u201cIt\u2019s still a newer trend in the region,\u201d El-Asmar said. Australia pioneered the regional shift in 2019, followed by South Korea, Hong Kong and most recently, mainland China.
\nHe cited Taiwan as an example of rapid uptake. After approving active ETFs early last year, actively managed vehicles already accounted for roughly 10 per cent of the island\u2019s total ETF assets under management.
\nFollowing an offer of support from the Chinese securities regulator for active ETFs in mid-June, Bloomberg Intelligence estimated the funds could draw at least US$50 billion into mainland stocks in their first year, assuming a 7 per cent share of the ETF market, similar to Taiwan.
\nLooking forward, El-Asmar expects the next phase of expansion, which he described as \u201cETF 3.0\u201d, to centre on research-intensive, outcome-driven structures. Examples include funds that use derivatives to generate income or cushion losses.
\nEl-Asmar said the next phase of expansion \u2013 dubbed \u201cETF 3.0\u201d \u2013 will centre on research-intensive, outcome-driven structures, such as derivative-income strategies and downside-buffered funds.
\nRealising that growth, he added, hinged on regulatory conversion across markets and sustained investor education to bridge knowledge gaps among retail participants.
\n\u201cIt\u2019s impossible for anybody to make sense out of it without the industry and the press to actually help and provide investor education on the benefits and the risks,\u201d El-Asmar said.
\nBy Daisy Wu
\nSections: Business / Companies / Banking & Finance | Topics: China stock market, ETFs, Taiwan, China, China Securities Regulatory Commission, JP Morgan Asset Management
\nShort link: https://sc.mp/5ptod
\nRead the original article on SCMP
", "summary": "Any active strategy that suits the ETF format and meets investor demand will be considered, its China chief says.
\n
JPMorgan Asset Management\u2019s China CEO Desiree Wang said the company would launch more actively managed exchange-traded funds (ETFs) in mainland China. Photo: Shutterstock
\nJPMorgan Asset Management expects to launch more actively managed exchange-traded funds (ETFs) in mainland China after its first such fund there hit the 2 billion yuan (US$300 million) fundraising cap on the first day of sales, its China chief said.
\n\u201cThe first launch is just an opening move in a much bigger game,\u201d Desiree Wang, the firm\u2019s chief executive for China, said in an interview with the South China Morning Post on Tuesday.
\nAny active strategy that suits the ETF vehicle and meets investor demand \u201cwill be on the table\u201d, she added.
\nThe fund was one of three to hit the cap among the first 18 active ETFs approved by the China Securities Regulatory Commission on October 19. The batch drew more than 15 billion yuan in total subscriptions in October.
\nWang said the fund was the first of the 18 to reach the target, a result that \u201cdoes exceed expectations\u201d. Ahead of the debut, her team held more than 750 roadshows and training sessions to prepare mainland investors, she said.
\nThe fund is the only product from a wholly foreign-owned asset manager among the 18 and the only growth-style fund in the group.
\nIt is managed by Li Bo, a veteran dubbed a \u201cdouble-10\u201d manager for delivering annualised returns above 10 per cent over more than a decade. Wang said his track record helped it stand out from local rivals.
\nActive ETFs are new to a mainland market that has so far been dominated by passive, index-tracking funds.
\nTotal ETF assets on the mainland fell from more than 6 trillion yuan at the start of the year to 4.7 trillion yuan by midyear, as retail and institutional investors moved money out of broad-market index products, China Fund News reported.
\nUnlike traditional mutual funds, which report holdings quarterly with a delay, active ETFs must disclose their portfolios every trading day.
\nSome market watchers caution that full disclosure exposes proprietary strategies to copycat investing and front-running by quantitative trading desks.
\nWang dismissed those concerns. \u201cThe edge of active management is not to hide your position from your clients, from your competitors,\u201d she said. \u201cTransparency builds investor trust.\u201d
\nShe said lasting alpha, or returns above the market, stems from fundamental research, institutional discipline, rigorous stock selection and risk management.
\nJPMorgan Asset Management became the world\u2019s largest active ETF manager earlier this year, overseeing roughly US$257 billion in active ETF assets as of April.
\nWang said the onshore unit will draw on the parent group\u2019s \u201ctremendous experience\u201d. Further expansion in China required minimal capital expenditure, she added, because trading systems, technology infrastructure and distribution networks had been built over the past three years.
\nThe launch of active ETFs in mainland China was part of a broader shift towards actively managed exchange-traded funds across Asia-Pacific, according to Philippe El-Asmar, JPMorgan Asset Management\u2019s head of ETFs for the region.
\nSpeaking at a media summit in Singapore, he noted that while the region lagged the United States \u2013 which cleared its first active ETF in 2008 \u2013 adoption was accelerating.
\n\u201cIt\u2019s still a newer trend in the region,\u201d El-Asmar said. Australia pioneered the regional shift in 2019, followed by South Korea, Hong Kong and most recently, mainland China.
\nHe cited Taiwan as an example of rapid uptake. After approving active ETFs early last year, actively managed vehicles already accounted for roughly 10 per cent of the island\u2019s total ETF assets under management.
\nFollowing an offer of support from the Chinese securities regulator for active ETFs in mid-June, Bloomberg Intelligence estimated the funds could draw at least US$50 billion into mainland stocks in their first year, assuming a 7 per cent share of the ETF market, similar to Taiwan.
\nLooking forward, El-Asmar expects the next phase of expansion, which he described as \u201cETF 3.0\u201d, to centre on research-intensive, outcome-driven structures. Examples include funds that use derivatives to generate income or cushion losses.
\nEl-Asmar said the next phase of expansion \u2013 dubbed \u201cETF 3.0\u201d \u2013 will centre on research-intensive, outcome-driven structures, such as derivative-income strategies and downside-buffered funds.
\nRealising that growth, he added, hinged on regulatory conversion across markets and sustained investor education to bridge knowledge gaps among retail participants.
\n\u201cIt\u2019s impossible for anybody to make sense out of it without the industry and the press to actually help and provide investor education on the benefits and the risks,\u201d El-Asmar said.
\nBy Daisy Wu
\nSections: Business / Companies / Banking & Finance | Topics: China stock market, ETFs, Taiwan, China, China Securities Regulatory Commission, JP Morgan Asset Management
\nShort link: https://sc.mp/5ptod
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T23:00:06Z", "date_modified": "2026-10-27T23:00:06Z", "authors": ["Daisy Wu"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "90394877-a17d-4479-aa2b-81fcbaa8b82e", "url": "https://www.scmp.com/week-asia/politics/article/3372408/malaysia-still-deep-1mdb-red-najib-heads-home", "external_url": null, "title": "Malaysia still deep in 1MDB red as Najib heads home", "content_text": "", "content_html": "A ballooning public shortfall reveals the lasting cost of the sovereign fund scandal, while government infighting erupts over royal clemency.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/2ab6eb54-48dc-4a47-af00-2d1c052afe91_e9d0c038.jpg\")
Former Malaysian prime minister Najib Razak at the Kuala Lumpur High Court in October. While Najib prepares for a move to house arrest, officials say Malaysia still faces tens of billions in losses from the 1MDB scandal. Photo: AP
\nMalaysia will still lose tens of billions of ringgit to the 1MDB scandal even after further overseas asset recoveries, its second finance minister said on Wednesday, as disgraced former prime minister Najib Razak prepares to move to house arrest.
\nNajib has been imprisoned since 2022 following his conviction for corruption and money laundering tied to SRC International, a former subsidiary of 1Malaysia Development Berhad (1MDB). The sovereign wealth fund was co-founded by Najib in 2009 during his time as prime minister. He has consistently maintained his innocence.
\n\u201cAdditional recoveries will not eliminate the losses from 1MDB or bring the losses borne by the country below tens of billions of ringgit,\u201d Amir Hamzah Azizan, Malaysia\u2019s second finance minister, told parliament on Wednesday.
\n\u201cRepaying the debt to sukuk holders [Islamic bondholders] also does not mean that all expenditure incurred by the government has been recovered.\u201d
\nAccording to Amir, Putrajaya had already paid 42.5 billion ringgit (US$10.4 billion) of 1MDB\u2019s debts and financial commitments. The government owes another 8.9 billion ringgit in principal and interest on state-guaranteed Islamic bonds maturing in 2039.
\n![\"The](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/565fbb88-c8b7-4b14-b955-533f0763a87d_6f7dae69.jpg\")
\nTotal recoveries currently stand at 31.3 billion ringgit, leaving an estimated net burden of 20.1 billion ringgit unless more money is recovered.
\n\u201cAt this stage, the government cannot state with certainty how much will be recovered from each claim,\u201d Amir said. \u201cThe government has not set a definitive year to resolve all claims and asset recovery efforts because this process also depends on court decisions and enforcement at home and abroad.\u201d
\nFounded in 2009, 1MDB was designed to drive economic development and attract foreign direct investment. Instead, it became the centre of one of the world\u2019s biggest financial frauds.
\nUS Department of Justice investigators estimate that at least US$4.5 billion was siphoned from the fund via shell companies and international money-laundering channels. Over US$1 billion allegedly flowed directly into bank accounts linked to Najib, who has argued he was misled about the money\u2019s origin.
\nRecovery efforts are ongoing across multiple jurisdictions, including the United States, Switzerland, the United Kingdom and Singapore.
\nOn September 18, Malaysia\u2019s king, Sultan Ibrahim Iskandar, granted the 73-year-old a second royal pardon allowing him to serve the remainder of his SRC sentence under house arrest until August 23, 2028, conditional upon settling a 50 million ringgit fine.
\nNajib\u2019s original 12-year sentence had already been halved in 2024 by the pardons board, which also reduced his fine from 210 million ringgit to 50 million ringgit.
\nHome Minister Saifuddin Nasution Ismail said on October 18 that Najib remained at Kajang Prison pending payment of the fine and while authorities finalised house-arrest regulations.
\n![\"Najib](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/8ddcdb1c-0c40-41c6-a92e-f26595f60c59_c469eba0.jpg\")
\nNajib\u2019s lawyer, Muhammad Shafee Abdullah, previously said his client had received the conditions governing his house arrest at his Jalan Langgak Duta home in Kuala Lumpur\u2019s upscale Taman Duta neighbourhood, though prison authorities instructed him not to disclose the terms publicly.
\nNajib\u2019s party, the United Malays National Organisation (Umno), launched a fundraising drive to help pay the fine. Umno president Ahmad Zahid Hamidi reported in late September that 9.25 million ringgit had been raised.
\nThis Week in Asia contacted Umno secretary general Asyraf Wajdi Dusuki regarding the amount collected, but received no response by the time of publication.
\nThe pardon does not affect Najib\u2019s separate 15-year sentence in the main 1MDB trial, which is scheduled to begin in August 2028. The High Court rejected a bid to suspend that sentence on October 14.
\nThe pardon has also divided Prime Minister Anwar Ibrahim\u2019s government, which brings together Umno and the Democratic Action Party (DAP) \u2013 a long-standing critic of the former prime minister.
\nDAP lawmaker Lim Lip Eng challenged the secrecy surrounding the arrangement, declaring on October 16 that \u201chouse arrest is not a holiday in a luxury bungalow\u201d.
\nDAP chief Anthony Loke had already submitted his resignation as transport minister in protest against the pardon, but agreed to stay on until Najib begins house arrest.
\nBy Iman Muttaqin Yusof
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Malaysia, Najib Razak, Anthony Loke, Sultan Ibrahim Iskandar, Amir Hamzah, Saifuddin Nasution Ismail, Anwar Ibrahim, 1Malaysia Development Berhad (1MDB)
\nShort link: https://sc.mp/52tuk
\nRead the original article on SCMP
", "summary": "A ballooning public shortfall reveals the lasting cost of the sovereign fund scandal, while government infighting erupts over royal clemency.
\n
Former Malaysian prime minister Najib Razak at the Kuala Lumpur High Court in October. While Najib prepares for a move to house arrest, officials say Malaysia still faces tens of billions in losses from the 1MDB scandal. Photo: AP
\nMalaysia will still lose tens of billions of ringgit to the 1MDB scandal even after further overseas asset recoveries, its second finance minister said on Wednesday, as disgraced former prime minister Najib Razak prepares to move to house arrest.
\nNajib has been imprisoned since 2022 following his conviction for corruption and money laundering tied to SRC International, a former subsidiary of 1Malaysia Development Berhad (1MDB). The sovereign wealth fund was co-founded by Najib in 2009 during his time as prime minister. He has consistently maintained his innocence.
\n\u201cAdditional recoveries will not eliminate the losses from 1MDB or bring the losses borne by the country below tens of billions of ringgit,\u201d Amir Hamzah Azizan, Malaysia\u2019s second finance minister, told parliament on Wednesday.
\n\u201cRepaying the debt to sukuk holders [Islamic bondholders] also does not mean that all expenditure incurred by the government has been recovered.\u201d
\nAccording to Amir, Putrajaya had already paid 42.5 billion ringgit (US$10.4 billion) of 1MDB\u2019s debts and financial commitments. The government owes another 8.9 billion ringgit in principal and interest on state-guaranteed Islamic bonds maturing in 2039.
\n\nTotal recoveries currently stand at 31.3 billion ringgit, leaving an estimated net burden of 20.1 billion ringgit unless more money is recovered.
\n\u201cAt this stage, the government cannot state with certainty how much will be recovered from each claim,\u201d Amir said. \u201cThe government has not set a definitive year to resolve all claims and asset recovery efforts because this process also depends on court decisions and enforcement at home and abroad.\u201d
\nFounded in 2009, 1MDB was designed to drive economic development and attract foreign direct investment. Instead, it became the centre of one of the world\u2019s biggest financial frauds.
\nUS Department of Justice investigators estimate that at least US$4.5 billion was siphoned from the fund via shell companies and international money-laundering channels. Over US$1 billion allegedly flowed directly into bank accounts linked to Najib, who has argued he was misled about the money\u2019s origin.
\nRecovery efforts are ongoing across multiple jurisdictions, including the United States, Switzerland, the United Kingdom and Singapore.
\nOn September 18, Malaysia\u2019s king, Sultan Ibrahim Iskandar, granted the 73-year-old a second royal pardon allowing him to serve the remainder of his SRC sentence under house arrest until August 23, 2028, conditional upon settling a 50 million ringgit fine.
\nNajib\u2019s original 12-year sentence had already been halved in 2024 by the pardons board, which also reduced his fine from 210 million ringgit to 50 million ringgit.
\nHome Minister Saifuddin Nasution Ismail said on October 18 that Najib remained at Kajang Prison pending payment of the fine and while authorities finalised house-arrest regulations.
\n\nNajib\u2019s lawyer, Muhammad Shafee Abdullah, previously said his client had received the conditions governing his house arrest at his Jalan Langgak Duta home in Kuala Lumpur\u2019s upscale Taman Duta neighbourhood, though prison authorities instructed him not to disclose the terms publicly.
\nNajib\u2019s party, the United Malays National Organisation (Umno), launched a fundraising drive to help pay the fine. Umno president Ahmad Zahid Hamidi reported in late September that 9.25 million ringgit had been raised.
\nThis Week in Asia contacted Umno secretary general Asyraf Wajdi Dusuki regarding the amount collected, but received no response by the time of publication.
\nThe pardon does not affect Najib\u2019s separate 15-year sentence in the main 1MDB trial, which is scheduled to begin in August 2028. The High Court rejected a bid to suspend that sentence on October 14.
\nThe pardon has also divided Prime Minister Anwar Ibrahim\u2019s government, which brings together Umno and the Democratic Action Party (DAP) \u2013 a long-standing critic of the former prime minister.
\nDAP lawmaker Lim Lip Eng challenged the secrecy surrounding the arrangement, declaring on October 16 that \u201chouse arrest is not a holiday in a luxury bungalow\u201d.
\nDAP chief Anthony Loke had already submitted his resignation as transport minister in protest against the pardon, but agreed to stay on until Najib begins house arrest.
\nBy Iman Muttaqin Yusof
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Malaysia, Najib Razak, Anthony Loke, Sultan Ibrahim Iskandar, Amir Hamzah, Saifuddin Nasution Ismail, Anwar Ibrahim, 1Malaysia Development Berhad (1MDB)
\nShort link: https://sc.mp/52tuk
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:51:07Z", "date_modified": "2026-10-27T22:51:07Z", "authors": ["Iman Muttaqin Yusof"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "3110398b-418a-4d0e-8dfd-cb95f41cd118", "url": "https://www.scmp.com/news/hong-kong/society/article/3372405/hongkong-post-reports-record-hk905-million-deficit-ninth-year-losses", "external_url": null, "title": "Hongkong Post reports record HK$905 million deficit in ninth year of losses", "content_text": "", "content_html": "The deficit comes as mail volume falls by a third in five years, with Hongkong Post betting on e-commerce.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/fc7377c2-6ade-495e-b285-b16921394430_c8817835.jpg\")
Hongkong Post reported a record operating deficit of HK$905 million in 2025-26. Photo: K. Y. Cheng
\nHong Kong\u2019s government-owned postal service reported a record operating deficit of HK$905 million (US$115 million) in 2025-26, its ninth straight annual loss.
\nIn its annual report published on Wednesday, Hongkong Post said the past year showed its \u201cresilience and adaptability\u201d despite a volatile economic environment and an escalating geopolitical situation.
\n\u201cThe emergence of protectionism, tightening customs policies in various places, increasing terminal dues and rising operating costs posed significant challenges to its operations, resulting in an operating deficit of HK$905 million for the year,\u201d Postmaster General Donald Ng Man-kit said.
\nNg, formerly director of the Food and Environmental Hygiene Department, took up the post last month, succeeding Leonia Tai Shuk-yiu. His appointment came as the embattled department received a HK$4.6 billion government grant to support its operations over the next three years.
\nThe shortfall widened 10 per cent from HK$821 million the year before, as operating revenue of HK$2.33 billion covered barely two-thirds of HK$3.24 billion in operating costs.
\nAfter accounting for other income and expenses, its annual loss was HK$907 million.
\n![\"Hongkong](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/8fe6306b-6f19-4c96-9ceb-5ac989639aa9_2648ac34.jpg\")
\nStaff costs accounted for the largest share at more than HK$2 billion, followed by general postal operating expenses at HK$918 million and administrative expenses at HK$265 million.
