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Boris Johnson will offer increased defence co-operation to Narendra Modi during talks in New Delhi today, in a bid to break India’s reliance on Russian weaponry.
The UK prime minister will hold out the prospect of closer military ties in talks with his Indian counterpart on the final day of his visit. He has already said he has no plans to confront Modi over India’s refusal to condemn the invasion of Ukraine by Russia, which supplies the majority of the country’s weapons.
The talks will focus instead on boosting security and defence collaboration, as well as building momentum around an ambitious target to finalise a free trade agreement by the end of this year.
“The world faces growing threats from autocratic states which seek to undermine democracy, choke off free and fair trade and trample on sovereignty. The UK’s partnership with India is a beacon in these stormy seas,” Johnson said.
Do you think Johnson should confront Modi over India’s refusal to condemn Russia’s invasion? Tell me what you think at [email protected]. Thanks for reading FirstFT Asia. — Emily
The latest from the war in Ukraine
Military developments: Vladimir Putin hailed Mariupol’s “liberation” after a two-month battle, a victory that would mark a major success, but Ukraine rejected the declaration.
Sanctions: With Russia under intense pressure from western sanctions, analysts are assessing what the North Korean example can teach western policymakers — not least China’s role in alleviating economic pressure on Moscow.
Energy: Industry leaders and economists say a German ban on Russian gas would be catastrophic for the country’s economy, but many companies expect it to happen anyway. For more subscribe to our Energy Source newsletter.
Opinion: Heavy weapons and more far-reaching sanctions on Russia would help end its war of unprovoked aggression, writes Ukrainian prime minister Denys Shmyhal.
Five more stories in the news
1. Elon Musk unveils $46.5bn financing package to fund Twitter bid The billionaire chief executive of Tesla has lined up $25.5bn in debt — including a margin loan of $12.5bn against his shares in the electric vehicle maker — from a group of banks led by Morgan Stanley, his financial adviser. Separately, he said he would provide $21bn of equity for the deal.
2. Goldman flagged Morgan Stanley block trades to Hong Kong regulator The US bank reported its Wall Street rival Morgan Stanley to Hong Kong’s financial regulator over a series of block trades, according to people familiar with the matter. News of the previously unreported discussion comes as Morgan Stanley faces a US federal investigation into its block trading business.
3. Foreign investors ditch Chinese debt at record pace Foreign investors ditched a record $18bn worth of renminbi-denominated debt last month, with selling accelerating as soaring US bond yields dulled the allure of holding Chinese debt. Meanwhile, Jay Powell has sent his strongest signal so far that the Federal Reserve is prepared to raise interest rates by half a percentage point next month.
4. China to launch private pensions China has said it will launch an official private pension scheme that aims to push more of the country’s vast household savings into the financial market, as the government grapples with an ageing population.
5. Serena Williams and Lewis Hamilton join bid for Chelsea FC The US tennis legend and British Formula One driver are backing the bid led by City grandee Martin Broughton and private equity billionaires Josh Harris and David Blitzer, according to people with knowledge of the matter. Sign up for our Scoreboard newsletter for more on the business of sport.
The days ahead
European leaders in New Delhi Following UK’s Boris Johnson’s meeting India’s Narendra Modi today, the EU’s Ursula von der Leyen will be in New Delhi on Sunday. The visits come at a time of simmering anxiety over its relations with Russia. More details in the latest Europe Express.
Opinion: As Boris Johnson visits India, there is a rare opportunity for a bilateral reset on trade and defence, writes Rahul Roy-Chaudhury, member of the UK-India Advisory Council.
French presidential election France on Sunday will vote on whether to give President Emmanuel Macron a second five-year term or entrust the presidency to his rightwing challenger Marine Le Pen. In Thursday’s debate, Macron accused his rival of being beholden to Vladimir Putin and of risking civil war with her plans to curb Islamism. But there are signs French Muslims have lost faith in Macron.
Poll tracker: The race is a repeat of the 2017 election, in which Macron decisively defeated Le Pen with 66 per cent of the vote. The latest polling points to a far narrower outcome in this election.
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Register here to attend the FT’s first Crypto and Digital Assets Summit on April 26-27. Be sure to check out the full line-up of events, including remarks from Changpeng Zhao, founder and chief executive of Binance.
What else we’re reading
The Climate Game — can you reach net zero? Today the FT launches a game that puts you in charge of solving climate crisis. Can you cut emissions to net zero by 2050 while protecting nature and preserving livelihoods?
Global demographic trends create tough choices Richer countries that welcome and successfully integrate migrants will be able to smooth many of the financial pressures of ageing. Others will try to offer financial incentives to increase birth rates, even though they have scant evidence of their effectiveness. Cultural change to make lives easier for parents, especially mothers, will also be needed, writes Chris Giles.
Will women leaders change the future of management? Office temperatures (mostly set at levels that suit men better than women) are a tiny reflection of a startling larger truth: the minimal imprint women have so far left on the “official” theory and practice of management. And as the technology of work directly affects the daily life of every employed human on the planet, that matters.
Welcome to libertarian paradise The island of Sark in the English Channel is independently governed as part of the Bailiwick of Guernsey, one of Britain’s three Crown dependencies. It has no income tax, no inheritance tax, no capital gains tax, no VAT and no employment laws of any kind. But is it the Ayn Rand-style haven it’s cracked up to be?
Few galleries selling NFTs, despite the hype According to the 2022 Artsy Gallery Insights report by online sales platform Artsy, only 11 per cent of galleries sold NFTs in 2021, while 67 per cent say that their clients hadn’t even asked about them. Of those that did sell NFTs, half say their total sales value was $5,000 or less.
Food & Drink
Since the invasion of Ukraine, bars and retailers have been delisting Russian brands in protest and, in some cases, theatrically pouring the liquor down the drain. What’s the alternative? Kyiv vodka, of course.
