FirstFT: Indonesia bans gross sales of iPhone 16

In at present’s e-newsletter:

• Indonesia’s ban on iPhone 16 gross sales

• Bangladesh central banker accuses tycoons of ‘robbing banks’ of $17bn

• Donald Trump’s overseas coverage plans

Good morning. Indonesia has banned the sale of the iPhone 16 within the nation, citing Apple’s failure to satisfy authorities guidelines for native funding.

Apple’s newest smartphone has not handed the south-east Asian nation’s necessities for 40 per cent native content material in handsets and tablets, the Ministry of Business mentioned.

The rule is meant to draw overseas investments and defend Indonesia’s home industries. Nonetheless some have criticised the laws as protectionist and the native content material requirement — which is totally different throughout industries and requires a sure share of products to be sourced regionally — has deterred some traders.

The world’s fourth most populous nation is probably an enormous marketplace for Apple merchandise. The variety of energetic cell phones in Indonesia totals 354mn — exceeding the inhabitants of about 280mn, the business ministry mentioned.

The ban on gross sales comes simply days into the presidency of Prabowo Subianto, who has promised investment-friendly insurance policies. Our reporters in Jakarta have the total story.

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

• Financial information: Japan and Singapore publish their newest unemployment figures.

• Summit: Finnish President Alexander Stubb meets China’s chief Xi Jinping in Beijing.

• Outcomes: HSBC, Japan Alternate Group, PetroChina and China Retailers Financial institution report.

5 extra prime tales

1. Bangladesh’s new central financial institution chief has accused tycoons linked to the toppled regime of Sheikh Hasina of working with members of the nation’s highly effective navy intelligence company to siphon $17bn out of the banking sector throughout her rule. “That is the largest, highest robbing of banks by any worldwide requirements,” Bangladesh Financial institution governor Ahsan Mansur advised the FT.

2. Olympus head Stefan Kaufmann has been pushed out over allegations that he bought unlawful medicine, the Japanese medical system maker mentioned yesterday. Right here’s extra on the gorgeous exit of one in every of Japan’s few overseas chief executives.

3. Oil costs fell sharply yesterday after Israel’s assault on Iran on the weekend prevented oil and nuclear services. Brent crude, the worldwide benchmark, settled down simply over 6 per cent at $71.42 a barrel after Tehran gave a measured response to the strikes.

4. Donald Trump’s marketing campaign was scrambling yesterday to stem the fallout from a rally at New York’s Madison Sq. Backyard the place one speaker known as Puerto Rico a “floating island of rubbish” and one other likened Kamala Harris to a prostitute with “pimp handlers”. The feedback overshadowed Trump’s speech on the occasion, which was billed because the Republican candidate’s “closing argument” with only a week to go till the election.

5. Nato has confirmed North Korea’s troop deployment to the Kursk area in western Russia. Secretary-general Mark Rutte described the event as “a harmful growth of Russia’s conflict” that constituted a risk to each European and Indo-Pacific safety.

The Massive Learn

Donald Trump has a radical world agenda for a second time period, in keeping with his allies, advisers and would-be aides — from Ukraine and the Center East to pressuring the US’s buddies and foes. The world has good motive to be jittery about his audacious “America first” agenda. One confidant of the Republican candidate mentioned: “In fact the opposite facet desires predictability. Trump is just not predictable and we People prefer it.”

We’re additionally studying . . . 

• North Korea: There was an inclination within the west to deal with the nation as a joke, writes Gideon Rachman. However Kim Jong Un’s intervention within the Ukraine conflict displays a harmful flip in Pyongyang’s method to the world.

• HSBC overhaul: Is the financial institution’s transfer to separate “east” from “west” dramatic or prosaic? The reply might depend upon the likes of Xi Jinping and Donald Trump, writes Patrick Jenkins.

• Chinese language enterprise: Beijing is promising to enhance circumstances for personal enterprise in China. However it might include an unsettling value, writes Angela Zhang.

Chart of the day

Japan’s Prime Minister Shigeru Ishiba has vowed to remain on because the nation’s chief after his Liberal Democratic get together was trounced in a basic election. The LDP’s efficiency in Sunday’s ballot was the ruling get together’s worst in 15 years, far surpassing even probably the most pessimistic forecasts.

Take a break from the information

Jerry Seinfeld joked that individuals would relatively be within the casket at a funeral than giving the eulogy. Worry of public talking is quite common, writes Tim Harford. However he affords some recommendation on the right way to keep away from rhetorical relapses and make a memorable and clear presentation.