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Good morning and welcome to FirstFT Asia. In today’s newsletter:
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Iran’s uranium stockpile
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Israel halts aid to north Gaza
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How the next financial crisis starts
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The problem with coffee apps
We start in the Middle East with an exclusive story on the preliminary assessments about Iran’s uranium stockpile.
What we know: Two officials told the Financial Times that early intelligence suggests Iran’s 408kg of uranium was not concentrated in Fordow, one of its two main enrichment sites, at the time of last weekend’s attack. It had been distributed to various other locations, the assessments found.
Why it matters: The findings call into question US President Donald Trump’s assertion that the bombing had “obliterated” Iran’s nuclear programme. On Thursday, Iran’s Supreme Leader Ayatollah Ali Khamenei also said that US strikes “did not achieve anything” and Donald Trump had “exaggerated” their impact.
How China views the conflict: US and Taiwanese officials said America’s attack on Iran will force Chinese President Xi Jinping’s advisers to reassess how Trump might act on issues Beijing sees as vital to its national interest. “They thought Trump 2.0 was going to be more transactional,” one expert said. “It is not turning out that way at all”.
Here’s what else I’m keeping tabs on today and through the weekend:
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Economic data: The US Federal Reserve publishes results from its annual bank stress test today.
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Annual general meetings: SoftBank, Nikon and Nintendo are among the companies set to hold annual meetings on Friday.
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EU: A two-day European summit concludes today in Brussels. Leaders are expected to discuss a potential trade deal with the US and their response to the Israel-Iran conflict. European Commission president Ursula von der Leyen is facing a no-confidence vote linked to a Covid-19 pandemic scandal.
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Tesla: The electric-car maker’s Robotaxi is expected to take its first driverless test on Saturday from the company’s factory in Austin, Texas.
Five more top stories
How well did you keep up with the news this week? Take our quiz.
1. Israel has halted deliveries of aid to north Gaza despite the population’s ongoing risk of famine. The suspension follows Prime Minister Benjamin Netanyahu allegations that aid was being hijacked by Hamas — a claim rejected by community leaders in the Palestinian enclave.
2. EU officials say Chancellor Friedrich Merz is “delusional” for expecting German’s auto industry to be spared from US tariffs. Merz pressed the European Commission to sign a “framework” deal similar to the US-UK agreement this month, but Brussels officials have privately warned it would not be possible because they believe cars are “the hardest element” of any deal with the White House.
3. Exclusive: A decision to nominate the next Fed chair is not “imminent,” the White House said, despite a report that said Trump could nominate someone to replace Jay Powell as soon as this summer. Still, the White House told the Financial Times, “the President has a right to change his mind”. Powell’s term expires in May 2026, but Trump has become increasingly frustrated at the Fed’s reluctance to cut interest rates.
4. Taiwan has developed suicide drones equivalent to ones used in Ukraine’s defence against Russia. The weapons have the same operating and AI strike systems that target Russian tanks and oil rigs. The announcement marks one of the clearest signs of progress for Taiwan as the country builds up its autonomous weapons capabilities to resist a potential attack from China.
5. Tesla parted ways with one of its top executives as the company pivots to autonomous driving, artificial intelligence and robotics. Omead Afshar, who was promoted to run sales and operations in North America and Europe last year, left the role amid a decline in sales and earnings, according to people familiar with the decision.
From the FT Magazine
A US housing bubble fuelled partly by “subprime” home loans was considered one of the main culprits of the last financial crisis. Fears are growing that property markets could again be roiled, this time not by risky lending practices but by rising numbers of climate-related disasters putting pressure on insurers and other critical financial institutions.
We’re also reading . . .
Chart of the day
One of Hong Kong’s biggest property developers is in talks to refinance billions of dollars in bank loans. New World’s negotiations come after their ambitious debt-fuelled expansion, which includes a HK$20bn retail and office space near Hong Kong’s airport and several mainland Chinese developments.
Take a break from the news
Do queues in coffee shops feel longer nowadays? Increasingly, chains are turning to mobile ordering through a new wave of apps to ensure people can skip the line for their caffeine shot. But is it worth it? Claer Barrett examines the trade-offs to downloading coffee apps.
