FirstFT: Rare US-China commitment to an “existential” climate crisis


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The United States and China have made a rare joint declaration of cooperation on climate change, which China’s special envoy to the UN COP26 summit described it as an “existential crisis”.

In the last days of the summit, Chinese and US climate envoys indicated that they had found common ground on some of the most sensitive issues that plague negotiators.

“We both see the challenge of climate change as existential and serious,” said Chinese climate envoy Xie Zhenhua.

“In the area of ​​climate change, there is more agreement between China and the US than there is no agreement.” Kerry said the two countries worked “in good faith and found common ground” with a shared interest in the success of COP26.

Do you think that sufficient progress has been made at COP26? tell me [email protected]. Thank you for reading FirstFT Asia. Here’s the rest of today’s news – Emily

1. Inflation is picking up from the US to China US consumer prices jumped at the fastest pace in three decades in October as inflationary pressures spread across the economy. In China, factory door prices rose at the fastest pace in 26 years in October, as energy shortages and record commodity prices hit the world’s second-largest economy.

2. McKinsey partner accused of insider dealing U.S. prosecutors accused partner at consulting firm McKinsey of securities fraud for allegedly using insider trading prior to Goldman Sachs’ acquisition of $ 2.2 billion online loan company GreenSky, accusing him of using insider trading to make profit in excess of $ 450,000 .

3. Rivian soars after the stock exchange debut The electric vehicle manufacturer, which has yet to record any significant revenues, has achieved a market value of over $ 100 billion after its Nasdaq debut, greater than Ford and General Motors.

4. Kishida appoints a pro-China ally as Foreign Minister According to analysts, the election of former Defense and Education Minister Yoshimasa Hayashi by Japanese Prime Minister Fumio Kishida as Foreign Minister reflects Kishida’s desire to strengthen ties with the US while taking a more assertive role in regional security to counter the growing Chinese threat .

5. The United States warns of an impending fight against corporate crime The US Department of Justice is getting ready to crack down on corporate abuses, a high-ranking official working on the plans told the Financial Times, with the first cases expected within weeks.

Summary of COP26

Coming day

Chinese Singles Day Today’s holiday is one of the biggest online shopping days in China this year. But it’s dizzy with Alibaba’s annual focus on e-commerce faded. Now he is pushing welfare line trying to stay relevant – and please the Beijing authorities. (SCMP, Nikkei Asia)

Iranian negotiator visiting London Ali Bagheri Kani, Iran’s deputy foreign minister, reportedly has: visit London today before talks on a nuclear deal in Vienna at the end of the month. (Guardian, Bloomberg)

UK economic data Today, data on monthly and Q3 GDP, trade balance, industrial production and services index will be released.

Profits Among the companies reporting financial results today are Mazda, Qualcomm, Siemens, Singapore Airlines, Tencent and Uber. See our full list here.

What else do we read

Iran’s social divisions are exposed on airport departures Iran’s widening social divisions are seen at Tehran International Airport, where pilgrims to the Iraqi holy city of Karbala stand shoulder to shoulder with tourists going on a beach vacation in Antalya on Turkey’s Mediterranean coast, writes Najmeh Bozorgmehr.

GE closes a decisive chapter in the US corporate history The disintegration of the industrial titan signals just how far from grace the conglomerate’s business model has fallen. He becomes the last in the ranks of the once dominant companies, distancing themselves further from the time when conglomerates defined best corporate practices.

Bill Ackman seeks support from his neighbors A veteran of corporate raids and furious short sale campaigns, he tries to convince residents of Manhattan’s Upper West Side of the benefits of a Norman Foster-designed restoration of his penthouse on 77 West Street. The dispute is now entering 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 rendering designed by architect Norman Foster

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

Clash looms for Argentina’s $ 57 billion bailout With Argentina facing billions of dollars in record IMF aid of $ 57 billion, the left-wing government in Buenos Aires needs a new deal to unlock more cash to ease the economic crisis. But President Alberto Fernández is stiffening his position ahead of Sunday’s mid-term election.

The WFH revolution did not benefit everyone Older people stayed at work longer – until the outbreak of the pandemic. Now an army of “Covid retirees” is headed for exiting the job market, writes Sarah O’Connor.

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

Technology

Wondering about the best tech gifts for Christmas? How To Sped It has just published its gadget guide 2021 including Sonos Lamp Speaker and LED Mask.

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