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    More convenient form of breakthrough Alzheimer’s drug Leqembi shows promising results in study

    An injectable and more convenient version of the Alzheimer’s drug Leqembi is as effective as the currently approved form of the antibody treatment, according to initial study results from its maker Eisai and its partner Biogen.
    The initial clinical trial results could potentially pave the way for wider uptake of Leqembi, the first medicine proven to slow the progression of Alzheimer’s in people at the early stages of the memory-robbing disease.
    Eisai and Biogen said in a release that they plan to apply for U.S. approval of subcutaneous Leqembi by the end of March.

    Eisai | via Reuters

    Eisai on Wednesday said an injectable version of the Alzheimer’s drug Leqembi showed promising initial results in a clinical trial, potentially paving the way for a new and more convenient option for administering the antibody treatment. 
    However, the injection did not cause lower rates of brain swelling and bleeding, which are Leqembi’s most concerning side effects.

    Leqembi, made by Eisai and its partner Biogen, is the first medicine proven to slow the progression of Alzheimer’s in people at the early stages of the memory-robbing disease. U.S. regulators in July approved a version of Leqembi that is administered twice monthly through the veins, which is a method known as intravenous infusion. 
    But Eisai and its partner Biogen are hoping to win approval for a subcutaneous version of the drug, which would be an injection under the skin. That method would allow patients or caregivers to administer the Leqembi at home, freeing them from the need to travel to an infusion center such as a hospital every two weeks.
    Eisai and Biogen said in a release that they plan to apply for U.S. approval of subcutaneous Leqembi by the end of March.
    Eisai presented the preliminary results, from an extension to a late-stage trial that supported the approval of intravenous Leqembi, at the Clinical Trials on Alzheimer’s Disease conference in Boston. That study tested subcutaneous doses of Leqembi and measured the drug’s safety and effects on a protein called amyloid – also known as plaque – that builds up in the brain and is associated with Alzheimer’s. 
    The study showed that a set of two injections administered once weekly produced similar results after six months to twice-monthly intravenous infusions in terms of safety, the concentration of the drug in the blood and its ability to clear plaque buildups in the brain, Eisai said.

    The study specifically showed that the injectable form of Leqembi removed 14% more plaque than the approved intravenous formulation. Blood concentration levels of the drug were 11% higher with subcutaneous Leqembi than the other version.
    But the newer form still showed side effects known as amyloid-related imaging abnormalities, or ARIA. The removal of plaques from the brain can be associated with brain swelling and bleeding – also known as ARIA-E and ARIA-H – which can be severe or even deadly in rare cases.
    Almost 17% of patients who got weekly injections had ARIA-E, compared with 13% who got the drug via intravenous infusion. And 22% of those taking the shots had ARIA-H, versus 17% who received the other form.
    Roughly 6.7 million Americans age 65 and older are living with Alzheimer’s, according to the Alzheimer’s Association. That group is projected to rise to almost 13 million by 2050.
    One in three seniors die with Alzheimer’s or another form of dementia, which kills more people than breast cancer and prostate cancer combined, the association said. The neurodegenerative disease begins with mild memory loss but eventually impairs a person’s ability to think and carry out daily activities.
    There is a wealth of research on Alzheimer’s, but it has been notoriously difficult to treat. Multiple drugs designed to target the disease have failed in trials. The sheer cost and length of that research further impede drug development. And in recent years, scientists have ignited a debate over the true cause of the disease and what the drugs should target. More

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    Endeavor stock surges as Silver Lake says it’s considering taking the company private

    Ari Emanuel’s Endeavor Group Holdings will explore strategic alternatives, which could include a sale.
    The move comes after Endeavor rival CAA agreed to sell a majority stake to French billionaire Francois-Henry Pinault.
    Silver Lake said it is considering taking Endeavor private.

    Endeavor Group Holdings, the talent agency and sports company run by Ari Emanuel, said Wednesday it would explore strategic alternatives, which could mean a possible sale or potentially going private again after two and a half years on public markets.
    Indeed, soon after Endeavor’s announcement, major shareholder Silver Lake said it is considering taking the company private. Such a move would be a swift turnaround for Endeavor, whose shares went public in April 2021 after some hiccups.

