FirstFT: Today's Top Stories |  Financial Times

FirstFT: Today’s Top Stories | Financial Times

A note to readers: FirstFT Asia is taking a short break. We’ll be back in your inboxes on Tuesday.

China’s President Xi Jinping has publicly congratulated Joe Biden on being elected US President, leaving Russia’s Vladimir Putin among a handful of world leaders who have not yet recognized the former Vice President’s victory.

“Xi said he hopes the two sides will uphold the spirit of non-conflict, non-confrontation, mutual respect and win-win cooperation,” a statement from the Chinese embassy in Washington on Wednesday.

The statement added that Mr. Xi hoped the two sides would “focus on working together, resolving differences, promoting the healthy and stable development of China-US relations, and joining forces with other countries and the international community to promote noble cause of the world to promote peace and development ”.

Regarding Mr Biden’s foreign policy aspirations, he will seek to return to the American state of emergency. When he announced his first six proposals to the national security cabinet on Tuesday, the president-elect pledged to restart traditional alliances and restore what he called America’s “global”. . .[and]moral leadership ”.

The president-elect will also receive classified safety information prior to his inauguration.

On Wednesday, Mr Biden urged Americans to forego this week’s Thanksgiving holiday traditions to fight the pandemic as millions of people would travel in the United States. (FT, CNBC)

Coronavirus digest

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In the news

ByteDance extends the US deadline ByteDance earned seven extra days to restructure ownership of its video sharing app TikTok in the US after the Trump administration granted another extension of the deadline to sell the business. Regardless, President Donald Trump apologized to Michael Flynn, his former national security adviser. (FT)

UK Spending Review: Record high borrowing UK borrowing will hit a peace record of £ 394 billion this year as the government grapples with the cost of the coronavirus pandemic. Chancellor Rishi Sunak said “the economic emergency has only just begun”. Mr. Sunak also confirmed that public sector workers are facing a real wage cut. Read his full here. (FT)

Thai protesters are demanding a share of the monarch’s wealth Thailand’s democracy protesters have gathered outside a leading bank where their billionaire king is the largest shareholder who is demanding that more of his sizable fortune be shared with ordinary people. (FT)

Protesters hold up their lighted cell phones outside the Siam Commercial Bank headquarters in Bangkok on Wednesday. © Sirachai Arunrugstichai / Getty

JD Health plans to raise up to $ 4 billion in the Hong Kong IPO The health unit of the Chinese e-commerce group will raise up to USD 4 billion in Hong Kong next month. This is likely to be one of the largest IPOs in the world this year. Hong Kong CEO Carrie Lam has vowed to deepen ties with mainland China. (FT)

Salesforce in talks to buy Slack Cloud software company Salesforce is in talks to buy Slack, the work messaging app, for one of its largest software deals to date, according to those familiar with the matter. (FT)

Brexit tensions are increasing European regulators have refused to relax swap trading rules for EU banks in the UK, threatening London’s post-Brexit influence on a derivatives market worth EUR 50 billion a year. The President of the European Commission, Ursula von der Leyen, warned that, given the short time, it was still impossible to predict whether Britain would have a trade deal with Brussels. (FT)

Loujain Alhathloul in court in Saudi Arabia The trial of the Saudi activist and activist against the ban on women’s driving in the country continues on Wednesday after being transferred to a terrorist court, her family has learned. Ms. Alhathloul, arrested in 2018, was charged with conspiring with foreign organizations hostile to the kingdom. (BBC, FT)

© Nina Manandhar

Bill Browder threatens legal action High-profile Kremlin critic and investor Bill Browder has threatened Credit Suisse and UBS with legal action for violating US sanctions if they release accounts of three Russian clients accused of massive tax fraud against his investment company. (FT)

The football world mourns Maradona Diego Maradona, who led Argentina to victory in the 1986 World Cup, died at the age of 60. The sport mourned the loss of a legendary player with few colleagues on the field, but who had to struggle with addiction all his life. A lesser known fact about the footballer, his contributions to monetary theory. (FT)

the following days

European Central Bank The ECB released the minutes of its meeting at the end of October on Thursday when it promised to “recalibrate its instruments”. The central bank announced on Wednesday that it would lift the ban on bank dividends next year. (FT)

India GDP The country’s latest gross domestic product figures will be released on Friday. Economists estimate a decline of 5 to 9.9 percent, a significant narrowing of the previous quarter. (Indian times)

What else are we reading?

Japan’s tuition for public spending Last month, the IMF urged advanced economies to spend large and swift spending on simple capital projects to stimulate demand and employment. But the lessons they should learn from Japan’s public works are nuanced. Check back in our lessons from Japan tomorrow to learn more. (FT)

Line graph of government investment expenditure (gross fixed capital formation) as a percentage of GDP showing that Japan has turned to public investment to stimulate the economy

Canberra rocks double standards in sexism A recent Australian television exposure cast a voyeuristic look into the “Canberra Bubble,” which raises mere allegations of extramarital affairs, sexism and inappropriate behavior and shows that big corporations outperform government in dealing with wrongdoing, writes Jamie Smyth. (FT)

China sends a message with Australian action Australia has become a canary in the coal mine of an emerging illiberal Chinese world order, writes Richard McGregor, Senior Fellow at the Lowy Institute. Relations between China and Australia provide an insightful roadmap for the future. (FT)

Is Jeff Bezos Really Serious About Defeating Climate Change? The Amazon founder is donating $ 791 million to green charities, but it will cost more than money to help the planet. Even for the most privileged minds in the world, it is not obvious how to approach the task. (FT)

© Shonagh Rae

“Are you all right?” Meghan Markle reported in the New York Times about her experience of having a miscarriage last summer. Ms. Markle makes the case that the simple question asks someone, “Are you okay?” is something we should all be doing more often. (NYT)

Yellen’s gentle power in the Treasury Former Fed chair Janet Yellen, announced by Mr. Biden as Treasury Secretary election, has an underrated source of soft power in America, writes Brendan Greely. She knows how to get other economists to think the way she does. (FT)

Plight of the students Despite Covid-19, students were encouraged to start their courses at UK universities as usual. But many have been abandoned with little financial or psychological support, locked up with strangers, and forced to pay for tuition. With the end of the semester and rising Covid-19 cases, American students are weighing whether it is safe to travel home. (FT, WaPo)

In the booming private dining business The market for private chefs has developed significantly during the pandemic. Problems in the supply chain have made it harder to get ingredients to the rich that personal chefs bring into their homes when restaurants are closed. (FT)

Illustration of the day

Banx: The greenhouse gas values ​​are still high despite the Covid lock

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