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The World
West sees Xi and Modi critique of Putin as shift in view of Ukraine war: Public admonishments of Russian president Vladimir Putin by the leaders of China and India over his invasion of Ukraine signal a shift in global perceptions of the war, western officials have said, amid efforts by Europe and the US to erode the Kremlin’s international support. The chiding of Putin by Indian prime minister Narendra Modi and the Russian leader’s acknowledgment of concerns raised by Chinese president Xi Jinping last week were signs of discomfort with Moscow, three western officials said. The comments were “a genuine and clear signal” of annoyance, one senior European official said, adding that India and China could now adjust their actions towards both Russia and the west. (Financial Times)
EU set to hold back €7.5bn from Hungary over rule of law violations: Move by European Commission follows lack of progress from Budapest in allaying officials’ concerns. (Financial Times)
Chinese and Indian leaders continue to keep each other at arm’s length. The pair did not hold face-to-face talks at the Shanghai Cooperation Organization summit despite both sides pulling back troops along a disputed border. The deadly clash in the Galwan Valley two years ago continues to weigh on relations and Beijing is concerned by Delhi’s growing closeness to the US. (South China Morning Post)
Turkey Seeks to Be First NATO Member to Join China-Led SCO. (Bloomberg)
Support for Japan Prime Minister Fumio Kishida's cabinet plumbed a new low in the latest Nikkei/TV Tokyo poll, as the public expressed discontent with the ruling Liberal Democratic Party's investigation of ties between its members and the Unification Church. The cabinet's approval rating stood at 43%, down from 57% in August, according to the survey conducted from Friday to Sunday. It marked a low for a government that launched in October 2021. The rating declined for four straight months. (Nikkei Asia Review)
Coronavirus: Hong Kong may announce this month end to dreaded hotel quarantine. Source says government may soon reveal its ending the ‘3+4’ arrangement provided talks among bureaus go smoothly. (South China Morning Post)
Rare ‘special warning’ issued as violent typhoon makes landfall in Japan: More than 7 million people urged to take refuge as Typhoon Nanmadol hits south-west of country with 150mph winds. (The Guardian)
Hurricane Fiona knocks out power to all of Puerto Rico. (Washington Post)
Earthquake Shakes Taiwan: A powerful earthquake struck southeastern Taiwan and reverberated across the island, killing at least one person, derailing a train and triggering concerns of a tsunami. (Wall Street Journal)
Strongest storm in decades battering Alaska: Massive amounts of water are sloshing ashore, raising the ocean as much as a dozen feet and slamming vulnerable coastal communities with severe erosion. (Washington Post)
Economy
The US central bank will lift its benchmark policy rate above 4 per cent and hold it there beyond 2023 in its bid to stamp out high inflation, according to the majority of leading academic economists polled by the Financial Times. The latest survey, conducted in partnership with the Initiative on Global Markets at the University of Chicago’s Booth School of Business, suggests the Federal Reserve is a long way from ending its campaign to tighten monetary policy. It has already raised interest rates this year at the most aggressive pace since 1981. Hovering near zero as recently as March, the federal funds rate now sits between 2.25 per cent and 2.50 per cent. The Federal Open Market Committee gathers again on Tuesday for a two-day policy meeting, at which officials are expected to implement a third consecutive 0.75 percentage point rate rise. That move will hoist the rate to a new target range of 3 per cent to 3.25 per cent. (Financial Times)
UBS hires Chinese ‘content reviewers’ to vet research reports: UBS is hiring a team of “content reviewers” to ensure that Chinese research publications by its analysts are free from “sensitivities”, in a move that one rival said amounted to self-censorship. The recruitment drive comes three years after the Swiss bank’s top economist was suspended in a dispute over comments about pigs in China. (Financial Times)
Volkswagen is targeting a valuation of 70 billion to 75 billion euros ($70.1-75.1 billion) for luxury sportscar maker Porsche as part of a planned initial public offering (IPO) of the division. (Reuters)
Electric Bills Soar Across the Country as Winter Looms: Rising natural-gas prices amid short supplies are expected to make it more expensive to light and heat homes in the coming months. (Wall Street Journal)
Home-Goods Retailers Jolted by Slowdown in Housing Market: Bed Bath & Beyond and RH are among those hurt as rising interest rates sap demand for furniture, appliances, lawn care. (Wall Street Journal)
Technology
China’s cooling economy hits hot chip sector start-ups and workers: Despite a talent shortage, cash-crimped companies are having to cut back hiring plans. (Financial Times)
Get Rid of the IT Department? Some People Think Otherwise. Technology researcher Joe Peppard got plenty of pushback when he called for embedding IT in every business unit. Here were the main criticisms—and his responses. (Wall Street Journal)
Why Adobe Wants Figma and Why Some Investors Are Worried: The $20 billion price tag is spooking investors and raising questions among analysts, but Adobe CEO Shantanu Narayen said an earlier successful revamp at the company was also met with early skepticism. (Wall Street Journal)
A profile of Figma founder Dylan Field, who will become the wealthiest person from the Thiel Fellowship by far, as PitchBook estimates his stake is worth $2B+. (Bloomberg)
Shopify changes its compensation practices to let employees choose a mix of cash, restricted stock units, and stock options; Shopify's stock is down 73% in 2022. (Bloomberg)
Smart Links
UK university rankings revealed: Oxford reclaims the top spot. (The Times)
Clothing retailers set for discount battle to clear inventory glut. (Financial Times)
The dark side of California’s cannabis boom: Locals are fleeing soaring violence as LA gangs fight for control of a growing black market. (The Times)
The Performance Review Is Back, as Recession Fears Loom. (Wall Street Journal)
New York Developer Related Cos. Bets Big on West Palm Beach. (Wall Street Journal)