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White Home nationwide safety adviser Jake Sullivan met Chinese language overseas minister Wang Yi in Malta over the weekend within the newest effort to stabilise US-China relations forward of a attainable assembly between presidents Joe Biden and Xi Jinping in November.
The beforehand unannounced talks come 4 months after the pair held a secret assembly in Vienna that was geared toward resurrecting high-level diplomacy.
The US and China are discussing a attainable assembly between Biden and Xi if the Chinese language chief attends the Asia-Pacific Financial Cooperation summit in San Francisco in November.
However the weekend assembly occurred towards a backdrop of turmoil inside China’s authorities. Wang is serving as China’s prime overseas coverage official, in addition to overseas minister after Qin Gang was faraway from the put up with out clarification in July. China’s defence minister, Li Shangfu, has additionally disappeared from public sight.
Right here’s what else I’m preserving tabs on at present:
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Auto strike: A strike by members of the United Auto Employees towards Detroit’s large three carmakers enters its third day after talks over the weekend between the union’s management and auto executives failed to achieve settlement. Right here’s extra on the background to the dispute.
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IPOs: On-line supply group Instacart and advertising automation firm Klaviyo are each set to announce the ultimate pricing of their preliminary public choices in New York.
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US-Iran prisoner swap: The change is predicted to happen after months of negotiations and will result in a discount in tensions between the arch-foes.
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Russia-China talks: Chinese language prime overseas coverage official Wang Yi visits Moscow for 4 days of talks with Russian counterparts.
5 extra prime tales
1. Unique: Western corporations have been blocked by Russia from accessing $18bn in income generated within the nation final yr because the Kremlin seems to be to strain “unfriendly” nations together with the US, UK and EU members. Overseas corporations attempting to promote their Russian companies want Moscow’s approval and face steep value reductions. Learn the total story.
2. The Federal Reserve is about to defy traders’ expectations and lift rates of interest by not less than one other quarter-point, in keeping with a majority of economists polled by the Monetary Instances. That is in sharp distinction to the temper in monetary markets, the place merchants in federal funds futures consider the US central financial institution’s coverage settings are restrictive sufficient to get inflation beneath management. Learn the total survey outcomes.
3. The chief of the UK’s Labour get together has vowed to hunt a significant rewrite of Britain’s Brexit deal in 2025 if his get together wins the following common election as present polling suggests. Sir Keir Starmer advised the Monetary Instances that the deal negotiated by then prime minister Boris Johnson was “far too skinny.” Right here’s extra of the interview.
4. UBS is sounding out traders over issuing extra tier 1 bonds, a category of debt worn out as a part of its rescue of Credit score Suisse six months in the past. Some traders stay cautious after bondholders misplaced billions of {dollars} through the takeover, damaging confidence available in the market and triggering lawsuits. Right here’s how the financial institution is attempting to make future AT1 securities extra palatable.
5. California has sued a number of of the world’s largest oil corporations, together with ExxonMobil, Shell and BP, claiming they deceived the general public for many years about how the burning of fossil fuels is destroying the planet. The lawsuit, which was filed within the superior courtroom in San Francisco by California’s attorney-general on Friday, seeks damages from the oil trade to assist pay for the prices of local weather change. Learn extra on the newest case by US states and municipalities towards the oil and fuel trade.
The Massive Learn
US drug pricing reforms unveiled final month are poised to ease the monetary burden for tens of millions of People who battle to pay for the medicine they should keep alive. However the Biden administration’s reforms, which permit the federal government to barter decrease costs for generally used medicine, are bitterly opposed by the pharmaceutical trade, which says the adjustments are politically motivated and can cripple innovation.
We’re additionally studying . . .
Chart of the day
Ageing has turn into a significant political challenge within the US. The nation is an outlier even in a world the place the vast majority of lawmakers are a lot older than the broader populace. Nancy Pelosi’s declaration that she intends to hunt re-election to the Home of Representatives is the newest flashpoint. Eva Xiao stories on an more and more bitter debate forward of subsequent yr’s election.
Take a break from the information
Monet gave us Impressionism and reworked the artwork world endlessly. However what about his private life? Biographer Jackie Wullschläger displays on the revolutionary painter’s internal life on this fascinating Weekend Essay.
Extra contributions from Tee Zhuo and Benjamin Wilhelm.
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