\nIts return on fixed assets also deteriorated, falling from negative 34 per cent in 2024-25 to negative 41.4 per cent in the past financial year.
\nMail volume slipped from 611 million items in 2024-25 to 603 million in 2025-26, down by about a third from the 904 million items handled in 2021-22.
\nAbout one-third of international mail sent during the past year was destined for Asia and Europe, while less than a quarter went to mainland China.
\nTo accelerate its transformation, Hongkong Post said it had sought to capitalise on booming global e-commerce by working with postal administrations and commercial partners. These efforts included expanding its special-lane delivery services to Belt and Road Initiative countries and the Asia-Pacific region.
\nDespite a dynamic operating landscape and ongoing challenges, the department said it remained committed to providing reliable public postal services that met the needs of the community.
\nIt noted that the government was conducting a comprehensive review of Hongkong Post\u2019s operating model, including exploring the \u201cmost appropriate way\u201d to provide public postal services and develop more innovative, cost-effective models.
\n\u201cIn the meantime, we will continue to step up our efforts and implement a series of cost-saving measures while developing e-commerce mail businesses and other diversified postal services,\u201d it said.
\nA self-financing government department since 1995, Hongkong Post has recorded deficits for nearly a decade \u2013 a stark contrast to its peak profit of HK$1.23 billion in 1997-98.
\nIn an unprecedented cost-saving move, it announced in August that new employees would no longer be offered permanent civil service positions, but instead two-year contracts. The decision sparked a backlash within the public service.
\nThe move followed the Legislative Council\u2019s approval of a rescue plan to inject HK$4.6 billion into Hongkong Post\u2019s operations over the next three years. The government has also pledged to unveil a reform road map by 2028.
\nBy Lo Hoi-ying
\nSections: News / Hong Kong / Society | Topics: Hong Kong economy, Hongkong Post, Hong Kong, China
\nShort link: https://sc.mp/licxu
\nRead the original article on SCMP
", "summary": "The deficit comes as mail volume falls by a third in five years, with Hongkong Post betting on e-commerce.
\n
Hongkong Post reported a record operating deficit of HK$905 million in 2025-26. Photo: K. Y. Cheng
\nHong Kong\u2019s government-owned postal service reported a record operating deficit of HK$905 million (US$115 million) in 2025-26, its ninth straight annual loss.
\nIn its annual report published on Wednesday, Hongkong Post said the past year showed its \u201cresilience and adaptability\u201d despite a volatile economic environment and an escalating geopolitical situation.
\n\u201cThe emergence of protectionism, tightening customs policies in various places, increasing terminal dues and rising operating costs posed significant challenges to its operations, resulting in an operating deficit of HK$905 million for the year,\u201d Postmaster General Donald Ng Man-kit said.
\nNg, formerly director of the Food and Environmental Hygiene Department, took up the post last month, succeeding Leonia Tai Shuk-yiu. His appointment came as the embattled department received a HK$4.6 billion government grant to support its operations over the next three years.
\nThe shortfall widened 10 per cent from HK$821 million the year before, as operating revenue of HK$2.33 billion covered barely two-thirds of HK$3.24 billion in operating costs.
\nAfter accounting for other income and expenses, its annual loss was HK$907 million.
\n\nStaff costs accounted for the largest share at more than HK$2 billion, followed by general postal operating expenses at HK$918 million and administrative expenses at HK$265 million.
\nIts return on fixed assets also deteriorated, falling from negative 34 per cent in 2024-25 to negative 41.4 per cent in the past financial year.
\nMail volume slipped from 611 million items in 2024-25 to 603 million in 2025-26, down by about a third from the 904 million items handled in 2021-22.
\nAbout one-third of international mail sent during the past year was destined for Asia and Europe, while less than a quarter went to mainland China.
\nTo accelerate its transformation, Hongkong Post said it had sought to capitalise on booming global e-commerce by working with postal administrations and commercial partners. These efforts included expanding its special-lane delivery services to Belt and Road Initiative countries and the Asia-Pacific region.
\nDespite a dynamic operating landscape and ongoing challenges, the department said it remained committed to providing reliable public postal services that met the needs of the community.
\nIt noted that the government was conducting a comprehensive review of Hongkong Post\u2019s operating model, including exploring the \u201cmost appropriate way\u201d to provide public postal services and develop more innovative, cost-effective models.
\n\u201cIn the meantime, we will continue to step up our efforts and implement a series of cost-saving measures while developing e-commerce mail businesses and other diversified postal services,\u201d it said.
\nA self-financing government department since 1995, Hongkong Post has recorded deficits for nearly a decade \u2013 a stark contrast to its peak profit of HK$1.23 billion in 1997-98.
\nIn an unprecedented cost-saving move, it announced in August that new employees would no longer be offered permanent civil service positions, but instead two-year contracts. The decision sparked a backlash within the public service.
\nThe move followed the Legislative Council\u2019s approval of a rescue plan to inject HK$4.6 billion into Hongkong Post\u2019s operations over the next three years. The government has also pledged to unveil a reform road map by 2028.
\nBy Lo Hoi-ying
\nSections: News / Hong Kong / Society | Topics: Hong Kong economy, Hongkong Post, Hong Kong, China
\nShort link: https://sc.mp/licxu
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:39:06Z", "date_modified": "2026-10-27T22:39:06Z", "authors": ["Lo Hoi-ying"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "81a6f969-e2f7-4072-bf3c-6355f19a8614", "url": "https://www.scmp.com/news/asia/southeast-asia/article/3372404/malaysia-seizes-smuggled-ai-chips-worth-us12-million-kuala-lumpur-airport", "external_url": null, "title": "Malaysia seizes smuggled AI chips worth US$12 million at Kuala Lumpur airport", "content_text": "", "content_html": "Malaysia is closely monitoring the export of advanced US-made AI chips following pressure from the US to stem their flow into China.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/660f117d-bd97-47f0-a7d8-338ab0402788_216bc852.jpg\")
Malaysian customs officers on Wednesday display a computer server equipped with AI chips that was confiscated at Kuala Lumpur International Airport. Photo: AFP
\nMalaysian customs said on Wednesday \u2060that it \u2060had seized about 49.5 \u2060million ringgit (US$12 million) worth of advanced artificial intelligence chips this month, as authorities close in on a syndicate suspected of smuggling high-performance semiconductors through the country\u2019s main airport.
\nMalaysia imposed export controls last year on the movement of advanced AI chips of US origin, following pressure from the United States to stem their flow into China.
\nOn October 15, authorities found 30 server units containing advanced AI \u2060chips during an inspection at Kuala Lumpur International Airport\u2019s free-trade zone, \u200cthe airport\u2019s customs director Aspalila Ag Tuah told reporters.
\nInitial investigations found that the shipment, originating from \u200can Asian country, was to be re-exported to another nation \u2060in the \u2060continent, a move that required a trade permit, she said.
\n![\"Kuala](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/aae4cbd6-56fd-4c88-ac54-8027605675fe_920b1f68.jpg\")
\n\u201cThe servers were falsely \u200cdeclared as electronic components... and shipped through Malaysia to ensure there would be no restrictions \u200cimposed while \u200cbeing exported to the next destination.\u201d
\nA Malaysian \u200cfirm that facilitated the shipment has been called in to assist \u2060investigations.
\nThe shipment was suspected to have been \u2060carried out by a network responsible for a similar smuggling attempt foiled by customs authorities in June, Aspalila said.
\nAt \u200cleast five cases \u200cwere linked to the syndicate, involving seizures of chips worth more than 100 million ringgit in total, she said, declining to divulge further details citing an ongoing investigation.
\nBy Reuters
\nSections: News / Asia / Southeast Asia | Topics: Malaysia, United States, Artificial intelligence (AI), Semiconductors, China
\nShort link: https://sc.mp/4rlve
\nRead the original article on SCMP
", "summary": "Malaysia is closely monitoring the export of advanced US-made AI chips following pressure from the US to stem their flow into China.
\n
Malaysian customs officers on Wednesday display a computer server equipped with AI chips that was confiscated at Kuala Lumpur International Airport. Photo: AFP
\nMalaysian customs said on Wednesday \u2060that it \u2060had seized about 49.5 \u2060million ringgit (US$12 million) worth of advanced artificial intelligence chips this month, as authorities close in on a syndicate suspected of smuggling high-performance semiconductors through the country\u2019s main airport.
\nMalaysia imposed export controls last year on the movement of advanced AI chips of US origin, following pressure from the United States to stem their flow into China.
\nOn October 15, authorities found 30 server units containing advanced AI \u2060chips during an inspection at Kuala Lumpur International Airport\u2019s free-trade zone, \u200cthe airport\u2019s customs director Aspalila Ag Tuah told reporters.
\nInitial investigations found that the shipment, originating from \u200can Asian country, was to be re-exported to another nation \u2060in the \u2060continent, a move that required a trade permit, she said.
\n\n\u201cThe servers were falsely \u200cdeclared as electronic components... and shipped through Malaysia to ensure there would be no restrictions \u200cimposed while \u200cbeing exported to the next destination.\u201d
\nA Malaysian \u200cfirm that facilitated the shipment has been called in to assist \u2060investigations.
\nThe shipment was suspected to have been \u2060carried out by a network responsible for a similar smuggling attempt foiled by customs authorities in June, Aspalila said.
\nAt \u200cleast five cases \u200cwere linked to the syndicate, involving seizures of chips worth more than 100 million ringgit in total, she said, declining to divulge further details citing an ongoing investigation.
\nBy Reuters
\nSections: News / Asia / Southeast Asia | Topics: Malaysia, United States, Artificial intelligence (AI), Semiconductors, China
\nShort link: https://sc.mp/4rlve
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:30:31Z", "date_modified": "2026-10-27T22:30:31Z", "authors": ["Reuters"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "92cb47c3-6aa6-4431-a5ef-f760e3049764", "url": "https://www.scmp.com/news/china/politics/article/3372403/chinese-anti-scam-blogger-killed-contractors-hired-online-silence-his-work", "external_url": null, "title": "Chinese anti-scam blogger killed by contractors hired online to silence his work", "content_text": "", "content_html": "Suspended death sentence for ringleader involved in Wu Kai\u2019s death sparks public fury and demands for immediate execution.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/b1357fff-7315-4b7f-bdfd-aacd3bd202cd_b89646a9.jpg\")
The body of blogger Wu Kai, who used the handle Huijian on social media, was found in late 2024 after a contract to kidnap him was reportedly put out on Telegram. Photo: Weibo/\u80e1\u9521\u8fdb
\nA Chinese investigative blogger who exposed telecoms fraud and other illegal activity was killed by criminals hired on social media, according to Chinese media, as the case prompts calls for heavier punishment for his death.
\nThe body of Wu Kai, who used the name \u201cHuijian\u201d on social media and had written for years about telecoms fraud in Southeast Asia, was discovered in southern China in November 2024. His death and details of the case that followed have been revealed this week.
\nIn August 2024, Wu openly accused Liu Ren \u2013 a central figure in a conglomerate masterminded by Chinese tycoon Chen Zhi \u2013 of being a casino loan shark, beating someone to death, extorting protection fees from shops, operating telecoms fraud compounds and engaging in armed transnational crimes, according to a Jiemian News report on Tuesday.
\nLiu was extradited from Cambodia to China in June this year. A police statement at the time said he had been ordered by Chen in 2016 to found a group called Jinbei, which operated telecoms fraud compounds in Cambodia and carried out large-scale telecoms and online fraud involving \u201cextremely large amounts\u201d of money since 2020.
\nLiu was also charged with illegal detention and intentional injury, and his case was being investigated, Chinese police said.
\nChen, who was sent to China in January this year, has been charged with fraud, illegal business operations and intentional injury, among other crimes.
\nThe state-owned Jiemian News cited court documents in detailing the death of Wu and conviction of his killers, stating that in October 2024, Chinese native Zhao Bing picked up a kidnapping mission on the Telegram networking platform from an anonymous user, \u201cShaoxiao\u201d.
\nThe task was to kidnap a person who often wrote about telecoms fraud in northern Myanmar on WeChat and force him to reveal who was backing him and delete the articles. Wu\u2019s personal information was given to Zhao, the report said.
\nIn November, Zhao\u2019s accomplices kidnapped Wu and took him to the hills in Huidong county, Guangdong province. Zhao forced Wu to delete the articles and then drove the blogger to another site in Heyuan, where Zhao continued to beat Wu, according to the police statement.
\nAfter Shaoxiao did not believe Wu was telling the truth, Zhao repeatedly hit Wu and cut off half a fingernail, the report said. The next day, Zhao took Wu to a hill in Dingnan county in neighbouring Jiangxi province, where he kicked Wu in the head until he was unconscious and sent a photo to Shaoxiao.
\nHe then covered Wu with grass and returned to his hometown in Henan province. Zhao and his four accomplices split the 1 million yuan (US$150,000) payment, according to the report.
\nTwo days later, Wu\u2019s body was found by villagers. A few days after that, police detained the suspects. In December 2025, Zhao was convicted of committing intentional injury and sentenced to death with a two-year reprieve, while his accomplices received sentences ranging from 15 months to eight years.
\nThe identity of Shaoxiao has not been revealed.
\nProsecutors argued that although Zhao\u2019s initial purpose when taking the assignment was to confine and interrogate Wu, he repeatedly beat the victim violently, including delivering an especially heavy blow to the head.
\nHe also took no steps to aid the victim and left him on a remote hill, which indirectly led to his death, according to the court documents.
\nRevelations about Wu\u2019s death and the case have shocked the Chinese public, with many asking why contract violence and kidnapping in broad daylight can still occur.
\nWu\u2019s friends told the Southern Weekend, a Guangdong outlet, they found it \u201cunbelievable\u201d that he was killed. They said no one had questioned his whereabouts because they had read rumours he had taken money to write the articles or that he had not paid taxes and was under police investigation.
\nOthers felt the sentencing for Zhao was too light and suggested he should be immediately executed.
\nWu Lingling, a lawyer, wrote on Weibo that the perpetrator had put the victim through prolonged illegal confinement, torture and beating, an atrocity far exceeding ordinary violent crimes.
\n\u201cThis case targets anti-fraud activists, so if the criminal purpose is indeed retaliation and suppression of anti-fraud activities, then the harm extends far beyond depriving one person\u2019s life \u2013 it lies in using violence to intimidate those who dare to expose crimes,\u201d she wrote.
\nBy Phoebe Zhang
\nSections: News / China / Politics | Topics: China, Cambodia, Chen Zhi, Chinese overseas, Southeast Asia forced-labour\u00a0scams, Social media
\nShort link: https://sc.mp/6wwpa
\nRead the original article on SCMP
", "summary": "Suspended death sentence for ringleader involved in Wu Kai\u2019s death sparks public fury and demands for immediate execution.
\n
The body of blogger Wu Kai, who used the handle Huijian on social media, was found in late 2024 after a contract to kidnap him was reportedly put out on Telegram. Photo: Weibo/\u80e1\u9521\u8fdb
\nA Chinese investigative blogger who exposed telecoms fraud and other illegal activity was killed by criminals hired on social media, according to Chinese media, as the case prompts calls for heavier punishment for his death.
\nThe body of Wu Kai, who used the name \u201cHuijian\u201d on social media and had written for years about telecoms fraud in Southeast Asia, was discovered in southern China in November 2024. His death and details of the case that followed have been revealed this week.
\nIn August 2024, Wu openly accused Liu Ren \u2013 a central figure in a conglomerate masterminded by Chinese tycoon Chen Zhi \u2013 of being a casino loan shark, beating someone to death, extorting protection fees from shops, operating telecoms fraud compounds and engaging in armed transnational crimes, according to a Jiemian News report on Tuesday.
\nLiu was extradited from Cambodia to China in June this year. A police statement at the time said he had been ordered by Chen in 2016 to found a group called Jinbei, which operated telecoms fraud compounds in Cambodia and carried out large-scale telecoms and online fraud involving \u201cextremely large amounts\u201d of money since 2020.
\nLiu was also charged with illegal detention and intentional injury, and his case was being investigated, Chinese police said.
\nChen, who was sent to China in January this year, has been charged with fraud, illegal business operations and intentional injury, among other crimes.
\nThe state-owned Jiemian News cited court documents in detailing the death of Wu and conviction of his killers, stating that in October 2024, Chinese native Zhao Bing picked up a kidnapping mission on the Telegram networking platform from an anonymous user, \u201cShaoxiao\u201d.
\nThe task was to kidnap a person who often wrote about telecoms fraud in northern Myanmar on WeChat and force him to reveal who was backing him and delete the articles. Wu\u2019s personal information was given to Zhao, the report said.
\nIn November, Zhao\u2019s accomplices kidnapped Wu and took him to the hills in Huidong county, Guangdong province. Zhao forced Wu to delete the articles and then drove the blogger to another site in Heyuan, where Zhao continued to beat Wu, according to the police statement.
\nAfter Shaoxiao did not believe Wu was telling the truth, Zhao repeatedly hit Wu and cut off half a fingernail, the report said. The next day, Zhao took Wu to a hill in Dingnan county in neighbouring Jiangxi province, where he kicked Wu in the head until he was unconscious and sent a photo to Shaoxiao.
\nHe then covered Wu with grass and returned to his hometown in Henan province. Zhao and his four accomplices split the 1 million yuan (US$150,000) payment, according to the report.
\nTwo days later, Wu\u2019s body was found by villagers. A few days after that, police detained the suspects. In December 2025, Zhao was convicted of committing intentional injury and sentenced to death with a two-year reprieve, while his accomplices received sentences ranging from 15 months to eight years.
\nThe identity of Shaoxiao has not been revealed.
\nProsecutors argued that although Zhao\u2019s initial purpose when taking the assignment was to confine and interrogate Wu, he repeatedly beat the victim violently, including delivering an especially heavy blow to the head.
\nHe also took no steps to aid the victim and left him on a remote hill, which indirectly led to his death, according to the court documents.
\nRevelations about Wu\u2019s death and the case have shocked the Chinese public, with many asking why contract violence and kidnapping in broad daylight can still occur.
