FirstFT: China’s army builds large new wartime command centre

Good morning and completely happy Friday. In at present’s publication:

China’s army is constructing an enormous advanced in western Beijing that US intelligence believes will function a wartime command centre far bigger than the Pentagon, in keeping with present and former American officers.

Satellite tv for pc photographs obtained by the FT which are being examined by US intelligence present a roughly 1,500-acre development web site 30km south-west of Beijing with deep holes that army consultants assess will home massive, hardened bunkers to guard Chinese language army leaders throughout any battle — together with doubtlessly a nuclear struggle.

A number of present and former US officers stated the intelligence neighborhood is carefully monitoring the positioning, which might be the world’s largest army command centre — and 10 occasions the dimensions of the Pentagon.

One China researcher acquainted with the pictures stated: “This fortress only serves one purpose, which is to act as a doomsday bunker for China’s increasingly sophisticated and capable military.”

Learn the complete story and examine a satellite tv for pc picture of the positioning.

Right here’s what else we’re preserving tabs on at present and over the weekend:

• Financial information: Australia publishes December producer worth index inflation price information and Japan releases the most recent labour power survey.

• Outcomes: Samsung Electronics, Tokyo Gasoline, ExxonMobil, Fujitsu, Hitachi and Komatsu report earnings.

• Israel-Hamas ceasefire deal: Three Israeli hostages are resulting from be launched on Saturday in trade for dozens of Palestinian prisoners.

5 extra high tales

1. OpenAI is concentrating on a $300bn valuation in an enormous new SoftBank-led funding spherical. SoftBank is ready to speculate between $15bn and $25bn into the ChatGPT-maker, an funding that would be the centrepiece of a wider funding spherical which might result in the bogus intelligence firm elevating as a lot as $40bn. The unprecedented dimension of the most recent spherical suggests investor willingness to again the highest US AI start-ups has not been undermined by China’s DeepSeek.

• Extra AI information: Mark Zuckerberg has pledged to spend “hundreds of billions” on AI to propel Meta to a dominant place, even after DeepSeek’s revelations shook markets this week.

2. India’s authorities is below stress to flip round a slowing economic system because it prepares to current one of the crucial consequential budgets since Prime Minister Narendra Modi got here to energy greater than a decade in the past. Finance minister Nirmala Sitharaman will unveil the primary full finances of Modi’s third time period on Saturday — right here’s what to anticipate.

• Have questions in regards to the finances? Ship them to us and we’ll reply them in a particular weekend version of the publication. Hit reply or electronic mail firstft@ft.com

• Extra India information: The billionaire Ambani household has received the bidding battle for a stake within the first of eight English cricket groups being put up for public sale by the game’s governing physique.

3. Rescuers don’t imagine there are any survivors among the many 67 passengers and crew aboard a business jet and army helicopter that collided on Wednesday evening outdoors Washington earlier than plunging into the Potomac River. Right here’s what we all know in regards to the crash.

• Trump’s response: With out citing proof, Donald Trump blamed Democrats and variety, fairness and inclusion insurance policies for the deadly collision.

4. The US economic system grew at an annualised price of two.3 per cent within the fourth quarter, a weaker than anticipated finish to a 12 months dominated by the resilience of American customers. Yesterday’s GDP determine comes after Federal Reserve chair Jay Powell stated there was no hurry to chop rates of interest.

• European economic system: The European Central Financial institution lower rates of interest by a quarter-point to 2.75 per cent, a choice that got here hours after new figures confirmed the Eurozone economic system unexpectedly stagnated within the fourth quarter.

5. The Trump administration’s embrace of cryptocurrencies helps gas a speculative mania that would trigger “havoc” when costs collapse, hedge fund Elliott has warned. The $70bn-in-assets agency took intention on the US authorities’s obvious enthusiasm for belongings which have soared in worth however have “no substance”, in keeping with an investor letter seen by the FT.

The Massive Learn

Simply final 12 months, Mistral was hailed as a possible international chief in AI know-how. However this week, China’s DeepSeek surprised Silicon Valley by releasing a cutting-edge open-source mannequin with what it claims is a tiny fraction of OpenAI or Meta’s assets and computing energy — beating the French start-up at its personal sport. Has Europe’s nice hope for AI missed its second?

We’re additionally studying and listening to . . . 

Chart of the day

Donald Trump this week ordered work on probably the most formidable missile protect in US historical past to start. Dubbed the “Iron Dome for America”, the missile protect can be constructed to destroy hypersonic missiles and stop nuclear annihilation. Nonetheless nuclear consultants additionally warned the initiative might provoke China and Russia to embark on an accelerated arms race with a view to retain nuclear parity. Right here’s the way it will work.

FT information quiz 

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