Wed. Dec 1st, 2021


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Click here to listen to the latest news in less than three minutes. Top Stories Today is an audio news review that keeps you up to date on the day’s headlines.

Jamie Dimon has released two separate excuses to China after telling a group of US business leaders that JPMorgan Chase would survive the Chinese Communist Party.

The bank’s CEO referred to the party’s 100th anniversary in a speech in Boston on Tuesday and noted that JPMorgan is the same age. “I will make a bet that we will last longer,” he said, adding: “I can not say that in China. They are probably listening anyway.”

The bank on Wednesday sought to mitigate any damage to relations with China, where JPMorgan has been laying the groundwork for decades to take advantage of the country’s growing wealth. First, Dimon issued a statement: “I’m sorry and should not have made that remark. I tried to emphasize the strength and longevity of our company. ” Hours later, he apologized again.

“I regret my recent remark, because it is never right to joke or belittle any group of people, whether it is a country, its leadership or any part of a society and culture. To speak in this way can take away from constructive and thoughtful dialogue in society, which is now more necessary than ever. ”

Thank you for reading FirstFT Asia. Here’s the rest of today’s news. – Emily

Dozens of migrants feared drowned on French coast More than 30 people drowned during an attempt to cross the English Channel of France in the worst accident in a surge of clandestine small boat crossings that weakened relations between French and British authorities.

Activists and members of associations defending the rights of migrants gather outside the port of Calais

Activists and members of associations defending the rights of migrants gather outside the port of Calais © AP

2. Three men convicted of murder in shooting at Arbery A US jury has found three white men guilty of murder of Ahmaud Arbery, a 25-year-old black man who was shot last year while jogging in Georgia in an incident that sparked racial justice protests across the US.

3. US blacklisted Chinese quantum computer companies The move, which makes it nearly impossible for U.S. companies to sell technology to listed companies, a total of 27 entities targeted, including 12 in China and two affiliated firms in Japan and Singapore. In addition to quantum computing, the list included companies in the semiconductor and aerospace industries.

4. Chinese regulators demand approval of new Tencent applications China’s Ministry of Industry and Information Technology (MIIT) will act temporarily “technology testing” to ensure that Tencent’s applications meet its standards before the company can offer them to users, state media reported.

5. Samsung to build $ 17 billion chip plant in Texas Samsung Electronics chose Texas city of Taylor for its planned $ 17 billion US disk plant as the South Korean technology group responds to the Biden administration’s pressure to expand semiconductor production in the US.

Coronavirus consumed

The day ahead

Bank of Korea Monetary Policy Committee Meeting The Bank of Korea is expected to raise interest rates while policymakers work to control inflation, which rose to its highest level in about a decade in October. (Reuters)

European Central Bank minutes How long do ECB policy makers expect to continue to buy bonds and when can they raise interest rates from their ultra-low levels? More light will be shed these crucial questions when the minutes of last month’s policy meeting are published today.

American Thanksgiving Holiday Fears of another Covid boom comes on the verge of the holiday, when tens of millions of Americans will travel to reconnect with their families, some of them for the first time since the start of the pandemic. Americans will pay more to celebrate Thanksgiving when they gather around dinner tables.

Two-variable state maps showing how the vaccination rates compare to new case / hospital admission rates in each state between August and November of 2021. Colors and data are recorded in quantiles, depending on the size of the data.  In the summer, the ratio between vaccinations and cases / hospital admissions was consistently reversed across states, while declining immunity and delayed vaccination rates in different states broke that ratio, especially for cases, as breakthrough cases have increased significantly in recent months.

What are we still reading and listening to?

Will global banks’ bet on China pay off? JPMorgan – and its major Wall Street and European competitors – believe there is a great price worth chasing in China. For western banks, this price has been elusive so far. The US bank’s attempts at investment banking services in China have brought huge costs for meager returns.

Is it time to be open about pay? Chances are good that not even your best friend knows how much you earn at work. In this episode of the FT podcast Working It, host Isabel Berwick tries to work out what we are worried about. On top of that, she talks to Brooke Masters about how to negotiate a salary increase.

Why the race for nuclear fusion has only accelerated Scientists are on a 60-year mission to answer one of energy’s most complex problems: how to harness the power of the sun to generate clean, never-ending electricity on earth. No group could generate more energy from a fusion reaction than the system consumes. But now scientists are optimistic.

Amazon’s battle with Visa over who keeps the profits As the year’s biggest shopping season kicks off, Amazon last week had a very public battle with Visa. It has sent an email to UK customers saying they plan to stop taking Visa branded credit cards and offer them a £ 20 discount on their next purchase if they change payment methods.

The US and China are already at war. But what kind? As hedge fund hero Ray Dalio noted conflicts can break out on many fronts, not just kinetic. “There is a trade war, a technology war, a geopolitical war, a capital war and there can be a military war. We are definitely in different grades in the first four of them. . . and there is good reason to be concerned about the fifth type, ”he told Gillian Tett.

Thanks to readers who took our poll yesterday. Fifty-five percent of respondents said they did not support Beijing’s repression of education.

Movie

Ridley Scott called his chaotic new movie Gucci House “satire”. In other words, it’s meant to be a joke. That explains a lot. Scott is a lot of things, including a sometimes unparalleled great-design filmmaker. He’s not a comedian, writes FT film reviewer Danny Leigh.

Adam Driver as Maurizio Gucci and Lady Gaga as Patrizia Reggiani

Adam Driver as Maurizio Gucci and Lady Gaga as Patrizia Reggiani in ‘House of Gucci’ © AP

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