FirstFT: Hong Kong leader tests positive for Covid after Xi meeting

Hong Kong’s chief govt has tested positive for Covid-19 simply days after interacting together with his boss, President Xi Jinping of China, on the Asia Pacific Financial Cooperation discussion board in Bangkok.

John Lee was seated subsequent to Xi throughout a gathering on November 18 and in addition stood subsequent to him at an occasion the day earlier than, probably one in all Xi’s closest recognized brushes with the virus for the reason that begin of the pandemic.

China has been following a strict zero-Covid coverage, routinely forcing tens of millions into quarantines and residential lockdowns regardless of the large financial and psychological prices. Neither politician wore a masks on the 2 events they met.

“[John Lee is] present process isolation,” the Hong Kong authorities stated on Monday. Lee examined constructive upon his return to the Chinese language territory on Sunday.

The information comes as confusion deepens over the way forward for China’s zero-Covid coverage, with any reopening intently watched by buyers who hope it’s going to pave the best way for an financial restoration.

5 extra tales within the information

1. Disney executives staged revolt towards ousted chief Senior Walt Disney executives led a rebellion against chief executive Bob Chapek in latest weeks, which resulted in his ousting and alternative with predecessor Bob Iger, in keeping with individuals aware of the matter.

2. Sinopec secures one in all largest LNG offers with Qatar The Chinese language power group has secured one of many biggest-ever liquefied natural gas deals, signing a 27-year settlement to buy 4mn tonnes a yr of the gasoline from QatarEnergy. The settlement introduced yesterday comes as Europe races to safe different provides of pure fuel within the wake of Russia’s invasion of Ukraine.

• Extra power information: Oil costs rebounded from a 10-month low yesterday after Saudi Arabia “categorically” denied a report that Opec was weighing a rise in output that might assist to counteract the lack of Russian provides.

3. Two Estonians accused of $575mn crypto fraud Sergei Potapenko and Ivan Turõgin have been arrested and charged in reference to what US prosecutors described as a $575mn cryptocurrency fraud and money laundering scheme. The 2 Estonian residents have been indicted on accusations of defrauding lots of of hundreds of victims, in keeping with the US Division of Justice.

4. Groups ditch rainbow armband plan after Fifa menace A bid by European groups to advertise inclusion through the World Cup collapsed yesterday after three international locations stated Fifa’s threats pressured them to desert plans to put on rainbow-themed captains’ armbands. The groups had deliberate to put on the One Love armbands to ship a message towards discrimination whereas taking part in in Qatar, the place homosexuality is against the law.

5. Erdoğan alerts doable floor offensive in northern Syria Turkey may expand military operations against Kurdish militants in northern Syria to incorporate a land incursion, president Recep Tayyip Erdoğan stated, threatening to escalate tensions in a area the place US and Russian troops are current. “This isn’t restricted to simply an air marketing campaign,” Erdoğan stated, in keeping with a readout from his workplace yesterday.

The day forward

OECD financial forecast The group will launch its newest Economic Outlook, containing projections for the world financial system.

Astana format talks on Syria Delegations from Russia, Turkey, Iran, Syria’s authorities and the Syrian opposition will collect in Astana, Kazakhstan, to debate humanitarian, socio-economic and political points in Syria. Representatives from the UN, Jordan, Lebanon, and Iraq will attend as observers. 

FTX chapter listening to An preliminary court docket listening to is about for Tuesday morning native time within the federal chapter court docket in Delaware in entrance of Decide John Dorsey.

Be a part of leaders together with Singapore’s minister of commerce and business, the deputy chair, CEO and govt director of Mewah Worldwide Inc. and extra on November 23 in Singapore at The Westin and on-line to talk about the way forward for the commodities business. Register here to your in individual or digital go at the moment.

What else we’re studying

China’s Pacific assist falls wanting pledges In 2017, Papua New Guinea’s authorities introduced a A$4.1bn ($2.6bn) improve of the nation’s potholed highways, funded by growth loans from China. 5 years on, there was no progress as Beijing’s development spending sputters regardless of efforts to construct affect within the area.

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Iranians put jobs earlier than pro-democracy protests Industrial motion was instrumental within the overthrow of the monarchy through the 1979 Islamic revolution. However amid one of many largest and longest-lasting demonstrations in its Iran’s historical past, spurred by the dying of Mahsa Amini, staff this time round have responded cautiously.

Anti-war protests stretch throughout central and japanese Europe “Germany is serving as a puppet completely for American pursuits and people of Nato,” the primary orator stated to a hundreds-strong crowd. In Germany, some protests over the impact of the Ukraine conflict have been organised by the novel left and a few by the populist proper.

The Gulf is partying whereas it will probably If you need to escape the worldwide gloom, simply take a flight from its epicentre, London, to any main capital of the Gulf, the only region in the world the place financial development forecasts are rising, writes Ruchir Sharma.

Huge Pharma targets $50bn weight problems medicine market as demand booms The race to launch a new generation of drugs to tackle obesity — a illness that impacts about 650mn individuals worldwide — has precipitated unease amongst some critics, who warn about their potential misuse and side-effects.

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