Iran’s uranium largely intact, early European intelligence suggests

Good morning and welcome to FirstFT Asia. In at the moment’s e-newsletter:

• Iran’s uranium stockpile

• Israel halts support to north Gaza

• How the following monetary disaster begins

• The issue with espresso apps

We begin within the Center East with an unique story on the preliminary assessments about Iran’s uranium stockpile.

What we all know: Two European officers advised the Monetary Instances that early intelligence suggests Iran’s 408kg of uranium was not concentrated in Fordow, one in all its two fundamental enrichment websites, on the time of final weekend’s assault. It had been distributed to various other locations, the assessments found.

Why it issues: The findings name into query US President Donald Trump’s assertion that the bombing had “obliterated” Iran’s nuclear programme. On Thursday, Iran’s Supreme Chief Ayatollah Ali Khamenei also said that US strikes “did not achieve anything” and Donald Trump had “exaggerated” their affect.

How China views the battle: US and Taiwanese officers stated America’s assault on Iran will pressure Chinese language President Xi Jinping’s advisers to reassess how Trump might act on issues Beijing sees as vital to its nationwide curiosity. “They thought Trump 2.0 was going to be extra transactional,” one skilled stated. “It’s not turning out that approach in any respect”.

Right here’s what else I’m preserving tabs on at the moment and thru the weekend:

• Financial knowledge: The US Federal Reserve publishes outcomes from its annual financial institution stress check at the moment.

• Annual common conferences: SoftBank, Nikon and Nintendo are among the many firms set to carry annual conferences on Friday.

• EU: A two-day European summit concludes at the moment in Brussels. Leaders are anticipated to debate a possible commerce take care of the US and their response to the Israel-Iran battle. European Fee president Ursula von der Leyen is facing a no-confidence vote linked to a Covid-19 pandemic scandal.

• Tesla: The electrical-car maker’s Robotaxi is predicted to take its first driverless check on Saturday from the corporate’s manufacturing facility in Austin, Texas.

5 extra high tales

How effectively did you retain up with the information this week? Take our quiz.

1. Israel has halted deliveries of support to north Gaza regardless of the inhabitants’s ongoing threat of famine. The suspension follows Prime Minister Benjamin Netanyahu allegations that support was being hijacked by Hamas — a declare rejected by neighborhood leaders within the Palestinian enclave.

2. EU officers say Chancellor Friedrich Merz is “delusional” for anticipating German’s auto trade to be spared from US tariffs. Merz pressed the European Fee to signal a “framework” deal much like the US-UK settlement this month, however Brussels officers have privately warned it could not be doable as a result of they consider cars are “the hardest element” of any deal with the White House.

3. Unique: A choice to appoint the following Fed chair shouldn’t be “imminent,” the White Home stated, regardless of a report that stated Trump may nominate somebody to switch Jay Powell as quickly as this summer time. Nonetheless, the White Home advised the Monetary Instances, “the President has a proper to alter his thoughts”. Powell’s time period expires in Might 2026, however Trump has change into increasingly frustrated at the Fed’s reluctance to cut interest rates.

4. Taiwan has developed suicide drones equal to ones utilized in Ukraine’s defence in opposition to Russia. The weapons have the identical working and AI strike techniques that focus on Russian tanks and oil rigs. The announcement marks one of many clearest indicators of progress for Taiwan because the nation builds up its autonomous weapons capabilities to resist a potential attack from China.

5. Tesla parted methods with one in all its high executives as the corporate pivots to autonomous driving, synthetic intelligence and robotics. Omead Afshar, who was promoted to run gross sales and operations in North America and Europe final yr, left the role amid a decline in sales and earnings, in keeping with individuals acquainted with the choice.

From the FT Journal

A US housing bubble fuelled partly by “subprime” dwelling loans was thought of one of many fundamental culprits of the final monetary disaster. Fears are rising that property markets may once more be roiled, this time not by dangerous lending practices however by rising numbers of climate-related disasters placing strain on insurers and different vital monetary establishments.

We’re additionally studying . . . 

Chart of the day 

One in all Hong Kong’s largest property builders is in talks to refinance billions of {dollars} in financial institution loans. New World’s negotiations come after their ambitious debt-fuelled expansion, which features a HK$20bn retail and workplace area close to Hong Kong’s airport and several other mainland Chinese language developments.

Take a break from the information

Do queues in espresso retailers really feel longer these days? More and more, chains are turning to cell ordering by way of a brand new wave of apps to make sure individuals can skip the road for his or her caffeine shot. However is it value it? Claer Barrett examines the trade-offs to downloading coffee apps.