This text is an on-site model of our FirstFT publication. Subscribers can signal as much as our Asia, Europe/Africa or Americas version to get the publication delivered each weekday morning. Discover all of our newsletters here
Good morning and welcome to the Christmas Eve version of FirstFT Asia. The publication can be taking a brief break after at the moment, however I’ll be again in your inbox on Monday. Pleased holidays!
On the agenda:
-
Panama Canal ports deal hits an deadlock
-
The newest cache of the Epstein information
-
How China turned a luxurious meals powerhouse
-
London’s greatest new eating places of 2025
A BlackRock-backed $23bn acquisition of dozens of world ports, together with key belongings within the Panama Canal, is susceptible to collapsing after China’s state-owned delivery large Cosco demanded a majority stake within the deal.
What to know: BlackRock and Mediterranean Delivery Firm are contemplating strolling away from a deal to purchase the ports from CK Hutchison after Cosco demanded a majority stake within the consortium. Individuals accustomed to the talks stated it was unclear if Cosco’s demand was a negotiating place or a requirement from Beijing. Hong Kong-based CK Hutchison introduced in March that it might promote 43 ports in 23 international locations, together with two on the Panama Canal, to a consortium together with BlackRock and a subsidiary of MSC, the Swiss-Italian delivery group.
Geopolitical stakes: The deal drew reward from US President Donald Trump, who had vowed to “take again” the canal, and opprobrium in Beijing, which stated the deal was a risk to China’s nationwide pursuits. Since then, Chinese language officers have quietly labored to reshape the deal, making use of stress by demanding it bear Beijing’s merger evaluate course of despite the fact that no mainland belongings are concerned. Read the full story.
-
US-China relations: The Trump administration has accused China of utilizing unfair commerce practices to try and dominate the global chip industry, however stated it is not going to enhance tariffs on Chinese language imports till mid-2027.
Right here’s what else we’re conserving tabs on at the moment:
-
Financial information: Taiwan releases November industrial output figures.
-
Financial institution of Japan: The BoJ publishes minutes from its newest financial coverage assembly, when Japan’s central financial institution raised interest rates to a 30-year high.
5 extra prime tales
1. ByteDance is about to increase its multibillion-dollar AI outlay subsequent 12 months, as China’s prime tech teams search to maintain tempo with their US rivals. The TikTok proprietor has made preliminary plans to spend $23bn in capital expenditure in 2026, in response to two individuals accustomed to the matter.
2. The US economic system grew at an annualised price of 4.3 per cent within the third quarter, in response to official information launched yesterday that far surpassed economists’ expectations. However in an indication the financial backdrop is more likely to deteriorate, separate information launched yesterday confirmed shopper confidence in December slumped to its second-lowest degree in 5 years.
3. Jes Staley and Lawrence Summers had been appointed by Jeffrey Epstein as executors of his property, in response to newly released documents that point to deep ties between the influential males and the late intercourse offender.
-
Extra from the Epstein information: An individual showing to be the previous Prince Andrew emailed Ghislaine Maxwell asking if she had any “new inappropriate friends” for him and mentioned procuring women forward of an official royal go to to Peru.
4. Non-public credit score companies snapped up almost 14 occasions as a lot shopper debt this 12 months as in 2024, piling into riskier areas equivalent to bank cards and purchase now, pay later debt. The frenzy of offers raises concerns about underwriting standards and threat administration by Wall Road companies.
5. Trump has introduced plans to construct two “Trump-class battleships” for a brand new “Golden Fleet” for the US Navy. The president stated that building of the ships, outfitted with hypersonic weapons, electric railguns and high-powered lasers, would start “virtually instantly”.
The Huge Learn
December was at all times essentially the most fantastic time of 12 months for the retail and hospitality sectors. That’s not assured as gross sales patterns change and customers tighten their belts. Is Christmas as good for the UK economy because it was once?
We’re additionally studying . . .
-
Geopolitics: The velocity of the US retreat has surprised and discombobulated a lot of its companions, especially in Asia, writes Alec Russell.
-
12 months in a phrase — AI bubble: Silicon Valley and Wall Road are beginning to acknowledge the excesses of Big Tech valuations, writes Katie Martin.
-
A 12 months to neglect: John Elkann, the scion of the Agnelli household, Italy’s most well-known enterprise dynasty, faced a pile-up of problems in 2025.
Chart of the day
China is changing into an more and more vital luxurious meals producer. The world’s second-largest economic system now accounts for almost all of the worldwide manufacturing and export of caviar. It has surpassed Australia because the second-largest producer of macadamia nuts and is stepping up gross sales of cherries, wild truffles and foie gras. Here’s how China became a luxury food powerhouse.
Take a break from the information . . .
Our annual checklist of London’s best new restaurants is right here. 2025 was a bumper 12 months for debuts — the FT’s meals writers and editors selected their favourites.
