US may take strategic stakes in rare earths companies to tackle China ‘power grab’

Treasury secretary Scott Bessent raises possibility of taking more direct stakes in companies to protect national security in wake of Beijing’s curbs on rare earths exports

The Trump administration has criticised China’s increased restrictions on rare earth exports as a threat to global supply chains, and said it would seek to tighten control over strategic sectors by taking more stakes in key companies to counter Beijing.

Treasury secretary Scott Bessent told an event on Wednesday that China’s dramatic new restrictions on rare earth minerals and magnets demonstrated the need for the US to be self-sufficient in critical materials or rely more on trusted allies.

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Starmer only read China spy witness statements this morning, No 10 says, as Cleverly accuses PM of misquoting him – as it happened

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Lindsay Hoyle starts by telling MPs that speakers from the parliaments in Fiji and Ukraine are in the gallery. And he says it is four years to the day since David Amess was murdered.

It’s PMQs. Here is the list of MPs down to ask a question.

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Shein warns on Trump tariff uncertainty after profits slip

Fast-fashion retailer records 20% growth in sales and fees to $37bn but big hit is expected from US changes to import tax rules

Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.

The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after an increase in selling and marketing costs, according to new accounts.

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Exiled Hong Hong dissidents say UK plan to restart extraditions puts them in danger

Legislative change comes five years after treaty suspended in response to city’s crackdown on pro-democracy activists

Exiled Hong Kong dissidents say they fear UK government plans to restart some extraditions with the city could put them in greater danger, saying Hong Kong authorities will use any pretext to pursue them.

An amendment to UK extradition laws was passed on Tuesday. It came more than five years after the UK and several other countries suspended extradition treaties with Hong Kong in response to the government crackdown on the pro-democracy movement, and its imposition of a Beijing-designed national security law.

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Xi directs quashing of Chinese feminists even as he praises advances at women’s conference

Chinese president is behind patriarchal turn in politics with activists silenced for ‘promoting gender antagonism’

Addressing dignitaries gathered in Beijing on Monday, Xi Jinping praised the “historic achievements” of women’s rights in China. In the past 30 years, the Chinese president said, maternal mortality rates had dropped by nearly 80%, and women were now participating in the project of national governance with “unprecedented confidence and vigour”.

Xi was speaking at the global women’s summit, an event on Monday and Tuesday to mark the 30th anniversary of the historic UN’s world conference on women, which took place in Beijing. It was there in 1995 that Hillary Clinton, the then US first lady, delivered her “women’s rights are human rights” speech, lines now often quoted by people in China advocating for women’s rights.

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Starmer says he expects debate about ‘full horror’ of what happened in Gaza when media allowed in – UK politics live

PM hails Trump’s part in Middle East peace deal but says what matters now is implementation

Europe’s most senior human rights official has called on Shabana Mahmood to review UK protest laws after mass arrests over the ban on Palestine Action, Rajeev Syal reports.

The Commons authorities have confirmed that there will be two statements in the chamber after 12.30pm: first, Keir Starmer on the Middle East peace summit, and then Hilary Benn, the Northern Ireland secretary, on the Northern Ireland Troubles bill being published today.

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China says it will ‘fight to end’ after US said it was trying to hurt world economy

Commerce ministry says US is ‘threatening to intimidate’ with plans for new Trump tariffs on exports

China has hit back at accusations from the US that it is trying to hurt the world economy, as the trade war between the world’s two biggest economies appeared to re-escalate, amped up by aggressive rhetoric on both sides.

China’s commerce ministry said on Tuesday that the US was “threatening to intimidate” with the prospect of new tariffs on Chinese exports, “which is not the right way to get along with China”. Its spokesperson said that China would “fight to the end” in trade talks.

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Muddle over semantics or pressure from China? Collapsed spying case remains baffling

Labour says Tory government at time failed to classify China as a threat, but plenty of evidence suggests the contrary

There is a baffling contradiction at the heart of the efforts of Dan Jarvis, the security minister, to explain why the prosecution of two Britons accused of spying for China collapsed last month. The problem, he insisted in front of MPs on Monday, was that “it was not the policy of a Conservative government to classify China as a threat to national security”.

Except there is plenty of evidence to suggest that China was recognised as a threat by the previous governments in documents and public statements by ministers and officials. All this makes the failure of the government witness – Matthew Collins, the deputy national security adviser – to set this out in three separate witness statements given to the prosecution even more surprising.

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Government made ‘every effort’ to support China spying trial, says minister

Dan Jarvis accuses Tories of suggesting case was deliberately abandoned ‘without a shred of evidence’

The government made “every effort” to support the trial of two men accused of spying for China, a minister has said, as he accused the Tories of claiming the case was deliberately abandoned “without a shred of evidence”.

Dan Jarvis, the security minister, issued a robust defence of Jonathan Powell in the Commons after reports that Keir Starmer’s national security adviser played a role in the collapse of the case.

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China’s Temu more than doubles EU profits to nearly $120m despite having only eight staff

Online marketplace paid just $18m in corporation tax, leading campaigners to call for government action

The Chinese online marketplace Temu’s EU operations more than doubled pre-tax profits last year to just below $120m (£90m) despite employing just eight people, accounts show.

They rose 171% in the 12 months to December 2024 compared with the $44.1m the year before, as shoppers snapped up its low-cost goods, which are widely promoted on social media.

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Jonathan Powell had no role in dropping of China spy case, senior minister says

Bridget Phillipson says national security adviser was not involved in discussions before CPS abandoned its prosecution

The government’s national security adviser had no involvement in the prosecution being dropped against two British men accused of spying for China, a senior cabinet minister has said.