    “Silver Lake firmly believes in Endeavor’s business and is not interested in selling its shares in Endeavor to a third-party nor in entertaining bids for assets that are a part of Endeavor,” Silver Lake said in a news release, noting that it owns about 71% of the voting power for Endeavor.
    Silver Lake co-CEO Egon Durban and Managing Director Stephen Evans are members of Endeavor’s board of directors.
    Endeavor’s stock jumped more than 24% in after-hours trading.
    “Given the continued dislocation between Endeavor’s public market value and the intrinsic value of Endeavor’s underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders,” Emanuel, CEO of Endeavor, said in a news release.
    The move comes weeks after French billionaire Francois-Henry Pinault agreed to buy a majority stake in Endeavor rival Creative Artists Agency. The deal was reportedly worth $7 billion.

    Endeavor’s market value, likewise, was $7.79 billion as of Wednesday’s market close, having declined 21% so far this year.
    Notably, Endeavor said it wouldn’t consider unloading its interest in TKO Group Holdings, the newly formed combat sports company that includes Vince McMahon’s WWE and Dana White’s UFC. Endeavor owns 51% of TKO, which began trading on the New York Stock Exchange last month.
    –CNBC’s Alex Sherman contributed to this report. More

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    Rocket Lab expects to resume Electron launches before year-end after September failure

    Rocket Lab is in the final stages of closing an investigation into its most recent Electron launch, which failed midflight in September.
    It expects to resume Electron launches before the end of the year.
    The FAA, which is overseeing Rocket Lab’s failure investigation, authorized the company to resume Electron launches from its facility in New Zealand.

    An Electron rocket launches the Baby Come Back mission from New Zealand on July 17, 2023.
    Rocket Lab

    Rocket Lab expects to resume launches of its Electron vehicle before the end of the year, the company announced Wednesday.
    The company is in the final stages of closing an investigation into its most recent Electron launch, which failed midflight in September. The Federal Aviation Administration, which is overseeing Rocket Lab’s failure investigation, authorized the company to resume Electron launches from its facility in New Zealand.

    “Our investigation team with FAA oversight has worked around the clock since the moment of the anomaly to uncover all possible root causes, replicate them in test, and determine a path for corrective actions to avoid similar failure modes in future. We look forward to sharing the details of the review once it is fully complete,” Rocket Lab CEO Peter Beck said in a statement.
    Rocket Lab stock rose about 5% in after-hours trading from its close at $4.09 a share.

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    The company expects its review “to be completed in the coming weeks.”
    The September launch was Rocket Lab’s 41st of an Electron vehicle. The company ranks as the second-most active U.S. orbital rocket launcher after SpaceX.
    Rocket Lab is scheduled to report third-quarter results after markets close Nov. 8.Don’t miss these CNBC PRO stories: More

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    Life Time stock plummets as company spends more on premium fitness experience

    Life Time Group shares plummeted 15% after the company’s third-quarter results revealed higher spending to boost the premium member experience.
    The cost of running its fitness centers rose 8.2% year over year during the quarter to $319.4 million, the company said.
    Life Time CEO Bahram Akradi said the investments have helped drive member engagement at its clubs.

    A Life Time Group Holdings sign at the New York Stock Exchange on Oct. 7, 2021.
    Source: NYSE

    Life Time Group shares plummeted 15% Wednesday after the company’s third-quarter results revealed higher spending to boost the premium member experience.
    The cost of running its fitness centers, including new and ramping locations, rose 8.2% year over year during the quarter to $319.4 million, the company said.

    Life Time CEO Bahram Akradi said the investments — including new pickleball courts and personal training programs — have helped drive member engagement at its clubs, with average member visits up 24% since 2019. The company has a total of 170 centers.
    “With 150 billion impressions a year, it’s time for Lifetime to start expanding,” said Akradi. “What other products and services can consumers buy from us?”
    The program changes are an attempt to keep Life Time’s affluent customer base satisfied as prices rise across the board and many consumers increasingly value premium offerings.
    Life Time increased its prices at many of its locations in recent years, though pricing varies by market. Akradi said Wednesday the bulk of price changes have already been made, but another 20% to 25% of the company’s clubs will have further opportunity to increase member prices over the next six to 12 months.
    “We aren’t taking advantage of all the different connections we have and all the different programs we have, so there is essential work being done to systematize all of that,” said Akradi. “Any product that we put out there has to be absolutely the best.”

