Wed. Oct 27th, 2021


Good morning. This article is a version on our site FirstFT newsletter. Subscribe with us Asia, Europe / Africa or America expense to send it directly to your inbox every weekday morning

Fumio Kishida will be the next Prime Minister of Japan after winning a leadership battle in which the ruling Liberal Democratic Party stimulated its future on stability instead of gambling on a new generation of leaders.

The victory yesterday in a fiercely controversial race was a wonderful return for the 64-year-old former foreign minister, who was defeated by Yoshihide Suga in last year’s LDP leadership battle.

His victory is a blow to the younger rank-and-file party members, who hoped that the leadership struggle would bring about a generational change. Kishida is expected to bring policy continuity and predictability – which means a close alliance with the US, a steady increase in defense spending to counter China, and aggressive monetary and fiscal stimulus in the short term.

The vote on Wednesday led to a second round after none of the four claimants managed to gain a majority the first time he asked.

What do you think of Kishida’s appointment? Let me know your thoughts at emily.goldberg@ft.com. Thanks for reading. – Emily

Five more stories in the news

Democrats try to avoid stalemate amid debt ceiling the US Senate was ready to vote on a measure to avoid a strike by the government while the Democrats struggled to find a way to raise the U.S. debt ceiling and prevent a chorus of executives and policymakers from setting a ‘catastrophic’ standard in less than three weeks.

2. Evergrande sells bank interest The heavily indebted Chinese real estate developer raised Rmb10 billion ($ 1.5 billion) by selling part of its stake in a bank to a state-owned investment group. The sale comes after Evergrande found itself in a deepening liquidity crisis after missing out on an interest payment of $ 83.5 million on a dollar bond last week.

  • Related reading: The Japanese government’s pension investment fund will exclude renminbi-denominated Chinese government bonds from its $ 1.73-tonne portfolio, with regard to liquidity issues and other risks in the second largest economy in the world.

Shares struggle to recover losses after inflation Shares on Wall Street struggled to recoup their losses yesterday after fears of prolonged inflation and rising interest rates caused the worst day for US stock markets since May during the previous session.

  • Go deeper: Signs indicate stagflation as reflection, but it’s early days, writes my colleague Robert Armstrong in our Unhedged newsletter. Sign in here.

4. Warby Parker sees $ 6 billion valuation in direct listing The spectacle brand Warby Parker was worth more than $ 6 billion – more than double its value during a recent private fundraising round – after completing a live listing in New York on Wednesday.

5. Japan demands sentence for former head of Nissan Prosecutors have appealed to the Tokyo District Court to two years in prison at the head of Nissan’s former lawsuits for the role he allegedly played in a conspiracy to hide the real salary of its former chairman, Carlos Ghosn.

Coronavirus consumed

  • Tickets to the Beijing Olympics will only be sold to spectators from mainland China, while athletes and other participants who have not been fully vaccinated against Covid-19 must serve a three-week quarantine.

  • Corporate Australia accused the government of it make “big mistakes” in the failure to reopen to the world and say that they put politics before science.

  • Jay Powell, Chairman of the Federal Reserve warned inflationary supply chain broken may continue – a remark echoed by central bank heads in the EU, Japan and the UK.

  • The National Basketball Association will not pay players who miss games because they refused to comply with local vaccine orders.

  • Fresh data highlight two-speed nature of global recovery. While I encourage consumer activity, inhibit increasing infections Asian Pacific.

The days ahead

China PMI figures Data from the index of Markit’s general purchasing managers in Caixin for general manufacturing is released today.

Industrial production figures in Japan Data released today by the Ministry of Economy, Trade and Industry is expected to show this industrial production fell by 0.5% in August of the previous month, according to a Reuters poll among economists. (Reuters)

British coronavirus policy changes The UK’s job retention scheme for coronavirus will ends today – the same day as the most recent unemployment figures are published. In addition, people who attend nightclubs and other places where large crowds gather in England must also be fully vaccinated today.

Join us for a FT-Nikkei discussion on October 6 with business leaders and experts on how the best health care systems in Asia can recover from the pandemic.

What we still read

The necessary reinvention of Huawei With sanctions hampering its traditional operations, the telecommunications group is rush to boost areas such as cloud services. At stake is not only the fate of one of China’s most prominent and successful enterprises, but the greater technological competition between Beijing and Washington.

Bar graph of turnover (Rmb billion) showing that Huawei's revenue will decline after years of enormous growth

How Tajikistan became the center of resistance to Afghanistan Afghanistan’s neighbors in Central Asia fear that the takeover of the Taliban could spark radicalism and fuel drug trafficking in the region, as well as increase refugee flows. But especially for Tajikistan, support of the ethnic Tajiks which constitutes the Afghan resistance and has long experienced discrimination is non-negotiable.

Thanks to readers who voted in our poll yesterday. Sixty-three percent said the U.S. should have maintained some presence of troops in Afghanistan.

Streaming of piracy strengthens the case for the window in the theater While the Hollywood studios were experimenting with the release of new films on streaming services at the same time as their film debut, the immediate availability of the strategy had a positive effect on the strategy. pristine pirate copies movies like Disney’s Black widow and Warner Bros. Godzilla vs Kong.

How to make single finances work in a world built for couples Nearly one in four of us live on our own, but it can be difficult to deal with the financial and emotional stress of it all ourselves. In this week’s episode of the Money Clinic podcast Claer Barrett, consumer editor, is assisted by two experts who work alone.

Would you eat a guinea pig? As globalization and tourism expand the western palate, this deceptively simple question has become a classic example in cultural anthropology classes of the subjective nature of ours. attitude towards food, writes Gillian Tett.

Movie

Nineteen months is a long time for a Martini to sit impatiently, critic critic Danny Leigh writes in his review of the new James Bond movie No time to die. The Concern would be a movie that now tastes lukewarm and dusty. Not a bit of it, it seems, at least in part by a master of random chutzpah — the plot depends on escaping a terrible infestation, a global bio-danger. Not even Covid is so big that it can not be scaled up by Bond.

Daniel Craig and Ana de Armas team up in one of the film's striking scenes

Daniel Craig and Ana de Armas work together in one of the striking scenes from the movie © 2020 DANJAQ, LLC and MGM. All rights reserved

Remember that you can add FirstFT to myFT. You can also choose to receive a FirstFT push notification on the app every morning. Send your recommendations and feedback to firstft@ft.com

Recommended newsletters for you

Due Diligence – Top stories from the world of corporate finance. Sign in here

Moral money – Our indispensable newsletter on socially responsible business, sustainable finance and more. Sign in here



Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *