FirstFT: A ‘new era’ for China-Gulf relations

Chinese language president Xi Jinping introduced a “new era” in Beijing’s relationship with the Gulf region as he met Saudi Arabia’s crown prince Mohammed bin Salman in Riyadh yesterday and the 2 sides signed partnership offers.

In an opinion piece printed in Saudi Arabia’s media, Xi wrote: “The go to will carry ahead our conventional friendship, and usher in a brand new period in China’s relations with the Arab world, with Arab states of the Gulf and with Saudi Arabia.” Forward of his welcome in Riyadh by the dominion’s day-to-day ruler, Xi wrote that Saudi Arabia and China “respect one another’s sovereignty and growth path [and] respect one another’s historical past and cultural traditions”.

The three-day go to, which can see the Chinese language chief attend Arab and Gulf summits, comes at a low level in US-Saudi Arabia relations after the dominion led Opec+ in oil manufacturing cuts, prompting warnings by Washington that it might reassess its ties with Riyadh.

Saudi Arabian and Chinese language media reported that the 2 sides signed a strategic partnership settlement that may see the 2 international locations’ leaders meet each two years. In addition they penned 34 funding offers in sectors together with know-how and power.

5 extra tales within the information

1. Fever medicine scarcity in Covid-hit Beijing The Chinese language capital is running out of medical supplies because it combats a quickly spreading coronavirus outbreak, well being staff mentioned, placing stress on restricted sources simply as authorities raise pandemic restrictions. Covid-19 clinics are rapidly filling up and a few hospitals have begun rationing ibuprofen and paracetamol.

2. Iran executes 23-year-old protester Iran has executed 23-year-old Mohsen Shekari, who was convicted of stabbing a safety official and scary folks by blocking a road through the latest nationwide protests. The Islamic republic has arrested hundreds of individuals because the demonstrations started in September however Shekari, who was hanged yesterday, is the primary individual to be executed.

3. Jack Ma quits as head of main China enterprise group Alibaba co-founder Jack Ma has stepped down as president of the essential enterprise group Normal Affiliation of Zhejiang Entrepreneurs because the Chinese language billionaire continues to shun the limelight whereas spending time overseas. The affiliation is China’s most outstanding networking group for founders.

4. FTC sues to dam Microsoft’s acquisition of Activision Blizzard The US Federal Commerce Fee will sue to block Microsoft’s $75bn acquisition of online game maker Activision Blizzard over issues the deal would hurt opponents to its Xbox consoles and cloud-gaming enterprise.

5. Russia frees US basketball star in prisoner swap US basketball star Brittney Griner was freed in a prisoner swap with Russia, a diplomatic breakthrough in Moscow’s greater than nine-month battle with Ukraine. Griner was launched in change for Viktor Bout, an imprisoned Russian arms supplier who was serving a 25-year sentence within the US.

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The day forward

China inflation figures November’s shopper worth index and month-to-month producer worth index are due out as we speak. In October, China’s manufacturing facility gate costs fell into deflationary territory for the primary time since 2020. Nonetheless, economists have predicted China’s loosening of its zero-Covid insurance policies might trigger higher inflation within the months to come back.

Pakistan vs England cricket match The second of three Pakistan vs England take a look at sequence matches is ready to start out in Multan as we speak.

World Cup quarter-finals The eight groups who stay within the World Cup kick off the following spherical as we speak. Up first are Brazil and Croatia as we speak at 6pm native time. In our analysis of how football is changing, the newest Fifa statistics present gamers are operating additional and capturing much less however scoring simply as a lot.

Nobel Prize Day Awards might be introduced to recipients on Saturday, the anniversary of Alfred Nobel’s loss of life.

What else we’re studying

‘What’s the purpose of shopping for?’ Rising numbers of younger Chinese language, the principle patrons of city properties, are selecting to hire slightly than purchase — with probably far-reaching implications for the nation’s troubled property market.

“With no wealth-creation impact, what’s the purpose of shopping for properties like loopy? Why not simply hire?” mentioned Victoria Zhan, a younger banker who has postponed plans to purchase an condominium in suburban Shanghai this 12 months.

Fosun-owned Lanvin’s future hangs by a thread Chinese language billionaire Guo Guangchang’s Fosun acquired a controlling stake in Lanvin in 2018, promising to revive the 133-year-old French vogue home’s fortunes. Now, with Lanvin trailing behind rivals Chanel, Dior and Hermès on this planet’s largest shopper market, Guo plans to take the company public whereas grappling with a $36bn debt pile.

The key lives of MI6’s high feminine spies Regardless of having proved themselves through the second world battle, girls weren’t commonly recruited as British intelligence officers till the late Nineteen Seventies. In the present day, three of the Secret Intelligence Service’s 4 director-generals are feminine. For the primary time, they reveal why women often make the best spies for our instances.

Is there no disgrace anymore? Sam Bankman-Fried’s mere “embarrassment” at the collapse of FTX is a symptom of our lack of ability to search out shared ethical values. Not solely does Bankman-Fried seem like missing in disgrace; he appears nearly contemptuous in direction of those that really feel advanced ethical feelings, writes Jemima Kelly.

Huge cities drive half of worldwide financial progress A small choice of massive cities has been the driving power behind more than half of global economic growth this century, in keeping with a McKinsey evaluation, although they make up lower than 1 per cent of the world’s landmass.

Tv

The quivering media protection of Harry & Meghan, the brand new documentary sequence specializing in the Duke and Duchess of Sussex, is the kind that makes the world suppose that Britons nonetheless have the mindsets of medieval peasants. It was additionally presumably what Netflix dreamt of when it agreed a cope with Harry and Meghan probably price tens of thousands and thousands of {dollars}. But what of the actual content? Henry Mance shares his review.