    Akradi said the new offerings are worthwhile long-term investments as ways to strengthen the luxury brand. Higher engagement from members means higher return visits and increased spending over the lifetime of the relationship, he said.
    The company’s investment in an assisted stretching program called “Dynamic Stretch,” for example, could present a $50 million market opportunity in 2024, according to the company.
    Life Time is also starting to think about bringing weight loss drugs to members’ fitness plans as a way to lean in on the latest GLP-1 trend, Chief Operating Officer Jeff Zwiefel told CNBC.
    For the third quarter, Life Time reported net income of $7.9 million, or 4 cents per share, on revenue of $585.2 million. During the third quarter of last year, the company earned $24.7 million, or 12 cents per share, on revenue of $496.4 million.Don’t miss these CNBC PRO stories: More

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    Jonathan Majors’ assault case heads to trial

    Jonathan Majors’ assault case is moving forward after a judge denied his motion to dismiss the charges against him.
    Majors was arrested in March after an alleged domestic dispute with then then-girlfriend Grace Jabbari in New York.
    Prior to the incident, the actor was on the verge of superstardom following big roles in “Creed III” and Marvel’s “Ant-Man and the Wasp: Quantumania.”

    US actor Jonathan Majors leaves Manhattan Criminal Court on August 03, 2023.
    Fatih Aktas | Anadolu Agency | Getty Images

    Marvel Cinematic Universe actor Jonathan Majors will stand trial on assault charges next month after a New York judge Wednesday denied his motion to dismiss the case.
    The trial is set for Nov. 29, according to the Manhattan District Attorney. 

    The charges stem from a March incident in which Majors, 34, was taken into custody over alleged abuse of his then-girlfriend Grace Jabbari, 30, during a car ride to an apartment in the New York neighborhood of Chelsea.
    The incident came just as Majors was bursting into Hollywood superstardom.
    After previously starring in HBO’s “Lovecraft Country,” he was set for a breakout year due to major roles in March release “Creed III” and February’s “Ant-Man and the Wasp: Quantumania.” The latter film, as well as his appearances on the Disney+ show “Loki,” positioned him to be the next major villain for Disney’s multibillion-dollar Marvel Cinematic Universe.
    CNBC reached out to Disney and Majors’ defense team.
    Following the alleged assault, Jabbari, a choreographer, was taken to the hospital for “minor injuries to her head and neck,” police said at the time. Police said they verified Jabbari’s claims after a preliminary investigation and called the incident a “domestic dispute.”

    Majors has denied the claims against him and brought a misdemeanor assault counter-charge against Jabbari, alleging that she attacked him. On Tuesday, the Manhattan District Attorney’s Office said Jabbari will not be prosecuted for any crime related to the case, according to NBC News.
    Prior to the incident, the couple dated for several years. Jabbari has since been granted a temporary order of protection against Majors, according to Variety. Additionally, Majors’ defense team has filed another motion to shield certain sensitive evidence from the public to ensure Majors’ right to a fair trial. The judge has not yet ruled on the motion.  
    Majors faces misdemeanor charges of assault and harassment. If convicted, he could face up to a year in jail. More

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    America would struggle to break Iran’s oil-smuggling complex

