FirstFT: China urges Ukraine to negotiate with Russia

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Good morning. China president Xi Jinping has urged his Ukraine counterpart Volodymyr Zelenskyy to negotiate with Moscow. The telephone name between the 2 leaders, their first since Russia’s full-scale invasion, has been lengthy within the making.

In an nearly hour-long telephone name that Ukraine’s president referred to as “lengthy and significant”, Xi informed Zelenskyy that he would ship a consultant to speak to “all events” to hunt a “political settlement” of the struggle, in response to China’s overseas ministry.

Nonetheless, a readout of the decision from Zelenskyy’s workplace averted any reference to negotiation. As a substitute, it “expressed hope for China’s energetic participation in efforts to revive peace”.

Ukraine dismissed a “peace plan” put ahead by China in February partly as a result of it didn’t embody the withdrawal of Russian forces from occupied territory. However Zelenskyy has lengthy sought a dialog with Xi to place ahead Ukraine’s trigger and persuade China’s chief to train strain on Vladimir Putin to rein in his struggle.

Right here’s what else I’ll be watching as we speak:

  • Turkey: The nation’s first nuclear energy reactor — the Akkuyu Nuclear Energy Plant, funded by Russia — is ready to open as we speak. Turkey president Recep Tayyip Erdoğan mentioned Putin may visit for the occasion. (Reuters)

  • Sudan: The restricted 72-hour ceasefire between the rival army teams in Sudan finishes at midnight local time on Thursday.

  • Earnings: A bumper week in earnings continues. Firms reporting outcomes embody Amazon, Barclays, Deutsche Financial institution, Intel, Merck, Samsung and Unilever to call a number of. See our full record within the Week Ahead newsletter.

5 extra high tales

1. Chinese language police query staff at Bain & Firm’s Shanghai workplace, within the newest case of heightened scrutiny of overseas companies in China as tensions between Beijing and Washington rise. Six folks aware of the scenario mentioned Chinese language police had made a surprise visit to the US management consulting group two weeks in the past

2. UK competitors regulator blocks Microsoft’s $75bn acquisition of Activision Blizzard, drawing a livid response from the video video games maker, which branded Britain “clearly closed for business”. The ruling is a large blow to the deal’s international prospects and comes forward of regulatory choices within the EU and the US.

3. US to step up its nuclear dedication to South Korea because it seeks to reassure Seoul in regards to the energy of their alliance within the face of threats from North Korea. Here are the details from yesterday’s announcement.

4. Walt Disney sues Florida governor Ron DeSantis and different officers, claiming the state’s “retaliation” for its stance on the “Don’t Say Homosexual” regulation violated its constitutional rights. Till now the US media firm has held again from taking authorized motion in the midst of a bitter year-long combat with DeSantis. The leisure group said in the legal filing it was “left with no choice”.

5. Unique: Tencent expands abroad funding in gaming property with a concentrate on Europe, in search of to diversify away from China at the same time as Beijing lifts punishing restrictions on the trade. Read the full story.

The Huge Learn

© FT montage/Molfar/Bloomberg/Reuters

From a St Petersburg grandmother along with her personal artwork gallery to a young person competing in worldwide equestrian occasions, the relations of Russian warlord Yevgeny Prigozhin have led a charmed life. Western governments have struggled to impose costs on the Wagner founder’s relatives, although they’ve been closely concerned in his companies.

We’re additionally studying . . . 

Chart of the day

Line chart of Combined market cap of Shanghai and Shenzhen Composite indices (Rmb tn) showing Chinese equity valuations hit by growth concerns

Chinese language equities have suffered a brutal sell-off since China reported a powerful first-quarter of financial progress — signal of investor doubts over whether or not the nation can maintain its rebound. Analysts mentioned the upper than anticipated progress could have really helped spur the sell-off. FT’s Hudson Lockett and Cheng Leng explain why.

Take a break from the information

King Charles has usually been described as stiff and awkward-looking. However this has obscured the truth that he’s an exceptionally good dresser. As a wiry, match younger man in his polo package, 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 gown majestic.

Extra contributions by Camilla Bell-Davies and Tee Zhuo

Asset Administration — Discover out the within story of the movers and shakers behind a multitrillion-dollar trade. Enroll here

The Week Forward — Begin each week with a preview of what’s on the agenda. Enroll here

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