FT News Briefing The world’s newest petrostate heads to the polls
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Sep 1, 2025 China and India are striving to strengthen their partnership despite ongoing trade tensions with the US. Meanwhile, Guyana prepares for a pivotal election, influenced by newfound oil wealth. The UK secures its largest warship deal with Norway, signaling strong military ties. AstraZeneca is bouncing back in China after a scandal, pledging significant investments to revitalize its presence and leverage partnerships with the government.
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Partners Not Rivals
- China and India framed their relationship as cooperation rather than rivalry amid shared strategic concerns.
- Trade tensions with the US have opened opportunities for closer Beijing–New Delhi ties.
Guyana's Transformative Oil Moment
- Guyana's Exxon discoveries transformed it into the world's newest petrostate with vast per-capita oil wealth.
- The election will decide who manages roughly $41bn of near-term oil revenues and whether the resource curse is avoided.
Compare Spending Visions
- Voters should compare vision for spending: infrastructure-led development versus direct welfare payouts.
- Evaluate which model better distributes oil revenue and avoids long-term economic distortion.