BlackRock to buy Panama Canal ports from Hong Kong owner

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

• BlackRock to purchase Panama Canal ports

• Zelenskyy says Ukraine ‘prepared’ to speak peace

• Taiwan’s push to remain in Trump’s good graces

BlackRock has agreed to purchase two main ports on the Panama Canal from their Hong Kong-based proprietor as a part of a $22.8bn deal, following stress from Donald Trump over alleged Chinese language affect on the very important waterway.

Underneath the settlement, the ports’ Hong Kong-based proprietor CK Hutchison would promote the enterprise to a consortium together with BlackRock, International Infrastructure Companions and Terminal Funding Restricted, in line with an organization assertion yesterday. The group would purchase a 90 per cent stake within the firm that owns and operates the 2 ports in Panama.

Trump has often alleged that “China is working the Panama Canal”, and rattled Panama when he threatened earlier this 12 months to “take it again” below American management.

One individual aware of the deal mentioned: “When President Trump gained and he began making noise about annexing Canada and Greenland and Panama, the stress was placed on the Panamanians.” The individual added that CK Hutchison “realised that it was a political headache and so they needed to do one thing”. Here’s what else we know about the agreement.

Right here’s what else we’re preserving tabs on at present:

• Financial information: South Korea and Australia report GDP figures.

• Chinese language politics: The annual session of the Nationwide Individuals’s Congress, China’s rubber stamp legislature, begins. Xi Jinping’s corruption purges have cast a shadow over this 12 months’s gathering.

• US politics: Donald Trump will deal with a joint session of Congress on Tuesday night (native time) for the primary time since returning to energy in January.

On Thursday, be part of shopper editor Claer Barrett for a webinar on tackling debt to mark Worldwide Ladies’s Day. Register for free.

5 extra high tales

1. Volodymyr Zelenskyy mentioned Ukraine was “prepared to return to the negotiating desk as quickly as potential” and known as final week’s dramatic clash with Trump in the Oval Office “regrettable”. The conciliatory assertion got here after the US president on Monday suspended navy assist to Kyiv.

2. China’s main electric-vehicle maker BYD has pledged to work with rival Tesla to fight petrol automobiles, whereas insisting that Beijing was “extra open” to international enterprise than the west. Chatting with the FT, BYD govt vice-president Stella Li mentioned: “Our common enemy is the internal combustion engine car.”

3. Eutelsat mentioned it was in talks with European governments about offering further satellite tv for pc connectivity in Ukraine amid fears that access to Elon Musk’s Starlink in the country could be cut. Shares within the French satellite tv for pc operator soared as traders wager that European leaders’ efforts to assist Ukraine would increase demand for the group’s companies.

4. Apple is stepping up its struggle with the British authorities over a requirement to create a “again door” in its most safe cloud storage methods, by submitting a authorized grievance that it hopes will overturn the order. The request for a again door would allow legislation enforcement — after acquiring a warrant that was accepted by a decide — to faucet iPhone back-ups and different cloud information that’s in any other case inaccessible, even to Apple itself. Read more about the case.

5. Australia’s opposition social gathering has pledged to crack down on “unsustainable” distant working preparations within the civil service whether it is elected later this 12 months. The transfer drew condemnation and comparisons to Trump’s push to pressure authorities workers again into the workplace full time.

Information in-depth

Hours after Taiwan’s crown jewel firm promised that it could make investments an additional $100bn within the US, President Donald Trump gave a chilling reminder of why so many within the Asian nation are eager to hunt his favour. Trump’s obvious readiness to desert Kyiv, suspending navy assist to Ukraine, has left many Taiwanese worried that Trump could abandon their country, leaving it to the mercy of China.

We’re additionally studying . . . 

• Trump’s ‘kicking ass’: The suburban voters who propelled the president to a second time period are keeping the faith as he tears up the rule guide.

• South Korea: The nation’s greatest conglomerates are slimming down as US-China competitors intensifies and tariff threats loom.

• A world past the greenback: Traders are beginning to think about a monetary system without the US at its centre, writes Katie Martin.

Chart of the day

The variety of People making use of for UK citizenship rose to the best on file final 12 months, pushed by a late surge within the last months of 2024. Immigration legal professionals mentioned the file numbers of candidates had been pushed by UK tax changes and Trump’s return to power.

Take a break from the information . . . 

Liu Jiakun has won this year’s Pritzker Prize, structure’s most prestigious award. The Chinese language architect’s greatest identified mission is West Village in his house metropolis of Chengdu, the place it grew to become so fashionable that the authorities closed off public entry.