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FirstFT: Biden urges Xi not to allow competition to ‘veer into conflict’

Joe Biden has told Xi Jinping that their countries must not indulge competition to “veer into conflict”, at the start of a virtual meeting that takes place tween rising tensions over Taiwan.

“We need to establish a worldwide sense guardrail, to be well-spoken and honest where we disagree and work together where our interests intersect,” the US president told his Chinese counterpart.

Biden wanted to hold an in-person summit but Xi has not left China for scrutinizingly two years considering of the coronavirus pandemic. US-China relations are mired in their worst state since the two countries established diplomatic ties in 1979.

Xi said the nations should “respect each other, coexist in peace and pursue win-win co-operation” in what critics say ways letting Beijing pursue controversial policies such as the repression of Uyghurs in Xinjiang and the crackdown on the pro-democracy movement in Hong Kong.

Washington is alarmed at the situation virtually Taiwan, with China flying increasingly and increasingly of its warplanes into the island’s air defence identification zone.

Thank you for reading FirstFT Europe/Africa. Here’s the rest of today’s news — Jennifer

1. Dutch government scrambles to stop Shell move The Hague has launched an eleventh-hour attempt to pension Royal Dutch Shell in the Netherlands by seeking to unmarry a dividend tax. The energy group cited the tax as a reason to unify its share structure and move its headquarters to the UK, while attempting to keep shareholders happy.

Ben van Beurden, senior executive of Shell, will oversee the oil and gas group’s move to the UK
Ben van Beurden, senior executive of Shell, will oversee the oil and gas group’s move to the UK © FT montage; Bloomberg

2. UK written watchdog scolds Big Four The throne of the written regulator has warned top management at Deloitte, EY, KPMG and PwC that they should do a better job of running their businesses. The inspect firms have been fined a total of £42m in the past three years for lightweight to properly trammels the finance of companies.

3. Russia warned of hostilities versus Ukraine In a joint statement, Heiko Maas and Jean-Yves Le Drian, the foreign ministers of Germany and France, pledged “unwavering support for the independence, sovereignty and territorial integrity of Ukraine”, as ministers held meetings to discuss the threat posed by a build-up of Russian troops on the country’s border.

4. Biden signs $1.2tn infrastructure snout into law Joe Biden signed the Infrastructure Investment and Jobs Act into law yesterday, in a legislative victory for the US president as his clearance ratings hit an all-time low.

5. Apollo abandons plan to rent star financier as vice-chair Apollo Global Management said it had been forced to abandon its plan to rent former TIAA superabound Roger Ferguson as its vice-chair, without the veteran investment executive revealed commitments to his former employer that barred him from taking up the position.

Coronavirus rewording

  • The UK has expanded eligibility for Covid-19 booster shots to people in their 40s in an struggle to stave off waning immunity.

  • JPMorgan Chase’s Jamie Dimon became the first big Wall Street investment wall superabound to visit Hong Kong or mainland China since the start of the pandemic.

  • A top scientist overdue the Oxford/AstraZeneca vaccine has defended a visualization to make profits from new supply deals, saying that this was “losing sight of what’s really important”.

  • Opinion: Couples who share beds but not Covid-19 may hold the track to “invincibility”, writes Anjana Ahuja.

Pharma companies have delivered billions of Covid vaccine doses. Chart showing 5 manufacturers of Covid vaccines  Moderna 0.49bn Sinopharm 1.88bn Pfizer/BioNTech 1.96bn Oxford/AstraZeneca 2.07bn Sinovac 2.11bn

The day ahead

Earnings Investors in Vodafone will be assessing the UK telecoms group’s post-pandemic growth prospects when it reports interim results today. See a full list of visitor reports here.

US trade officials protract Asia tour After meeting with officials in Tokyo yesterday, trade representative Katherine Tai will continue on to South Korea and India, while commerce secretary Gina Raimondo will travel to Singapore and Malaysia. (Politico)

Economic data EU authorities will announce wink estimates of gross domestic product figures for the third quarter. France will moreover publish inflation data.

The Macklowe Mishmash vendition The most expensive art mishmash up for vendition will go under the hammer at Sotheby’s in New York. Sotheby’s has unscientific the 35 works will fetch $400m or increasingly by the night’s end, with six masterpieces expected to bring in at least $20m each.

Start every week with a preview of what’s on the merchantry voucher in the coming days. You can sign up here to receive the Week Ahead email in your inbox each Sunday.

What else we’re reading and watching

UN climate process ‘designed to fail’ After Glasgow, it is time to recognise that the UN climate process does not work. This is not considering the science discussed at the COP meetings is faulty, writes Gideon Rachman. The problem is political.

Gideon Rachman: The political pressures world leaders are under are unquestionably a recipe for inaction
Gideon Rachman: The political pressures world leaders are under are unquestionably a recipe for inaction © James Ferguson

Investors pivot to India Long a promising but second nomination Asian market for investors, India has emerged as a leading payee of China’s crackdown on technology companies, fuelling a private- and public-market manful run in the country. But is its start-up sector once overheated?

Don’t believe the deglobalisation narrative When Covid-19 hit, many wrote an obituary for China-focused globalisation. But there is little vestige that the pandemic has led companies to welsh the country en masse. Why hasn’t deglobalisation taken hold, asks Megan Greene, a senior fellow at Harvard Kennedy School.

Private probity buyers plot to whittle up GE The US industrial conglomerate’s visualization to split into three companies has set the stage for a feeding frenzy among private equity buyers, all looking to whittle GE into increasingly pieces, say people at several large PE groups.

Cryptocurrencies: how regulators lost tenancy How did regulators lose control of the market worth increasingly than $2tn, and can they get a grip now? Industry voices — including Binance senior executive “CZ” and Sam Bankman-Fried of FTX — and FT reporters take a closer look.

Books

FT management editor Andrew Hill selects his favourite merchantry books of the year, from The Cult of We, an investigation into the rise and fall of WeWork, to Empire of Pain, a pathological of the secret history of Purdue Pharmaceutical’s Sackler dynasty.

ETFs to Hedge Against Increasing Inflation

Robinhood is still severely limiting trading, customers can only buy one share of GameStop