\nWu\u2019s friends told the Southern Weekend, a Guangdong outlet, they found it \u201cunbelievable\u201d that he was killed. They said no one had questioned his whereabouts because they had read rumours he had taken money to write the articles or that he had not paid taxes and was under police investigation.
\nOthers felt the sentencing for Zhao was too light and suggested he should be immediately executed.
\nWu Lingling, a lawyer, wrote on Weibo that the perpetrator had put the victim through prolonged illegal confinement, torture and beating, an atrocity far exceeding ordinary violent crimes.
\n\u201cThis case targets anti-fraud activists, so if the criminal purpose is indeed retaliation and suppression of anti-fraud activities, then the harm extends far beyond depriving one person\u2019s life \u2013 it lies in using violence to intimidate those who dare to expose crimes,\u201d she wrote.
\nBy Phoebe Zhang
\nSections: News / China / Politics | Topics: China, Cambodia, Chen Zhi, Chinese overseas, Southeast Asia forced-labour\u00a0scams, Social media
\nShort link: https://sc.mp/6wwpa
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:30:31Z", "date_modified": "2026-10-27T22:30:31Z", "authors": ["Phoebe Zhang"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "98764ab4-6717-4d27-86e6-38e4191dde4c", "url": "https://www.scmp.com/news/world/middle-east/article/3372401/tight-vote-count-keeps-israel-suspense-what-happens-next", "external_url": null, "title": "As vote count keeps Israel in suspense, what happens next?", "content_text": "", "content_html": "With projections pointing to no clear winner, four scenarios for how the race to 61 seats could play out.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/81056d95-4b69-400f-a9a1-cb34eff42fe4_30856f61.jpg\")
A supporter of opposition leader Gadi Eisenkot in Tel Aviv on election day. Photo: Reuters
\nIsraelis voted on Tuesday in their highest turnout for decades, with exit polls showing the camp of Prime Minister Benjamin Netanyahu and that of his rival are neck and neck.
\nExit polls from the three mainstream Israeli television networks gave the two blocs around 51 seats each in the 120-member Knesset - well below the 61 needed to govern - after initially giving an edge to the opposition led by ex-army chief Gadi Eisenkot.
\nIsraeli Arab lists made strong gains, with exit polls showing them winning 17 or 18 seats between them.
\nHere are four possible scenarios:
\nThe parties will immediately begin negotiations to try to reach a 61-seat majority, but the path forward is far from clear.
\nPresident Isaac Herzog will name a candidate who has the best chance to form a government - not necessarily the party with the most seats.
\nThe Arab Israeli parties, particularly Raam, have voiced openness to working with Eisenkot\u2019s bloc, but the camp has kept them at arm\u2019s length, perceiving their support as a liability during the campaign.
\nFor Netanyahu\u2019s bloc, however, there is no obvious place to pick up more seats after some smaller right-wing parties failed to meet the vote threshold for entering parliament.
\nCoalition negotiations can be arduous, with parties insisting on parochial interests, and can produce unstable governments.
\nIt took Netanyahu 58 days to form his government after the previous election in November 2022.
\n![\"Israeli](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/af7142b0-082f-4838-8f47-b378e9084b5c_dccc8e12.jpg\")
\nIf no bloc manages to secure 61 seats, a candidate could attempt to govern without a majority but rather through support on an ad hoc basis from other lawmakers.
\nIn this scenario, lawmakers from the Arab Israeli parties - whose community makes up 20 per cent of the population and generally identifies as Palestinian - could play a critical role.
\nRaam, led by Mansour Abbas, has been a kingmaker in the past, having been the first Arab party to join an Israeli government in a short-lived 2021-2022 coalition led by Naftali Bennett and Yair Lapid.
\nAnother Arab movement, the Joint List, has said it would be unlikely to join a coalition government outright, but has offered to provide a \u201csafety net\u201d for anyone that ousts Netanyahu from power.
\nPolitical commentator Tal Elovitz said that an especially high Arab turnout \u201cindicates a strong desire for partnership\u201d.
\nEisenkot has not even entertained the possibility publicly, and Netanyahu relentlessly told Jewish voters in his campaign that a vote for the opposition could bring Arabs into government.
\n\u201cBottom line, at the moment, it appears there is a possibility of forming a minority government headed by Eisenkot, but this could still shift depending on the final results,\u201d Elovitz said.
\n![\"Gadi](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/6b451f61-887f-4928-95ce-7e3a6991f92a_38b7dc80.jpg\")
\nConsidering Israel\u2019s extreme polarisation, the prospect of a national unity government would appear fanciful, but it could theoretically create a less extreme government.
\nIsraeli commentators have often mused on the possibility of a national unity government in which Netanyahu would jettison his provocative far-right allies as well as ultra-Orthodox parties and team up with Eisenkot, who shares Netanyahu\u2019s views on many security issues.
\nSuch a grand coalition would also exclude Arab parties.
\nA poll published on October 16 found that 55 per cent of Israelis would prefer a national unity government over new elections if the vote did not produce a clear majority.
\nThis scenario has a recent precedent. In 2020, Netanyahu and Benny Gantz, like Eisenkot a retired general appealing to the centre, reached a power-sharing agreement after three elections in less than a year.
\nThe agreement stipulated a rotation of the prime ministership, but the partnership fell apart after a year, triggering another election.
\nA unity government in the present situation would face strong opposition from both sides, particularly the opposition bloc, which has built its campaign around ousting Netanyahu, casting him as unfit to lead.
\nIf no candidate manages to form a government, Israel will have to return to the polls.
\nThe country held four elections between April 2019 and March 2021 due to the inability of politicians to forge a lasting coalition.
\nThe candidate designated by the president will, in principle, have 28 days to form a coalition, with a possible 14-day extension, although there are other procedural ways to prevent an immediate calling of new elections.
\nBy Agence France-Presse
\nSections: News / World / Middle East | Topics: Israel, Middle East, War and conflict, Israel-Gaza war, Benjamin Netanyahu, Palestinian Territories, US-Israel war on Iran, Hamas, Isaac Herzog, Yair Lapid, Knesset
\nShort link: https://sc.mp/ewl9w
\nRead the original article on SCMP
", "summary": "With projections pointing to no clear winner, four scenarios for how the race to 61 seats could play out.
\n
A supporter of opposition leader Gadi Eisenkot in Tel Aviv on election day. Photo: Reuters
\nIsraelis voted on Tuesday in their highest turnout for decades, with exit polls showing the camp of Prime Minister Benjamin Netanyahu and that of his rival are neck and neck.
\nExit polls from the three mainstream Israeli television networks gave the two blocs around 51 seats each in the 120-member Knesset - well below the 61 needed to govern - after initially giving an edge to the opposition led by ex-army chief Gadi Eisenkot.
\nIsraeli Arab lists made strong gains, with exit polls showing them winning 17 or 18 seats between them.
\nHere are four possible scenarios:
\nThe parties will immediately begin negotiations to try to reach a 61-seat majority, but the path forward is far from clear.
\nPresident Isaac Herzog will name a candidate who has the best chance to form a government - not necessarily the party with the most seats.
\nThe Arab Israeli parties, particularly Raam, have voiced openness to working with Eisenkot\u2019s bloc, but the camp has kept them at arm\u2019s length, perceiving their support as a liability during the campaign.
\nFor Netanyahu\u2019s bloc, however, there is no obvious place to pick up more seats after some smaller right-wing parties failed to meet the vote threshold for entering parliament.
\nCoalition negotiations can be arduous, with parties insisting on parochial interests, and can produce unstable governments.
\nIt took Netanyahu 58 days to form his government after the previous election in November 2022.
\n\nIf no bloc manages to secure 61 seats, a candidate could attempt to govern without a majority but rather through support on an ad hoc basis from other lawmakers.
\nIn this scenario, lawmakers from the Arab Israeli parties - whose community makes up 20 per cent of the population and generally identifies as Palestinian - could play a critical role.
\nRaam, led by Mansour Abbas, has been a kingmaker in the past, having been the first Arab party to join an Israeli government in a short-lived 2021-2022 coalition led by Naftali Bennett and Yair Lapid.
\nAnother Arab movement, the Joint List, has said it would be unlikely to join a coalition government outright, but has offered to provide a \u201csafety net\u201d for anyone that ousts Netanyahu from power.
\nPolitical commentator Tal Elovitz said that an especially high Arab turnout \u201cindicates a strong desire for partnership\u201d.
\nEisenkot has not even entertained the possibility publicly, and Netanyahu relentlessly told Jewish voters in his campaign that a vote for the opposition could bring Arabs into government.
\n\u201cBottom line, at the moment, it appears there is a possibility of forming a minority government headed by Eisenkot, but this could still shift depending on the final results,\u201d Elovitz said.
\n\nConsidering Israel\u2019s extreme polarisation, the prospect of a national unity government would appear fanciful, but it could theoretically create a less extreme government.
\nIsraeli commentators have often mused on the possibility of a national unity government in which Netanyahu would jettison his provocative far-right allies as well as ultra-Orthodox parties and team up with Eisenkot, who shares Netanyahu\u2019s views on many security issues.
\nSuch a grand coalition would also exclude Arab parties.
\nA poll published on October 16 found that 55 per cent of Israelis would prefer a national unity government over new elections if the vote did not produce a clear majority.
\nThis scenario has a recent precedent. In 2020, Netanyahu and Benny Gantz, like Eisenkot a retired general appealing to the centre, reached a power-sharing agreement after three elections in less than a year.
\nThe agreement stipulated a rotation of the prime ministership, but the partnership fell apart after a year, triggering another election.
\nA unity government in the present situation would face strong opposition from both sides, particularly the opposition bloc, which has built its campaign around ousting Netanyahu, casting him as unfit to lead.
\nIf no candidate manages to form a government, Israel will have to return to the polls.
\nThe country held four elections between April 2019 and March 2021 due to the inability of politicians to forge a lasting coalition.
\nThe candidate designated by the president will, in principle, have 28 days to form a coalition, with a possible 14-day extension, although there are other procedural ways to prevent an immediate calling of new elections.
\nBy Agence France-Presse
\nSections: News / World / Middle East | Topics: Israel, Middle East, War and conflict, Israel-Gaza war, Benjamin Netanyahu, Palestinian Territories, US-Israel war on Iran, Hamas, Isaac Herzog, Yair Lapid, Knesset
\nShort link: https://sc.mp/ewl9w
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:16:40Z", "date_modified": "2026-10-27T22:16:40Z", "authors": ["Agence France-Presse"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "93e45864-0c75-4fab-855b-767e1ad315b1", "url": "https://www.scmp.com/sport/other-sport/article/3372398/runners-swap-streets-shopping-malls-haze-chokes-singapore", "external_url": null, "title": "Runners swap streets for shopping malls as haze chokes Singapore", "content_text": "", "content_html": "Athletes turn corridors of Marina Square into running tracks as pollution from Indonesia makes outdoor exercise impossible.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/1c52d1b0-24e6-402f-92d2-ee3fc4ea82fe_c46a8c53.jpg\")
Runners have had to take their training sessions indoors because of the pollution choking Singapore. Photo: AFP
\nThe pounding of running shoes echoes through a Singapore shopping centre as fitness enthusiasts desperate to exercise take refuge from choking haze.
\nSmoke from wildfires in neighbouring Indonesia has sent air quality in the city state plummeting to its worst levels in more than a decade in recent weeks, cancelling outdoor activities.
\nThose seeking exercise, including runners training for international events, have found an unconventional alternative: air-conditioned shopping malls.
\nOn Saturday, more than 80 runners turned the corridors of Marina Square shopping centre into makeshift running tracks, clocking laps past storefronts on two floors before shops opened for business.
\nThere are strict rules. \u201cNo sprinting, no overtaking, no shouting or yelling,\u201d Eugene Beh, 52, founder of Singapore Runners Club, told about 60 members before their run.
\nSpitting and wiping sweat on the floor are also banned.
\n![\"The](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/60a4e028-55dd-4881-80fe-9eb9da9c7002_741ac6ff.jpg\")
\nBeh said they had to cancel several runs outdoors because of the haze, blown in by the wind from forest and peatland fires in Borneo and Sumatra.
\nAngeline Zeng, 57, who works in banking, completed 10 loops at the mall, or about 10 kilometres (six miles).
\nWith a half-marathon in Taipei in less than a week and a full marathon in December, Zeng needs to clock as much mileage as she can.
\nSince treadmills at her neighbourhood gym are often full, she and her fellow runners were excited when they heard about the mall runs.
\n\u201cWe were like, wow, we didn\u2019t expect that at all,\u201d she said.
\n\u201cI love it because the air con makes you feel like you\u2019re running overseas where there\u2019s cold temperatures, so it\u2019s really great,\u201d Zeng added.
\nBut she said that circling inside the mall becomes \u201cboring\u201d after a while.
\n\u201cMaybe for shorter runs this is OK but if you need to do long runs, maybe not so suitable,\u201d she said.
\nSingapore Runners Club member Doris Tan, 42, said she thought running indoors would be a bit suffocating.
\n\u201cI didn\u2019t expect it to be so cool \u2026 but if you have to ask me, I still prefer outdoors,\u201d she said.
\nPaul Wong, a 54-year-old retiree from a club called X-Run, completed 21 loops inside the mall, or about 21 km.
\nWith just over a month until the Singapore International Marathon \u2013 which many other fellow runners are also training for \u2013 Wong would have to run up to 80 km per week, but the haze has forced him indoors.
\n\u201cFor the last two weeks I\u2019ve been running close to 100 kilometres on the treadmill. The longest I\u2019ve run is 28 km for two and a half hours, it\u2019s very mental,\u201d Wong said.
\n\u201cThe mall run is definitely better because the treadmill feels like a hamster run. You just keep repeating the routine.\u201d
\nEddie Chang, lead coach for X-Run, said they had to present a carefully laid-out plan to get approval from the mall for the runs.
\nThey had to consider factors like walkway width, tight corners and holding the run early in the morning before the shops open.
\n\u201cThe biggest challenge for outdoor training is the weather. Humidity is very high, plus the haze now, the impact is doubled and tripled, so it\u2019s very hard to manage,\u201d Chang said.
\n\u201cBy converting to indoors, you definitely reduce all the impact from the outdoor experience and continue running.\u201d
\nThe air quality improved this week but on Wednesday Singapore remained one of the 20 most polluted major cities in the world, according to Swiss-based air quality monitor IQAir.
\nThe two running clubs are likely to extend the mall runs if poor air quality persists, and plan to ask more malls to open their doors to them.
\n\u201cI believe there will be opportunities. This is something new in the sports scene,\u201d Beh said. \u201cHopefully, with the permission of building management, this can spread out to other sports groups.\u201d
\nBy Agence France-Presse
\nSections: Sport / Other Sport | Topics: Marathons, Singapore
\nShort link: https://sc.mp/cyin9
\nRead the original article on SCMP
", "summary": "Athletes turn corridors of Marina Square into running tracks as pollution from Indonesia makes outdoor exercise impossible.
\n
Runners have had to take their training sessions indoors because of the pollution choking Singapore. Photo: AFP
\nThe pounding of running shoes echoes through a Singapore shopping centre as fitness enthusiasts desperate to exercise take refuge from choking haze.
\nSmoke from wildfires in neighbouring Indonesia has sent air quality in the city state plummeting to its worst levels in more than a decade in recent weeks, cancelling outdoor activities.
\nThose seeking exercise, including runners training for international events, have found an unconventional alternative: air-conditioned shopping malls.
\nOn Saturday, more than 80 runners turned the corridors of Marina Square shopping centre into makeshift running tracks, clocking laps past storefronts on two floors before shops opened for business.
\nThere are strict rules. \u201cNo sprinting, no overtaking, no shouting or yelling,\u201d Eugene Beh, 52, founder of Singapore Runners Club, told about 60 members before their run.
\nSpitting and wiping sweat on the floor are also banned.
\n\nBeh said they had to cancel several runs outdoors because of the haze, blown in by the wind from forest and peatland fires in Borneo and Sumatra.
\nAngeline Zeng, 57, who works in banking, completed 10 loops at the mall, or about 10 kilometres (six miles).
\nWith a half-marathon in Taipei in less than a week and a full marathon in December, Zeng needs to clock as much mileage as she can.
\nSince treadmills at her neighbourhood gym are often full, she and her fellow runners were excited when they heard about the mall runs.
\n\u201cWe were like, wow, we didn\u2019t expect that at all,\u201d she said.
\n\u201cI love it because the air con makes you feel like you\u2019re running overseas where there\u2019s cold temperatures, so it\u2019s really great,\u201d Zeng added.
\nBut she said that circling inside the mall becomes \u201cboring\u201d after a while.
\n\u201cMaybe for shorter runs this is OK but if you need to do long runs, maybe not so suitable,\u201d she said.
\nSingapore Runners Club member Doris Tan, 42, said she thought running indoors would be a bit suffocating.
\n\u201cI didn\u2019t expect it to be so cool \u2026 but if you have to ask me, I still prefer outdoors,\u201d she said.
\nPaul Wong, a 54-year-old retiree from a club called X-Run, completed 21 loops inside the mall, or about 21 km.
\nWith just over a month until the Singapore International Marathon \u2013 which many other fellow runners are also training for \u2013 Wong would have to run up to 80 km per week, but the haze has forced him indoors.
\n\u201cFor the last two weeks I\u2019ve been running close to 100 kilometres on the treadmill. The longest I\u2019ve run is 28 km for two and a half hours, it\u2019s very mental,\u201d Wong said.
\n\u201cThe mall run is definitely better because the treadmill feels like a hamster run. You just keep repeating the routine.\u201d
\nEddie Chang, lead coach for X-Run, said they had to present a carefully laid-out plan to get approval from the mall for the runs.
\nThey had to consider factors like walkway width, tight corners and holding the run early in the morning before the shops open.
\n\u201cThe biggest challenge for outdoor training is the weather. Humidity is very high, plus the haze now, the impact is doubled and tripled, so it\u2019s very hard to manage,\u201d Chang said.
\n\u201cBy converting to indoors, you definitely reduce all the impact from the outdoor experience and continue running.\u201d
\nThe air quality improved this week but on Wednesday Singapore remained one of the 20 most polluted major cities in the world, according to Swiss-based air quality monitor IQAir.
