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good morning. In today’s news:
Indian solar companies see opportunity in the US
Indonesia’s coal producers face increasing scrutiny
Battleground states that will decide the US presidential election
But first, Chinese authorities are increasingly requiring school teachers and other civil servants to hand over their passports as President Xi Jinping tightens his grip on society.
Passport collection activities allow local government officials to control and monitor who can travel abroad, how often, and where.
Restrictions on overseas travel have been expanded significantly since last year to include ordinary employees of schools, universities, local governments and states, according to interviews with more than a dozen Chinese public sector employees and notices from education bureaus in six cities. It has become. Owning group.
“All teachers and civil servants were told to submit their passports,” said an elementary school teacher in a major city in western Sichuan province.
In central Hunan province, a mid-level official at a local government investment fund said he had received approval for an overseas vacation from nine different departments but was still unable to obtain a passport.
“No one could tell me exactly what I needed to do to get my passport back,” he says. Learn more about expanded restrictions on international travel.
Here are some other things I’m focusing on today:
Economic data: Thailand releases inflation data for September. China, Hong Kong and Singapore report foreign exchange reserves.
Diplomacy: South Korean President Yoon Seok-yeol holds bilateral talks with Philippine President Ferdinand Marcos Jr. in Manila.
Middle East: Today marks the one-year anniversary of Hamas’ attack on Israel.
5 more top articles
1. Indian companies are moving to fill the gap left by the exclusion of Chinese exports from the burgeoning U.S. solar power industry. Sumanth Sinha, CEO of Renew, India’s largest renewable energy company, told the FT that solar power from India is increasing as the US government ramps up its crackdown on manufacturers with ties to the Chinese government. “There will be demand” for photovoltaic components, he said.
2. European households are saving at higher rates than before the pandemic, data shows, highlighting a clear disconnect from the more active American consumers who are driving the country’s economic recovery. “European consumers are very cautious, but American consumers are much more comfortable spending and continuing to spend,” said Nathan Sheets, chief economist at U.S. bank Citi. Please read the full text.
3. Ireland rejects Israel’s request for UN peacekeepers to withdraw from Lebanon, even as Israel intensifies air operations against the militant group Hezbollah. He insisted that even though the operation was stepped up, there was no intention to withdraw UN peacekeepers. Irish President Michael D. Higgins denounced what he called “outrageous” threats against Israeli Defense Force peacekeepers, saying they were “trying to evacuate the villages they protect”.
4. Prince Alwaleed bin Talal, one of Saudi Arabia’s richest businessmen, has begun a comeback attempt by reviving his project to build the world’s tallest tower. When completed in 2028, Jeddah Tower is set to become the world’s tallest building, surpassing the 828-metre Burj Khalifa in neighboring Dubai. This is the most high-profile deal since Prince Alwaleed was detained at the Ritz-Carlton in Riyadh during anti-government protests. Corruption case in 2017.
5. Regeneron’s co-founder has warned that blockbuster weight loss drugs could do “more harm than good” unless rapid muscle loss associated with treatment is addressed. Regeneron is among a growing list of pharmaceutical companies researching experimental drugs to preserve lean muscle mass in combination with weight loss drugs.
detailed news
Indonesia produced a record 775 million tonnes of coal last year © Ed Wray/Getty Images
As financing for the “dirtiest” fossil fuel becomes increasingly difficult, Indonesian coal producers are reducing their exposure to coal commodities, from selling mines to expanding into nickel and aluminum smelting operations. There is. The companies’ diversification efforts highlight the scrutiny they currently face amid concerns about the energy transition and long-term demand for coal.
I’m also reading. . .
US battleground states: From the ‘Blue Wall’ to the American desert, these are where the 2024 presidential election will be decided.
FT Magazine: The unlikely story of the biggest prison break in British history – and why it took 25 years to solve.
The Case for Office Boring: There’s a reason why white-collar workers obsess over seemingly trivial matters, writes Pirita Clark.
chart of the day
The ferocious rally in Chinese stocks over the past week or so has underscored one of the key rules of the market, writes columnist Katie Martin: “Always keep an eye on the crowd.”
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Take a break from the news
Wealthy Indians are becoming more serious about wine. This should give global wine producers worried about shrinking sales elsewhere a reason to hope, writes FT wine correspondent Jancis Robinson.
©Deborah Spielman
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