France economy

FirstFT: China’s emissions fall as economy rocked by slowdown in real estate

Hello. This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe / Africa Where Americas edition to receive it directly in your inbox every weekday morning

Did you follow the news well this week? Take our quiz.

China’s carbon dioxide emissions have declined for the first time since last year’s lockdown, the latest signal that the downturn in the real estate sector and energy shortages have hit industrial demand in the world’s second-largest economy.

Emissions fell about 0.5% in the three months to the end of September, according to data released by Carbon Brief, a climate research and information service.

“The reasons [for the decline] are the crackdown on uncontrollable home loans, resulting in a sharp reduction in steel and cement production, and very high coal prices, ”said Lauri Myllyvirta, analyst at the Center for Research on Energy and Clean Air, a group of independent research based in Helsinki.

The drop in emissions in the third quarter of this year follows the largest increases in a decade as Chinese factories, construction and heavy industry rebounded last year, riding a wave of pandemic stimulus spending .

Thanks for reading FirstFT Asia. Here is the rest of today’s news. – Zehra

1. Deutsche Bahn whistleblowers alleged fraud Two employees alleged that some senior executives at the state-owned railway company embezzled company funds as part of the widespread fraud in one of the largest infrastructure projects in Europe, an underground station in Stuttgart.

2. UK and France commit to step up cooperation after migrant tragedy French President Emmanuel Macron has called for an acceleration of attempts by France, the UK, Belgium, the Netherlands and Germany to end human trafficking operations across Europe after that 27 people drowned on Wednesday in Dunkirk.

3. The Swedish Prime Minister resigns a few hours after taking office Magdalena Andersson resigned her post as the country’s first woman prime minister just seven hours after gaining support in parliament, when her new Green Party partners left the coalition and her center-left government collapsed.

4. Spain spends the biggest budget in its history The Spanish Chamber of Deputies approved the largest budget in the country’s history after Prime Minister Pedro Sánchez won the support of a Catalan independence party in exchange for an agreement setting a quota of regional languages ​​on digital platforms such as Netflix.

5. Saif al-Islam Gaddafi excluded from the Libyan presidential poll The Libyan electoral body banned Saif al-Islam Gadhafi, the son of the late dictator, from running in the upcoming elections for the oil-rich North African state, citing his previous convictions for crimes.

Coronavirus digest

  • Austrian Prosecutors have closed an 18-month investigation into the coronavirus outbreak at a ski resort without charges of wrongdoing for authorities.

  • Airlines companies are bracing for the threat of the wave of Covid infections in Europe, Ryanair chief executive Michael O’Leary predicting a “difficult period” for the next month.

  • Nando’s called 2020 the “toughest year” in history, as the chicken chain revealed annual pre-tax losses more than doubled to £ 240million.

  • Countries such as Mexico offer vivid examples of how employees with young children were most affected during the pandemic. It’s the fourth installment of our series on how Covid-19 has transformed the job market.

The day to come

Black Friday in the United States In the days following Thanksgiving, large numbers of Americans are expected to return to stores and malls to shop for the sales, despite higher prices, product shortages and an early spike in online spending before the official start of the season. the holiday season.

Bank of England Economic Outlook Speech Huw Pill, Chief Economist of the Bank of England, will deliver a speech on the country’s economic outlook.

What else do we read and listen to

Scholz overcomes political differences to become Merkel’s heir On Wednesday, Olaf Scholz sealed one of the most remarkable returns to German politics: struck out for months as a candidate too, he appeared in front of a full house as the country’s new chancellor. Its coalition agreement focuses on climate investments as well as commitments on wages and pensions.

Asia is the exception to global inflation The region is not experiencing the sharp price increases seen elsewhere because it has better managed the pandemic, argues Robin Harding. As many Western countries struggle to manage high inflation, central banks in Asia can focus on economic recovery.

In Downing Street by Boris Johnson A series of political incidents have drawn attention to the UK Prime Minister’s operation, who some say lacks experience before significant winter challenges.

  • Opinion: Ministers must not let international power policies hamper this opportunity to reform the WTO, writes Valdis Dombrovskis.

Several ministers, officials and MPs told the Financial Times a sense of drift has developed within the Johnson government

Several ministers, officials and MPs told the Financial Times a sense of drift had developed within the Johnson government © Simon Dawson / Number 10 Downing Street

Sometimes we need to ‘disbelieve’ our tribe In today’s “attention economy”, it often seems that people have decided what to believe not after a rational assessment of the facts, but according to the belief system of their ideological camp. Jemima Kelly asks what makes us all so unwilling, if not unable, to understand “the other side”?


From politics, economics and history to art, cuisine and, of course, fiction – FT writers and critics choose their favorite reads from our annual roundup of highlights from the world. ‘editing. You can browse their choices here.

© Cat O’Neil

Thanks for reading and don’t forget that you can add FirstFT to myFT. Send your recommendations and comments to [email protected]

Britain after Brexit – Keep up to date with the latest developments as the UK economy adjusts to life outside the EU. Register now here

The coming week – Start each week with an overview of what’s on the agenda. Register now here