\nThe two running clubs are likely to extend the mall runs if poor air quality persists, and plan to ask more malls to open their doors to them.
\n\u201cI believe there will be opportunities. This is something new in the sports scene,\u201d Beh said. \u201cHopefully, with the permission of building management, this can spread out to other sports groups.\u201d
\nBy Agence France-Presse
\nSections: Sport / Other Sport | Topics: Marathons, Singapore
\nShort link: https://sc.mp/cyin9
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:00:46Z", "date_modified": "2026-10-27T22:00:46Z", "authors": ["Agence France-Presse"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "436bce16-46ab-4b67-82dd-48f610247bd3", "url": "https://www.scmp.com/business/china-business/article/3372395/chinas-stock-slide-cant-be-reversed-massive-state-buying-analysts-warn", "external_url": null, "title": "China\u2019s stock slide can\u2019t be reversed by massive state buying, analysts warn", "content_text": "", "content_html": "The \u2018national team\u2019 may have poured in US$25 billion this month, but real recovery depends on the economy, investment banks say.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/0282651d-0fa9-47a4-9088-62c7750be249_b53c6ba8.jpg\")
Closing index prices of Chinese stocks are displayed on a smartphone in Haian, in eastern China\u2019s Jiangsu province, on October 27, 2026. Photo: CFOTO/Future Publishing via Getty Images
\nIncreasingly apparent state buying in China\u2019s struggling stock market helped drive the benchmark CSI 300 Index up 0.68 per cent on Wednesday morning, but will be insufficient to engineer a durable rally in the world\u2019s second-largest equity market, according to analysts from global investment banks.
\n\u201cNational team\u201d investors \u2013 state entities buying exchange-traded funds (ETFs) and other vehicles \u2013 poured as much as 170 billion yuan (US$25.5 billion) into the market this month. But such intervention was intended to put a floor under stocks and ward off systemic risk, they argued.
\nWhile the market could temporarily stabilise after the intervention by Central Huijin Investment and other state-backed buyers, sustainable gains would depend on the strength of corporate earnings and domestic demand, a weak part of China\u2019s economy, according to Macquarie and Swiss private bank Julius Baer.
\nChina\u2019s state meddling in its onshore stock market accelerated this month after the benchmark CSI 300 Index slipped into a bear market and the chip-heavy Star 50 gauge shed more than 40 per cent of its value from a record high. Goldman Sachs said that the national team probably bought about 170 billion yuan of ETFs tracking key equity gauges in October, while Bank of America estimated such purchases at more than 110 billion yuan.
\n\u201cThe national team\u2019s focus is to stabilise the stock market and help prevent systemic risk,\u201d said Larry Hu, chief China economist at Macquarie. \u201cA sustained market rally still depends on a recovery in domestic demand, which may come once Beijing can no longer rely on exports to drive growth.\u201d
\nHu said that state stock buying also aligned with Beijing\u2019s \u201ccountercyclical\u201d approach, just like its fiscal policy, which is fine-tuned to help achieve the annual growth target while avoiding bazooka-like stimulus packages that would risk overshooting growth.
\nWe see limited motivation for a prolonged intervention campaignPatrick Pan, Bank of America\n
During the euphoric market sentiment until June this year, China\u2019s state buyers could have sold holdings worth 1.5 trillion yuan to rein in rapid gains, but they turned into net buyers again in July after sentiment deteriorated, according to Societe Generale.
\nTrading in Chinese stocks remains volatile, as sentiment sways between expectations about increased state support and concerns about growth prospects and an unwinding of crowded AI bets.
\nSpikes in trading volumes for the biggest ETFs tied to the CSI 300 and the Star 50 gauge pointed to state buying, as these were the key vehicles for state buyers to intervene. Unlike an earlier bout of interference in 2015 and 2024, the latest buying focused more on technology stocks, a critical part of Beijing\u2019s tech self-reliance drive.
\nETFs tracking the Star 50 gauge and the ChiNext index of tech start-ups trading in Shenzhen attracted about 50 billion yuan of fresh inflows this month, according to Bank of America.
\nWhile stocks historically tended to trough one or three months after state interventions, a meaningful rebound would not arrive until early next year, when policymakers would have to ramp up policies to reinvigorate economic growth, said Richard Tang, an analyst at Julius Baer. He recommended high-dividend stocks for now as a hedge against market volatility.
\n\u201cThe latest stabilisation measures appear aimed more at containing downside risks than driving a market reversal,\u201d said Patrick Pan, a strategist at Bank of America. \u201cWe see limited motivation for a prolonged intervention campaign, given that [China\u2019s stock] market is not the only casualty of the global AI unwind and indices remain well above the lows seen two to three years ago.\u201d
\nBy Zhang Shidong
\nSections: Business / China Business / Markets | Topics: China stock market, Stocks, Shanghai Stock Index, A-shares, Shenzhen Stock Index, Hong Kong stock market, United States, China, Larry Hu, Bank of America, Macquarie, Goldman Sachs
\nShort link: https://sc.mp/4603n
\nRead the original article on SCMP
", "summary": "The \u2018national team\u2019 may have poured in US$25 billion this month, but real recovery depends on the economy, investment banks say.
\n
Closing index prices of Chinese stocks are displayed on a smartphone in Haian, in eastern China\u2019s Jiangsu province, on October 27, 2026. Photo: CFOTO/Future Publishing via Getty Images
\nIncreasingly apparent state buying in China\u2019s struggling stock market helped drive the benchmark CSI 300 Index up 0.68 per cent on Wednesday morning, but will be insufficient to engineer a durable rally in the world\u2019s second-largest equity market, according to analysts from global investment banks.
\n\u201cNational team\u201d investors \u2013 state entities buying exchange-traded funds (ETFs) and other vehicles \u2013 poured as much as 170 billion yuan (US$25.5 billion) into the market this month. But such intervention was intended to put a floor under stocks and ward off systemic risk, they argued.
\nWhile the market could temporarily stabilise after the intervention by Central Huijin Investment and other state-backed buyers, sustainable gains would depend on the strength of corporate earnings and domestic demand, a weak part of China\u2019s economy, according to Macquarie and Swiss private bank Julius Baer.
\nChina\u2019s state meddling in its onshore stock market accelerated this month after the benchmark CSI 300 Index slipped into a bear market and the chip-heavy Star 50 gauge shed more than 40 per cent of its value from a record high. Goldman Sachs said that the national team probably bought about 170 billion yuan of ETFs tracking key equity gauges in October, while Bank of America estimated such purchases at more than 110 billion yuan.
\n\u201cThe national team\u2019s focus is to stabilise the stock market and help prevent systemic risk,\u201d said Larry Hu, chief China economist at Macquarie. \u201cA sustained market rally still depends on a recovery in domestic demand, which may come once Beijing can no longer rely on exports to drive growth.\u201d
\nHu said that state stock buying also aligned with Beijing\u2019s \u201ccountercyclical\u201d approach, just like its fiscal policy, which is fine-tuned to help achieve the annual growth target while avoiding bazooka-like stimulus packages that would risk overshooting growth.
\nWe see limited motivation for a prolonged intervention campaignPatrick Pan, Bank of America\n
During the euphoric market sentiment until June this year, China\u2019s state buyers could have sold holdings worth 1.5 trillion yuan to rein in rapid gains, but they turned into net buyers again in July after sentiment deteriorated, according to Societe Generale.
\nTrading in Chinese stocks remains volatile, as sentiment sways between expectations about increased state support and concerns about growth prospects and an unwinding of crowded AI bets.
\nSpikes in trading volumes for the biggest ETFs tied to the CSI 300 and the Star 50 gauge pointed to state buying, as these were the key vehicles for state buyers to intervene. Unlike an earlier bout of interference in 2015 and 2024, the latest buying focused more on technology stocks, a critical part of Beijing\u2019s tech self-reliance drive.
\nETFs tracking the Star 50 gauge and the ChiNext index of tech start-ups trading in Shenzhen attracted about 50 billion yuan of fresh inflows this month, according to Bank of America.
\nWhile stocks historically tended to trough one or three months after state interventions, a meaningful rebound would not arrive until early next year, when policymakers would have to ramp up policies to reinvigorate economic growth, said Richard Tang, an analyst at Julius Baer. He recommended high-dividend stocks for now as a hedge against market volatility.
\n\u201cThe latest stabilisation measures appear aimed more at containing downside risks than driving a market reversal,\u201d said Patrick Pan, a strategist at Bank of America. \u201cWe see limited motivation for a prolonged intervention campaign, given that [China\u2019s stock] market is not the only casualty of the global AI unwind and indices remain well above the lows seen two to three years ago.\u201d
\nBy Zhang Shidong
\nSections: Business / China Business / Markets | Topics: China stock market, Stocks, Shanghai Stock Index, A-shares, Shenzhen Stock Index, Hong Kong stock market, United States, China, Larry Hu, Bank of America, Macquarie, Goldman Sachs
\nShort link: https://sc.mp/4603n
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T22:00:06Z", "date_modified": "2026-10-27T22:00:06Z", "authors": ["Zhang Shidong"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "9f755a2b-54bb-4a4a-8a4d-933e36c24910", "url": "https://www.scmp.com/news/asia/southeast-asia/article/3372397/singapore-court-fines-behavioural-therapist-hurting-autistic-boy-who-hit-her", "external_url": null, "title": "Singapore court fines behavioural therapist for hurting autistic boy who hit her", "content_text": "", "content_html": "After being hit in the face thrice, the therapist grabbed the four-year-old\u2019s hand, dragging him off his chair and onto the floor.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/e70d7baa-87ff-4c6c-8435-d33514081077_756bfbac.jpg\")
The main entrance of the State Courts in Singapore. Photo: AP
\nA Singaporean behavioural therapist who was repeatedly hit in the face by a four-year-old boy with special needs grabbed his hand and dragged him off his chair and onto the floor.
\nTricia Lee Hsien, 29, was fined S$5,000 (US$3,900) by a court on Wednesday. She pleaded guilty to one charge of voluntarily causing hurt to a minor.
\nThe prosecution sought only a fine, saying this was an \u201cexceptional case\u201d as the harm caused was low and the woman\u2019s culpability was low in this isolated act of ill-treatment.
\nLee was a behavioural therapist at an autism centre that cannot be named due to a gag order imposed by the court to protect the identity of the victim.
\nIn February 2024, Lee was assigned to conduct lessons with the victim, who lived with his parents. The victim had a background of Asperger\u2019s syndrome, a form of autism spectrum disorder that may involve social difficulties, repetitive behaviour and a narrow range of interests.
\n![\"A](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/490bb39b-67fe-45c8-956c-4b45479918d4_2e397a7c.jpg\")
\nShe conducted lessons twice a week in the victim\u2019s bedroom, where his parents had installed a closed-circuit television camera.
\nThe victim\u2019s parents did not intervene during lessons, even when the boy expressed discomfort through crying or throwing tantrums, as they trusted Lee to manage him, the prosecutor said.
\nThe offence occurred as Lee conducted a lesson for the victim in his bedroom from 3pm on June 13, 2024.
\nAt about 5.25pm, they sat at a table and Lee read a book to the victim, pointing to the words and pictures. The boy began fidgeting in his seat.
\nLee then instructed the boy to adopt the \u201cquiet hands\u201d position by placing both hands on the table so he would not act violently or snatch items. Lee had been trained to use this method to address behavioural issues in her students.
\nThe victim did not comply and instead tried to hold the book. Lee pulled the book away and instructed him again to place his hands in the required position.
\nThe boy did not comply and instead hit Lee in the face, causing her glasses to fall off. Lee put her glasses back on and swung her left hand downwards twice, in an aggressive manner. She forcefully threw the book to the floor, picked it up again and threw it on the table, before throwing it against the wall.
\nIn response, the victim hit Lee\u2019s face again. Lee pointed at the victim and firmly told him not to hit her again. However, he did so a third time and grabbed her spectacles.
\nLee took the glasses back from him and stood up. She then grabbed the boy\u2019s hand, dragged him off his chair and onto the bedroom floor, causing him bodily pain. These actions were captured on CCTV footage.
\nLee carried the boy out of the bedroom and told his father that the child had hit her face. After numerous unsuccessful attempts to calm his son down, the boy\u2019s father decided to end the session for the day.
\nWhen the boy\u2019s mother was told about the incident, she reviewed CCTV footage and was shocked when she discovered Lee\u2019s actions. She contacted the centre where Lee worked and was assured by the principal that her employment would be terminated.
\nThe victim\u2019s mother then reported the incident to the police. The boy was taken to hospital but assessed to be normal, with no gross external injuries. Lee was fired and investigated by the police.
\nDeputy Public Prosecutor Darren Ang sought a fine of S$5,000 to S$6,000. He said while offences involving child abuse were serious, this case was exceptional as the harm caused was low and the victim sustained no documented injuries.
\nThe offence was also an isolated act which took place over \u201cmere seconds\u201d, Ang said.
\n![\"Children](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/c384883a-8da1-4844-983c-64342409cbc6_a1886b18.jpg\")
\nLee was represented by Low Cheong Yeow, who said his client\u2019s intention was to take the victim to his father, who was in the living room.
\n\u201cShe had wanted to get the victim\u2019s father\u2019s help in calming the victim down, as she had not been able to do so,\u201d Low said. \u201cThat was what was on her mind. And what she did in order to achieve that objective, she had not thought through carefully.\u201d
\nIn sentencing, Principal District Judge Toh Yung Cheong accepted that Lee\u2019s culpability was low.
\n\u201cThe [statement of facts] reveals you only committed the offence after being hit in the face,\u201d the judge said.
\n\u201cAt the same time, you were a behavioural therapist. You were aware of the victim\u2019s condition and could have taken other steps to deal with the situation.\u201d
\nFor voluntarily causing hurt, Lee could have been jailed for up to three years, fined up to S$5,000, or both. As the offence was against a minor below the age of 14, she faced up to double the maximum penalties.
\nThis article was first published by CNA
\nBy CNA
\nSections: News / Asia / Southeast Asia | Topics: Singapore, Crime, Law, Mental health
\nShort link: https://sc.mp/lozpt
\nRead the original article on SCMP
", "summary": "After being hit in the face thrice, the therapist grabbed the four-year-old\u2019s hand, dragging him off his chair and onto the floor.
\n
The main entrance of the State Courts in Singapore. Photo: AP
\nA Singaporean behavioural therapist who was repeatedly hit in the face by a four-year-old boy with special needs grabbed his hand and dragged him off his chair and onto the floor.
\nTricia Lee Hsien, 29, was fined S$5,000 (US$3,900) by a court on Wednesday. She pleaded guilty to one charge of voluntarily causing hurt to a minor.
\nThe prosecution sought only a fine, saying this was an \u201cexceptional case\u201d as the harm caused was low and the woman\u2019s culpability was low in this isolated act of ill-treatment.
\nLee was a behavioural therapist at an autism centre that cannot be named due to a gag order imposed by the court to protect the identity of the victim.
\nIn February 2024, Lee was assigned to conduct lessons with the victim, who lived with his parents. The victim had a background of Asperger\u2019s syndrome, a form of autism spectrum disorder that may involve social difficulties, repetitive behaviour and a narrow range of interests.
\n\nShe conducted lessons twice a week in the victim\u2019s bedroom, where his parents had installed a closed-circuit television camera.
\nThe victim\u2019s parents did not intervene during lessons, even when the boy expressed discomfort through crying or throwing tantrums, as they trusted Lee to manage him, the prosecutor said.
\nThe offence occurred as Lee conducted a lesson for the victim in his bedroom from 3pm on June 13, 2024.
\nAt about 5.25pm, they sat at a table and Lee read a book to the victim, pointing to the words and pictures. The boy began fidgeting in his seat.
\nLee then instructed the boy to adopt the \u201cquiet hands\u201d position by placing both hands on the table so he would not act violently or snatch items. Lee had been trained to use this method to address behavioural issues in her students.
\nThe victim did not comply and instead tried to hold the book. Lee pulled the book away and instructed him again to place his hands in the required position.
\nThe boy did not comply and instead hit Lee in the face, causing her glasses to fall off. Lee put her glasses back on and swung her left hand downwards twice, in an aggressive manner. She forcefully threw the book to the floor, picked it up again and threw it on the table, before throwing it against the wall.
\nIn response, the victim hit Lee\u2019s face again. Lee pointed at the victim and firmly told him not to hit her again. However, he did so a third time and grabbed her spectacles.
\nLee took the glasses back from him and stood up. She then grabbed the boy\u2019s hand, dragged him off his chair and onto the bedroom floor, causing him bodily pain. These actions were captured on CCTV footage.
\nLee carried the boy out of the bedroom and told his father that the child had hit her face. After numerous unsuccessful attempts to calm his son down, the boy\u2019s father decided to end the session for the day.
\nWhen the boy\u2019s mother was told about the incident, she reviewed CCTV footage and was shocked when she discovered Lee\u2019s actions. She contacted the centre where Lee worked and was assured by the principal that her employment would be terminated.
\nThe victim\u2019s mother then reported the incident to the police. The boy was taken to hospital but assessed to be normal, with no gross external injuries. Lee was fired and investigated by the police.
\nDeputy Public Prosecutor Darren Ang sought a fine of S$5,000 to S$6,000. He said while offences involving child abuse were serious, this case was exceptional as the harm caused was low and the victim sustained no documented injuries.
\nThe offence was also an isolated act which took place over \u201cmere seconds\u201d, Ang said.
\n\nLee was represented by Low Cheong Yeow, who said his client\u2019s intention was to take the victim to his father, who was in the living room.
\n\u201cShe had wanted to get the victim\u2019s father\u2019s help in calming the victim down, as she had not been able to do so,\u201d Low said. \u201cThat was what was on her mind. And what she did in order to achieve that objective, she had not thought through carefully.\u201d
\nIn sentencing, Principal District Judge Toh Yung Cheong accepted that Lee\u2019s culpability was low.
\n\u201cThe [statement of facts] reveals you only committed the offence after being hit in the face,\u201d the judge said.
