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. In today\u2019s newsletter: <\/p>\n SoftBank pledges $100bn investment in US<\/p>\n<\/li>\n Court names alleged Chinese spy linked to Prince Andrew<\/p>\n<\/li>\n How China is setting up shop in Mexico<\/p>\n<\/li>\n<\/ul>\n Japan\u2019s SoftBank yesterday unveiled plans to invest $100bn in the US, in the latest sign of how companies are rushing to ingratiate themselves with Donald Trump.<\/p>\n Masayoshi Son, SoftBank\u2019s billionaire chief executive, stood next to the president-elect at Mar-a-Lago as the pair formally announced the plans.<\/p>\n \u201cI would really like to celebrate the great victory of President Trump,\u201d Son said, adding that he was \u201cexcited\u201d by the planned investment and also hoped that Trump would \u201cbring the world into peace again\u201d.<\/p>\n The maverick investor, who made a similar move after Trump won the presidential election in 2016, will focus the new investment on creating AI-linked jobs and infrastructure projects, a person familiar with the matter said. It is unclear how Son, who is known for his lofty pronouncements, will be able to fund his $100bn investment pledge.<\/p>\n Son\u2019s announcement comes as US technology groups, led by Amazon and Meta, have moved to make big donations to the fund for Trump\u2019s inauguration in January. Read more on SoftBank and corporate America\u2019s efforts to curry favour with the incoming president<\/a>.\u00a0<\/p>\n More on Japanese business:<\/strong> Hitachi\u2019s new chief executive Toshiaki Tokunaga<\/a>, announced yesterday, is facing high expectations after taking over a conglomerate that has undergone a digital makeover.<\/p>\n<\/li>\n<\/ul>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Hong Kong reports November labour market figures.<\/p>\n<\/li>\n Cross-strait relations:<\/strong> Shanghai vice mayor Hua Yuan attends an intercity forum in Taipei in a rare visit that comes after China conducted large-scale military exercises<\/a> around Taiwan.<\/p>\n<\/li>\n<\/ul>\n 1. North Korean troops have fought for the first time alongside Russian forces against Ukrainian soldiers<\/strong> in Russia\u2019s Kursk region, the US said yesterday. The North Korean soldiers \u201chave suffered casualties, both killed and wounded\u200b,\u201d a Pentagon spokesman told reporters. Read the full story<\/a>. <\/p>\n 2.<\/strong> The alleged Chinese spy linked to Prince Andrew has been publicly named as Tengbo Yang<\/strong> after a judge lifted an anonymity order, raising fresh questions about his connections to the British establishment<\/a>. MI5 has alleged that Yang \u2014 who advised UK companies spanning GSK and McLaren \u2014 gathered intelligence on behalf of the Chinese state. The 50-year-old Chinese national called the allegations \u201centirely untrue\u201d. <\/p>\n 3. Germany is heading for early elections after Chancellor Olaf Scholz lost a vote of confidence,<\/strong> a widely anticipated result that ends his fractious three-party coalition government. \u201cWe were all fed up with each other,\u201d said Robert Habeck, the economy minister in Scholz\u2019s government. Here\u2019s what to know about the upcoming vote in February<\/a>.<\/p>\n 4. Brussels fears divisions between member states will hamper its ability to combat a potential flood of cheap goods from China<\/strong> \u2014 dumped by Beijing in response to the prospect of higher US tariffs \u2014 with sanctions of their own. Worried that traditional trade measures would be too slow to deploy, policymakers are pushing for more EU powers to respond<\/a>.<\/p>\n Chinese economy:<\/strong> Retail sales in China missed expectations<\/a> in November, adding to pressure on Beijing policymakers to boost the economy.<\/p>\n<\/li>\n<\/ul>\n 5. Australia\u2019s markets regulator has sued HSBC for what it called \u201cwidespread and systemic failures\u201d in protecting customers against scammers.<\/strong> The Australian Securities and Investments Commission said yesterday that scammers had cost HSBC Australia customers A$23mn ($14.6mn) between 2020 and 2024, with some customers losing more than A$90,000<\/a>.<\/p>\n Over the past few years Chinese companies have established themselves in Mexico\u2019s supply chains, developing stronger trade links and increasing manufacturing. While president-elect Donald Trump has threatened Mexico\u2019s government with tariffs, China is setting up shop in America\u2019s backyard<\/a>, causing concern among trade officials in the US and Canada.<\/p>\n Economic unfairness in South Korea:<\/strong> The next government has to break out of the shackles of cold war politics and implement more egalitarian policies<\/a>, writes Ha-Joon Chang.<\/p>\n<\/li>\n Pakistan military\u2019s \u2018Imran Khan problem\u2019:<\/strong> Even behind bars, the hugely popular former prime minister is seen as the biggest threat<\/a> to the armed forces in half a century.<\/p>\n<\/li>\n Bet against \u2018American exceptionalism\u2019:<\/strong> All the enthusiasm about US stocks only confirms that \u201cthe mother of all bubbles\u201d is at a very advanced stage<\/a>, writes Ruchir Sharma.<\/p>\n<\/li>\n<\/ul>\n A mental health pandemic is engulfing the world\u2019s workplaces, with financial services among the hardest-hit sectors. With depression and anxiety costing the global economy $1tn annually, Clive Cookson and Amy Borrett explore how employers and governments are tackling the crisis in this first instalment of the Global Crisis in Mental Health series<\/a>.<\/p>\n Columnist Stephen Bush makes a compelling case for school uniforms<\/a>, and why the Christmas season should remind us of their value.<\/p>\n Thank you for reading and remember you can add FirstFT<\/a> to myFT. You can also elect to receive a FirstFT push notification every morning on the app. Send your recommendations and feedback to firstft@ft.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n One Must-Read<\/strong> \u2014 Remarkable journalism you won\u2019t want to miss. Sign up here<\/a><\/p>\n Newswrap<\/strong> \u2014 Our business and economics round-up. Sign up here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
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