    In february dilro, an obscure company based in Dubai, bought the Ocean Kapal, an 18-year-old tanker. Since then the Panama-flagged vessel has been given a new name, Abundance III, and a new job. In April the ship delivered its first load of Iranian oil to the port of Dongjiakou in northern China. After completing a similar trip in September, it now lingers off Malaysia, where it may pick up yet another Iranian cargo. The ship is one of many to have recently joined the “dark fleet” tasked with moving Iranian oil, exports of which have surged from 380,000 barrels per day (b/d) in 2020 to 1.4m now (see chart).Although America retains harsh sanctions that target anyone helping to produce, ship or sell Iran’s petroleum, the superpower’s officials last year eased enforcement. They were hoping to clinch an accord on Iran’s nuclear programme—and, probably, to suppress prices in the run-up to America’s presidential election. The number of people and firms added to Iran-related blacklists by ofac, America’s enforcement agency, has dwindled.image: The EconomistYet since Hamas attacked Israel on October 7th, the Biden administration has been under pressure to close loopholes, as Iran is Hamas’s biggest sponsor and oil proceeds fill the country’s coffers. So far traders seem unfazed: oil sells at $90 a barrel, down from $97 in September. But could a sanction snapback inflame markets?Start by considering Iran’s smuggling network, which has become more sophisticated since President Donald Trump put in place fresh sanctions in late 2018. The country’s petroleum business is run by the National Iran Oil Company (nioc), a state monopoly. Its main customer is China—not the country’s large, state-owned firms, which are exposed to Western sanctions, but “teapot refineries” that snap up 95% of Iranian supplies. A glut in refining capacity is pushing these outfits to seek the cheapest crude available. Iran’s trades at a $10-12 discount to the global benchmark, against $5 for Russia’s as delivered to Chinese ports. The teapots make transactions in Chinese currency, not American dollars, which insulates them from sanctions.Old tankers, acquired by little-known middlemen, link the ends of the chain. Most would have gone to scrap because blue-chip charterers do not want them. Of the 102 extra-large tankers that have ferried Iranian oil in 2023, 42 did not do so last year and 27 have no history of ever carrying dodgy oil, according to Kpler, a ship-tracking firm. Often they do only a few voyages a year, for just a few years. But those who buy them see a return fast, because clandestine shipping commands extortionate rates.Ownership is disguised through shell companies registered in places such as China, Vietnam and the United Arab Emirates (uae). Most of those fingered by America’s Treasury department have Chinese names, suggesting beneficiaries are from the mainland. Some Chinese lenders also appear on its lists, but most are “sacrificial lambs” that exist only to import Iranian oil, says Adam Smith of Gibson Dunn, a law firm. Iran’s government offers insurance.image: The EconomistIranian barrels often begin their journey at Kharg Island, north of the Strait of Hormuz (pictured). A small but growing number also start in Jask, a new port south of the strait. This may become a preferred route, circumventing the crowded Hormuz chokepoint. Transponders are only turned on when ships go through narrow passages, says Homayoun Falakshahi of Kpler, and tankers rarely do the full journey. Some pick up fuel from other ships off the shores of Fujairah, a mega-terminal in the uae, through which a lot of disreputable petroleum, notably Russian, also passes. Many then transfer loads off the shores of Malaysia or Singapore, where smaller vessels take it to northern China—often after being mixed with other crudes from places like Venezuela or mislabelled as a different petrochemical product. There the oil is stored before being transported to its final destination, most often in the coastal province of Shandong (see map).Many American lawmakers would like their administration to disrupt this trade. New sanctions are unlikely—existing ones are already comprehensive—but Uncle Sam could dial up enforcement. Would that sink the dark fleet and its enablers?A number of challenges exist. nioc has no dealings with America or in dollars, so is resistant to pressure. Meanwhile, only China’s government can hit the teapots, and why would it bother? America would have to squeeze the middlemen. But with so many sanction programmes currently in place—they also target Russia and Venezuela—its capacity is stretched thin. Facilitators are harder to target than under President Trump, when India, South Korea and other countries sensitive to American pressure took part in the trade.Recent history suggests that companies bashed by America for flouting sanctions rapidly stop doing business, but that others emerge to fill the void. These operators would be all the less deterred given that Iran is blacklisted only by America (in contrast to Russia, whose oil g7 members have all embargoed). The Biden administration could always escalate by seizing Iranian ships en masse at sea, but that would demand huge resources, cause legal headaches and invite retaliation.Any disruption would thus probably only last for three months or so. Simulations by Rystad Energy, a consultancy, suggest there would be an initial drop of 300,000 b/d in Iranian exports. This loss—equivalent to 0.3% of global demand—could push up global oil prices by $4-5.A more extreme scenario, where rising tensions also mean that shipping is partly disrupted around Hormuz, say, and Gulf states crack down on Iranian helpers, would see another 400,000 b/d of Iranian crude vanish from the market. That would cause a bigger spike in the oil price, of perhaps 10%. But only for a moment.That is because Iran’s neighbours could ramp up production. The biggest members of opec, an oil-producing cartel, have 5.5m b/d of spare capacity. In theory, Saudi Arabia could plug the Iranian deficit without help. And opec would have a strong incentive to intervene: stratospheric oil prices would quickly destroy demand.Therefore it would take an extraordinary series of events for oil to spend much time in the triple digits. America wants to show toughness towards sanction-evaders. This month, for the first time, it singled out two tanker owners for violating Russian restrictions. It is also relaxing sanctions on Venezuela, perhaps in anticipation of a drop in Iranian exports. Yet all this activity belies a simple fact: Iran’s supply chains are supple enough to be largely immune to American measures. ■ More

