Joe Biden warned Vladimir Putin that there will be “Destructive” consequences If the opposition activists in Russia Alexei Navalny They will die in prison after “open” and “frank” talks aimed at stabilizing relations between the two countries.

In their first face-to-face meeting as leaders, the two presidents agreed to start bilateral talks on preventing cyberattacks, restart arms control talks, restore ambassadors in their embassies, and explore the possibility of exchanging citizens in each other’s prisons, Putin said.

Considered a meeting full of problems and mutual dissatisfaction, Putin told reporters after the three-and-a-half-hour meeting that there was “no hostility” and the conversation was “efficient.” .. And constructive”.

Biden told reporters that he had submitted a copy of “certain critical infrastructure [that] “Should be banned” from cyber attacks, including 16 entities, including the energy sector and water systems.

Five stories in the news

1. The Fed hints that it will raise interest rates for the first time in 2023 Fed officials say they expect to start Raise interest rates According to the new economic forecast, this year’s growth rate will be faster, and the inflation rate will rise sharply, which is one year ahead of the previous forecast. The Central Bank of the United States maintains the main interest rate at the lowest level of 0% to 0.25%, which is the lowest level since the pandemic began.

2. Israel resumes air strikes in Gaza Israeli Prime Minister Naftali Bennett Order a fresh air raid In the Gaza Strip after a burning balloon launched by the Palestinian militant Hamas provided an early test for the new prime minister. On Tuesday, after the Bennett government allowed right-wing settlers to march to the Damascus Gate in East Jerusalem, the Hamas balloon appeared.

3. With the withdrawal of the top US deal maker, Credit Suisse strives to stop the outflow Greg Weinberger, head of mergers and acquisitions at UBS, has become Recently resigned senior employees After a series of scandals that smashed employee morale, the bank worked hard to retain top talent. People familiar with the matter said Weinberg will join Morgan Stanley later this year.

4. China commits to release metal reserves After the Chinese authorities promised to release government reserves to solve the problem, industrial metals became the focus Concerns about shortages and high pricesThis marks the latest effort made by Chinese policymakers to keep commodity prices down.

• In other parts of the Chinese market: Suning’s main shares have been time out As the financial distress of the Chinese retailer and owner of football club Inter Milan escalated, the pressure on the country’s credit market has increased.

5. The South Korean video game group’s goal is a $5 billion IPO Krafton, the company behind the world’s popular game PlayerUnknown’s Battlegrounds. Plans to raise up to 560 million won (US$5 billion) in the IPO It is expected to be the largest in South Korea’s history.

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the day before

Interest rate determination in Indonesia and Taiwan Indonesia with Taiwan The monetary policy decision will be announced today. Both are expected to maintain interest rates unchanged. (Reuters, Nasdaq)

New Zealand’s first quarter gross domestic product The data released today is expected to show the country’s GDP Rebound 0.5% After a 1% contraction in the last quarter of 2020, the chain grew. (FX Street)

Ryanair sues the British government over border policy Ryanair and the owners of the three major airports will submit documents to the High Court on Thursday to seek judicial review of the incident. Transparency of the traffic light system Used for international travel.

What are we still reading

Biden’s plan to control China depends on Manila From Japan to NATO, the administration of US President Joe Biden (Joe Biden) is rallying allies to deal with security challenges from China. Catherine Hiller wrote. But Washington’s most important struggle now is to try to prevent the destruction of its military alliance with the Philippines, which is its oldest alliance in Asia.

Global banks adopt different resumption policies This week, Goldman Sachs bankers, attracted by free food and afternoon concerts, returned to their desks. However, according to a survey, the rate at which employees are expected to return varies from bank to bank. FT analysis. in our Lex communicationFT’s Sujeet Indap explained why CEOs should not shame employees back to the office.

• More job and career reading: Some women’s careers in the financial Obstructed by “Mediocre” male middle-level managers According to a report supported by some of the largest financial institutions in the City of London, he is good at playing internal politics.

Young people in Africa prove to be a political force against aging rulers A conflict Youth against older rulersSome of them are former soldiers, playing on the youngest continent in the world, and three-fifths of them are under 25. The tech-savvy urban population is launching a serious challenge to a regime that is unwilling to give up power.

Toshiba’s regretful story BlackRock and other shareholders can combat shareholder rights by voting to withdraw from the board of directors. Writes Master Brooke. Things cannot continue like Toshiba, both for the company and for the credibility of Japanese corporate reforms.

Video: Is now a good time to open a new restaurant? The epidemic is catastrophic for the hotel industry. FT reporter Daniel Garrahan and food critic Tim Hayward Talk to the restaurant owner In Soho, London, about reorganizing their business during the pandemic and reconstruction.

Meet our reporter: Robert Armstrong

Robert Armstrong (Robert Armstrong) is the U.S. financial editor of the British “Financial Times” and wrote Unhedged Market communications. (You can sign up Here You can enter your inbox every working day. ) Before becoming a reporter, he worked in finance and studied philosophy.

What is the story you are particularly interested in now? The story everyone in the market is trying to figure out is that the change in US economic policy (monetary and fiscal policies work together, and the Fed changes its approach to inflation) is an “institutional change” that will change the old market in the market. Relationship and transfer market leadership to the new asset group?

Of course, besides Unhedged, what are your favorite newsletters? I always make sure to read Free lunch by Martin Sandbu — Agree or disagree, he provides a good reason for his unique economic view.

You have one more Style bar. What trend fascinates you? Will a man always dress like a lazy man? The answer seems to be yes.

What interesting facts should we know about you? When I was young, I was a cowboy in Wyoming for six months. It is safe to say that I am the least competent cowboy in the history of the industry.