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China has struggled against the Five Eyes Intelligence Alliance after calling on Beijing to undo the disqualification of pro-democracy lawmakers from Hong Kong’s de facto parliament.
In a statement released on Wednesday, the United States, Britain, Australia, New Zealand and Canada described China’s actions as “a clear breach of its international obligations under the legally binding United Nations-registered Sino-British joint statement”.
It added that “the disqualification rules are part of a concerted campaign to silence all critical voices”. The Chinese Foreign Ministry responded Thursday with “firm opposition” to what it called “irresponsible” meddling in Hong Kong’s affairs.
Last week, Beijing authorized the Hong Kong government to exclude lawmakers who were “unpatriotic” from the territory’s Legislative Council. Power was used to oust four oppositional legislators, which led to the resignation of most politicians in the pro-democracy camp. (FT)
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In the news
According to Braun from Wirecard, the supervisory authorities are not to blame Markus Braun, the former managing director of the disgraced payment company, told MPs that German regulators and politicians were not responsible for the downfall of the company and that he hoped prosecutors would be able to track down the billions that were missing, as he did refused to even answer simple questions. (FT)
China’s first government bonds with negative interest rates spur rush The euro-denominated EUR 4 billion offer, with orders valued at around EUR 18 billion, gave large institutional investors the chance for higher returns than in Europe, where the easing of the central banks has pushed interest rates to record lows Has. (FT)
The Chinese economy has taken up the containment of the Covid-19 pandemic in the country compared to Europe and the US. © Bloomberg
Brexit talks are going virtual Negotiations are slated to move to a virtual format after a member of the EU team has been infected with Covid-19, with time running out for both sides to reach an agreement. Get the latest information with the latest Brexit Briefing Newsletter. Login here. (FT)
Joyy shares crash after Muddy Waters attack The Chinese tech giant’s shares fell as much as 26 percent on Wednesday after a short seller classified its live streaming website as a scam. This is likely to further detract from investor confidence in US-listed mainland internet groups. (FT)
Asia real estate crisis South Korea is converting hotels and offices into rental units to address supply bottlenecks amid growing public discontent over rising rents and property prices. Meanwhile, Covid has brought China’s high-growth rental industry to its knees in Beijing. Zillow surfing could be the getaway we all need. (FT, NYT)
The price of an apartment in the South Korean capital has increased by more than 50% since 2017. © REUTERS
BuzzFeed buys HuffPost BuzzFeed acquired HuffPost from telecommunications group Verizon to consolidate the troubled digital media sector. Verizon’s media arm will have a minority stake in BuzzFeed, and the groups will syndicate content on each other’s websites and partner on advertising initiatives. (FT)
Australian troops charged with 39 murders in Afghanistan According to an investigation by defense chiefs, special forces were involved in “bleeding” in which commanders tricked junior soldiers into executing prisoners in order to obtain an initial murder. (FT)
Trump campaign to advance legal challenges Donald Trump’s legal advisors, led by Rudy Giuliani, vowed Thursday to file further lawsuits against the results of the presidential election while rejecting calls for evidence to support their claims that Democrats stole the election. Mr. Trump has turned his attention to electoral bodies responsible for confirming the results. (FT, AP)
Pompeo is making an unprecedented visit to the West Bank U.S. Secretary of State Mike Pompeo visited a Jewish-owned winery in the Israeli-occupied West Bank on Thursday, becoming the first U.S. diplomat to visit the sprawling settlements condemned as illegal by the international community. (FT)
US Secretary of State Mike Pompeo and his wife Susan arrive in Israel on Wednesday © VIA REUTERS
The day ahead
G20 summit World leaders will practically meet from Saturday when they benefit from the prospect of vaccines that end their own crises. The summit could also lead to new pandemic initiatives for poorer countries. (FT)
UK Equal Pay Day The gender pay gap will be in the foreground on Friday. Researchers say it represents the same payday for 2020, based on the average full-time gender pay gap – 11.5 percent this year. (Independently)
Motherhood, Money, and Career Moves
Join Black Ballad, an online platform for Black British Women, in the online “Motherhood, Money and Career” event on Wednesday 25 November from 7:00 pm to 8:30 pm UK time. Register here.
The panel for the online event will be: Ima Jackson-Obot, Davinia Tomlinson, Tobi Asare and Dineo Ledwaba-Chapman
What else are we reading?
Why financial literacy is important We no longer live in a world of paternalistic employers, nanny states, and friendly bank managers, writes FT Assistant Editor Patrick Jenkins. With the business climate deteriorating, the FT’s new Financial Literacy Foundation is set to help improve money management skills for the most vulnerable. FT editor Roula Khalaf presents the new initiative. (FT)
“Our mission at the Financial Times is to give people the independent, reliable information they need to navigate today’s complex world – both in our new community service efforts and in our core journalism.”
“The financial misery has already gripped many people in the economic consequences of the Covid 19 pandemic and the associated lockdowns” © Nathalie Lees
Defiant women compete against aging autocrats The election of Maia Sandu as Moldova’s first female president shows a trend that extends across Central and Eastern Europe, writes Tony Barber. Increasingly, women opposition leaders and activists lead the pursuit of political change in authoritarian, illiberal and mal-governed states. (FT)
Economists exchange ideas Gita Gopinath, the IMF’s chief economist, says governments must prioritize health spending and build solutions to end the pandemic. This is the latest in our series of conversations between FT commentators and leading economists. (FT)
Biden’s dilemma of global democracy Joe Biden would be advised to sort things out at home before resuming global democracy, writes Edward Luce. In the meantime, Anne-Marie Slaughter argues that there is a way to bind America globally. Meet the number beater behind Mr Biden’s campaign success: Jennifer O’Malley Dillon. Plus the women in politics who could lead the economic recovery. (FT, 19th *)
Jennifer O’Malley Dillon ran the Biden campaign primarily from her attic in Washington DC. © Andre Chung / Washington Post / Getty
China is awakening to the need for a greener diet The country accounts for almost a third of the world’s meat consumption, and the amount per capita is growing. But as China’s leaders prioritize food and the environment, and activists advance, appetite for alternatives grows. Read more in our special report on sustainable food and agriculture. (FT)
Artificial intelligence is changing finances Barclays’ collaboration with Amazon in Germany shows how technology is invigorating the sector, writes Gillian Tett. This could be beneficial as a means of “democratizing finance”. However, one of the potential costs is that the AI program embeds prejudice, including racism, into decision-making. (FT)
© Ingram Pinn / Financial Times
How central banks should tackle climate change Bundesbank chief Jens Weidmann, who wrote in the FT, declined calls to the European Central Bank to use its EUR 3.5 billion bond purchase program to combat climate change, saying: “It’s not up to us, market distortions and political measures or To correct omissions. “. Meanwhile, UK research blames excessive email for carbon emissions. (FT)
Who’s a Good Pandemic Business? Is tough. Perhaps the only ones happier than our furry friends who are given extra walks and treats while people spend more time at home are those who feed four-legged family members. Chewy, the online pet supplies company, has seen exceptional growth during the pandemic. (Bloomberg)
Illustration of the day
EasyJet records its first loss in 25 years as the boss calls for more government support