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    The NBA is back and expanding its global reach. Here’s how

    The NBA is seeing greater interest than ever from international fans for the new season, expecting fans from 214 countries to tune into games this year.
    The league is instituting a three-pronged approach to appeal to international fans, including an initiative to air games during primetime in Europe, the Middle East and Africa.
    This season, a record number of 125 international players are on opening-night rosters.

    Nikola Jokic, #15 of the Denver Nuggets, shoots the ball against Bones Hyland, #5, and Norman Powell, #24, of the Los Angeles Clippers during the second half of a preseason game at Crypto.com Arena in Los Angeles on October 19, 2023.
    Kevork Djansezian | Getty Images

    As the National Basketball Association’s new season tips off this week, the league is seeing more international interest than ever.
    The NBA said it expects fans from more than 200 countries to tune in to games in more than 50 languages this season, with interest across international markets increasing significantly from last season.

    Global business accounts for about 10% of total team and league revenue, according to a person familiar with the matter. It hit an all-time high last year and the NBA expects more growth this year, said the person, who wasn’t authorized to publicly discuss the information.
    To cater to the rise in international demand, the league is instituting a three-pronged approach, including an initiative to air games during primetime in certain global markets, bolster programs for kids and sharpen its focus on particular regions such as India.
    “We’re meeting that demand by making it as easy as possible for international fans to follow the league and their favorite teams and players, whether on linear television, social media or digital platforms like the NBA App,” said Matt Brabants, senior vice president and head of international content partnerships for the NBA.
    A significant factor driving the surge in international interest is the number of international players taking part in the league this season, according to Samantha Engelhardt, the NBA’s senior vice president of global strategy and innovation.
    This season, the NBA has a record number of international players join opening-night rosters at a total of 125 international players from 40 countries and territories across six continents, including fan favorites such as Nikola Jokić of Serbia, who led last year’s champion Denver Nuggets to an opening night win Tuesday, and the Milwaukee Bucks’ Giannis Antetokounmpo of Greece. The league’s No. 1 draft pick this year, the San Antonio Spurs’ Victor Wembanyama of France, has been surging in popularity as fans and experts alike call him a once-in-a-generation talent.

    “They’re driving such significant interest in their home countries and around the world,” Engelhardt said. “Last season, we saw TV viewership grow in several European countries, and it’s no surprise that those countries are consistent with where we’re seeing the great European players playing and driving interest in their region.”
    Brabants added that TV viewership of NBA games in Serbia was up 50% year over year last season because Jokić “captured the country’s attention with his incredible play” as he led the Nuggets to their first championship.
    This season, all 30 NBA teams feature at least one international player, and 15 international players on opening-night rosters have been NBA All-Stars.

    What’s the NBA’s international plan?

    As the NBA prepares to cater to a new demographic, Engelhardt said the league is utilizing a three-pronged approach:
    Global outreach to kids: The league is focused on creating opportunities for children across the globe to participate in basketball with programs such as Basketball Without Borders and NBA Basketball School, she said, the former of which has seen “tremendous success.” Of the record number of international players this season, around 40 participated in Basketball Without Borders prior to making it to the professional court.
    More accessible live games: The NBA is bringing the basketball experience to international fans through events, merchandise, branded attractions and live games, Engelhardt said. To enhance the viewing experience for fans in time zones in Europe, Brabants said the league has instituted an initiative called “NBA Saturdays and Sundays” to air more games in European primetime, as well as the Middle East and Africa.
    Sharper market focus: The final part of the international strategy involves making NBA programming more accessible and localized, which includes bolstering its social media community. Nearly 70% of the league’s followers are from outside the U.S. In Brazil, Prime Video — the official media partner of the NBA — will exclusively stream 123 live regular season games. The partnership also included a viewing party of the season kickoff Tuesday at the NBA Store Arena in Sao Paulo, a 1,500 square meter retail space that sold NBA products and hosted interactive experiences and events.

