FirstFT: US and India announce defence and know-how agreements

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Good morning. Joe Biden hosted Narendra Modi on the White Home for a state go to throughout which the US and Indian leaders introduced defence and know-how offers, together with a purchase order of American spy drones.

Following talks within the Oval Workplace, Biden informed reporters that the partnership between the US and India was “stronger, nearer and extra dynamic than any time in historical past”, whereas Modi spoke of a “new chapter” within the strategic relationship between the 2 nations.

Forward of the go to, US officers stated India would commit to purchasing armed MQ-9B SeaGuardian drones, that are produced by US defence contractor Common Atomics. The leaders may even announce that reminiscence chipmaker Micron will open a $2.75bn semiconductor meeting and take a look at facility in India, which can embody $800mn in funding from the US firm.

Biden and Modi additionally signed an settlement that may end in Common Electrical co-producing fighter jet engines in India.

The agreements mark a giant push by Washington to attract New Delhi into its orbit as a part of a method to work with allies and companions to counter China. Whereas India maintains a non-aligned international coverage, it has moved nearer to the US amid rising tensions with Beijing.

Nevertheless, Biden has come below criticism for granting Modi a state go to, given accusations from critics that Indian democracy is below risk and issues about New Delhi’s remedy of minority Muslims and Christians.

• Opinion: Biden is taking flattery of India’s prime minister to new ranges, writes Edward Luce.

• Indian inventory market: The general worth of India’s inventory market has surged greater than 14 per cent prior to now three months as international buyers purchase into the strong financial development of the world’s most populous nation.

Right here’s what I’m preserving tabs on at present and over the weekend:

• Financial knowledge: Japan releases its Could shopper value index (CPI) inflation charge figures.

• Elections: Guatemala, Sierra Leone and Greece will maintain common elections this weekend.

• Anniversaries: At the moment is the seventh anniversary of the Brexit referendum. Saturday is the primary anniversary of the US Supreme Courtroom’s determination to overturn Roe vs Wade, the 1973 ruling that enshrined the best to abortion.

5 extra prime tales

1. The submersible diving to go to the wreckage of the Titanic suffered a “catastrophic implosion,” the US Coast Guard has stated, killing the 5 passengers on board. On Thursday morning, rescuers situated a particles subject close to to the placement of the Titanic, which authorities have now confirmed contained the stays of the submersible, often known as Titan.

2. The Financial institution of England has raised rates of interest to five per cent, a shock half-point enhance, because the central financial institution and Prime Minister Rishi Sunak vowed to crush persistent inflation.

• Associated: The BoE’s larger-than-expected rise in rates of interest offered solely a fleeting enhance to sterling as buyers wager that the aggressive motion from the central financial institution is probably going to assist push the UK right into a recession later this 12 months. 

3. Germany has signed one other long-term deal to import extra US liquefied pure fuel, as Berlin strikes to exchange Russian power in its financial system amid Moscow’s struggle in Ukraine. Learn extra concerning the deal.

• Conflict in Ukraine: Ukraine’s military struck a key bridge connecting the Crimean peninsula and the southern province of Kherson, Moscow-installed officers in each Russian-occupied areas have stated.

4. South Korea exported extra items to the US than to China final 12 months for the primary time since 2004, underlining shifting commerce patterns as Washington attracts extra allies into its provide chains and Beijing boosts its manufacturing self-reliance. Listed below are extra particulars on South Korea’s commerce figures.

5. Deloitte has resigned as auditor to Byju’s, India’s most extremely valued start-up, saying the schooling know-how firm had failed at hand over 2021-22 monetary outcomes. Learn extra on the newest blow for the $22bn-valued digital studying firm.

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Information in-depth

Imran Khan is battling for his political survival after Pakistani authorities launched a crackdown on his social gathering, with the favored former prime minister acknowledging that his path again to energy is narrowing. The 70-year-old former cricketer, who’s out on bail after being arrested final month, is battling dozens extra instances from terrorism to homicide allegations. “Proper now it’s a query of survival,” he informed the FT.

We’re additionally studying . . .

Chart of the day

China’s rise to dominance in photo voltaic has been speedy. In 2010, whereas Europe put in eight out of each 10 photo voltaic panels on the earth, it produced just one. This 12 months, China will make eight of each 10 photo voltaic panels produced worldwide and add 5 of these to its grid. In 2023 alone, China will set up extra new photo voltaic capability than the US has deployed since People purchased their first panels within the early Seventies.

Take a break from the information

Shanna Swan has been investigating the impression of chemical compounds on human fertility for many years and believes she is aware of why sperm counts all over the world are falling.

Further contributions by Tee Zhuo and Gordon Smith