FirstFT: US sanctions Chinese companies over drone parts

Good morning. At the moment we begin within the US, the place Joe Biden’s administration has imposed recent sanctions on Chinese language corporations it mentioned was supplying elements for drones that Russia has used to battle its battle in Ukraine.

On the subject of sanctions, we even have an unique story that Russian billionaires Mikhail Fridman and Petr Aven are primed to dump their stakes in Alfa-Financial institution as they search to free themselves from western penalties.

Right here’s what else I’m preserving tabs on within the coming days:

• Financial institution of Japan: The central financial institution will announce its resolution on rates of interest

  at the moment. Fast worth progress of widespread merchandise — together with chicken nuggets, tofu and bidets — exemplifies problem for central bankers.

• UK-France summit: UK prime minister Rishi Sunak and his French counterpart, president Emmanuel Macron, will attend their first bilateral summit in five years.

• Canberra Balloon Spectacular: The week-long occasion begins in Australia on Saturday.

Thanks for studying FirstFT. Have an incredible weekend.

At the moment’s prime information

1. US president Joe Biden’s administration has imposed new sanctions towards a gaggle of Chinese language corporations it mentioned was supplying elements for Iranian drones utilized by Russia to battle its battle in Ukraine. The US Treasury on Thursday mentioned five Chinese companies and one individual were “responsible”.

2. Scoop: Russian billionaires Mikhail Fridman and Petr Aven are primed to dump their stakes in Alfa-Financial institution in a $2.3bn sale of Russia’s largest non-public lender, as they search to free themselves from western sanctions.

3. Roger Ng, a former Goldman Sachs banker, was sentenced to 10 years in jail on Thursday in New York. The 50-year-old Malaysian citizen, who was convicted in reference to the multibillion-dollar embezzlement scheme at 1MDB, was found guilty on all three counts in his case.

4. JPMorgan Chase is suing Jes Staley over the Jeffrey Epstein lawsuits, in an try to make the previous govt accountable for penalties the financial institution would possibly face whether it is discovered to have facilitated the late intercourse offender’s trafficking crimes. Read more details from JPMorgan’s court filing.

5. Money-strapped native governments in China artificially boosted their revenues final yr by promoting swaths of land to their very own funding automobiles, an official think-tank mentioned, elevating considerations concerning the extent of their monetary woes. A number of the transactions, the Chinese language Academy of Fiscal Sciences warned, “might be fake”.

How nicely did you retain up with the information this week? Take our quiz.

Information in-depth

Regardless of western officers and even some Ukrainian troopers suggesting it is perhaps sensible to tug again from the jap metropolis of Bakhmut, President Volodymyr Zelenskyy this week recommitted his forces to defending the town. Our reporters delve into why Zelenskyy has raised the stakes.

We’re additionally studying . . . 

• New chilly battle: Xi Jinping is not wrong about Washington’s “containment” of China, however encircling Beijing just isn’t a viable long-term technique, writes Edward Luce.

• Commerce secrets and techniques: Being on the receiving finish of coercive commerce bullying from China isn’t a lot enjoyable for exporters — and all of the extra purpose to learn Alan Beattie’s quick and easy guide for nations resisting Chinese language commerce coercion.

• Dangerous break-up: EY has been thrown into disarray by an inner battle over its plan to separate in two after its US boss mentioned the deal must be paused.

Chart of the day

Peanuts are now not going for nicely, peanuts. They’ve turn into China’s best-performing agricultural commodity as dry climate and Beijing’s insurance policies have eaten into provides, elevating merchants’ fears that demand from the world’s largest importer of the legume will push up international prices.

Take a break from the information

Cal Newport, an MIT-trained laptop scientist, has carved out a aspect profession as a productiveness evangelist for the lots, with teachings centred across the values of centered work, work-life steadiness and slicing out digital distractions. What does he know that we don’t?

Further contributions by Darren Dodd and Tee Zhuo