Russia-China fuel pipeline deal hits snag

Good morning. In at present’s publication we’re overlaying:

However we begin with Russia’s effort to conclude a serious fuel pipeline cope with China, which has run aground over what Moscow sees as Beijing’s unreasonable calls for on worth and provide ranges, based on three folks acquainted with the matter.

Beijing’s powerful stance on the Energy of Siberia 2 pipeline underscores how Russia’s invasion of Ukraine has left President Vladimir Putin more and more depending on Chinese language chief Xi Jinping for financial assist.

The folks acquainted with the problem mentioned China had requested to pay near Russia’s closely subsidised home costs and would solely commit to purchasing a small fraction of the pipeline’s deliberate annual capability of 50bn cubic metres of fuel.

A deal on the pipeline was considered one of three important requests Putin made to Xi after they met final month, the folks mentioned, together with extra Chinese language financial institution exercise in Russia and for China to snub a peace convention being organised by Ukraine this month.

Right here’s what’s at stake for Moscow, and why Beijing is taking part in hardball.

• Ukraine’s peace summit: Volodymyr Zelenskyy has accused China of serving to Russia to stress nations to not attend a deliberate peace summit this month, as Ukraine’s president urged different Asian leaders to hitch the occasion.

• China-Russia defence ties: A Chinese language commerce physique sought to purchase drone-jamming tools for Russian patrons final month amid issues in Europe and the US over China’s provide of dual-use expertise to Moscow.

And right here’s what I’m maintaining tabs on at present:

• Financial information: S&P International publishes manufacturing PMI for China, Japan, India, South Korea, Vietnam, Taiwan, Indonesia, Philippines and Australia.

• India: Market analysts have predicted a rally in Indian equities at present after exit polls projected a clear election victory for Narendra Modi’s Bharatiya Janata social gathering.

5 extra prime tales

1. The web vogue large Shein is planning to confidentially file for a London itemizing as quickly as the approaching days, laying the groundwork for a blockbuster preliminary public providing within the UK. The Singapore-domiciled firm had been leaning in the direction of a London itemizing after tensions between Beijing and Washington stalled its plans for an IPO in New York.

2. China’s defence minister has delivered a scathing assault on Taiwan’s new president Lai Ching-te, warning that Taiwan’s “aggressive” behaviour was eroding prospects for peaceable unification. Dong Jun’s speech on the the IISS Shangri-La Dialogue in Singapore additionally contrasted with China’s efforts to handle its navy relationship with the US extra fastidiously.

3. Tens of 1000’s of Tesla’s pivotal worldwide retail traders could also be unable to vote at its annual assembly as a result of funding platforms have didn’t put satisfactory cross-border methods in place. The electrical car maker faces tight votes at its June 13 assembly over chief govt Elon Musk’s $56bn pay award and one other to reincorporate the corporate in Texas.

4. Benjamin Netanyahu has shied away from a US-backed plan to finish the struggle with Hamas, as Israel’s premier sought house to quell a revolt in his ruling coalition. Regardless of White Home pleas, officers near Netanyahu made clear that any settlement to completely halt the preventing in Gaza can be unacceptable.

5. Opec+ members have agreed to increase deep cuts in oil manufacturing, in some instances to the tip of 2025, as they battle to shore up costs amid weak international demand and elevated provide from different elements of the world. At its newest twice yearly assembly yesterday, the cartel conceded that it had no room but to alter stance on output cuts that started in November 2022.

Interview

Harvard-educated Pita Limjaroenrat’s Transfer Ahead social gathering got here first in Thailand’s election final yr however was blocked from energy. Now, the social gathering faces doable dissolution — and Pita himself a decade-long ban from public workplace — over its most controversial marketing campaign pledge: to amend Thailand’s harsh lèse majesté regulation. Pita informed the FT that the threatened ban of his social gathering would “turbocharge” the progressive motion in search of to problem the nation’s military-royalist elite.

We’re additionally studying . . . 

• Conviction politics: Joe Biden’s re-election marketing campaign is making ready to be extra aggressive in concentrating on Donald Trump over his standing as the primary former president to be discovered responsible of a criminal offense.

• Resort pet peeves: Noisy air-con and “creative” towel preparations made Jo Ellison’s hospitality gripe record.

• Hanwha Aerospace: South Korea’s largest defence firm is creating a fighter jet engine because the nation works to maneuver up the arms exporter worth chain.

Chart of the day

A scrap metallic service provider and an electrical car maker that has offered simply 4 vehicles prime the record of so-called “penny” shares which are out-trading the likes of Tesla and Apple, prompting some analysts to warn that markets have gotten overheated.

Take a break from the information

What did Shakespeare’s songs sound like? Which model of Hamlet is the appropriate one? These are simply two of the 28 biggest Shakespeare mysteries we’ve tried to untangle — as a part of an FT Journal particular version on the playwright’s enduring energy.