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Alibaba founder Jack Ma has blown international financial regulations, stating that China must go its own way days before Ant Group launches the world's largest public offering.
“The Basel Accords are like an old people's club. . . We cannot use yesterday's methods to regulate the future, ”Ma said at a conference in Shanghai over the weekend, referring to the international framework for banking supervision. Mr. Ma said the challenges the rules were supposed to solve are not relevant to China's development phase.
"Many of the world's problems" resulted from "only about risk control, not about development, not about opportunities for young people or developing countries," he said.
Financial services group Ant's dual listing in Hong Kong and Shanghai is expected to raise at least $ 30 billion. That equates to an IPO that would beat the previous record of $ 29.4 billion set in 2019 by the state-owned oil company Saudi Aramco. (FT)
In the news
France remembers ambassadors from Turkey The French Foreign Ministry recalled its ambassador in Ankara after Turkish President Recep Tayyip Erdogan said French President Emmanuel Macron needed mental treatment because of his attitude towards Muslims. Tensions between France and the Gulf have increased in the face of Mr Macron's crackdown on radical Islamism. (FT)
Downing Street concerned as polls suggest Biden's win British officials have not been able to meet a single senior member of Joe Biden's foreign affairs team in the past few weeks, hampering Downing Street's preparations for what could happen if the Democratic candidate wins next week's election. (FT)
The Samsung family patriarch dies Lee Kun-hee, who turned South Korean Samsung into one of the largest tech companies in the world, died on Sunday at the age of 78. Lee has not been seen in public with his 52-year-old son since his heart attack in 2014. Lee Jae-yong officially takes over the management of the technology company. (FT)
Lee Kun-hee, pictured in 2008, has often been viewed as the most powerful man in South Korea. © Lee Jae-Won / Reuters
The US and India are expected to sign a military pact The two nations will sign a military pact this week to counter China's increased assertiveness, Indian officials said. Secretary of State Mike Pompeo will sign the Satellite Intelligence Agreement with Secretary of Defense Mark Esper during a visit to New Delhi. (WSJ)
Dunkin is about to be sold to Inspire Brands Dunkin & # 39; Brands, the US parent company behind the coffee and donut chain Dunkin & # 39; Brands, on the verge of signing a deal that Inspire Brands, owned by private equity, plans to acquire for approximately $ 9 billion in order to exit the stock exchange, advises on the matter. (FT)
UK-Japan Trade Agreement The UK reached its first major post-Brexit trade deal on Friday after signing an agreement with Japan that will come into force on January 1st. Returning to the negotiating table does not guarantee an agreement with Brussels, writes Peter Foster in the Brexit Briefing – register here. (FT)
Liz Truss and Toshimitsu Motegi signed the deal in Tokyo on Friday. The deal was negotiated this summer © Kim Kyung-Hoon / Reuters
Huawei's revenue growth is slowing China tech giant Huawei's revenue growth slowed in the third quarter amid new US sanctions and the global economic downturn triggered by the coronavirus pandemic. (FT)
First black cardinal appointed in the Catholic Church Pope Francis announced on Sunday that Archbishop Wilton Gregory would become America's first black cardinal within the Catholic Church along with the announcement of 12 more newly named cardinals. (AP)
Catching up: FT US foreign policy correspondent Katrina Manson explained Joe Biden and Donald Trump's foreign policy plans for Iran, China and the EU in an Instagram Live on Friday.
The day ahead
China's Communist Party meeting When party delegates meet on Monday to work out their economic plan for the next five years, the semiconductor industry will be high on the agenda. The US bottleneck in the industry has put self-sufficiency with China chips on the agenda.
Amy Coney Barrett Confirmation Vote The US Senate plans to confirm Amy Coney Barrett as a Supreme Court Justice on Monday. This vote will give Republicans the opportunity to appoint Justice Ruth Bader Ginsburg's successor ahead of the presidential election. (FT)
What else are we reading?
How Africa Fighted the Pandemic Africa had one advantage over richer continents: experience with infectious diseases. The struggles of veterans of Africa against cholera, Ebola and HIV / AIDS jumped into action and responded with lessons for the rest of the world. Read more from our series Coronavirus: Could the World Have Been Spared? (FT)
The young rebels are banding together in Asia When activists in Hong Kong, Taiwan and Thailand host historic protest movements against their respective governments, they have found allies in a cross-border strategic group they have called the Milk Tea Alliance. (Guardian)
Lionel Barber's Diaries Read exclusive excerpts from the memoirs of the former editor of the FT – from Tony Blair's tips to a showdown with Philip Green and encounters with Angela Merkel and a piano player, Vladimir Putin. Also, this week's lunch with the FT was with Station Eleven writer Emily St John Mandel. (FT)
Interview with Vladimir Putin in June 2019.. . and Putin, who plays the piano in St. Petersburg in 2012 © Russian President's Press Office; Yana Lapikova / AFP via Getty Images
The case for employees is more free time More and more companies are enjoying company-wide days off after watching stressed employees struggle to be parents, teachers, and fully functional employees during the pandemic. With millions still unemployed in the United States, read great chronicles about unemployment in America. (FT, NYT)
Trump and racial justice rally black voters This summer's racial justice protests appear to be a factor motivating black voters to vote in the elections in Wisconsin, where Biden is about six points ahead of the top. In reliably red Texas, Democrats are hoping demographic shifts could help turn the tide as business leaders warm up to Mr Biden. (FT, WSJ)
Jacob Blake Sr., whose son was shot dead by police in Wisconsin in August, speaks during the State of Emergency rally calling for justice at the Breonna Taylor shooting in New York on October 17. © AP
Big Tech works together to conquer Remember that scene from The Godfather, when the big five mob families split the geographic and sectoral pie? The relationship between the big tech giants is a reminder, writes Rana Foroohar, when the US Department of Justice took up the cartel case of our time. (FT)
Nigeria teeters with bullets and brutality When on Tuesday evening gunfire at the Lekki toll booth in Lagos broke up peaceful protests against the brutality of the police, the outrage followed quickly. But the country's leader, Muhammadu Buhari, stayed away. (FT)
A woman in Lagos takes part in a protest against police brutality at Nigeria's largest demonstration since the return of civil rule in 1999 © Pius Utomi Ekpei / AFP via Getty
How cities changed when the tourists stopped coming FT correspondents from New York to Singapore report on the residents' recapture of their hometown. In Italy, the lockdown prompted two brothers to reinvent their restaurant to bring the locals back to Rome's most famous square. (FT)
Podcast of the day
Rachman Review: Bring History Back to Burma Western nations tend to view the recent history of Myanmar, formerly Burma, as a struggle between democracy and dictatorship. However, the country's colonial past and climate change have also played a key role in its complex problems, Burmese historian Thant Myint-U told Gideon Rachman.
From the sequence:
"There is no solution to the Rohingya problem that is not part of a national solution to where the country is going in terms of identity problems and everything else."
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