FirstFT: Putin admits there’s a split between Moscow and Beijing

Good morning. Russian president Vladimir Putin has acknowledged Chinese language “considerations” in regards to the warfare in Ukraine within the first public admission of differences between Beijing and Moscow over the battle.

Putin’s feedback got here in a gathering with China’s president Xi Jinping in Uzbekistan on Thursday, the primary time the 2 had met in particular person for the reason that Kremlin launched its all-out invasion of Ukraine in February.

“We extremely worth the balanced place of our Chinese language mates in relation to the Ukraine disaster,” Putin informed Xi, in accordance with a Kremlin transcript.

“We perceive your questions and considerations about this. Throughout right now’s assembly, we’ll after all clarify our place, although now we have additionally spoken about this earlier than.”

Putin arrived in Uzbekistan as Russian forces within the north-east of Ukraine have been pressured into retreat by a Kyiv counter-offensive that has recaptured necessary territory, boosted Ukrainian morale and raised questions on whether or not Moscow can maintain its offensive.

Russia has steadily rebuffed claims that it’s changing into globally remoted by pointing to more and more shut financial and political ties with China and different non-western nations.

• Associated learn: The US and EU are stepping up pressure on Turkey to crack down on Russian sanctions evasion amid considerations that the nation’s banking sector is a possible backdoor for illicit finance.

The place do you assume Russia-China relations will go from right here? Inform me what you assume at [email protected]. Thanks for studying FirstFT Asia and have a fantastic weekend. — Emily

5 extra tales within the information

1. White Home sounds alert on inbound Chinese language funding President Joe Biden has issued an executive order aimed toward boosting scrutiny of offers involving international firms in high-tech industries equivalent to semiconductors, as a part of a unbroken effort to deal with safety threats from China.

2. South Korea considers plan to stabilise the gained South Korea stated it was reviewing “contingency plans” to sort out international alternate volatility, with the Korean gained hovering at a 13-year low in opposition to the US greenback as currencies throughout Asia come underneath stress from an more and more hawkish Federal Reserve.

3. China’s state banks minimize deposit charges for first time since 2015 State lenders together with Industrial and Business Financial institution of China, Financial institution of China, Financial institution of Communications and Agricultural Financial institution of China cut interest rates for three-year deposits by 0.15 proportion factors yesterday, as Beijing seeks to spice up flagging development on the planet’s second-largest financial system with out risking runaway depreciation of the renminbi.

4. Key second for crypto market Ethereum, the world’s second-biggest blockchain, has accomplished a long-awaited upgrade to its system in a transfer anticipated to slash its vitality prices and supposed to arrange the bottom for extra use of crypto know-how in mainstream finance. Vitalik Buterin, Ethereum co-founder, stated the improve, recognized within the business as “The Merge”, had been accomplished earlier right now.

5. US Senate panel approves $6.5bn invoice to fund weapons for Taiwan The Taiwan Coverage Act was handed by a margin of 17-5 by the US Senate international relations committee. The invoice, which nonetheless requires approval by the total Senate and the Home, marks the first time the US would immediately finance the availability of weapons to Taiwan.

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The day forward

China retail gross sales and industrial manufacturing figures When August information is launched right now, economists anticipate retail gross sales to continue their downbeat trend following July’s underwhelming report. (Focus Economics, FT)

Prime Chinese language lawmaker meets South Korean president China’s Nationwide Folks’s Congress Standing Committee Chair Li Zhanshu is anticipated to meet South Korean president Yoon Suk-yeol right now.

Malaysia Day Monetary markets shall be closed right now to mark the institution of the Malaysian federation.

Skandal! premiere The Netflix documentary charting the unbelievable story of how the Monetary Occasions’ Dan McCrum took down Germany’s enormous and fraudulent cost processor Wirecard, shall be launched globally right now.

Be a part of board members and C-suite executives in particular person or on-line for the Cyber Resilience Summit on September 21-23 to listen to remarks from audio system together with Invoice Clinton. Register for your pass today.

What else we’re studying

Xi plan for financial independence Underneath Xi Jinping — who seems all however sure to safe one other time period in energy subsequent month — China is searching for to change into a state-led and self-sufficient techno-superpower that can now not rely a lot on the west. However how lifelike is purpose in a related world?

Citi opens Málaga hub for junior bankers Málaga is best recognized for its sunshine and meals than banking. However yesterday 27 younger recruits began at Citi’s new hub for junior funding bankers. Rivals have dismissed it as a gimmick however the US financial institution claims it’s a means of providing a “higher work-life steadiness” for its new starters. Will it work?

Defiance within the rabbit warren of Kyiv’s presidential palace Final week, Gillian Tett took a trip down the darkened corridors of the Ukrainian presidential palace, the place regardless of combating off a brutal Russian invasion for seven months, President Volodymyr Zelenskyy and his group are intent on delivering the message of enterprise as standard.

Learn how to reboot males for the age of gender equality On the prime and the underside of society, new definitions of masculinity may help all to thrive, writes Simon Kuper. These three recent books hint the outlines of a brand new masculinism.

Scenes from the top of an Elizabethan ageThe state funeral for the Queen on Monday shall be a solemn ceremony however within the meantime the general public waits to see the physique mendacity in state and pay their respects at Buckingham Palace. Imogen West-Knights joined mourners, lost-looking tour groups and history rubberneckers outdoors the royal residence.

Journey

Cafés packed carefully alongside a picturesque single-line prepare monitor in Hanoi have reopened after a long Covid shutdown, feeding hopes that the realm will once more lure guests to what was as soon as a vacationer hotspot.