Good morning. China president Xi Jinping urged his Ukraine counterpart Volodymyr Zelenskyy to negotiate with Moscow in the first phone call between the two leaders since Russia’s full-scale invasion of Ukraine.
In an almost hour-long call that Ukraine’s president called “long and meaningful”, Xi told Zelenskyy that he would send a representative to talk to “all parties” to seek a “political settlement” of the war, according to China’s foreign ministry.
However, a readout of the call from Zelenskyy’s office avoided any reference to negotiation. Instead, it “expressed hope for China’s active participation in efforts to restore peace”.
Ukraine dismissed a “peace plan” put forward by China in February in part because it did not include the withdrawal of Russian forces from occupied territory. But Zelenskyy has long sought a conversation with Xi to put forward Ukraine’s cause and persuade China’s leader to exercise pressure on Vladimir Putin to rein in his war.
Here’s what else I’ll be watching today:
Turkey: The country’s first nuclear power reactor — the Akkuyu Nuclear Power Plant, funded by Russia — is set to open today. Turkey president Recep Tayyip Erdoğan said Putin may visit for the occasion. (Reuters)
Sudan: The limited 72-hour ceasefire between the rival military groups in Sudan finishes at midnight local time on Thursday.
Earnings: A bumper week in earnings continues. Companies reporting results include Amazon, Barclays, Deutsche Bank, Intel, Merck, Samsung and Unilever to name a few. See our full list in the Week Ahead newsletter.
Five more top stories
1. Chinese police question employees at Bain & Company’s Shanghai office, in the latest case of heightened scrutiny of foreign businesses in China as tensions between Beijing and Washington rise. Six people familiar with the situation said Chinese police had made a surprise visit to the US management consulting group two weeks ago
2. UK competition regulator blocks Microsoft’s $75bn acquisition of Activision Blizzard, drawing a furious response from the video games maker, which branded Britain “clearly closed for business”. The ruling is a huge blow to the deal’s global prospects and comes ahead of regulatory decisions in the EU and the US.
More tech news: Meta shares rose 10 per cent after it reported better than expected sales guidance.
3. US to step up its nuclear commitment to South Korea as it seeks to reassure Seoul about the strength of their alliance in the face of threats from North Korea. Here are the details from yesterday’s announcement.
4. Walt Disney sues Florida governor Ron DeSantis and other officials, claiming the state’s “retaliation” for its stance on the “Don’t Say Gay” law violated its constitutional rights. Until now the US media company has held back from taking legal action in the course of a bitter year-long fight with DeSantis. The entertainment group said in the legal filing it was “left with no choice”.
5. Exclusive: Tencent expands overseas investment in gaming assets with a focus on Europe, seeking to diversify away from China even as Beijing lifts punishing restrictions on the industry. Read the full story.
The Big Read
From a St Petersburg grandmother with her own art gallery to a teenager competing in international equestrian events, the family members of Russian warlord Yevgeny Prigozhin have led a charmed life. Western governments have struggled to impose costs on the Wagner founder’s relatives, even though they have been heavily involved in his businesses.
We’re also reading . . .
EV boom: An inside look at how South Korea’s three leading battery companies have made themselves integral to electric vehicle manufacturing in the US.
Heavy industry: The irony of our dash to live on digital devices is that it has created a dire need for metals and rare earth minerals. It’s a space with a dire need for more entrepreneurs, writes Gillian Tett.
Scientific rivalries: Isaac Newton is known as first-class scientist. Less known, is that he was a ruthless enemy who thrived on one-upmanship.
Chart of the day
Chinese equities have suffered a brutal sell-off since China reported a strong first-quarter of economic growth — sign of investor doubts over whether the country can sustain its rebound. Analysts said the higher than expected growth may have actually helped spur the sell-off. FT’s Hudson Lockett and Cheng Leng explain why.
Take a break from the news
King Charles has often been described as stiff and awkward-looking. But this has obscured the fact that he is an exceptionally good dresser. As a wiry, fit young man in his polo kit, Charles was, whisper it, even a little bit hot, writes FT’s Robert Armstrong. Don’t miss Rob’s column on what makes King Charles III’s sense of dress majestic.
Additional contributions by Camilla Bell-Davies and Tee Zhuo
Source: Economy - ft.com
