This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n The latest South China Sea stand-off <\/p>\n<\/li>\n Trump\u2019s trade war hits US ports and air freight<\/p>\n<\/li>\n Inside Interpol\u2019s Singapore innovation lab<\/p>\n<\/li>\n<\/ul>\n We start today with China\u2019s move to proclaim sovereignty over a disputed reef in the South China Sea, which has triggered a new stand-off with the Philippines<\/a>. Here\u2019s what you need to know about the row over Sandy Cay.<\/p>\n What\u2019s happening:<\/strong> The Philippines sent navy, coastguard and maritime police officers to Sandy Cay and two neighbouring sandbanks in the Spratly Islands yesterday to \u201cuphold the country\u2019s sovereignty, sovereign rights and jurisdiction\u201d and displayed the national flag there, according to a statement published on X. The move came a day after China said it had \u201cimplemented maritime control and exercised sovereign jurisdiction\u201d over the reef by showing its own flag there<\/a> \u2014 the first such official declaration of sovereignty on or near a land feature in the disputed waters in at least a decade.<\/p>\n Why Sandy Cay matters:<\/strong> Although just a sand bank measuring little more than 200 sq m, Sandy Cay has strategic value because its categorisation as a rock could allow the nation controlling it to claim a territorial sea around it. That 12-nautical-mile radius would overlap with Thitu Island, the Philippines\u2019 most important military foothold in the area. Sandy Cay is one of four reefs where Manila has suspected China of planning land reclamation works followed by further militarisation.<\/p>\n US-Philippine military drills:<\/strong> The row over Sandy Cay comes as Philippine and American troops are due to begin coastal defence and island seizure drills on the Philippine territory closest to the Spratlys today. The White House said on Saturday that the reports of China seizing Sandy Cay were \u201cdeeply concerning if true\u201d.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Singapore publishes first-quarter labour market figures and Malaysia reports March PPI inflation data.<\/p>\n<\/li>\n Canada\u2019s election:<\/strong> Prime Minister Mark Carney will face off in a national election<\/a> against Pierre Poilievre, a career politician whose leadership bid has been tainted by association with US President Donald Trump. The vote takes place after eleven people were killed<\/a> when a car was driven into a large crowd in Vancouver on Saturday night.<\/p>\n<\/li>\n Results:<\/strong> Daiwa Securities, Tokyo Gas, Kikkoman, Komatsu and China Petroleum & Chemical Corp are among the companies reporting today.<\/p>\n<\/li>\n<\/ul>\n 1. Donald Trump\u2019s trade war with Beijing is starting to affect the wider US economy<\/strong> as container port operators and air freight managers report sharp declines in goods transported from China. Logistics groups said container bookings to the US have fallen sharply since the introduction of 145 per cent tariffs<\/a> on Chinese imports to the US.<\/p>\n Double tariffs:<\/strong> Foreign manufacturers in China are paying duties of 125 per cent to import components and then 145 per cent<\/a> to export to the US.<\/p>\n<\/li>\n More US-China news:<\/strong> The liquefied natural gas industry has warned the Trump administration it cannot comply with new rules aimed at forcing them to use US transport vessels by imposing levies on Chinese-built ships<\/a> docking at US ports.<\/p>\n<\/li>\n<\/ul>\n 2. Vanguard, the world\u2019s second-largest asset manager, has ruled out re-entering China\u2019s fund industry<\/strong> even as the group seeks to accelerate its global expansion beyond its biggest market in the US. Chris McIsaac, head of Vanguard\u2019s international business, told the FT why it doesn\u2019t make sense for the group to operate in China<\/a>.<\/p>\n 3. Russian businessman Albert Avdolyan has been hit with EU sanctions over Moscow\u2019s war in Ukraine,<\/strong> but can partially circumvent the bloc\u2019s travel ban thanks to a Maltese passport he bought under a \u201cgolden\u201d visa scheme that faces a European court ruling on its future this week. The paid-for citizenship was given to politically exposed individuals<\/a>, or people who later appeared on sanctions lists or were convicted of crimes.<\/p>\n 4. Saudi Arabia and Qatar have said they will settle Syria\u2019s outstanding debt to the World Bank,<\/strong> in a step that will help the conflict-ravaged country access funding for postwar reconstruction and public-sector salaries. The funding of about $15mn will be the first financial assistance to Syria from Saudi Arabia<\/a> since the fall last year of Bashar al-Assad\u2019s regime, a government that the kingdom had staunchly opposed.<\/p>\n 5. Far-right politician Jordan Bardella has said he will run to become France\u2019s president in 2027<\/strong> if Marine Le Pen is blocked from running by a court judgment<\/a>. \u201cMarine Le Pen is my candidate and, if she were to be prevented [from running] tomorrow, I think I can tell you that I will be her candidate,\u201d the 29-year-old Bardella told Le Parisien newspaper. <\/p>\n In the leafy Singapore suburb of Tanglin, over the road from the British High Commission and the US embassy, and a block away from the Botanic Gardens, sits a modest research facility at the heart of efforts by law enforcement agencies to stay one step ahead of their increasingly sophisticated and professionalised criminal adversaries. Owen Walker goes inside Interpol\u2019s innovation lab<\/a>.<\/p>\n Kashmir attack:<\/strong> The killing of 26 people has prompted shock, grief and anger in India<\/a> and brought the country to the brink of conflict with Pakistan.<\/p>\n<\/li>\n Make America Pregnant Again:<\/strong> The Republicans want a \u201cbaby boom\u201d. And Elon Musk can fertilise us all<\/a>, writes Jo Ellison.<\/p>\n<\/li>\n Hank Paulson:<\/strong> If the US wants to win the AI race with China<\/a> it must create a national energy strategy that prioritises speed, flexibility and cost-effectiveness, writes the former US Treasury secretary.<\/p>\n<\/li>\n<\/ul>\n Liverpool FC has won the Premier League<\/a> despite spending less than their rivals across the summer and winter transfer windows, according to Transfermarkt data.<\/p>\n \u201cHeadphone dodgers\u201d<\/a> are the latest entrants in the centuries-long urban battles between noisemakers and their unwilling listeners. FT pop critic Ludovic Hunter-Tilney proposes a way to stop them.<\/p>\n\n
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Five more top stories<\/h3>\n
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FT Magazine<\/h3>\n
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Take a break from the news<\/h3>\n
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