FirstFT: India warns residents over journey to Canada

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Good morning. India has warned its residents to “train utmost warning” if travelling to Canada, amid a disaster in bilateral relations over the killing in June of a Canadian Sikh. 

India’s warning, which it mentioned was prompted by Canada’s “deteriorating safety setting”, got here after Prime Minister Justin Trudeau mentioned on Monday there have been credible allegations that Indian brokers had been concerned within the homicide of Sikh activist Hardeep Singh Nijjar.

The federal government of Prime Minister Narendra Modi has rejected as absurd Canada’s allegations of its potential involvement within the killing of Nijjar, a campaigner for the creation of an unbiased Sikh state who had been designated as a terrorist by New Delhi.

The dispute has resounded in Canada — a rustic with one of many world’s largest Indian diaspora populations — and positioned the 2 international locations’ allies in a fragile spot at a time when India is changing into an more and more valued companion for the US and different western democracies looking for to counter China. The FT’s John Reed studies from New Delhi.

Right here’s what else I’m conserving tabs on at present:

• Financial coverage: The Financial institution of England pronounces its rate of interest resolution, a day after inflation figures confirmed costs rose lower than anticipated in August. The Financial institution of Japan begins a two-day assembly forward of its personal rate of interest announcement on Friday.

• Volodymyr Zelenskyy in Washington: Ukraine’s president is anticipated to ask for extra navy assist throughout a go to to the US capital.

• Books: The Monetary Occasions Enterprise Ebook of the Yr shortlist can be introduced.

Be a part of Martin Wolf, FT China watchers and UBS China economist Tao Wang for a subscriber-only webinar on China’s financial slowdown at present at 11am GMT +1. Register at no cost right here.

5 extra high tales

1. Federal Reserve officers on Wednesday signalled help for one more charge rise this 12 months and fewer cuts in 2024 even because the US central financial institution held its benchmark rate of interest regular at a 22-year excessive. The Federal Open Market Committee mentioned it remained “extremely attentive to inflation dangers”, noting that financial exercise had been increasing at a “stable tempo” and that jobs beneficial properties, whereas slower, had been “robust”. Right here’s extra on the Fed’s newest assembly.

2. WhatsApp has launched its in-chat funds service for companies in India. A whole bunch of tens of millions of WhatsApp customers in India will be capable of pay for services via the chat app, as its mother or father firm Meta seeks to generate extra income from the messaging service in its largest market.

3. World funding banks are eyeing growth in India, attracted by sturdy financial development and the need to cut back publicity to China amid tensions with the US. “It’s nearly unimaginable for a global financial institution to disregard India,” mentioned Debasish Purohit, co-head of India funding banking at Financial institution of America. Learn the total story.

4. Goldman Sachs has raised greater than $15bn to purchase traders’ stakes in non-public fairness funds and spend money on offers the place buyout teams promote portfolio corporations from one in all their funds to a different. The fundraise is the newest signal of sustained help for the fast-growing “secondary” technique amid a broader slowdown in buyout fundraising. The FT’s Will Louch studies.

5. Amazon is seeking to faucet generative AI to reignite pleasure about its house gadgets, together with the Alexa voice assistant, in opposition to a backdrop of job cuts within the firm’s {hardware} division. Generative AI would “drive a completely new Alexa expertise” and usher into life a “smarter and extra conversational” voice assistant, Amazon’s head of gadgets, Dave Limp, mentioned on Wednesday. Listed below are extra particulars on the AI-driven upgrades.

Deep dive

The inexperienced transition is fuelling rising demand for uncommon earths in Europe. Though they’re discovered internationally, no nation has exploited these minerals like China, which accounted for 70 per cent of rare-earth mining manufacturing final 12 months. With the EU nearly solely depending on the nation for the provision and processing of uncommon earths, can Europe go inexperienced with out China? The FT’s visible staff investigates.

We’re additionally studying . . . 

• Company malfeasatainment: Might the downfall of a second-hand automobile supplier show restorative for Japan’s psyche?

• In defence of the UN: The organisation badly wants reform. However Gillian Tett nonetheless believes the world can be worse off at present with out it.

• Afro-Indian commerce: The latest G20 summit in New Delhi brokered everlasting membership for the African Union, presenting a big alternative for each Africa and India.

Graphic of the day

Evaluation of the primary chip inside Huawei’s Mate 60 Professional smartphone reveals that the Chinese language firm has joined the elite group of Large Tech corporations — together with Apple — able to designing their very own semiconductors. Going through US sanctions, the breakthrough will assist the Chinese language firm to cut back its reliance on overseas expertise.

Take a break from the information

Latin reggaeton celebrity J Balvin has teamed up with Australian-born museum director Melissa Chiu to convey artwork — and psychological well being consciousness — to Gen Z.

Further contributions from Tee Zhuo and Gordon Smith