FirstFT: rare US-Chinese engagement on the “existential” climate crisis

Hello. This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe / Africa Where Americas edit to send it straight to your inbox every weekday morning

The United States and China made a rare joint declaration of cooperation on climate change, which the Chinese special envoy to the UN COP26 summit called an “existential crisis.”

In a high-stakes move in the final days of the summit, Chinese and US climate envoys said they had found common ground on some of the thorniest issues that have upset negotiators.

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

“When it comes to climate change, there is more agreement between China and the United States than there is disagreement. Kerry said the two countries had worked “in good faith and found common ground” with a common interest in the success of COP26.

Do you think that significant progress was made at COP26? Tell me to [email protected]. Thanks for reading FirstFT Asia. Here is the rest of today’s news – Emily

Five other articles in the news

1. Inflation picks up from the United States to China Consumer prices in the United States surged in October at the fastest pace in three decades as inflationary pressures spread further throughout the economy. In China, ex-factory prices rose at their fastest pace in 26 years in October, as electricity shortages and record commodity prices hit the world’s second-largest economy.

2. McKinsey partner accused of insider trading U.S. prosecutors have charged a partner in consulting firm McKinsey with securities fraud for suspected insider trading ahead of Goldman Sachs’ $ 2.2 billion acquisition of online loan provider GreenSky, accusing it of using inside information to make a profit of more than $ 450,000.

3. Rivian takes off for his stock market debut The electric vehicle maker, which has yet to record significant revenue, made its Nasdaq debut with an opening market value of more than $ 100 billion, higher than Ford and General Motors.

4.Kishida appoints pro-China ally as foreign minister The selection by Japanese Prime Minister Fumio Kishida of Yoshimasa Hayashi, former Minister of Defense and Education, as Minister of Foreign Affairs reflects Kishida’s desire to strengthen ties with the United States while assuming a role more assertive in regional security to deal with the growing threat from China, analysts said.

5. United States warns of impending crackdown on corporate crime The US Department of Justice is preparing to launch a crackdown on corporate wrongdoing, a senior official working on the plans told the Financial Times, with the first cases expected in a matter of weeks.

Summary of COP26

The day to come

Singles Day in China Today’s holiday marks one of the biggest online shopping days of the year in China. But dizziness over Alibaba’s annual e-commerce surge passed out. it’s growing now a social help line in an effort to remain relevant – and to please the authorities in Beijing. (SCMP, Nikkei Asia)

Iranian negotiator visits London Ali Bagheri Kani, Iranian Deputy Foreign Minister, is expected visit London today before nuclear negotiations in Vienna at the end of the month. (Guardian, Bloomberg)

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

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

What else do we read

Iran’s social divisions exposed on airport departures Iran’s growing social divisions are on display at Tehran International Airport, where pilgrims to the Iraqi holy city of Karbala stand side by side with tourists leaving for beach vacations in Antalya, on the coast. Mediterranean of Turkey, writes Najmeh Bozorgmehr.

GE closes a defining chapter in the history of the American company The bursting of the industrial titan shows how far the economic model of the conglomerate is from being favorable. It becomes the latest in the ranks of once dominant companies, moving further away from the days when conglomerates defined best business practices.

Bill Ackman tries to win the support of his neighbors The veteran of corporate raids and resentful 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 West 77th Street penthouse. 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 render, 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 here in a rendering, designed by architect Norman Foster © l

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

The WFH revolution did not benefit everyone Older people stayed at work longer – until the pandemic struck. Now, an army of “Covid retirees” is heading out of the workforce, writes Sarah O’Connor.

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