Wed. Dec 1st, 2021


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The US and China have a rare joint statement to work together on climate change, which the Chinese special envoy described after the UN COP26 summit as an “existential crisis”.

In a major shift during the last days of the summit, the Chinese and US climate envoys indicated that they had found common ground on some of the thorniest issues plaguing negotiators.

“We both see that the challenge of climate change is an existential and serious one,” Chinese Climate Envoy Xie Zhenhua said.

“In the area of ​​climate change, there is more agreement between China and the US than there is disagreement.” Kerry said the two countries “worked in good faith and found common ground” with a shared interest in success at COP26.

Do you think enough significant progress has been made at COP26? Tell me at firstft@ft.com. Thank you for reading FirstFT Asia. Here’s the rest of today’s news – Emily

1. Inflation increases from US to China US Consumer Prices jumped in october at the fastest pace in three decades as inflationary pressures spread further through the economy. In China, factory gate prices have risen with them fastest pace in 26 years in October, as power shortages and record commodity prices hit the world’s second largest economy.

Line chart of annual% change in CPI showing US inflation at 31-year high

2. McKinsey partner accused of insider trading U.S. prosecutors have sued McKinsey partner in consulting firm security fraud for alleged insider trading ahead of Goldman Sachs’ $ 2.2 billion acquisition of online lending provider GreenSky, which accuses it of using privileged information to make a profit of more than $ 450,000.

3. Rivian rises with stock market debut The manufacturer of electric vehicles, which has not yet recorded any significant revenue, rose on its Nasdaq debut with an opening market value of more than $ 100 billion, more than Ford and General Motors.

4. Kishida appoints pro-China ally as foreign minister Japanese Prime Minister Fumio Kishida’s choice of Yoshimasa Hayashi, a former defense and education minister, as foreign minister reflects Kishida’s effort to strengthen ties with the US while taking on a more assertive role in regional security to address China’s growing threat, analysts say.

5. US warns of imminent corporate crime repression The US Department of Justice is preparing to launch a crackdown on corporate misconduct, a senior official working on the plans told the Financial Times, with the first cases expected within weeks.

COP26 consumed

The day ahead

China’s Singles’ Day Today’s holiday is one of China’s biggest online shopping days of the year. But the dizziness over Alibaba’s annual e-commerce push it fades. It is printing now a social welfare line in an effort to stay relevant – and please Beijing authorities. (SCMP, Nikkei Asia)

Iran’s negotiator visits London Ali Bagheri Kani, Iran’s Deputy Foreign Minister, has been arrested visit London today before nuclear power talks in Vienna at the end of the month. (Guardian, Bloomberg)

UK economic data Monthly and Q3 GDP estimate, trade balance, industrial production and index of services figures will be released today.

Earnings Among the companies reporting earnings today are carmaker Mazda, Qualcomm, Siemens, Singapore Airlines, Tencent and Uber. See our full list here.

What else are we reading

Iran’s social divisions are exposed by airport departures Iran’s widening social divisions is on display at Tehran’s international airport, where pilgrims to Iraq’s holy town of Karbala stand shoulder to shoulder with tourists heading for a beach holiday in Antalya, on Turkey’s Mediterranean coast, writes Najmeh Bozorgmehr.

GE concludes a turning point in US corporate history The breakdown of the industrial titan indicates how far from the favor of the conglomerate’s business model has fallen. It is becoming the latest in the ranks of once dominant companies to distance themselves further from the time when conglomerates defined corporate best practices.

Bill Ackman tries to win neighbors’ support The veteran of corporate raids and brutal short-selling campaigns is trying to persuade residents of Manhattan’s Upper West Side of the benefits of a Norman Foster-designed renovation of his penthouse in West 77th Street. The dispute is now enters a critical phase.

Bill Ackman wants to demolish the penthouse on top of a 1927 building and erect two modernist glass boxes, shown here in a version designed by architect Norman Foster

Bill Ackman wants to demolish the penthouse on top of a 1927 building and erect two modernist glass boxes, here in a version designed by architect Norman Foster © l

Threatening clash over Argentina’s $ 57 billion bail As Argentina faces a deadline to repay billions of dollars from a record-breaking $ 57 billion IMF bailout, the left-wing government in Buenos Aires needs a new deal to unlock more cash to ease an economic crisis . But President Alberto Fernández is hardens his line before Sunday’s midterm elections.

The WFH revolution did not benefit everyone Older people stayed at work longer – until the pandemic hit. Now an army of “Covid retirees” is on their way to leaving the labor market, writes Sarah O’Connor.

Thanks to readers who took our poll yesterday. Twenty-one percent said their local Covid restrictions are still too strict.

Technology

Are you thinking of the best technology gifts for Christmas? How To Spend It She Just Published 2021 Device Guide, including a Sonos lamp speaker and an LED mask.

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