Iran delivers ‘hundreds’ of ballistic missiles to Russia

Good morning. Today we’ll be covering:

• Climate talks between the US and China

• New polls suggesting Kamala Harris’s momentum is fading

• Cancer drugs and their spiralling price tags

But first, Iran has sent “hundreds” of ballistic missiles to Russia in what Kyiv officials said marks a “serious escalation” of Tehran’s support for Moscow’s invasion of Ukraine. 

“More than 200” Fath-360 short-range ballistic missiles arrived in a Russian Caspian Sea port last week, according to senior Ukrainian officials familiar with the matter.

The surface-to-surface missiles have a range of up to 120km and are likely to be used by Russia to strike infrastructure and northern cities close to the border, such as Kharkiv and Sumy, and troop positions and military targets along the frontline, according to the Ukrainian officials. 

The officials said the delivery of the Iranian short-range missiles will allow Russia to deploy its long-range hypersonic Kinzhal missiles — some of the most sophisticated weapons in the Kremlin’s arsenal — to hit targets deeper inside Ukraine.

Andriy Zagorodnyuk, a former Ukrainian defence minister and director of the Kyiv-based Centre for Defence Strategies, said the Iranian missiles pose a “huge threat”. Read the full story.

• ‘Questions’ among Russian elite: Ukraine’s Kursk offensive has dented Vladimir Putin’s war narrative and triggered “questions” among the Russian elite about the point of the war, two of the world’s leading spy chiefs said during a joint appearance at the FTWeekend festival.

Here’s what else I’m keeping tabs on today:

• Economic data: Japan reports revised second-quarter growth figures and China publishes August inflation data.

• EU-China relations: Spanish Prime Minister Pedro Sánchez begins a four-day visit to China, where he will meet Xi Jinping. The trip comes amid trade tensions between Beijing and Brussels. (South China Morning Post)

Five more top stories

1. Washington’s top climate diplomat John Podesta has pressed Chinese leaders to come up with ambitious plans to cut greenhouse gas emissions by 2035 in one of the final meetings between the world’s two largest polluters ahead of the UN COP29 climate summit in November. The FT’s Aime Williams has more on Podesta’s trip to Beijing.

2. Kamala Harris is under pressure to put on a strong performance in the debate against Donald Trump this week after polling suggested her momentum in the presidential contest could be fading. Surveys ahead of the Tuesday night face-off show the race neck-and-neck with voters unsure of where the Democrat stands on election issues.

• More US news: Companies issued record volumes of US debt last week as they moved to head off possible volatility from closely watched economic data, a Federal Reserve meeting and a fast-approaching presidential election.

3. Indonesian palm oil producers have warned of global supply chain disruption if the EU proceeds with a ban on the import of commodities linked to deforestation this year. “There will be chaos if implemented,” Eddy Martono, chair of the Indonesian Palm Oil Association, told the FT.

4. Edmundo González, the opposition candidate recognised by the US as the winner of Venezuela’s disputed presidential election, arrived in Spain to seek political asylum yesterday, having fled the Latin American country after President Nicolás Maduro’s government ordered his arrest.

5. Greece has said it will crack down on short-term holiday rentals and cruise ship traffic as part of a set of measures to curb excessive tourism in the Mediterranean country. But industry leaders warned the restrictions could harm a crucial economic sector at a time when Greece is on track to report a record number of visitors for the year.

Interview

Shanghai’s Energy Singularity is seeking to raise $500mn to develop next-generation nuclear fusion technology, as China races with the west to crack the problem of commercialising the groundbreaking clean energy. Ye Yuming, the start-up’s chief operating officer and co-founder, believes that rival US groups enjoy “a much more favourable” funding environment. But Ye told the FT that Energy Singularity expects to be able to leverage China’s deep supply chains for key materials.

We’re also reading . . . 

• Masters in Management Ranking: Salaries of masters in management graduates from leading business schools who now work in finance have jumped sharply in recent months, according to the FT’s latest MiM ranking.

• ‘Air-conditioned nightmare’: Air conditioners pump heat back into the street, further warming the environment. But there are design and behaviour-led ways to stay cool, too.

• Stress and parenting: Recent surveys in the US and UK show parents feel more stressed — and lonely. The increased isolation many feel is a symptom of a larger problem, Camilla Cavendish explains.

Chart of the day

New cancer drugs are offering hope to patients but cannot be divorced from their spiralling price tags. Global spending on oncology drugs grew to $223bn last year, according to research from the IQVIA Institute for Human Data Science. It expects the figure to balloon to $409bn by 2028.

Take a break from the news

Helen Fisher, who died of endometrial cancer last month aged 79, left a striking legacy: legitimising love as a subject worthy of scholarly inquiry while somehow not diminishing its magic. In today’s recommended read, FT science commentator Anjana Ahuja remembers the anthropologist who took her insights out of the laboratory and into online dating.