\n\u201cAt the same time, you were a behavioural therapist. You were aware of the victim\u2019s condition and could have taken other steps to deal with the situation.\u201d
\nFor voluntarily causing hurt, Lee could have been jailed for up to three years, fined up to S$5,000, or both. As the offence was against a minor below the age of 14, she faced up to double the maximum penalties.
\nThis article was first published by CNA
\nBy CNA
\nSections: News / Asia / Southeast Asia | Topics: Singapore, Crime, Law, Mental health
\nShort link: https://sc.mp/lozpt
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T21:50:33Z", "date_modified": "2026-10-27T21:50:33Z", "authors": ["CNA"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "6c1ea5d7-dac0-433d-85aa-dd088e908b65", "url": "https://www.scmp.com/business/article/3372389/why-hong-kong-developer-ck-asset-sold-mall-exceptionally-cheap-price", "external_url": null, "title": "Why Hong Kong developer CK Asset sold a mall at an \u2018exceptionally cheap\u2019 price", "content_text": "", "content_html": "New owner will struggle to find tenants for shops off the beaten path in Sham Shui Po, analysts say.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/0a483cd6-caf6-41ad-b390-f7033054981d_cf9a89fe.jpg\")
CK Asset Holdings never rented the retail shops it has now sold at Seaside Sonata, which was completed in 2021. Photo: Jonathan Wong
\nWith the \u201cexceptionally cheap\u201d sale of a vacant Hong Kong shopping mall, developer CK Asset Holdings is freeing up capital for other projects, while the buyer will have to be patient because the location will struggle to attract tenants in the short term, according to analysts.
\nThe developer completed the mall in its residential project Seaside Sonata on Hai Tan Street in Sham Shui Po five years ago but never leased it out. It recently changed hands along with a batch of parking spaces for HK$179.77 million (US$23 million), according to Land Registry records. The price per square foot for the retail portion was HK$2,996, analysts said.
\nMidland Commercial said that the decline in commercial and industrial property prices in the city had created new entry opportunities for investors and end users, while giving some owners a chance to restructure their property portfolios.
\n\u201cIt is estimated that the owner\u2019s decision to put the shopping mall up for sale reflects a strategy of selling older properties to free up capital for reinvestment,\u201d the property agent said. \u201cThe potential buyers are expected to be mainly long-term investors.\u201d
\nThe new buyer, according to Land Registry records, was Assets Master, a company whose director, Yip Kin Cheong, shares the same name as a Hong Kong-based lawyer. Yip did not respond to request for comment.
\n\u201cSince the current business environment is not favourable, especially with the year drawing to a close and the Lunar New Year approaching, finding tenants will be challenging,\u201d said Stanley Poon Chi-ming, managing director at Centaline Commercial.
\nThe \u201cexceptionally cheap\u201d per-square-foot price, compared with other brand-new retail shops in new developments in Kowloon, was based on the sale price after deducting the value of the parking spaces, Poon said.
\nAlthough Seaside Sonata had been occupied since mid-2021, CK Asset \u2013 the flagship developer of the conglomerate run by the family of billionaire Li Ka-shing \u2013 had never publicly offered its 38 retail shops for lease, he added.
\nAlex Leung, senior director at CHFT Advisory and Appraisal, said that Hai Tan Street had low pedestrian traffic, as it had some old tenement blocks in poor condition and was far from the district\u2019s traditional retail hub.
\n\u201cReflecting the sluggish market, the rent per square foot for street shops on Hai Tan Street has been only about HK$15 to HK$25 in recent years,\u201d he said. \u201cThe core challenge remains finding tenants who are willing to move to a less accessible location that also lacks compatibility with the existing street-level operators.\u201d
\nSeaside Sonata was developed through a partnership between CK Asset and the Urban Renewal Authority. The developer put the property \u2013 comprising 38 retail shops, 13 car spaces and six motorcycle spaces \u2013 up for sale via public tender in May. The tender closed in mid-June.
\nAccording to the tender documents, the 38 retail units located on the ground and first floors of three of Seaside Sonata\u2019s towers have a total gross area of more than 51,000 square feet. The units range from 321 to 5,825 square feet.
\nThese properties tended to \u201cdeter\u201d potential buyers and would appreciate less readily than other shop properties because they were disconnected spaces across the different towers, Poon said.
\nThis is not the first Sham Shui Po retail property developed with the Urban Renewal Authority that CK Asset has sold. In August 2025, it sold the 53,200-square-foot podium retail space of Trinity Towers to City University of Hong Kong for HK$423.6 million.
\nCK Asset had never offered the retail shops for lease. City University turned the property into a veterinary medical centre, a move that reportedly sparked dissatisfaction among residential owners in Trinity Towers.
\nBy Chris Tsang
\nSections: Business / News / Hong Kong / Property / Hong Kong & China | Topics: Hong Kong property, CK Asset Holdings, Property investment, Hong Kong economy, Hong Kong, Alex Leung, Li Ka-shing, City University of Hong Kong, Centaline Property
\nShort link: https://sc.mp/lvy4n
\nRead the original article on SCMP
", "summary": "New owner will struggle to find tenants for shops off the beaten path in Sham Shui Po, analysts say.
\n
CK Asset Holdings never rented the retail shops it has now sold at Seaside Sonata, which was completed in 2021. Photo: Jonathan Wong
\nWith the \u201cexceptionally cheap\u201d sale of a vacant Hong Kong shopping mall, developer CK Asset Holdings is freeing up capital for other projects, while the buyer will have to be patient because the location will struggle to attract tenants in the short term, according to analysts.
\nThe developer completed the mall in its residential project Seaside Sonata on Hai Tan Street in Sham Shui Po five years ago but never leased it out. It recently changed hands along with a batch of parking spaces for HK$179.77 million (US$23 million), according to Land Registry records. The price per square foot for the retail portion was HK$2,996, analysts said.
\nMidland Commercial said that the decline in commercial and industrial property prices in the city had created new entry opportunities for investors and end users, while giving some owners a chance to restructure their property portfolios.
\n\u201cIt is estimated that the owner\u2019s decision to put the shopping mall up for sale reflects a strategy of selling older properties to free up capital for reinvestment,\u201d the property agent said. \u201cThe potential buyers are expected to be mainly long-term investors.\u201d
\nThe new buyer, according to Land Registry records, was Assets Master, a company whose director, Yip Kin Cheong, shares the same name as a Hong Kong-based lawyer. Yip did not respond to request for comment.
\n\u201cSince the current business environment is not favourable, especially with the year drawing to a close and the Lunar New Year approaching, finding tenants will be challenging,\u201d said Stanley Poon Chi-ming, managing director at Centaline Commercial.
\nThe \u201cexceptionally cheap\u201d per-square-foot price, compared with other brand-new retail shops in new developments in Kowloon, was based on the sale price after deducting the value of the parking spaces, Poon said.
\nAlthough Seaside Sonata had been occupied since mid-2021, CK Asset \u2013 the flagship developer of the conglomerate run by the family of billionaire Li Ka-shing \u2013 had never publicly offered its 38 retail shops for lease, he added.
\nAlex Leung, senior director at CHFT Advisory and Appraisal, said that Hai Tan Street had low pedestrian traffic, as it had some old tenement blocks in poor condition and was far from the district\u2019s traditional retail hub.
\n\u201cReflecting the sluggish market, the rent per square foot for street shops on Hai Tan Street has been only about HK$15 to HK$25 in recent years,\u201d he said. \u201cThe core challenge remains finding tenants who are willing to move to a less accessible location that also lacks compatibility with the existing street-level operators.\u201d
\nSeaside Sonata was developed through a partnership between CK Asset and the Urban Renewal Authority. The developer put the property \u2013 comprising 38 retail shops, 13 car spaces and six motorcycle spaces \u2013 up for sale via public tender in May. The tender closed in mid-June.
\nAccording to the tender documents, the 38 retail units located on the ground and first floors of three of Seaside Sonata\u2019s towers have a total gross area of more than 51,000 square feet. The units range from 321 to 5,825 square feet.
\nThese properties tended to \u201cdeter\u201d potential buyers and would appreciate less readily than other shop properties because they were disconnected spaces across the different towers, Poon said.
\nThis is not the first Sham Shui Po retail property developed with the Urban Renewal Authority that CK Asset has sold. In August 2025, it sold the 53,200-square-foot podium retail space of Trinity Towers to City University of Hong Kong for HK$423.6 million.
\nCK Asset had never offered the retail shops for lease. City University turned the property into a veterinary medical centre, a move that reportedly sparked dissatisfaction among residential owners in Trinity Towers.
\nBy Chris Tsang
\nSections: Business / News / Hong Kong / Property / Hong Kong & China | Topics: Hong Kong property, CK Asset Holdings, Property investment, Hong Kong economy, Hong Kong, Alex Leung, Li Ka-shing, City University of Hong Kong, Centaline Property
\nShort link: https://sc.mp/lvy4n
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T21:00:10Z", "date_modified": "2026-10-27T21:00:10Z", "authors": ["Chris Tsang"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "78c46ed7-71ae-4d71-bffd-9470953583ed", "url": "https://www.scmp.com/news/china/diplomacy/article/3372373/eu-plans-high-level-china-currency-talks-fears-new-trade-shock-mount", "external_url": null, "title": "EU plans high-level China currency talks as fears of new trade shock mount", "content_text": "", "content_html": "Top officials will visit the Chinese capital in the coming months in a bid to persuade Beijing to revalue the yuan, according to sources.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/259760c7-0362-44c9-bb91-fddfc7305b6a_17edfb46.jpg\")
EU leaders say the yuan is undervalued, making Chinese products cheaper for European buyers and contributing to the so-called China shock 2.0. Photo: Getty Images
\nAfter convincing China to accept a cap on its hybrid car exports, a stream of top-level European finance and banking officials will descend on the Chinese capital in the coming months on a far trickier mission: persuading Beijing to stop holding down its currency to help save the bloc\u2019s struggling industry.
\nIn the week of November 23, top European Union economy officials led by director general Maarten Verwey will sit down in Beijing for a \u201cmacroeconomic dialogue\u201d with their Chinese counterparts.
\nPlans are in the works, meanwhile, for a heavyweight trio \u2013 from the European Central Bank, Eurogroup and European Commission \u2013 to follow them there around the turn of the year, though no final date has been set, according to multiple people familiar with the planning.
\nThis would be the first formal meeting in over a decade for a revived format with People\u2019s Bank of China governor Pan Gongsheng and Finance Minister Lan Foan. The talks were kick-started on the margins of global financial meetings in Bangkok earlier this month.
\nThe European delegation \u2013 comprising the three institutions responsible for managing the euro zone\u2019s monetary policy and coordinating its economic policies \u2013 will likely be led by ECB President Christine Lagarde, along with EU economy chief Valdis Dombrovskis and Kyriakos Pierrakakis, president of the Eurogroup, a coalition of euro-using EU members.
\n![\"The](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/43dbc7b0-c7f9-4351-b8de-ae97a58aecb9_d079a500.jpg\")
\nIt comes amid frenzied political interest in Europe about the perceived undervaluation of the Chinese yuan, which EU leaders say is making the country\u2019s products cheaper for European buyers, contributing heavily to what is now commonly described as a \u201cChina shock 2.0\u201d to European industry.
\nThe Chinese currency is not freely floated, meaning its value is not entirely determined by market forces. For decades, this has led trading partners to suspect it is undervalued in order to boost the country\u2019s exports, a vital engine for economic growth.
\nEstimates on the currency\u2019s comparative valuation vary wildly. The International Monetary Fund suggested this year that it could be up to 21 per cent undervalued, while researchers at the Centre for European Reform put that figure at closer to 30 per cent.
\nResearch by Chinese think tank CF40 also suggests the yuan has considerable room to strengthen in the coming years, based on its analysis of Chinese and American prices.
\nBusinessEurope, Brussels\u2019 umbrella corporate lobby group, said last week that China \u201cactively restrains the appreciation of the renminbi that a surplus of this size would normally trigger, keeping exports artificially competitive\u201d. This factor \u201ccompounds direct state support\u201d, the chamber said.
\nBut both publicly and behind closed doors, Beijing has pushed back, pointing to official data showing that the yuan has strengthened by almost 10 per cent against the euro in 2026.
\n\u201cGlobal imbalances cannot be resolved through exchange rate adjustments,\u201d Pan said in an official PBOC account of the October 16 meeting, insisting there was \u201cno straightforward relationship between exchange rate and current account\u201d.
\nWhile the yuan has made gains in 2026, \u201cany appreciation has really vanished in real terms\u201d due to flat inflation and years of falling producer prices in China, which have run counter to rising prices elsewhere in the world, said Alicia Garcia-Herrero, chief Asia-Pacific economist at French bank Natixis.
\nPan and Lan came to Bangkok extremely well-prepared, according to people familiar with the discussions. The PBOC governor is well-liked in EU circles and seen as a pragmatic operator. In recent weeks, he has met a flurry of senior European officials, including governors of the central banks of France and Sweden, as well as Emmanuel Bonne, French President Emmanuel Macron\u2019s diplomatic adviser.
\nNonetheless, in Bangkok Pan politely drew on a long paper published a week earlier by the PBOC that said the Chinese central bank did not agree with analysis that the yuan was manipulated to boost exports.
\n\u201cChina has no need or intent to gain competitive advantages through currency devaluation,\u201d said the paper, published on October 8.
\nThe European side, meanwhile, broached the issue carefully, lest it appeared that they were ganging up on China along with the United States. The delicate issue was couched in the diplomatic language of \u201cglobal imbalances\u201d, with acknowledgement that China\u2019s underconsumption was an issue when placed alongside European underinvestment and American overspend.
\nThere was an effort not to appear confrontational \u2013 instead officials highlighted how the parties could work together to address these imbalances, with currency being one issue to tackle. Ideally, the Europeans would like a glimpse of Beijing\u2019s internal financial numbers to make fresh assessments on the yuan, even if that is seen as unlikely.
\nThe dialogue \u201cis aimed at enabling discussions on all relevant economic policies in a holistic manner, including global imbalances and their deep causes and the need for an orderly rebalancing in the interest of both sides and the global economy\u201d, an ECB spokesperson said.
\nThe Bangkok talks, then, did not achieve a breakthrough, but were seen as the gateway to technical discussions on the topic, in which technocrats will engage on the numbers, rather than getting bogged down in political bickering.
\nIn Europe, however, the issue has boiled over into messy, mainstream political discourse. German media reports suggest that Chancellor Friedrich Merz\u2019s dramatic pivot on China policy this month came directly from research linking an undervalued yuan to his country\u2019s industry woes.
\n\u201cAnyone who disrupts the functioning of the markets through unfair subsidies, overcapacities, aggressive pricing, or artificially undervalued currencies must expect a response,\u201d Merz said at an event in Berlin last week.
\nIn June, he pointed to the Plaza Accord as a model for today\u2019s issues with manipulated currencies, referring to a 1985 pact that saw the US pressure Japan into accepting a sharp rise in the yen to curb its trade surplus.
\nMerz\u2019s comments were anathema to Beijing\u2019s official organs. In China, the accord is popularly seen to have crippled Japan\u2019s export prowess, contributing to decades of perceived economic stagnation.
\n\u201cChina will not accept using exchange rates as a pretext for oppression, nor will it return to the old era of great powers coordinating the fate of a few countries. Today\u2019s China is not the Japan of the past,\u201d fumed Global Times, a tabloid under the official mouthpiece People\u2019s Daily, in the days after Merz spoke.
\nEuropean analysts believe, however, that allowing the yuan to strengthen would be a salve to Europe\u2019s struggling manufacturing heartlands and help avert a potential broader trade war.
\n\u201cIf it\u2019s a sizeable revaluation, of course it will [move the needle],\u201d said Sander Tordoir, chief economist at the Centre for European Reform and co-author of a paper that reportedly helped convince Merz of the need to change tack on China.
\n\u201cMost models would suggest that a 10 per cent real effective exchange rate change shifts real net exports by 1.5 per cent of GDP on average,\u201d he said.
\n\u201cBeijing faces a real choice here: either revalue the currency to lower pressure from trading partners ranging from the EU to India or accept that said partners will ratchet up the trade ramparts.\u201d
\nGarcia-Herrero from Natixis said expectations were being managed as to how much ground Beijing would give on this front, since \u201cChinese companies\u2019 profits are small\u201d and an appreciation \u201cwould only reduce them further\u201d.
\nThe economist suspects that for China, currency talks with Europe may have a different objective. The country is on a drive to globalise its currency and the buy-in of the EU would be a big help.
\n\u201cI think renminbi internationalisation is also very important, and I do think China wants some support,\u201d Garcia-Herrero said. \u201cI think they want to exchange with the Europeans on a multipolar world of currencies.\u201d
\nBut she doubted whether Europe alone could convince Beijing to change course on currency intervention, saying such a mission would be \u201cdoomed\u201d without US support. \u201cThis not something we can achieve without the dollar.\u201d
\nBy Finbarr Bermingham
\nSections: News / China / Diplomacy | Topics: China-EU relations, SCMP Exclusives, European Union, Germany, United States, China, Alicia Garcia Herrero, Pan Gongsheng, Lan Foan, Friedrich Merz, European Council, International Monetary Fund (IMF), European Central Bank, Natixis
\nShort link: https://sc.mp/5r3xy
\nRead the original article on SCMP
", "summary": "Top officials will visit the Chinese capital in the coming months in a bid to persuade Beijing to revalue the yuan, according to sources.
\n
EU leaders say the yuan is undervalued, making Chinese products cheaper for European buyers and contributing to the so-called China shock 2.0. Photo: Getty Images
\nAfter convincing China to accept a cap on its hybrid car exports, a stream of top-level European finance and banking officials will descend on the Chinese capital in the coming months on a far trickier mission: persuading Beijing to stop holding down its currency to help save the bloc\u2019s struggling industry.
\nIn the week of November 23, top European Union economy officials led by director general Maarten Verwey will sit down in Beijing for a \u201cmacroeconomic dialogue\u201d with their Chinese counterparts.
\nPlans are in the works, meanwhile, for a heavyweight trio \u2013 from the European Central Bank, Eurogroup and European Commission \u2013 to follow them there around the turn of the year, though no final date has been set, according to multiple people familiar with the planning.
