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

Chinese language president Xi Jinping introduced a “new period” in Beijing’s relationship with the Gulf area 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 revealed 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 may reassess its ties with Riyadh.

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

5 extra tales within the information

1. Fever treatment scarcity in Covid-hit Beijing The Chinese language capital is operating out of medical provides because it combats a quickly spreading coronavirus outbreak, well being staff mentioned, placing stress on restricted sources simply as authorities carry 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 horrifying individuals by blocking a road through the current nationwide protests. The Islamic republic has arrested 1000’s of individuals because the demonstrations started in September however Shekari, who was hanged yesterday, is the primary particular person 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 necessary enterprise group Basic 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 dam 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 struggle with Ukraine. Griner was launched in alternate for Viktor Bout, an imprisoned Russian arms vendor who was serving a 25-year sentence within the US.

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

The day forward

China inflation figures November’s client value index and month-to-month producer value index are due out right now. In October, China’s manufacturing unit gate costs fell into deflationary territory for the primary time since 2020. Nevertheless, economists have predicted China’s loosening of its zero-Covid insurance policies may set off larger inflation within the months to come back.

Pakistan vs England cricket match The second of three Pakistan vs England check collection matches is about to begin in Multan right now.

World Cup quarter-finals The eight groups who stay within the World Cup kick off the subsequent spherical right now. Up first are Brazil and Croatia right now at 6pm native time. In our evaluation of how soccer is altering, the most recent Fifa statistics present gamers are operating additional and capturing much less however scoring simply as a lot.

Nobel Prize Day Awards will probably 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 primary consumers of city houses, are selecting to hire reasonably 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 yr.

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 the planet’s largest client market, Guo plans to take the corporate public whereas grappling with a $36bn debt pile.

The key lives of MI6’s prime feminine spies Regardless of having proved themselves through the second world struggle, girls weren’t recurrently recruited as British intelligence officers till the late Nineteen Seventies. Right this moment, three of the Secret Intelligence Service’s 4 director-generals are feminine. For the primary time, they reveal why girls typically make the most effective spies for our instances.

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

Large cities drive half of worldwide financial development A small number of huge cities has been the driving drive behind greater than half of worldwide financial development this century, in response to a McKinsey evaluation, despite the fact that 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 collection 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 possible price tens of hundreds of thousands of {dollars}. However what of the particular content material? Henry Mance shares his evaluate.