Jonathan Powell had no connection to discussions about the “substance or the evidence” of the case, Bridget Phillipson said on Sunday, adding that Keir Starmer had full confidence in him.

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China warns US of retaliation over Trump’s 100% tariffs threat

Beijing says it will act if US president doesn’t stand down, while investors brace for trade war turmoil

Beijing has told the US it will retaliate if Donald Trump fails to back down on his threat to impose 100% tariffs on Chinese imports as investors brace for another bout of trade war turmoil.

China’s commerce ministry blamed Washington for raising trade tensions between the two countries after Trump announced on Friday that he would impose the additional tariffs on China’s exports to the US, along with new controls on critical software, by 1 November.

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Trump threatens 100% China tariffs as Beijing restricts rare-earth exports

President accuses China of ‘very hostile’ moves and says additional tariffs could come on 1 November ‘or sooner’

Donald Trump has threatened to impose additional US tariffs of 100% on China from next month, accusing Beijing of “very hostile” moves to restrict exports of rare earths needed for American industry.

Wall Street fell sharply after the US president reignited public tensions with the Chinese government, and raised the prospect of another acrimonious trade war between the world’s two largest economies.

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Labour’s softening stance towards China reinforced by dropped spy case

In an attempt to reset the relationship the government is refusing to describe China as a national security threat despite evidence to the contrary

Once, before the election, Labour’s approach to China was forthright. The party promised to declare China’s systematic repression of its Uyghur Muslim minority as a genocide. Its MPs united to support a genocide amendment to a 2021 trade bill, voting with Tory rebels and only failing to defeat Boris Johnson’s government by 11 votes.

But in the past week recriminations have swirled after the prosecution of two Britons accused of spying for China was dropped. A refusal by the government to describe China as a national security threat has reinforced Labour’s already softened approach to Beijing and sharpened focus on the figure at its heart: Keir Starmer’s national security adviser, Jonathan Powell.

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HSBC makes £10bn bet on Hong Kong as ‘super-connector’ for China and west

Deal will mean Hang Seng Bank’s shares are taken off local stock exchange as HSBC doubles down on Asian business

HSBC is shelling out £10bn to take its Hong Kong subsidiary private, in a move it said was designed to take advantage of the financial hub’s role as a “super-connector” between China and global markets.

The deal will result in Hang Seng Bank’s shares being taken off the local stock exchange as London-headquartered HSBC doubles down on its Asian business and snaps up the 36.5% of shares it does not already own.

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HSBC makes £10bn bet on Hong Kong as ‘super-connector’ for China and west

Deal will mean Hang Seng Bank’s shares are taken off local stock exchange as HSBC doubles down on Asian business

HSBC is shelling out £10bn to take its Hong Kong subsidiary private, in a move it said was designed to take advantage of the financial hub’s role as a “super-connector” between China and global markets.

The deal will result in Hang Seng Bank’s shares being taken off the local stock exchange as London-headquartered HSBC doubles down on its Asian business and snaps up the 36.5% of shares it does not already own.

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Tory plan to abolish stamp duty ‘will benefit London and the wealthiest the most’ – as it happened

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Voting in the Labour deputy leadership election opens today. Lucy Powell, the former Commons leader, is seen as the favourite and, as Jessica Elgot reports, Powell told supporters yesterday that, if she is elected, she will use the post to argue for changes in the way the government is operating. “We can’t sugarcoat the fact that things aren’t going well,” she said.

Powell is no longer a government minister and, if she is elected deputy leader, she will do the job from the backbenches. In an interview on Newsnight last night, Bridget Phillipson, the education secretary standing against Powell, said a Powell victory would be “destabilising” for the party. She said:

[Electing Powell] risks destabilising the party … we best achieve what we need to do together when we have those fierce conversations, including disagreements, behind closed doors.

Members need to understand that there’s a potential challenge around all of that – that if you’re not inside when the big decisions are being made, you’re not at that table, you’re not in those conversations.

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Legal experts question reasoning behind CPS dropping China ‘spies’ case

Ex-DPP Ken Macdonald says prosecutors may have been ‘over-fussy’ in seeking further assurances from government

Legal experts have questioned the explanation given by the Crown Prosecution Service for its sudden decision to drop charges against two Britons accused of spying for China amid a political row over who was responsible.

The expert lawyers expressed surprise that the CPS thought it needed further assurance from the government that China was an enemy insofar as it posed “a current threat to national security” before the trial of Christopher Cash and Christopher Berry could go ahead.

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Mount Everest hikers describe ‘extreme’ conditions as huge rescue effort continues

At least 200 people still stranded after unseasonally heavy snowfall during China’s Golden Week holiday

Trekkers have described facing “extreme” conditions after an unseasonable snowstorm during one of China’s busiest holiday weekends stranded hundreds of people on Mount Everest, prompting a massive rescue effort.

Chinese authorities said about 350 people had made their way down but at least 200 remained stranded at the Everest Scenic Area, to the east of the mountain, on the Tibetan side of the border.

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Mount Everest rescue under way after snowstorm traps nearly 1,000 people

Hundreds of trekkers stranded by blizzard on eastern face of mountain in Tibet already guided to safety by rescuers

Rescue efforts are under way on Mount Everest after a snowstorm trapped nearly 1,000 people in campsites on the eastern side of the mountain, according to Chinese state media.

Hundreds of trekkers stranded by a blizzard near the eastern face of the mountain in Tibet were guided to safety by rescuers on Sunday, as unusually heavy precipitation including rain pummelled the Himalayas.

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