\nThis would be the first formal meeting in over a decade for a revived format with People\u2019s Bank of China governor Pan Gongsheng and Finance Minister Lan Foan. The talks were kick-started on the margins of global financial meetings in Bangkok earlier this month.
\nThe European delegation \u2013 comprising the three institutions responsible for managing the euro zone\u2019s monetary policy and coordinating its economic policies \u2013 will likely be led by ECB President Christine Lagarde, along with EU economy chief Valdis Dombrovskis and Kyriakos Pierrakakis, president of the Eurogroup, a coalition of euro-using EU members.
\n\nIt comes amid frenzied political interest in Europe about the perceived undervaluation of the Chinese yuan, which EU leaders say is making the country\u2019s products cheaper for European buyers, contributing heavily to what is now commonly described as a \u201cChina shock 2.0\u201d to European industry.
\nThe Chinese currency is not freely floated, meaning its value is not entirely determined by market forces. For decades, this has led trading partners to suspect it is undervalued in order to boost the country\u2019s exports, a vital engine for economic growth.
\nEstimates on the currency\u2019s comparative valuation vary wildly. The International Monetary Fund suggested this year that it could be up to 21 per cent undervalued, while researchers at the Centre for European Reform put that figure at closer to 30 per cent.
\nResearch by Chinese think tank CF40 also suggests the yuan has considerable room to strengthen in the coming years, based on its analysis of Chinese and American prices.
\nBusinessEurope, Brussels\u2019 umbrella corporate lobby group, said last week that China \u201cactively restrains the appreciation of the renminbi that a surplus of this size would normally trigger, keeping exports artificially competitive\u201d. This factor \u201ccompounds direct state support\u201d, the chamber said.
\nBut both publicly and behind closed doors, Beijing has pushed back, pointing to official data showing that the yuan has strengthened by almost 10 per cent against the euro in 2026.
\n\u201cGlobal imbalances cannot be resolved through exchange rate adjustments,\u201d Pan said in an official PBOC account of the October 16 meeting, insisting there was \u201cno straightforward relationship between exchange rate and current account\u201d.
\nWhile the yuan has made gains in 2026, \u201cany appreciation has really vanished in real terms\u201d due to flat inflation and years of falling producer prices in China, which have run counter to rising prices elsewhere in the world, said Alicia Garcia-Herrero, chief Asia-Pacific economist at French bank Natixis.
\nPan and Lan came to Bangkok extremely well-prepared, according to people familiar with the discussions. The PBOC governor is well-liked in EU circles and seen as a pragmatic operator. In recent weeks, he has met a flurry of senior European officials, including governors of the central banks of France and Sweden, as well as Emmanuel Bonne, French President Emmanuel Macron\u2019s diplomatic adviser.
\nNonetheless, in Bangkok Pan politely drew on a long paper published a week earlier by the PBOC that said the Chinese central bank did not agree with analysis that the yuan was manipulated to boost exports.
\n\u201cChina has no need or intent to gain competitive advantages through currency devaluation,\u201d said the paper, published on October 8.
\nThe European side, meanwhile, broached the issue carefully, lest it appeared that they were ganging up on China along with the United States. The delicate issue was couched in the diplomatic language of \u201cglobal imbalances\u201d, with acknowledgement that China\u2019s underconsumption was an issue when placed alongside European underinvestment and American overspend.
\nThere was an effort not to appear confrontational \u2013 instead officials highlighted how the parties could work together to address these imbalances, with currency being one issue to tackle. Ideally, the Europeans would like a glimpse of Beijing\u2019s internal financial numbers to make fresh assessments on the yuan, even if that is seen as unlikely.
\nThe dialogue \u201cis aimed at enabling discussions on all relevant economic policies in a holistic manner, including global imbalances and their deep causes and the need for an orderly rebalancing in the interest of both sides and the global economy\u201d, an ECB spokesperson said.
\nThe Bangkok talks, then, did not achieve a breakthrough, but were seen as the gateway to technical discussions on the topic, in which technocrats will engage on the numbers, rather than getting bogged down in political bickering.
\nIn Europe, however, the issue has boiled over into messy, mainstream political discourse. German media reports suggest that Chancellor Friedrich Merz\u2019s dramatic pivot on China policy this month came directly from research linking an undervalued yuan to his country\u2019s industry woes.
\n\u201cAnyone who disrupts the functioning of the markets through unfair subsidies, overcapacities, aggressive pricing, or artificially undervalued currencies must expect a response,\u201d Merz said at an event in Berlin last week.
\nIn June, he pointed to the Plaza Accord as a model for today\u2019s issues with manipulated currencies, referring to a 1985 pact that saw the US pressure Japan into accepting a sharp rise in the yen to curb its trade surplus.
\nMerz\u2019s comments were anathema to Beijing\u2019s official organs. In China, the accord is popularly seen to have crippled Japan\u2019s export prowess, contributing to decades of perceived economic stagnation.
\n\u201cChina will not accept using exchange rates as a pretext for oppression, nor will it return to the old era of great powers coordinating the fate of a few countries. Today\u2019s China is not the Japan of the past,\u201d fumed Global Times, a tabloid under the official mouthpiece People\u2019s Daily, in the days after Merz spoke.
\nEuropean analysts believe, however, that allowing the yuan to strengthen would be a salve to Europe\u2019s struggling manufacturing heartlands and help avert a potential broader trade war.
\n\u201cIf it\u2019s a sizeable revaluation, of course it will [move the needle],\u201d said Sander Tordoir, chief economist at the Centre for European Reform and co-author of a paper that reportedly helped convince Merz of the need to change tack on China.
\n\u201cMost models would suggest that a 10 per cent real effective exchange rate change shifts real net exports by 1.5 per cent of GDP on average,\u201d he said.
\n\u201cBeijing faces a real choice here: either revalue the currency to lower pressure from trading partners ranging from the EU to India or accept that said partners will ratchet up the trade ramparts.\u201d
\nGarcia-Herrero from Natixis said expectations were being managed as to how much ground Beijing would give on this front, since \u201cChinese companies\u2019 profits are small\u201d and an appreciation \u201cwould only reduce them further\u201d.
\nThe economist suspects that for China, currency talks with Europe may have a different objective. The country is on a drive to globalise its currency and the buy-in of the EU would be a big help.
\n\u201cI think renminbi internationalisation is also very important, and I do think China wants some support,\u201d Garcia-Herrero said. \u201cI think they want to exchange with the Europeans on a multipolar world of currencies.\u201d
\nBut she doubted whether Europe alone could convince Beijing to change course on currency intervention, saying such a mission would be \u201cdoomed\u201d without US support. \u201cThis not something we can achieve without the dollar.\u201d
\nBy Finbarr Bermingham
\nSections: News / China / Diplomacy | Topics: China-EU relations, SCMP Exclusives, European Union, Germany, United States, China, Alicia Garcia Herrero, Pan Gongsheng, Lan Foan, Friedrich Merz, European Council, International Monetary Fund (IMF), European Central Bank, Natixis
\nShort link: https://sc.mp/5r3xy
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T21:00:07Z", "date_modified": "2026-10-27T21:00:07Z", "authors": ["Finbarr Bermingham"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "4a7462dd-0f4e-483d-af34-4182a9c3794b", "url": "https://www.scmp.com/lifestyle/food-drink/article/3372233/michelin-took-away-sezannes-3-stars-why-new-head-chef-steve-lancaster-so-glad", "external_url": null, "title": "Michelin took away S\u00e9zanne\u2019s 3 stars. Why is new head chef Steve Lancaster so glad?", "content_text": "", "content_html": "Steve Lancaster is putting his stamp on the Tokyo restaurant after it lost its three stars following the departure of chef Daniel Calvert.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/77aa2f44-a7d7-45c6-9a82-0650fda163f8_8bef425c.jpg\")
Steve Lancaster is the executive chef at S\u00e9zanne in the Four Seasons Hotel Tokyo at Marunouchi, a position he started in March 2026. Photo: Four Seasons Hotel Tokyo at Marunouchi
\nThe shiro amadai (white tilefish) served at S\u00e9zanne in Tokyo\u2019s Marunouchi district never see the auction floor of a fish market.
\nCaught off Himi, a small coastal city in Japan\u2019s Toyama prefecture, the fish are selected before they reach the market and sent directly to the restaurant.
\nThere, new executive chef Steve Lancaster ages them, grills them over charcoal and serves them with a fish-based Albufera sauce finished with a touch of foie gras and fermented Okinawan yellow carrot.
\n\u201cAmadai is a good fish, but it\u2019s quite common,\u201d Lancaster says. \u201cBut the elite shiro amadai \u2013 they are like the Rolls-Royce [of fish] and extremely hard to get.\u201d
\nLancaster lives two kilometres (1.2 miles) from Tokyo\u2019s famed Toyosu Market and visits every week. Yet his most exceptional ingredients never make it to its stalls.
\n\u201cThe Amane melons from Shizuoka that appear later in the summer menu don\u2019t go to the market either,\u201d he says. \u201cDirect from farm to restaurant, straight to us.\u201d
\n![\"Amane](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/27/83ee7dbf-db39-4095-b8f7-2802de1e2ab8_686e78c9.jpg\")
\nLancaster, 38, grew up in Tavistock, in the English county of Devon, in a family far removed from fine dining. Christmas and birthdays meant a pub lunch of steak and chips. At 13, he washed dishes at a cafe after school. At 16, he left school and became a cook at The Dartmoor Inn in Devon. At 19, he started his first Michelin-starred kitchen job at Drake\u2019s, in Surrey.
\nBefore he turned 30, he had worked in some of the world\u2019s best kitchens, including The Fat Duck and Dinner by Heston Blumenthal. He later moved to Singapore, where he became chef de cuisine at Saint Pierre and helped the restaurant earn its second Michelin star. In 2022 he launched Poise, which received a star in its first year.
\nHe was on a roll. But in early 2025, he abruptly closed Poise, citing \u201cmany factors that we as a team could not influence or control\u201d. He moved to Vietnam to open a new restaurant, but negotiations collapsed before he could sign the lease.
\n\nThen, he received a message from Daniel Calvert, S\u00e9zanne\u2019s outgoing executive chef.
\n\u201cHe said a friend was opening a restaurant in Tokyo and asked if I was interested,\u201d Lancaster says. Weeks later, Calvert called again and revealed that it was actually S\u00e9zanne looking for his replacement.
\n\u201cMy legs were all shaky. I put down the phone and told my fianc\u00e9e, \u2018There\u2019ll be so many other people in the hat \u2013 big names. It\u2019s a privilege just to be in it.\u2019\u201d
\nHe did not think anything would come of it. But interviews culminated in a secret flight to cook a five-course tasting menu, including a pigeon dish and his signature chicken from Poise. Another interview later, he was offered the job.
\nBut he hesitated.
\n\u201cI nearly didn\u2019t take it because the pressure was too much. Taking over one of the best restaurants in the world, from one of the best chefs? Should I or shouldn\u2019t I? In the end, I thought if I didn\u2019t have the guts to take it, I\u2019d regret it for the rest of my life.\u201d
\n![\"S\u00e9zanne\u2019s](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/27/9ba44a0c-e906-4e43-9e8e-da5e2186cfa6_686e78c9.jpg\")
\nWhen the news broke on social media earlier this year that Lancaster was taking over S\u00e9zanne, his Instagram instantly flooded with messages \u2013 not all encouraging.
\n\u201cI got hundreds and hundreds of messages going, \u2018You\u2019ve got the guts to do that,\u2019\u201d he says. \u201cThat was the reality of it \u2026 and the pressure.\u201d
\nBut Michelin handed him an unexpected reprieve.
\nWhen Calvert left in April 2026, the guide removed S\u00e9zanne\u2019s three Michelin stars (awarded in 2024), seemingly contradicting its long-standing policy that stars belong to restaurants, not chefs. Lancaster learned of the demotion from the hotel\u2019s general manager on his first day.
\n\u201cI did not know [about this] when I signed,\u201d he says. \u201cNow it\u2019s a clean slate. Whatever we achieve, we earn ourselves. It\u2019s an unusual situation, but I thought a very, very good decision. Now we keep going and see what happens.\u201d
\n![\"The](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/27/e2d619ef-8b6d-4c51-b897-1283646a17b6_15005013.jpg\")
\nIt took him just three weeks after joining in early March to evolve the menu. By the end of April, it was completely his.
\nLancaster\u2019s cooking has the skeleton of classic French technique, but it moves with lightness and vitality.
\n\u201cYou don\u2019t eat 12 courses and feel like you can\u2019t go on, or need to sleep afterwards,\u201d he says. \u201cMy cooking is driven by Japanese seasonality, with fermentation as the balancing element.\u201d
\nI like seeing happy guests. I pop out to say hello. I invite them into the kitchen. I like the enjoyment of serviceSteve Lancaster, executive chef at S\u00e9zanne\n
During his stint in Singapore, luxury ingredients were out of reach and \u201ceverything had to be on the cheaper side\u201d. But out of those constraints came a defining relationship: a Japanese supplier who sent produce straight from Japan\u2019s markets.
\n\u201cI\u2019d go to the airport, pick it up, and bring it back to the restaurant,\u201d he says. \u201cThat was key to my success in Singapore.\u201d
\nThat long-standing relationship now forms the backbone of his work in Tokyo. With backing from Four Seasons, he can now do things he could only have dreamed of in Singapore.
\nWhereas Calvert opened the dining experience with a 48-month aged Comt\u00e9 goug\u00e8re that embraces richness, Lancaster serves the same Comt\u00e9 topped with Manjimup black truffle on fermented croustade, balanced with the bitterness of Yebisu beer and the acidity of sherry vinegar.
\nShiro ebi (white shrimp) from Toyama, sweet and delicate, is dressed with a cool cucumber-tomato seasoning. A dainty tart case made of grapes holds Queen Rouge grapes from Nagano and chicken liver parfait.
\n![\"Shiro](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/27/134aad13-584a-4c25-8183-5a8625d8b737_686e78c9.jpg\")
\nMilky-sweet Aichi white corn comes next, topped with briny Hokkaido murasaki uni (purple sea urchin) and herbaceous shiso jelly. After a pause of laminated brioche with Bordier butter comes , Lancaster begins to show his mettle: mackerel from Miyagi, Niigata steamed eggplant, and eggplant cream steeped in Parmesan water.
\nJapanese fermentation is used as a structural flavour element in a dish of Funka Bay scallop, peach from Yamanashi and Aramasa sake lees. Executed with French restraint, the dish feels Japanese in soul, with a gentle fermented funk.
\nThen comes Lancaster\u2019s playful chicken wing lollipop: brined, deboned, stuffed with kuruma ebi (Japanese tiger prawn) and zucchini from Chiba, it is seared till burnished and served on zucchini puree with fermented tomato-prawn bisque, with a chicken fat milk bun for dipping.
\nLancaster\u2019s vision for S\u00e9zanne is simple but resolute.
\n\u201cThis restaurant has already reached the highest peak,\u201d he says. \u201cI want to take it in a slightly different direction \u2013 my own. I just want a busy, full restaurant with happy guests. That is it. I have big ambitions, but happy guests come first.\u201d
\n![\"Oscietra](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/0404799d-3ea7-431c-a566-6e9cda7fa783_304e484b.jpg\")
\nWhat keeps him grounded? Partly his fianc\u00e9e, who works in hospitality and understands the life. Partly golf, a monthly escape outside the city. But mostly, it is the work itself.
\n\u201cNo matter how tired I am, how long the days are, I\u2019m up and moving. Even in the first two months \u2013 when the pressure was extreme \u2013 every time I woke up and came here, I was buzzing,\u201d he says.
\n\u201cI like seeing happy guests. I pop out to say hello. I invite them into the kitchen. I like the enjoyment of service.\u201d
\nCalvert, he believes, chose him for exactly this reason.
\n\u201cHe worked incredibly hard to get here. He wanted a successor who would do the same \u2013 not someone who just shows up, tastes a few sauces and leaves. Someone who preps, who does everything, just like he did.\u201d
\nBy Tan Pin Yen
\nSections: Lifestyle / Food & Drink | Topics: Food and Drinks, Japan
\nShort link: https://sc.mp/gvqnl
\nRead the original article on SCMP
", "summary": "Steve Lancaster is putting his stamp on the Tokyo restaurant after it lost its three stars following the departure of chef Daniel Calvert.
\n
Steve Lancaster is the executive chef at S\u00e9zanne in the Four Seasons Hotel Tokyo at Marunouchi, a position he started in March 2026. Photo: Four Seasons Hotel Tokyo at Marunouchi
\nThe shiro amadai (white tilefish) served at S\u00e9zanne in Tokyo\u2019s Marunouchi district never see the auction floor of a fish market.
\nCaught off Himi, a small coastal city in Japan\u2019s Toyama prefecture, the fish are selected before they reach the market and sent directly to the restaurant.
\nThere, new executive chef Steve Lancaster ages them, grills them over charcoal and serves them with a fish-based Albufera sauce finished with a touch of foie gras and fermented Okinawan yellow carrot.
\n\u201cAmadai is a good fish, but it\u2019s quite common,\u201d Lancaster says. \u201cBut the elite shiro amadai \u2013 they are like the Rolls-Royce [of fish] and extremely hard to get.\u201d
\nLancaster lives two kilometres (1.2 miles) from Tokyo\u2019s famed Toyosu Market and visits every week. Yet his most exceptional ingredients never make it to its stalls.
\n\u201cThe Amane melons from Shizuoka that appear later in the summer menu don\u2019t go to the market either,\u201d he says. \u201cDirect from farm to restaurant, straight to us.\u201d
\n\nLancaster, 38, grew up in Tavistock, in the English county of Devon, in a family far removed from fine dining. Christmas and birthdays meant a pub lunch of steak and chips. At 13, he washed dishes at a cafe after school. At 16, he left school and became a cook at The Dartmoor Inn in Devon. At 19, he started his first Michelin-starred kitchen job at Drake\u2019s, in Surrey.
\nBefore he turned 30, he had worked in some of the world\u2019s best kitchens, including The Fat Duck and Dinner by Heston Blumenthal. He later moved to Singapore, where he became chef de cuisine at Saint Pierre and helped the restaurant earn its second Michelin star. In 2022 he launched Poise, which received a star in its first year.
