FirstFT: Brussels’ strained trade relationship with China

Good morning. Brussels is set to ban products made using forced labour, a move that could further raise tensions in its trade relationship with China in light of allegations of forced labor in Xinjiang province.

Shoes, clothes and goods such as wood, fish and cocoa are among the products most likely to be affected, according to those with knowledge of the plans.

The US in June enacted a blanket ban on all imports from China’s Xinjiang province, where there have been allegations of widespread human rights abuses — including torture, arbitrary detention and forced labor — against Muslim Uyghurs and other minorities. .

Instead, the EU ban will focus on all products made with forced labor – including those made within the bloc – to avoid falling foul of World Trade Organization rules on non-discrimination.

Thanks for reading FirstFT Asia. Send your comments for today’s newsletter to [email protected]. – Emil

Five more stories in the news

1. Russia will continue in Ukraine, the Kremlin says Russia will continue its occupation of Ukraine until all military objectives are met, the Kremlin has said, as it responded to Kiev’s massive counteroffensive in the east, which has retaken more than 3,000 square kilometers of territory.

2. The renminbi heads for a record annual decline against the dollar The 8.7 percent fall against the greenback this year to 6.96 renminbi puts the renminbi on track for its biggest annual decline since China abandoned its long-standing currency peg and switched to a managed floating exchange rate. in 2005.

3. Widodo to consider the purchase of Russian oil imports Indonesian President Joko Widodo has said the country should look at “all options” as it considers joining other Asian economies including India and China in buying Russian oil to offset high energy costs.

4. Byju’s failure to publish accounts requires scrutiny India’s most valuable startup is coming under heavy pressure from the government, investors and creditors for repeated failures to publish its accounts, as funding and revenue dry up for the once-booming education technology sector.

5. King Charles pledges to support democracy in the United Kingdom King Charles III committed himself yesterday to upholding the “precious principles of constitutional government” in a ceremony at Westminster that served as a reminder of the monarch’s limited role in British democracy.

Queen Elizabeth II met countless people during her 70-year reign. Has she ever come to your workplace or community? Please share your story through this short form.

The day before

Japan PPI The country’s producer price index data for August will be released today.

Victoria’s MPs in Australia swear allegiance to the King Members of parliament in Victoria, the only Australian state or territory where lawmakers must swear their allegiance to a new monarch after the death of a predecessor, will today swear their allegiance to King Charles III. (Canberra Times)

I tweet shareholder vote Elon Musk sent a third letter to the social media company last week trying to reverse its $44 billion acquisition of Twitter, but the company has repeatedly rejected Musk’s reasoning. Today, shareholders will vote on whether to approve the deal. (CNBC)

Swearing in of Kenya’s new president William Ruto will be sworn in on Tuesday after his election victory was confirmed by the country’s Supreme Court. Now, as the FT editors have made clear, he must deliver.

What else are we reading?

Japan is gearing up for a videogaming game Later this week, after a Covid-enforced hiatus, the Tokyo Game Show will reopen its reels for the first time in three years: a massive 1,883-booth trade show, assembled with the belief that cramming a hangar with people it’s the best way to sell the idea that the future of gaming is virtual.

EY’s challenge has just begun The partners will begin voting in November on whether to split EY’s advisory and audit arms. But for EY, selling the deal to partners and keeping more than 300,000 employees happy will prove as difficult as winning the support of the firm’s executives, industry veterans say.

Merge: a blockchain revolution or just more hype? If there’s one thing the crypto community has in good supply, it’s promises. Critics have pointed to the industry’s links to criminal activity and its large carbon footprint. But enthusiasts say Ethereum’s transition to a greener system is a long-awaited chance to be proven wrong.

The war in Ukraine has reached a turning point After Russia’s setbacks, a new and dangerous phase of the conflict begins, writes Gideon Rachman. Rather than admit defeat, Vladimir Putin may try to escalate. His options, however, seem limited and unappealing.

Don’t be indispensable at work The Internet is filled with advice on how to become “the person no one can live without.” But as Miranda Green explains, making people dependent on you can actually be a terrible trap.

Add these to your book list

As epic levels of flooding, heat and fire hit countries around the world, can 21st century capitalism bring about the changes needed to prevent further environmental carnage? And do we really understand what is happening to the most fragile deserts on the planet? A new crop of environmental books addresses these two questions, now among the most pressing of our time, writes Pilita Clark.