FirstFT: Putin admits there is a split between Moscow and Beijing

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Hello. Russian President Vladimir Putin has acknowledged Chinese “concerns” over the war in Ukraine in the first public admission of differences between Beijing and Moscow over the conflict.

Putin’s comments came during a meeting with Chinese President Xi Jinping in Uzbekistan on Thursday, the first time the two have met in person since the Kremlin launched its all-out invasion of Ukraine in February.

“We highly appreciate the balanced position of our Chinese friends regarding the Ukraine crisis,” Putin told Xi, according to a Kremlin transcript.

“We understand your questions and concerns about this. At today’s meeting, we will of course explain our position, although we have already spoken about it before.

Putin arrived in Uzbekistan as Russian forces in northeastern Ukraine were forced to retreat by a Kyiv counteroffensive that recaptured significant territory, boosted Ukrainian morale and raised questions about to Moscow’s ability to continue its offensive.

Russia has frequently dismissed claims that it is becoming globally isolated by pointing to increasingly close economic and political ties with China and other non-Western countries.

  • Related reading: The United States and the EU are stepping up pressure on Turkey to crack down on non-compliance with Russian sanctions, fearing that the country’s banking sector is a potential backdoor for illicit financing.

Where do you think Russian-Chinese relations will go from here? Tell me what you think [email protected]. Thanks for reading FirstFT Asia and have a great weekend. – Emily

1. The White House is sounding the alarm on inbound Chinese investment President Joe Biden has issued an executive order to strengthen the review of deals involving foreign companies in high-tech industries such as semiconductors, as part of an ongoing effort to address security threats from the China.

2. South Korea is considering a plan to stabilize the won South Korea said it was reviewing “contingency plans” to tackle currency volatility, with the Korean won hovering at a 13-year low against the US dollar as currencies across Asia are under pressure from an increasingly hawkish Federal Reserve.

3. Chinese state banks cut deposit rates for the first time since 2015 State lenders including the Industrial and Commercial Bank of China, Bank of China, Bank of Communications and Agricultural Bank of China cut interest rates on three-year deposits by 0.15 basis points yesterday. percentage, as Beijing seeks to boost the sluggish growth of the world’s second-largest economy. without risking a galloping depreciation of the renminbi.

4. Key moment for the crypto market Ethereum, the world’s second-largest blockchain, has completed a long-awaited upgrade to its system in an effort to lower its energy costs and set the stage for the increased use of crypto technology in traditional finance. Vitalik Buterin, co-founder of Ethereum, said the upgrade, known in the industry as “The Merge,” was completed earlier today.

5. US Senate panel approves $6.5 billion bill to fund weapons for Taiwan The Taiwan Policy Act was passed by a margin of 17 to 5 by the US Senate Foreign Relations Committee. The bill, which still needs to be approved by the full Senate and House, marks the first time the United States has directly funded the supply of arms to Taiwan.

Did you follow the news this week? Take our quiz.

The day ahead

Retail sales and industrial production figures in China When August data is released today, economists expect retail sales to continue their downward trend after July’s disappointing report. (Focus Economics, FT)

Senior Chinese lawmaker meets South Korean president Chairman of the Standing Committee of the National People’s Congress of China, Li Zhanshu, is expected to meet South Korean President Yoon Suk-yeol today.

malaysia day Financial markets will be closed today to mark the establishment of the Malaysian federation.

Scandal! first The Netflix documentary chronicling the incredible story of how Dan McCrum of the Financial Times took down the huge and fraudulent German payment processor Wirecard, will be released worldwide today.

Dan McCrum, right, spent seven years investigating fraudulent payment processor Wirecard, a story that is still unfolding as executives await trial © Courtesy of Netflix

Join board members and C-suite leaders in person or online for the Cyber ​​Resilience Summit September 21-23 to hear remarks from speakers including Bill Clinton. Register today to get your pass.

What else we read

Xi’s plan for economic independence Under Xi Jinping – who looks almost certain to get another term in power next month – China is seeking to become a state-led, self-sufficient techno-superpower that won’t be so dependent on the West. But how realistic is the goal in a connected world?

Stacked column chart showing the global semiconductor manufacturing market share by country in 2020 as a percentage of total

Citi opens Malaga hub for junior bankers Málaga is better known for its sunshine and its gastronomy than for its banks. But yesterday, 27 young recruits started at Citi’s new hub for junior investment bankers. Rivals have dismissed it as a gimmick, but the US bank says it’s a way to provide a “better work-life balance” for its newcomers. Will it work?

Challenge in the warren of the presidential palace of Kyiv Last week, Gillian Tett took a trip to the dark halls of Ukraine’s presidential palace, where despite battling a brutal Russian invasion for seven months, President Volodymyr Zelenskyy and his team are determined to deliver the message of the status quo.

How to revive men in the age of gender equality At the top and bottom of society, new definitions of masculinity can help everyone thrive, writes Simon Kuper. These three recent books trace the contours of a new masculinism.

Scenes from the end of an Elizabethan eraThe Queen’s state funeral on Monday will be a solemn ceremony, but in the meantime the public are waiting to view the reclining body and pay their respects at Buckingham Palace. Imogen West-Knights joined mourners, lost-looking tour groups and history buffs outside the royal residence.

Hundreds of thousands flock to London to mourn the Queen © Benjamin McMahon

Travel

Crowded cafes along a scenic single-line railway in Hanoi have reopened after a long Covid shutdown, fueling hopes the area will once again attract visitors to what was once a tourist hotspot.

troubled times — Document the changes in business and the economy between Covid and conflict. register here

Asset Management – Sign up here for the inside story of the movers and shakers behind a multi-trillion dollar industry

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