\nHe was on a roll. But in early 2025, he abruptly closed Poise, citing \u201cmany factors that we as a team could not influence or control\u201d. He moved to Vietnam to open a new restaurant, but negotiations collapsed before he could sign the lease.
\n\nThen, he received a message from Daniel Calvert, S\u00e9zanne\u2019s outgoing executive chef.
\n\u201cHe said a friend was opening a restaurant in Tokyo and asked if I was interested,\u201d Lancaster says. Weeks later, Calvert called again and revealed that it was actually S\u00e9zanne looking for his replacement.
\n\u201cMy legs were all shaky. I put down the phone and told my fianc\u00e9e, \u2018There\u2019ll be so many other people in the hat \u2013 big names. It\u2019s a privilege just to be in it.\u2019\u201d
\nHe did not think anything would come of it. But interviews culminated in a secret flight to cook a five-course tasting menu, including a pigeon dish and his signature chicken from Poise. Another interview later, he was offered the job.
\nBut he hesitated.
\n\u201cI nearly didn\u2019t take it because the pressure was too much. Taking over one of the best restaurants in the world, from one of the best chefs? Should I or shouldn\u2019t I? In the end, I thought if I didn\u2019t have the guts to take it, I\u2019d regret it for the rest of my life.\u201d
\n\nWhen the news broke on social media earlier this year that Lancaster was taking over S\u00e9zanne, his Instagram instantly flooded with messages \u2013 not all encouraging.
\n\u201cI got hundreds and hundreds of messages going, \u2018You\u2019ve got the guts to do that,\u2019\u201d he says. \u201cThat was the reality of it \u2026 and the pressure.\u201d
\nBut Michelin handed him an unexpected reprieve.
\nWhen Calvert left in April 2026, the guide removed S\u00e9zanne\u2019s three Michelin stars (awarded in 2024), seemingly contradicting its long-standing policy that stars belong to restaurants, not chefs. Lancaster learned of the demotion from the hotel\u2019s general manager on his first day.
\n\u201cI did not know [about this] when I signed,\u201d he says. \u201cNow it\u2019s a clean slate. Whatever we achieve, we earn ourselves. It\u2019s an unusual situation, but I thought a very, very good decision. Now we keep going and see what happens.\u201d
\n\nIt took him just three weeks after joining in early March to evolve the menu. By the end of April, it was completely his.
\nLancaster\u2019s cooking has the skeleton of classic French technique, but it moves with lightness and vitality.
\n\u201cYou don\u2019t eat 12 courses and feel like you can\u2019t go on, or need to sleep afterwards,\u201d he says. \u201cMy cooking is driven by Japanese seasonality, with fermentation as the balancing element.\u201d
\nI like seeing happy guests. I pop out to say hello. I invite them into the kitchen. I like the enjoyment of serviceSteve Lancaster, executive chef at S\u00e9zanne\n
During his stint in Singapore, luxury ingredients were out of reach and \u201ceverything had to be on the cheaper side\u201d. But out of those constraints came a defining relationship: a Japanese supplier who sent produce straight from Japan\u2019s markets.
\n\u201cI\u2019d go to the airport, pick it up, and bring it back to the restaurant,\u201d he says. \u201cThat was key to my success in Singapore.\u201d
\nThat long-standing relationship now forms the backbone of his work in Tokyo. With backing from Four Seasons, he can now do things he could only have dreamed of in Singapore.
\nWhereas Calvert opened the dining experience with a 48-month aged Comt\u00e9 goug\u00e8re that embraces richness, Lancaster serves the same Comt\u00e9 topped with Manjimup black truffle on fermented croustade, balanced with the bitterness of Yebisu beer and the acidity of sherry vinegar.
\nShiro ebi (white shrimp) from Toyama, sweet and delicate, is dressed with a cool cucumber-tomato seasoning. A dainty tart case made of grapes holds Queen Rouge grapes from Nagano and chicken liver parfait.
\n\nMilky-sweet Aichi white corn comes next, topped with briny Hokkaido murasaki uni (purple sea urchin) and herbaceous shiso jelly. After a pause of laminated brioche with Bordier butter comes , Lancaster begins to show his mettle: mackerel from Miyagi, Niigata steamed eggplant, and eggplant cream steeped in Parmesan water.
\nJapanese fermentation is used as a structural flavour element in a dish of Funka Bay scallop, peach from Yamanashi and Aramasa sake lees. Executed with French restraint, the dish feels Japanese in soul, with a gentle fermented funk.
\nThen comes Lancaster\u2019s playful chicken wing lollipop: brined, deboned, stuffed with kuruma ebi (Japanese tiger prawn) and zucchini from Chiba, it is seared till burnished and served on zucchini puree with fermented tomato-prawn bisque, with a chicken fat milk bun for dipping.
\nLancaster\u2019s vision for S\u00e9zanne is simple but resolute.
\n\u201cThis restaurant has already reached the highest peak,\u201d he says. \u201cI want to take it in a slightly different direction \u2013 my own. I just want a busy, full restaurant with happy guests. That is it. I have big ambitions, but happy guests come first.\u201d
\n\nWhat keeps him grounded? Partly his fianc\u00e9e, who works in hospitality and understands the life. Partly golf, a monthly escape outside the city. But mostly, it is the work itself.
\n\u201cNo matter how tired I am, how long the days are, I\u2019m up and moving. Even in the first two months \u2013 when the pressure was extreme \u2013 every time I woke up and came here, I was buzzing,\u201d he says.
\n\u201cI like seeing happy guests. I pop out to say hello. I invite them into the kitchen. I like the enjoyment of service.\u201d
\nCalvert, he believes, chose him for exactly this reason.
\n\u201cHe worked incredibly hard to get here. He wanted a successor who would do the same \u2013 not someone who just shows up, tastes a few sauces and leaves. Someone who preps, who does everything, just like he did.\u201d
\nBy Tan Pin Yen
\nSections: Lifestyle / Food & Drink | Topics: Food and Drinks, Japan
\nShort link: https://sc.mp/gvqnl
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T20:45:06Z", "date_modified": "2026-10-27T20:45:06Z", "authors": ["Tan Pin Yen"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "f35263fa-4769-4c27-8400-fd52e8483319", "url": "https://www.scmp.com/week-asia/politics/article/3372390/indonesia-deploys-hundreds-security-staff-ahead-jakarta-student-protests", "external_url": null, "title": "Indonesia deploys hundreds of security staff ahead of Jakarta student protests", "content_text": "", "content_html": "University of Indonesia \u200cstudents want Jakarta to declare the wildfires a national disaster and halt spending \u2060on the free meals scheme.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/fa318c05-a3d1-415e-b2f3-bb0648e0be20_a7522d93.jpg\")
University students protest against the government\u2019s handling of haze and wildfires outside the Central Kalimantan Governor\u2019s office in Palangka Raya on Friday. Photo: Reuters
\nHundreds of Indonesian security personnel \u2060were deployed on \u2060Wednesday in anticipation \u2060of student protests against several of President Prabowo Subianto\u2019s policies, as well as his government\u2019s handling of forest fires.
\nStudents from the University of Indonesia \u200csaid they were set to stage protests in several spots in the capital Jakarta. They are calling on the government to declare the ongoing wildfires in Sumatra and Borneo a national disaster, and to halt spending \u2060on populist programmes such as Prabowo\u2019s free meals scheme, among other \u200cdemands.
\nWednesday\u2019s protests carried the hashtag #IndonesiaAware, the students said. It is unclear how many students \u200cwill take to the streets.
\nA heavy police and \u2060military \u2060presence, as well as armoured vehicles, could be seen in busy parts of \u200ccentral Jakarta on Wednesday morning
\nProtests have also been held in haze-stricken areas \u200cof Borneo and \u200cSumatra, including one in Central Kalimantan last week.
\nPrabowo\u2019s \u200capproval ratings have fallen steadily since late last year, according \u2060to surveys by Saiful Mujani Research and Consulting, two years into \u2060his presidency.
\nIndonesia\u2019s last major protest took place in August, when hundreds were detained, and students also \u200cheld demonstrations last week.
\nIn 2025, weeks-long nationwide protests broke out in Indonesia after the police killing of a motorcycle taxi driver, with several more people killed during the unrest.
\nBy Reuters
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Indonesia, Prabowo Subianto, Environment, Climate change, Protests around the world, Extreme weather, University of Indonesia
\nShort link: https://sc.mp/sgzoy
\nRead the original article on SCMP
", "summary": "University of Indonesia \u200cstudents want Jakarta to declare the wildfires a national disaster and halt spending \u2060on the free meals scheme.
\n
University students protest against the government\u2019s handling of haze and wildfires outside the Central Kalimantan Governor\u2019s office in Palangka Raya on Friday. Photo: Reuters
\nHundreds of Indonesian security personnel \u2060were deployed on \u2060Wednesday in anticipation \u2060of student protests against several of President Prabowo Subianto\u2019s policies, as well as his government\u2019s handling of forest fires.
\nStudents from the University of Indonesia \u200csaid they were set to stage protests in several spots in the capital Jakarta. They are calling on the government to declare the ongoing wildfires in Sumatra and Borneo a national disaster, and to halt spending \u2060on populist programmes such as Prabowo\u2019s free meals scheme, among other \u200cdemands.
\nWednesday\u2019s protests carried the hashtag #IndonesiaAware, the students said. It is unclear how many students \u200cwill take to the streets.
\nA heavy police and \u2060military \u2060presence, as well as armoured vehicles, could be seen in busy parts of \u200ccentral Jakarta on Wednesday morning
\nProtests have also been held in haze-stricken areas \u200cof Borneo and \u200cSumatra, including one in Central Kalimantan last week.
\nPrabowo\u2019s \u200capproval ratings have fallen steadily since late last year, according \u2060to surveys by Saiful Mujani Research and Consulting, two years into \u2060his presidency.
\nIndonesia\u2019s last major protest took place in August, when hundreds were detained, and students also \u200cheld demonstrations last week.
\nIn 2025, weeks-long nationwide protests broke out in Indonesia after the police killing of a motorcycle taxi driver, with several more people killed during the unrest.
\nBy Reuters
\nSections: This Week in Asia / Politics / News / Asia / Southeast Asia | Topics: Indonesia, Prabowo Subianto, Environment, Climate change, Protests around the world, Extreme weather, University of Indonesia
\nShort link: https://sc.mp/sgzoy
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T20:43:14Z", "date_modified": "2026-10-27T20:43:14Z", "authors": ["Reuters"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "bbd398ec-3b9a-49d1-8134-6447165df098", "url": "https://www.scmp.com/news/world/americas/article/3372387/el-salvador-deploys-1000-troops-haiti-after-gang-ambush", "external_url": null, "title": "El Salvador deploys 1,000 troops to Haiti after gang ambush", "content_text": "", "content_html": "Reinforcements arrive to search for four missing personnel as gang conflict escalates.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/46fa4a4e-cb8e-41b2-bd96-b3e88794c813_17316582.jpg\")
Armored vehicles in the Tabarre neighborhood of Port-au-Prince, Haiti. Photo: AP
\nEl Salvador has sent about 1,000 troops to Haiti after four Salvadorean members of a UN-backed security mission went missing in a gang ambush on the outskirts of the capital on October 18, a security official in Haiti told Reuters on Tuesday.
\nThe troops\u2019 arrival aboard flights in recent days dramatically expands the Central American nation\u2019s role in Haiti\u2019s long-standing gang conflict. Yet it remains unclear who will command the new Salvadorean contingent, how long \u200cit will stay in Haiti or whether more forces will follow.
\nNeither the Haitian nor Salvadorean government immediately responded to requests for comment. The official in Haiti spoke on condition of anonymity because of the sensitivity of the security situation.
\nThe deployment comes as the UN-backed Gang Suppression Force has reached about 2,000 personnel, just over a third of its planned strength a year into its mandate, with little improvement in Haiti\u2019s security.
\nArmed gangs in Haiti have meanwhile expanded their influence over the capital and surrounding regions through extortion and brutal attacks that have displaced nearly 1.5 million people.
\nHaiti\u2019s leaders have sought international security support since 2022, despite the country\u2019s fraught history of foreign intervention. \u2060Gangs\u2019 influence grew rapidly after the 2021 assassination of President Jovenel Moise, deepening an insecurity crisis that has caused authorities to repeatedly delay elections.
\n![\"Special](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/984d5714-32cb-4f4b-90ef-32439af47b32_434ab163.jpg\")
\nPierre Esperance, head of Haiti\u2019s National Human \u200cRights Defence Network, welcomed the unusually rapid Salvadorean deployment and said he hoped it would help stop gangs from terrorising civilians. But he warned that any operation must avoid harming residents trapped in gang-held neighbourhoods.
\n\u201cNot everybody living in gang-controlled areas are gangsters,\u201d he said.
\nPresident Nayib Bukele last week \u200cannounced a military operation to recover the missing Salvadoreans, who remain unaccounted for since jumping from a burning vehicle during the ambush. He has not said \u2060how many troops would be sent.
\nThe \u2060US provided C-130 transport aircraft to help move Salvadorean troops to Haiti, a US military official said.
\nAdditional commercial and military flights between San Salvador and Port-au-Prince were visible on flight-tracking site Flightradar24 and were also reported by \u200cthe Miami Herald.
\nA photo posted on X on Tuesday by a lawmaker from Bukele\u2019s ruling party showed a plane carrying uniformed soldiers, some taking selfies.
\nBukele has built strong domestic support through a hardline anti-crime campaign that \u200cseveral right-wing \u200cgovernments in the Americas have sought to emulate. Human rights groups however warn that the crackdown has come at the cost of due process and has been linked to hundreds \u200cof deaths in custody.
\nBukele said the missing Salvadoreans were air force technicians, returning to base from a market, and that he believed they were being held hostage by criminal \u2060groups.
\nNo Haitian gang has claimed responsibility for the ambush. Wilson Joseph, leader of the 400 Mawozo gang, has released videos denying that his group is holding the Salvadoreans or was involved \u2060in the attack.
\nBefore the ambush, El Salvador had deployed at least 124 personnel to the force. Bukele said they were pilots and technicians sent to evacuate wounded personnel, not combatants.
\nAlongside the international mission, Haiti\u2019s government has also hired a private military company run by Blackwater founder Erik Prince \u2013 an ally of US \u200cPresident Donald Trump \u2013 which has since 2025 carried \u200cout controversial anti-gang drone operations.
\nLuis Contreras, a Salvadorean security and organised crime analyst, said he expected that at least some of the new troops would operate outside the UN-backed mission\u2019s chain of command and could coordinate with Prince\u2019s firm.
\n\u201cThe UN has lacked the political will to resolve the issue of the gangs in Haiti,\u201d he said. \u201cOnce the whereabouts of the four members have been established, they will have to assess whether to engage in a direct and protracted confrontation.\u201d
\nBy Reuters
\nSections: News / World / Americas | Topics: Americas and the Caribbean, El Salvador, Nayib Bukele, Haiti, United States, Donald Trump, United Nations
\nShort link: https://sc.mp/y7lh3
\nRead the original article on SCMP
", "summary": "Reinforcements arrive to search for four missing personnel as gang conflict escalates.
\n
Armored vehicles in the Tabarre neighborhood of Port-au-Prince, Haiti. Photo: AP
\nEl Salvador has sent about 1,000 troops to Haiti after four Salvadorean members of a UN-backed security mission went missing in a gang ambush on the outskirts of the capital on October 18, a security official in Haiti told Reuters on Tuesday.
\nThe troops\u2019 arrival aboard flights in recent days dramatically expands the Central American nation\u2019s role in Haiti\u2019s long-standing gang conflict. Yet it remains unclear who will command the new Salvadorean contingent, how long \u200cit will stay in Haiti or whether more forces will follow.
\nNeither the Haitian nor Salvadorean government immediately responded to requests for comment. The official in Haiti spoke on condition of anonymity because of the sensitivity of the security situation.
\nThe deployment comes as the UN-backed Gang Suppression Force has reached about 2,000 personnel, just over a third of its planned strength a year into its mandate, with little improvement in Haiti\u2019s security.
\nArmed gangs in Haiti have meanwhile expanded their influence over the capital and surrounding regions through extortion and brutal attacks that have displaced nearly 1.5 million people.
\nHaiti\u2019s leaders have sought international security support since 2022, despite the country\u2019s fraught history of foreign intervention. \u2060Gangs\u2019 influence grew rapidly after the 2021 assassination of President Jovenel Moise, deepening an insecurity crisis that has caused authorities to repeatedly delay elections.
\n\nPierre Esperance, head of Haiti\u2019s National Human \u200cRights Defence Network, welcomed the unusually rapid Salvadorean deployment and said he hoped it would help stop gangs from terrorising civilians. But he warned that any operation must avoid harming residents trapped in gang-held neighbourhoods.
\n\u201cNot everybody living in gang-controlled areas are gangsters,\u201d he said.
\nPresident Nayib Bukele last week \u200cannounced a military operation to recover the missing Salvadoreans, who remain unaccounted for since jumping from a burning vehicle during the ambush. He has not said \u2060how many troops would be sent.
\nThe \u2060US provided C-130 transport aircraft to help move Salvadorean troops to Haiti, a US military official said.
\nAdditional commercial and military flights between San Salvador and Port-au-Prince were visible on flight-tracking site Flightradar24 and were also reported by \u200cthe Miami Herald.
\nA photo posted on X on Tuesday by a lawmaker from Bukele\u2019s ruling party showed a plane carrying uniformed soldiers, some taking selfies.
\nBukele has built strong domestic support through a hardline anti-crime campaign that \u200cseveral right-wing \u200cgovernments in the Americas have sought to emulate. Human rights groups however warn that the crackdown has come at the cost of due process and has been linked to hundreds \u200cof deaths in custody.
\nBukele said the missing Salvadoreans were air force technicians, returning to base from a market, and that he believed they were being held hostage by criminal \u2060groups.
\nNo Haitian gang has claimed responsibility for the ambush. Wilson Joseph, leader of the 400 Mawozo gang, has released videos denying that his group is holding the Salvadoreans or was involved \u2060in the attack.
