The US military’s top officer has confirmed that China recently tested an advanced hypersonic weapon, calling it a “very significant” development to which Washington was paying close attention.
General Mark Milley, chair of the US joint chiefs of staff, said the test of the nuclear-capable weapon was close to a “Sputnik moment” — referring to the start of the space race between the US and Soviet Union when the world’s first artificial satellite was launched by Moscow in 1957.
“What we saw was a very significant event of a test of a hypersonic weapon system. It is very concerning,” Milley told Bloomberg television.
“I don’t know if it’s quite a Sputnik moment, but I think it’s very close to that. So it is a very significant technological event or test that occurred by the Chinese, and it has all of our attention,” he added.
Milley is the first official to confirm a Financial Times report that China had tested a nuclear-capable hypersonic weapon. On July 27 it launched a hypersonic glide vehicle — which travels at more than five times the speed of sound and can manoeuvre like the space shuttle — on a rocket.
Are you concerned about China’s military nuclear capabilities? Tell me what you think at firstft@ft.com. Thanks for reading FirstFT Asia. — Emily
Five more stories in the news
1. Activist fund Third Point calls for break-up of Shell Royal Dutch Shell is under pressure to break itself up after the activist hedge fund Third Point built a large stake and accused the oil supermajor of being bogged down by an incoherent strategy.
2. Democrats’ proposed billionaires tax hits resistance A plan by Senate Democrats to impose a tax targeting 700 billionaires to partly pay for president Joe Biden’s $2tn spending plan has hit resistance among moderate members of the party, raising doubts about its political viability.
3. Evergrande founder loses $25bn in Xi crackdown The net worth of Hui Ka Yan, founder of the debt-stricken Evergrande real estate group, declined by $25bn over the past year, exposing the toll President Xi Jinping’s regulatory crackdowns are taking on China’s greatest personal fortunes. According to the annual Hurun Rich List, Hui’s net worth has fallen almost 70 per cent since 2020.
More Evergrande news: China’s economic planning agency encouraged the country’s companies to repay their international debts days ahead of another payment deadline for property developer Evergrande after it narrowly avoided a default last week.
4. Ex-Nissan legal chief says there was ‘no crime’ as trial concludes Greg Kelly, accused of allegedly helping to conceal the true extent of Carlos Ghosn’s pay as chair, said there had been “no crime,” as he left court on the final day of his trial. Kelly was arrested in late 2018 and has been either in prison or on bail since then.
5. US warns of possible Islamist attack in America US intelligence agencies have warned that Islamist extremists operating in Afghanistan could attack America within six months as the country suffers what the UN has called “the world’s largest humanitarian crisis”.
Coronavirus digest
Merck has signed a landmark licensing deal with the UN-backed Medicines Patent Pool to expand low-cost access to its Covid-19 antiviral pill.
China’s Sinopharm Covid-19 vaccine is helping to fill a local supply gap in Vietnam and is playing an increasing role in the country’s inoculation campaign.
Novavax has filed for approval of its Covid-19 vaccine in the UK, saying other global regulatory submissions would follow “shortly”.
An inquiry has slammed the “eye watering” amounts spent on a test-and-trace service in England that “failed to achieve” its aims.
Forecasts showed the pandemic scars left on Britain’s economy would be less deep than expected.
Thanks to those who took our poll yesterday. Seventy-nine per cent of readers said they supported increased mask-wearing where they live.
The day ahead
Central bank news The Bank of Japan will issue its outlook report for economic activity and prices, plus monthly retail sales figures. The European Central Bank will also hold its monetary policy meeting today.
US economic data US will report initial jobless claims, real consumer spending and third-quarter GDP figures today. Economists project GDP growth of 3.2 per cent on an annualised basis in the July-September quarter, compared with a 6.7 per cent expansion in the second quarter.
Facebook developer conference Ahead of the event, there have been reports of a possible rebranding and restructuring of the company similar to what Google did with Alphabet.
Tech earnings continue Apple, Amazon, Nokia, Panasonic, Samsung and Sony report today. The changes Apple has made to its iOS operating system — making it more difficult to track users — is having a significant impact on other tech stocks.
What else we’re reading
What is the least we need from COP26? Pledges of “net zero” 30 years from now are too easy, argues Martin Wolf. It is necessary to cut emissions by close to 40 per cent by 2030, instead. He says the curve of emissions must be bent downwards now.
Gillian Tett: Why green activists should watch Fox News.
Brooke Masters: When it comes to fighting climate change one very simple fact has been overlooked, says our chief business commentator.
Crypto will be as useless in the metaverse as they are now The hypocritical fantasy that underpins crypto also lies at the heart of the metaverse, writes Jemima Kelly. This isn’t about building a decentralised paradise where everyone can prosper and live in harmony; this is about making a small group of people rich.
Facebook after the whistleblower The company is facing criticism from its own staff that its “growth at all costs” culture is damaging individuals and society. Can Mark Zuckerberg reboot the social network?
Listen: Can wellness apps beat staff burnout? The pandemic has turbocharged the trillion-dollar wellness industry. In the premiere of our new podcast, Working It, on the biggest ideas shaping work today, host Isabel Berwick for expert analysis Isabel talks to the chief executive of Grokker, a corporate wellness app.
Song lyrics strike a chord with private equity Movies and adverts have long given older songs a fresh lease of life through licensing deals. But the explosion of music streaming on platforms such as Spotify has transformed the scale of the business and now private equity groups have joined the party.
Food
Tokyo’s hottest restaurant is Gucci Osteria da Massimo Bottura, where contemporary Italian and Japanese cuisine flirt to exquisite effect — in gorgeous, glamorous surrounds, writes Leo Lewis in his review.
Source: Economy - ft.com
