China has set its sights on becoming a global biomedicine powerhouse by 2030, targeting key technological breakthroughs and at least a quarter of the world’s first-in-class drugs market under a new five-year plan for the sector. By the end of the decade, China would “firmly rank at the global forefront” in biopharmaceutical research and development and applications, with its “core competitiveness” and international influence making a significant leap, authorities said on Friday. The biomedical...

Indonesia welcomed its first aircraft carrier on Friday, a former Italian warship that the government says will strengthen the archipelago nation’s maritime security and disaster response capabilities. The 41-year-old former ITS Giuseppe Garibaldi, with capacity for short take-off and vertical landing aircraft and helicopters, was welcomed with a military ceremony upon its arrival at a naval base in North Jakarta’s Tanjung Priok seaport. Rome in March agreed to give the carrier, which was...

At least ⁠one person ⁠was killed and four ⁠others injured in a shooting at a high school in the southern Philippines on Friday, the provincial governor said. The incident follows two shootings since ‌June at schools in the south of the country. School shootings were previously rare in the Philippines. The Department of Education said it was deeply concerned over the reported shooting at Banga National ‌High School ‌in South ‌Cotabato. Provincial Governor Reynaldo Tamayo said at least one person...

The US Federal Reserve raised its benchmark interest rate by a quarter of a percentage point this week, followed by the Hong Kong Monetary Authority and the Bank of Japan, while the 10-year US Treasury yield fell back below 5 per cent. Here are some of the figures that have drawn the most market attention this week. Fed raises interest rates for first time since 2023 The US Federal Open Market Committee voted unanimously on Thursday to raise rates by 25 basis points to a target range of 3.75 to...

Senior bankers at HSBC are facing a double blow of losing a key employment benefit while also confronting potential job losses as the lender carries out a range of measures to cut costs and achieve fair treatment for all staff, according to sources. HSBC, the biggest lender in Hong Kong, will scrap an education subsidy programme for all newly hired or newly promoted senior executives from Friday, according to an internal memo seen by the South China Morning Post. Employees who were already in...

For generations, the narrative of New Zealand’s human settlement has held that Polynesian voyagers – the ancestors of the Maori – arrived and settled the islands in the 13th century, followed by European explorers in the 17th century. This timeline underpins New Zealand’s history and its political model. The Treaty of Waitangi, signed in 1840 between the British Crown and about 540 Maori chiefs, served as New Zealand’s founding document, paving the way for Britain to claim sovereignty and...

Talent attracted to Hong Kong under various admission schemes could add about 1.2 per cent to the city’s gross domestic product (GDP) each year, the city leader has said, adding that more than half of those reaching the three-year mark are willing to stay. Chief Executive John Lee Ka-chiu said on Friday the government had attracted more than 300,000 people through its talent measures, with about 20 per cent from places outside mainland China. “These talent will create an extra GDP of probably...