    French basketball player Victor Wembanyama gestures while arriving at San Antonio International Airport in San Antonio, Texas, on June 23, 2023.
    Patrick T. Fallon | AFP | Getty Images

    The league is also catering to specific markets, such as in India, where it has partnered with Bollywood actor Ranveer Singh to celebrate the cultural significance of basketball in the country, Brabants said. The NBA also has more than 400 international branded stores, such as Brazil’s NBA Park, which opened last November.
    The international reach plays a significant role in the NBA’s strategy as it looks to craft its next media deal. League officials have previously relayed their interest in broadening the NBA’s reach through television and media across the world.
    “We saw record digital and social consumption in several markets across Asia including India — which surpassed 100 million unique viewers across linear television, social media and digital media platforms for the first time ever — and the Philippines, where the league generated a record 923 million engagements across our localized social media accounts,” Brabants said.
    The league has previously had an uneasy relationship with China, which had stopped airing NBA games after a dispute sparked by a Houston Rockets executive sharing an image supporting pro-democracy protestors in Hong Kong. However, Engelhardt said the market remains an important focus for the NBA as it finds ways to make programming accessible.
    As international interest in North American basketball continues to rise, Brabants said the league is continuing to assess what its international fans need as the league comes off the most competitive regular season in its history.
    “Our international fans are not only passionate, but they are also very knowledgeable and sophisticated — they follow the same storylines and news that resonate in the U.S.,” he said.Don’t miss these CNBC PRO stories: More

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    Xi Jinping steps up his attempt to rescue China’s economy

    When China reported faster-than-expected economic growth for the third quarter of this year, some analysts felt a twinge of concern. They worried that China’s rulers might now rest on their laurels. Rather than pressing on with efforts to revive demand, policymakers might instead wait and see if they had already done enough. The growth target for this year is, after all, only 5%. And the central government likes to keep its fiscal powder dry.This fear was allayed on October 24th when officials approved the sale of an extra 1trn-yuan ($137bn) of central-government bonds. The sale will force the central government to revise its official deficit for the year from 3% of gdp to a hefty 3.8%. As a consequence, the headline deficit in China’s year of reopening will be bigger than it was in 2020, the year of its first lockdowns.The money will be spent on helping local governments cope with natural disasters, such as recent floods. It will help relieve the strain felt by many cities and provinces. Revenues from land sales have been hit by a property slump. Off-balance-sheet debt has become harder to service, owing to a weak economy and wary investors. This year’s quota of “special” infrastructure bonds has been nearly exhausted. Help was therefore required to prevent sharp cuts in local-government outlays.But even analysts who had expected stimulus of this size were surprised. Officials could have lifted the economy by pulling less conspicuous levers. They could, for example, have allowed local governments to issue more bonds or instructed state-directed “policy banks” to expand lending. By putting the 1trn yuan on its tab, Beijing signalled its support for growth. It was a statement as well as a stimulus.The bond sale will occur under a new finance minister, Lan Fo’an, whose job was confirmed the same day. Mr Lan has served as governor of coal-rich Shanxi, but spent more time in Guangdong, a coastal powerhouse. His step up was, though, overshadowed by news that Xi Jinping had paid his first known visit to China’s central bank.What prompted the visit? It may indicate that the country’s president is paying close attention to the economy at a busy time in the policymaking calendar. Officials will soon gather for a twice-a-decade conference on China’s financial system; another, annual meeting in December will help set economic policy for next year.Mr Xi may have also wished to raise the stature of the central bank, which has recently lost some of its staff, regional branches and regulatory powers, even as it has been thrust into prominence by China’s economic struggles. It is fighting a two-front battle to prevent deflation by lowering borrowing costs, while at the same time trying to stop China’s currency, the yuan, falling too quickly against the dollar.In most countries, a president’s visit to the central bank would not excite much comment or interest. Certainly, it would not overshadow the arrival of a new finance minister. But in China, the finance minister has little clout and the president has plenty. Not much the finance minister does compels attention. Nothing the president does escapes it. ■ More