\nBefore the ambush, El Salvador had deployed at least 124 personnel to the force. Bukele said they were pilots and technicians sent to evacuate wounded personnel, not combatants.
\nAlongside the international mission, Haiti\u2019s government has also hired a private military company run by Blackwater founder Erik Prince \u2013 an ally of US \u200cPresident Donald Trump \u2013 which has since 2025 carried \u200cout controversial anti-gang drone operations.
\nLuis Contreras, a Salvadorean security and organised crime analyst, said he expected that at least some of the new troops would operate outside the UN-backed mission\u2019s chain of command and could coordinate with Prince\u2019s firm.
\n\u201cThe UN has lacked the political will to resolve the issue of the gangs in Haiti,\u201d he said. \u201cOnce the whereabouts of the four members have been established, they will have to assess whether to engage in a direct and protracted confrontation.\u201d
\nBy Reuters
\nSections: News / World / Americas | Topics: Americas and the Caribbean, El Salvador, Nayib Bukele, Haiti, United States, Donald Trump, United Nations
\nShort link: https://sc.mp/y7lh3
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T20:30:48Z", "date_modified": "2026-10-27T20:30:48Z", "authors": ["Reuters"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "d7be5ab7-bcf2-452f-8d20-c2da28ad8798", "url": "https://www.scmp.com/week-asia/politics/article/3372348/can-india-turn-wartime-ammo-sales-lasting-european-defence-ties", "external_url": null, "title": "Can India turn wartime ammo sales into lasting European defence ties?", "content_text": "", "content_html": "A US$872 million ammo export windfall gave New Delhi a foot in the door. Turning crisis sales into a lasting presence may prove harder.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/63082289-de64-4ca1-a263-38a7f62866b9_72a6f6da.jpg\")
Indian soldiers attend tactical drills in Kargil, Ladakh, with the army's latest weapons, including launchers, machine guns and modern assault rifles, in July 2025. Photo: NurPhoto via Getty Images
\nIndia has emerged as a major exporter of ammunition and other weapons to Europe since the outbreak of the Ukraine-Russia war, but analysts caution that New Delhi has yet to secure a lasting foothold in Europe\u2019s defence market.
\nDefence Secretary Rajesh Kumar Singh cited a Bloomberg report last Friday stating that India had become the third-largest arms exporter to Europe under the \u201cReArm Europe\u201d initiative \u2013 also known as Readiness 2030 \u2013 largely because of ammunition demand.
\nBloomberg, citing Trade Data Monitor data sourced from India\u2019s Ministry of Commerce and Industry, reported that Indian arms manufacturers had exported about US$872 million worth of ammunition, including artillery shells, mortar shells, propellant and explosives, to European countries since the Ukraine war began.
\nThis marked a 1,600 per cent increase from the US$49.2 million exported to Europe in the four years leading up to February 2022. Most of these exports reportedly went to countries that have been major arms suppliers to Ukraine, although the nations were not named.
\nThe South Asian nation ranked as the second-largest supplier of shells, mortars, propellants and explosives to Europe over the four years since 2022, rising from 28th place in the preceding four years, the import and export statistics from tracking platform Trade Data Monitor showed.
\nSingh said Delhi was now looking to expand its presence in Europe\u2019s defence procurement programmes through joint ventures with European companies, while encouraging European partners to establish ventures in India to tap into its domestic market.
\n![\"Indian](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/4d75d6cb-1650-4a38-ad34-ccd3d49b31ce_1e7f9eba.jpg\")
\nEurope\u2019s rearmament drive offered India a way into a market dominated by established suppliers, but securing a lasting position would require more than filling ammunition shortages, said Srinivaasan Balakrishnan, director of strategic engagements and partnerships at the Indic Researchers Forum, a Delhi-based security think tank.
\n\u201cThe real opportunity is to turn wartime orders into long-term industrial partnerships, trusted supply chains and technology collaboration,\u201d he said. \u201cIndia\u2019s success will ultimately depend on whether it remains a reliable supplier when the urgency of war subsides.\u201d
\nBalakrishnan said that \u201cIndia can compete selectively\u201d to become a serious defence supplier to Europe, noting that its advantage lay in combining competitive costs with scalable production, proven systems and selective technology partnerships.
\nThe next step would be to move towards co-developing platforms and becoming a long-term partner in Europe\u2019s defence industrial base, he said.
\nThe United States and South Korea remain Europe\u2019s top two non-European arms suppliers. According to the Stockholm International Peace Research Institute, South Korea accounted for 8.6 per cent of European Nato members\u2019 arms imports between 2021 and 2025, reaching US$11.03 billion last year to cement its position as their second-largest supplier after the US. Poland alone sourced 47 per cent of its arms imports from South Korea over that period.
\nLast year, European countries spent US$38.6 billion under the US Foreign Military Sales programme \u2013 which facilitates the purchase of American arms and other military equipment by foreign governments \u2013 representing 37 per cent of total US defence exports in 2025, according to the EU Institute for Security Studies. This marked a sharp decline from 2024, however, when European procurement stood at US$76.7 billion.
\nRajiv Kumar Narang, a senior fellow at the Manohar Parrikar Institute for Defence Studies and Analysis in Delhi, urged India\u2019s defence sector to capitalise on the opportunity afforded by Europe\u2019s rearmament and work closely with European partners to identify their requirements.
\n\u201cIndia and Europe should have mutual acceptance of defence equipment standards and certifications for ease of export,\u201d Narang said. \u201cIndia should also continue to make investments in core technologies and pursue a spiral development approach for building world-class defence systems.\u201d
\n![\"K9](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/3dcb0702-f17f-4225-9d51-b71f1ae5ca0e_bbf9de82.jpg\")
\nSouth Korea serves as a template for India, analysts say, having expanded its footprint in Europe beyond ammunition to encompass major weapons systems, such as K9 self-propelled howitzers, K2 Black Panther main battle tanks and Chunmoo multiple-rocket launchers.
\nAntoine Levesques, senior fellow for South and Central Asian defence at the International Institute for Strategic Studies, said India\u2019s defence industrial base was seeking to reposition itself as more than just a buyer or licence assembler.
\n\u201cIt [India] wants to become, as a higher aspiration, a co-developer with European defence primes or at least a major contributor to their supply chains present and future,\u201d he said, adding that increased exports and a strategic normalisation of the country\u2019s status as a trusted defence partner would help in this regard.
\n\u201cBut this will take time due to significant political-strategic, technological, capacity or funding gaps, in a wider context of rapidly evolving global economic and diplomatic patterns creating new push and pull factors on either side of India\u2019s ties to Europe.\u201d
\nStill, Levesques pointed to \u201csteady progress\u201d in India-EU ties, suggesting cooperation had surpassed the baseline of \u201ccivilian or potentially dual-use, trusted de-risked critical supply chains\u201d.
\nHe added that a drop in talent emigrating to the US in recent years meant more Indian engineers and technical specialists were now working for domestic companies, including established defence firms.
\n\u201cThe value proposition India is bringing to Europe\u2019s defence recapitalisation is therefore slowly but truly changing,\u201d Levesques said.
\nRomania, Slovenia and the Czech Republic were among the top European buyers of Indian arms and ammunition in 2025, taking in a combined US$288.6 million worth of exports, according to the World Bank\u2019s World Integrated Trade Solution data platform.
\nIndia\u2019s emergence as a leading arms supplier to Europe is more than a short-term windfall arising from the Ukraine war, according to Ambika Vishwanath, co-founder and director of the Kubernein Initiative think tank and a Maitri research fellow at La Trobe Asia.
\n\u201cThe EU is realising that a more self-sufficient and diversified Europe is a smarter move forward,\u201d Vishwanath said. \u201cThe new EU Readiness 2030 road map reflects this well through more structural defence expansion. This is not only in weapons or manufacturing but also in partners and technology.\u201d
\nIndia had yet to reach a point where it could act as a comprehensive defence partner for Europe, she said, pointing to challenges such as interoperability, standards and capabilities.
\n\u201c[But] we are seeing an upwards trend, and by entering the supply chain space along with small parts manufacturing, we have a good chance for a more lasting foothold\u201d and gain more flexibility against future geopolitical risks and shocks, Vishwanath said.
\nBy Junaid Kathju
\nSections: This Week in Asia / Politics / News / Asia / South Asia / World / Europe | Topics: India, Defence, European Union, Ukraine, Russia, Rajiv Kumar Narang, International Institute for Strategic Studies (UK)
\nShort link: https://sc.mp/nu7t4
\nRead the original article on SCMP
", "summary": "A US$872 million ammo export windfall gave New Delhi a foot in the door. Turning crisis sales into a lasting presence may prove harder.
\n
Indian soldiers attend tactical drills in Kargil, Ladakh, with the army's latest weapons, including launchers, machine guns and modern assault rifles, in July 2025. Photo: NurPhoto via Getty Images
\nIndia has emerged as a major exporter of ammunition and other weapons to Europe since the outbreak of the Ukraine-Russia war, but analysts caution that New Delhi has yet to secure a lasting foothold in Europe\u2019s defence market.
\nDefence Secretary Rajesh Kumar Singh cited a Bloomberg report last Friday stating that India had become the third-largest arms exporter to Europe under the \u201cReArm Europe\u201d initiative \u2013 also known as Readiness 2030 \u2013 largely because of ammunition demand.
\nBloomberg, citing Trade Data Monitor data sourced from India\u2019s Ministry of Commerce and Industry, reported that Indian arms manufacturers had exported about US$872 million worth of ammunition, including artillery shells, mortar shells, propellant and explosives, to European countries since the Ukraine war began.
\nThis marked a 1,600 per cent increase from the US$49.2 million exported to Europe in the four years leading up to February 2022. Most of these exports reportedly went to countries that have been major arms suppliers to Ukraine, although the nations were not named.
\nThe South Asian nation ranked as the second-largest supplier of shells, mortars, propellants and explosives to Europe over the four years since 2022, rising from 28th place in the preceding four years, the import and export statistics from tracking platform Trade Data Monitor showed.
\nSingh said Delhi was now looking to expand its presence in Europe\u2019s defence procurement programmes through joint ventures with European companies, while encouraging European partners to establish ventures in India to tap into its domestic market.
\n\nEurope\u2019s rearmament drive offered India a way into a market dominated by established suppliers, but securing a lasting position would require more than filling ammunition shortages, said Srinivaasan Balakrishnan, director of strategic engagements and partnerships at the Indic Researchers Forum, a Delhi-based security think tank.
\n\u201cThe real opportunity is to turn wartime orders into long-term industrial partnerships, trusted supply chains and technology collaboration,\u201d he said. \u201cIndia\u2019s success will ultimately depend on whether it remains a reliable supplier when the urgency of war subsides.\u201d
\nBalakrishnan said that \u201cIndia can compete selectively\u201d to become a serious defence supplier to Europe, noting that its advantage lay in combining competitive costs with scalable production, proven systems and selective technology partnerships.
\nThe next step would be to move towards co-developing platforms and becoming a long-term partner in Europe\u2019s defence industrial base, he said.
\nThe United States and South Korea remain Europe\u2019s top two non-European arms suppliers. According to the Stockholm International Peace Research Institute, South Korea accounted for 8.6 per cent of European Nato members\u2019 arms imports between 2021 and 2025, reaching US$11.03 billion last year to cement its position as their second-largest supplier after the US. Poland alone sourced 47 per cent of its arms imports from South Korea over that period.
\nLast year, European countries spent US$38.6 billion under the US Foreign Military Sales programme \u2013 which facilitates the purchase of American arms and other military equipment by foreign governments \u2013 representing 37 per cent of total US defence exports in 2025, according to the EU Institute for Security Studies. This marked a sharp decline from 2024, however, when European procurement stood at US$76.7 billion.
\nRajiv Kumar Narang, a senior fellow at the Manohar Parrikar Institute for Defence Studies and Analysis in Delhi, urged India\u2019s defence sector to capitalise on the opportunity afforded by Europe\u2019s rearmament and work closely with European partners to identify their requirements.
\n\u201cIndia and Europe should have mutual acceptance of defence equipment standards and certifications for ease of export,\u201d Narang said. \u201cIndia should also continue to make investments in core technologies and pursue a spiral development approach for building world-class defence systems.\u201d
\n\nSouth Korea serves as a template for India, analysts say, having expanded its footprint in Europe beyond ammunition to encompass major weapons systems, such as K9 self-propelled howitzers, K2 Black Panther main battle tanks and Chunmoo multiple-rocket launchers.
\nAntoine Levesques, senior fellow for South and Central Asian defence at the International Institute for Strategic Studies, said India\u2019s defence industrial base was seeking to reposition itself as more than just a buyer or licence assembler.
\n\u201cIt [India] wants to become, as a higher aspiration, a co-developer with European defence primes or at least a major contributor to their supply chains present and future,\u201d he said, adding that increased exports and a strategic normalisation of the country\u2019s status as a trusted defence partner would help in this regard.
\n\u201cBut this will take time due to significant political-strategic, technological, capacity or funding gaps, in a wider context of rapidly evolving global economic and diplomatic patterns creating new push and pull factors on either side of India\u2019s ties to Europe.\u201d
\nStill, Levesques pointed to \u201csteady progress\u201d in India-EU ties, suggesting cooperation had surpassed the baseline of \u201ccivilian or potentially dual-use, trusted de-risked critical supply chains\u201d.
\nHe added that a drop in talent emigrating to the US in recent years meant more Indian engineers and technical specialists were now working for domestic companies, including established defence firms.
\n\u201cThe value proposition India is bringing to Europe\u2019s defence recapitalisation is therefore slowly but truly changing,\u201d Levesques said.
\nRomania, Slovenia and the Czech Republic were among the top European buyers of Indian arms and ammunition in 2025, taking in a combined US$288.6 million worth of exports, according to the World Bank\u2019s World Integrated Trade Solution data platform.
\nIndia\u2019s emergence as a leading arms supplier to Europe is more than a short-term windfall arising from the Ukraine war, according to Ambika Vishwanath, co-founder and director of the Kubernein Initiative think tank and a Maitri research fellow at La Trobe Asia.
\n\u201cThe EU is realising that a more self-sufficient and diversified Europe is a smarter move forward,\u201d Vishwanath said. \u201cThe new EU Readiness 2030 road map reflects this well through more structural defence expansion. This is not only in weapons or manufacturing but also in partners and technology.\u201d
\nIndia had yet to reach a point where it could act as a comprehensive defence partner for Europe, she said, pointing to challenges such as interoperability, standards and capabilities.
\n\u201c[But] we are seeing an upwards trend, and by entering the supply chain space along with small parts manufacturing, we have a good chance for a more lasting foothold\u201d and gain more flexibility against future geopolitical risks and shocks, Vishwanath said.
\nBy Junaid Kathju
\nSections: This Week in Asia / Politics / News / Asia / South Asia / World / Europe | Topics: India, Defence, European Union, Ukraine, Russia, Rajiv Kumar Narang, International Institute for Strategic Studies (UK)
\nShort link: https://sc.mp/nu7t4
\nRead the original article on SCMP
", "image": null, "banner_image": null, "date_published": "2026-10-27T20:30:07Z", "date_modified": "2026-10-27T20:30:07Z", "authors": ["Junaid Kathju"], "tags": [], "language": null, "attachments": ["\n {\"url\": string, \n 'mime_type': string, \n 'title': strinrg,\n 'size_in_bytes': int,\n 'duration_in_seconds': int\n "]}, {"id": "00055760-0077-4b15-9478-2cc7228b719f", "url": "https://www.scmp.com/business/banking-finance/article/3372386/standard-chartered-beats-forecast-wealth-business-powers-third-quarter-profit", "external_url": null, "title": "Standard Chartered beats forecast as wealth business powers third-quarter profit", "content_text": "", "content_html": "Wealth management and cross-border lending help offset property and geopolitical provisions.
\n![\"\"](\"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2026/10/28/d6f385ea-d25e-4670-ba30-a9d23e24c68a_a2f4f8be.jpg\")
A Standard Chartered Bank logo is seen at the lender\u2019s wealth management centre in Central, Hong Kong. Photo: Fung Chang
\nStandard Chartered\u2019s third-quarter net profit rose 46 per cent as strong growth in cross-border trade loans and wealth management buffered one of Hong Kong\u2019s three note-issuing banks from provisions linked to geopolitical tensions.
\nNet profit increased to US$1.5 billion, or 68.9 US cents per share, in the quarter that ended on September 30, compared with US$1.03 billion a year earlier, the London-based bank said in a filing to the Hong Kong stock exchange on Wednesday.
\nThe result beat analysts\u2019 forecast of US$1.2 billion.
\nPre-tax profit rose 27 per cent to US$2.25 billion from US$1.77 billion a year earlier, beating analysts\u2019 consensus estimate, according to the bank, which generates most of its business from Asia.
\nBy Yulu Ao
\nSections: Business / Banking & Finance / China Business / Companies / Markets / News | Topics: Banking & finance, Wealth management, Hong Kong, Standard Chartered Bank, Interest rates
\nShort link: https://sc.mp/n46f0
\nRead the original article on SCMP
", "summary": "Wealth management and cross-border lending help offset property and geopolitical provisions.
\n
A Standard Chartered Bank logo is seen at the lender\u2019s wealth management centre in Central, Hong Kong. Photo: Fung Chang
\nStandard Chartered\u2019s third-quarter net profit rose 46 per cent as strong growth in cross-border trade loans and wealth management buffered one of Hong Kong\u2019s three note-issuing banks from provisions linked to geopolitical tensions.
\nNet profit increased to US$1.5 billion, or 68.9 US cents per share, in the quarter that ended on September 30, compared with US$1.03 billion a year earlier, the London-based bank said in a filing to the Hong Kong stock exchange on Wednesday.
\nThe result beat analysts\u2019 forecast of US$1.2 billion.
\nPre-tax profit rose 27 per cent to US$2.25 billion from US$1.77 billion a year earlier, beating analysts\u2019 consensus estimate, according to the bank, which generates most of its business from Asia.
\nBy Yulu Ao
\nSections: Business / Banking & Finance / China Business / Companies / Markets / News | Topics: Banking & finance, Wealth management, Hong Kong, Standard Chartered Bank, Interest rates
\nShort link: https://sc.mp/n46f0
\n