US and China to resume high-level military communication

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US President Joe Biden and his Chinese language counterpart Xi Jinping have reached an settlement to renew communications between their nations’ militaries at a summit exterior San Francisco designed to stabilise relations after a number of years of rising concern about doable battle over Taiwan.

At a press convention yesterday following his assembly with Xi, Biden mentioned the 2 nations had reached a collection of agreements, together with a dedication from China to reopen the army communication channels that Beijing had shut after then-US Home Speaker Nancy Pelosi visited Taiwan in August 2022.

China additionally agreed in precept to crack down on the export to Mexico of chemical substances used to make fentanyl, an artificial opioid that has sparked a lethal drug epidemic within the US.

The four-hour summit was solely the second in-person assembly of the 2 leaders since Biden took the presidency. The 2 try to regular turbulent US-China relations, which have reached their lowest level for the reason that nations established diplomatic ties in 1979. Right here’s the complete learn out of the assembly.

Right here’s what else I’m retaining tabs on right now:

Xi-Obrador assembly: The Chinese language chief follows up yesterday’s summit with Joe Biden with a face-to-face assembly with Mexico’s president Andrés Manuel López Obrador in San Francisco later right now.

Firm outcomes: Walmart studies outcomes for its third quarter. Traders can be on any commentary round inflation and the power of the US shopper after Goal and Residence Depot earlier this week prompt discretionary spending by US households was softening.

Financial information: We get new purposes for US unemployment assist for the week ended November 11. The Federal Reserve Financial institution of Philadelphia points its Manufacturing Enterprise Outlook Survey for November.

Financial coverage: Vice chair for supervision on the Federal Reserve Michael Barr speaks at a convention co-hosted by the New York Federal Reserve alongside the president of the Federal Reserve Financial institution of New York president John Williams. Reserve Financial institution of Cleveland president Loretta Mester, Federal Reserve Financial institution of Boston president Susan Collins and the Federal Reserve Financial institution of San Francisco president Mary Daly all seem at public occasions right now.

5 extra prime tales

1. Joe Biden mentioned the conflict towards Hamas would finish when the Islamist group “not maintains the capability to homicide, abuse and simply do horrific issues” to Israel regardless of mounting stress from worldwide allies and officers inside his administration to press for a pause the army operation in Gaza. The feedback had been made after Biden’s assembly with Chinese language President Xi Jinping as Israel’s army continued its search of Gaza’s largest hospital. Right here’s the newest on the operation and a number of the military’s discoveries.

2. Nikki Haley’s efficiency within the Republican presidential debates has intrigued Wall Road movers and shakers, with BlackRock chief Larry Fink attending a low-key breakfast with the candidate and former Goldman Sachs president Gary Cohn internet hosting a fundraiser this week. Billionaire investor Stanley Druckenmiller introduced his assist for Haley on Monday. Right here’s why huge donors are more and more backing her candidacy.

3. Microsoft has unveiled its first bespoke chips for synthetic intelligence within the cloud, as builders clamour for various suppliers to Nvidia. Two new processors — a general-purpose chip based mostly on Arm designs referred to as Cobalt and a specialised AI “accelerator” named Maia — can be deployed in Microsoft’s Azure information centres subsequent 12 months. Learn extra on Microsoft’s entry into the AI chip market.

4. The UK has turn out to be the primary nation to approve a remedy based mostly on Crispr gene enhancing. The remedy, which was developed by Vertex Prescription drugs and Crispr Therapeutics, can be used for the therapy of sickle cell illness and beta thalassaemia. Right here’s extra on the scientific breakthrough.

5. EY has appointed Janet Truncale, the pinnacle of its monetary providers enterprise within the Americas, to be its subsequent world chief govt. Truncale, who turns into the primary lady to steer a Massive 4 agency, will change Carmine Di Sibio, who’s retiring in June within the wake of the collapse of a plan to spin off EY’s consulting arm into a brand new public firm. Learn extra on Truncale’s appointment.

The Massive Learn

The London Inventory Alternate Group owns a 300-year-old change however makes underneath 4 per cent of its revenues from itemizing and buying and selling money equities. As a substitute, information and analytics now account for about two-thirds of revenues. The corporate has gone additional than a lot of its rivals, however the world over inventory exchanges are transferring away from their conventional companies and into areas together with information, digital property and mortgages.

We’re additionally studying . . . 

Chart of the day

The place did the foreign money wars go? Alternate charges had been barely, if in any respect, on the agenda of Joe Biden and Xi Jinping’s assembly yesterday. Whereas it is a lull, the components that created battles over foreign money misalignments haven’t gone away, writes Alan Beattie. China particularly is threatening to return to the mercantilist behaviour that began protracted tensions 20 years in the past.

Take a break from the information

The Crown returns to our screens for the sixth and remaining season, together with the “ghost” of Diana. The controversial scenes — which discover the lately deceased princess talking with Charles and the Queen — are prone to solely offend those that search to be offended, says reviewer Dan Einav.

Extra contributions from Gary Jones and Benjamin Wilhelm