North Korea drops trash-filled balloons into South Korea

Good morning. In in the present day’s publication we’re protecting:

• Thailand’s former PM faces royal insult prices

• The looming verdict in Hong Kong’s landmark safety trial

• An orange scarcity reshaping the OJ business

Our prime story, nonetheless, is an odd one.

South Korea has accused North Korea of sending greater than 150 balloons carrying “filth and garbage” over the nations’ shared border, as Pyongyang retaliated in opposition to a long-standing leafleting marketing campaign by pro-democracy activists within the South.

The South Korean armed forces alerted residents that “suspicious objects” presumed to be from North Korea had been “identified in the front-line areas” late on Tuesday night time.

Seoul additionally launched photos of enormous white balloons carrying luggage, in addition to of garbage from one of many balloons strewn over a freeway in a western district of the South Korean capital. In accordance with unverified media stories in South Korea, a few of the luggage contained animal faeces.

FT Seoul correspondent Christian Davies has extra on the weird balloon barrage.

Right here’s what else I’m maintaining tabs on in the present day:

• Financial knowledge: The US and Taiwan launch revised first-quarter GDP figures, whereas the EU publishes April unemployment knowledge.

• New Zealand: Finance minister Nicola Willis declares the 2024 Price range.

• UK: Parliament will likely be dissolved forward of the July 4 basic election. Listed here are the 4 essential battlegrounds the place events will vie for victory forward of the vote.

5 extra prime tales

1. Thai authorities say they plan to indict Thaksin Shinawatra for allegedly insulting the nation’s monarchy. The costs spotlight the long-standing political rivalries inside Thailand’s ruling alliance, which is comprised of Thaksin’s Pheu Thai get together and his former opponents within the conservative military-royalist institution.

2. PwC China has been shunned by extra high-profile purchasers within the nation because the accounting agency braces for penalties associated to its audit of distressed property developer Evergrande. Prime retail lender China Retailers Financial institution and state-owned development group China Railway are the most recent to ditch the Huge 4 agency, choosing its rival Deloitte.

3. Unique: Europe has solely a fraction of the air defence capabilities wanted to guard its jap flank, in accordance with Nato’s personal inner calculations. Russia’s conflict in opposition to Ukraine has underscored the significance of air defence, however the alliance’s personal assessments reveal the dimensions of the continent’s vulnerabilities.

4. The Singapore Airways flight that encountered extreme turbulence final week dropped 178ft in beneath 5 seconds with passengers experiencing speedy modifications in g-force, in accordance with a preliminary investigation. The report discovered that these abrupt modifications “likely caused the injuries to the crew and passengers”.

5. A world bond sell-off yesterday prompted shares to retreat as lukewarm gross sales of US Treasuries weakened investor sentiment and traders nervous anew concerning the impression of rates of interest remaining increased for longer. Tepid demand for an public sale of $44bn in new seven-year Treasury notes marked the third weak US authorities bond sale in two days.

Information in-depth

A Hong Kong court docket is ready to ship a long-awaited verdict this week within the territory’s largest nationwide safety trial up to now, as Beijing wields sweeping laws to take away 47 of town’s most outstanding political opposition figures from public life. If convicted, the defendants who haven’t pleaded responsible might face life imprisonment. Whereas Beijing hopes Hong Kong returns to “business as usual” after the trial, some consider the metropolis’s fame will proceed to be overshadowed by its nationwide safety push.

We’re additionally studying . . . 

• European far proper: Rightwing populist events are making inroads with younger Europeans in a pattern that can loom giant over subsequent week’s European parliament elections.

• Taiwan parliament’s energy seize: The opposition-dominated legislature’s transfer to broaden its authority stokes partisan divisions, which may very well be exploited by China, our editorial board writes.

• Non-public fairness: Worker share schemes might assist a sector being squeezed by increased rates of interest and a sluggish listings market, writes Brooke Masters.

Chart of the day

Orange juice costs have soared to file highs, pushed by dangerous climate and illness in Brazil, the world’s largest exporter. The orange scarcity has prompted a seek for options, together with in Japan, the place one retail large has turned to the nation’s home provide of mandarins.

Take a break from the information

Nicolas Berggruen, as soon as often called “the homeless billionaire”, is placing down roots in Venice. Together with his buy of the Palazzo Malipiero final 12 months, the German-American investor and philanthropist is rising as a modern-day Medici, writes James Reginato. It’s all a part of his plan to vary the world with huge concepts.

Further contributions from Tee Zhuo and Gordon Smith