US to bolster defence against Chinese cyber attacks

Good morning and welcome back to FirstFT Asia. Here’s what we’re covering today:

• US increases its defence against Chinese cyber attacks

• India encourages more oil and gas exploration

• Japan’s rocky ride to economic normalisation

• Dubai’s thriving property market

The US Federal Communications Commission is creating a national security council to bolster defences against Chinese cyber attacks and help it stay ahead of China in critical technologies, such as artificial intelligence.

Brendan Carr, the new FCC chair, said he was establishing the council to step up the agency’s focus on the “persistent and constant threat from foreign adversaries, particularly the Chinese Communist party”.

“These bad actors are always exploring ways to breach our networks, devices and technology ecosystem. It is more important than ever that the FCC remain vigilant and protect Americans and American companies from these threats,” he said.

He added that because the threats cut across sectors that the commission regulated, “it is important that the FCC’s national security efforts pull resources from a variety of FCC organisations”.

Read more on how the council will aim to prevent cyber attacks, espionage and surveillance by hostile states.

Here’s what else is happening today:

• FT Live Wealth Management Summit Asia: Join us in-person in Singapore or online. Register here.

• IEA data: The International Energy Agency will issue its oil market report

• Holi: Today marks the start of the two-day Hindu festival of colours, celebrating the arrival of spring and the triumph of good over evil.

Five more top stories

1. Russian President Vladimir Putin visited Kursk, where his army chief told him Moscow’s forces are on the verge of retaking the Ukrainian-held border region. Just hours after Ukraine agreed to a US proposal for a 30-day ceasefire in its war with Russia, Putin ordered the army to drive Ukraine’s forces out of the area “in the shortest time possible”. Here are the latest developments in the war.

2. India has passed legislation intended to encourage oil and gas exploration to help meet its energy needs. The move that highlights the difficulty of persuading the world’s most populous nation to phase out fossil fuels. India, the world’s third-largest carbon polluter, has faced increasing pressure from abroad to reduce emissions.

3. The EU and Canada retaliated against US President Donald Trump’s 25 per cent tariffs on steel and aluminium within hours of them taking effect. Here are the details of how the countries hit back, and what it means for the global economy.

• More on trade policy: Two of Wall Street’s most prominent executives have said there are upsides to Trump’s tariff policies.

• US economy: US inflation fell more than expected to 2.8 per cent in February, bolstering the case for the Federal Reserve to cut interest rates amid signs of slowing growth in the world’s largest economy.

4. Alliances between New Delhi, Washington and India’s telecom tycoons Mukesh Ambani Sunil Mittal are growing deeper. Ambani’s Reliance Jio, India’s biggest mobile operator, on Tuesday followed Mittal’s Bharti Airtel, the number-two player, in announcing plans to distribute SpaceX’s satellite internet service. The tie-ups could further smooth the entry of Musk’s business interests into India.

5. China’s Ministry of Commerce has summoned Walmart executives over reports the US retailer asked its suppliers to cut prices in response to Trump’s tariffs, according to state media. The discussions, reported on Wednesday by a social media account affiliated with state-run China Central Television, highlight mounting geopolitical risks for big US companies in China.

Today’s big read

China has long taken a different path from western nations when it comes to international development, focusing less on humanitarian aid and more on financing grand infrastructure projects. As the US and UK slash their foreign aid programmes, will Beijing’s approach win China the influence its long sought in Africa?

We’re also reading . . . 

Chart of the day

Japan is undergoing its biggest economic inflection in over three decades. While many other countries have fought to keep inflation down, in Japan its return has been encouraged. Policymakers aim to foster a virtuous cycle of rising prices and wages that could spur demand and generate moderate and steady growth. But, despite some positive signs, it has been a bumpy ride.

Take a break from the news . . . 

Dubai’s property market is thriving — and its neighbours are taking notes. Property prices in the city have increased 147 per cent in five years amid soaring skylines and a rush of new residents. While it’s an inspiration to some, for others it’s become a cautionary tale.