FirstFT: China’s Xi resists pressure to ditch Putin

Vladimir Putin’s brutal tactics in Ukraine are ratcheting up international pressure on Chinese president Xi Jinping, whose “no-limits” partnership with the Russian leader and reluctance to criticise Moscow’s aggression stands in stark contrast to global condemnation and isolation of the Kremlin.

Since Friday last week, a growing number of Chinese who live in Ukraine have reported incidents of hostility from Ukrainians and some say they have even been attacked.

Beijing’s refusal to criticise Russia for its invasion of Ukraine and a wave of mockery of Ukraine and glorification of Russian military might on Chinese social media are giving China a bad name in Ukraine, and threatening to derail what Beijing has called a “strategic partnership”.

But one Chinese government adviser, who asked not to be named, has said that the alliance had been years in the making and could not be easily abandoned.

As Russia’s assault on Ukraine continues, Moscow has for the first time acknowledged taking heavy casualties as its forces bombarded frontline cities, laying waste to urban areas in one of the most destructive days of the week-old invasion. Track the latest troop movements here.

Follow the latest developments on our live blog. Sign up to receive my colleague Valentina Pop’s essential newsletter, Europe Express, for the latest analysis and reaction. Thanks for reading FirstFT Asia and here is the rest of the day’s news — Emily

Five more stories in the news

1. Hong Kong top lawyer leaves city after police questioning Paul Harris, one of Hong Kong’s most prominent British lawyers, has left the city abruptly after being questioned by national security police, casting a “chilling effect” over the financial centre’s legal profession as authorities crack down on political dissent.

2. World leaders agree to draw up ‘historic’ treaty on plastic pollution
A global agreement to tackle plastics pollution is in sight after almost 200 countries agreed to negotiate a legally binding UN treaty to cover the entire chain, in defiance of a push by vested interests to limit its scope.

3. Citigroup sets out financial target that lags Wall Street rivals An investor day presentation, the US bank’s first in almost five years, set a new profitability target that indicated it will continue to lag behind Wall Street rivals in the coming years, as chief executive Jane Fraser pursues a costly restructuring programme.

4. Credit Suisse asks investors to destroy yacht loan documents Credit Suisse has asked investors to destroy documents relating to its richest clients’ yachts and private jets, in an attempt to stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned.

5. Biden forced on defensive ahead of midterms challenge The opening of Joe Biden’s State of the Union address to Congress was dominated by the war in Ukraine, which has consumed his presidency in recent weeks. But Biden spent far more of the speech touting his domestic policies ahead of what is expected to be a Republican onslaught in the November midterm elections.

• More US news: The Federal Reserve is prepared to push ahead with a “series” of interest rate increases from March, despite a highly uncertain economic outlook as a result of Russia’s invasion of Ukraine, Jay Powell told US lawmakers.

Coronavirus digest

• Australia’s economy is bigger than it was before the pandemic following a strong rebound in the fourth quarter of last year.

• Hong Kong leader Carrie Lam has insisted a citywide lockdown is not being planned as part of universal Covid-19 testing this month. (SCMP)

• Britain’s NHS risks taking longer to recover from the coronavirus crisis than health services in many comparable countries, a new report suggests.

The day ahead

Verdict issued in Greg Kelly’s trial A Tokyo court is set to announce the verdict in the trial of the former Nissan executive accused of conspiring to conceal the true extent of Carlos Ghosn’s pay. Kelly’s conviction or acquittal could reshape the way corporate crime is pursued by Japan’s justice system, writes Leo Lewis.

Malaysia monetary policy statement Economists expect Malaysia’s central bank to keep interest rates on hold, according to a Reuters poll, with a rise expected in the third quarter. (Reuters)

Grab earnings The Singapore-based technology company will share fourth quarter and full-year earnings — its first results since listing on the Nasdaq exchange in December.

What else we’re reading

Investors can no longer afford to ignore geopolitical risk The idea that business can hold itself apart from politics and ignore geopolitical risk is wrong, writes Helen Thomas. The legions of analysts and lobbyists employed by them in all sectors suggest large companies appreciate that they do not operate in a vacuum.

How the influencer industry really works Conservative estimates suggest there are upwards of 3.5mn people engaged in the influencer industry; according to the German data firm Statista, the market was worth $13.8bn in 2021. In Get Rich or Lie Trying, Symeon Brown takes a critical look at this and other forms of online “hustle”.

Political risks upturn commodity markets The Russian invasion of Ukraine has pushed up the prices of everything from oil to wheat and aluminium and highlighted the threat of raw materials becoming a foreign policy weapon. And the political risks keep mounting.

What is the best way to fund long-term care? Barry Summers, wealth planner at Kingswood, offers advice to a reader who worries about how to prepare financially in case both of their ageing parents require care at the same time.

Do you have a financial dilemma that you’d like FT Money’s team of professional experts to look into? Email your problem in confidence to [email protected]

Is paternity leave the key to workplace equality? It has traditionally been mothers who have taken time off work to look after children. But in the past two years the pandemic has accelerated a huge shift towards many more fathers wanting to play an active role in family life.

Thanks to readers who took our poll yesterday. Forty-eight per cent of respondents said Japan should not legalise esports betting.

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