Monday evening news briefing: Russia and China 'share similar goals', Xi tells Putin

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Evening Briefing logo

Good evening. Xi Jinping has told Vladimir Putin that Russia and China "share similar goals" as the leaders commenced talks at the Kremlin. And the Bank of England and Brussels have rebuked the Swiss for forcing bond holders to bear the losses in the Credit Suisse rescue deal.

Russia and China 'share similar goals', Xi tells Putin

China's president Xi Jinping has told Vladimir Putin that Moscow and Beijing "share similar goals" and called the Russian president his "dear friend" during talks at the Kremlin.

At the start of his three-day state visit to Russia, Mr Xi also told Putin that he was convinced Russians would support him in a presidential election due in 2024, even though the Russian president has not yet said if he will seek another term.

Meanwhile, Putin said that Russia was open to discussing China's 12-point peace plan to end the war in Ukraine. "We are always open to negotiations," he said. "We will certainly discuss all these issues, including your initiatives which we treat with respect."

Mr Xi's trip serves as a show of support for the internationally isolated Russian president, just days after a war crimes tribunal issued a warrant for his arrest over the accusation of unlawfully deporting Ukrainian children. Shortly after landing in Moscow, Mr Xi said his visit would give "new momentum" to Chinese-Russian ties.

The summit comes as China seeks to portray itself as a neutral party in the Ukraine conflict. But Washington has accused Beijing of mulling arms exports to Moscow - claims China has vociferously denied. You can follow all the latest developments on our live blog.

Row breaks out over Credit Suisse rescue deal

The Bank of England and Brussels have turned on Swiss officials for wiping out Credit Suisse debt investors in an emergency rescue deal, amid fears the move could spread fear throughout the banking sector.

The European Central Bank and Bank of England have both tacitly rebuked Switzerland’s financial regulator for forcing certain Credit Suisse bond holders to bear the losses from the bank’s deeply discounted emergency sale to UBS over the weekend.

Holders of $17bn (£13.9bn) of so-called AT1 bonds have had their investments written down to zero as part of the hastily negotiated deal, which was brokered by Swiss regulators and officials.

Simon Foy has the full report.

Net zero must be brought forward by a decade to stop 'climate time bomb'

Net zero targets must be brought forward by a decade to stop the "climate time bomb", the UN has said at the launch of a major new climate change report.

Rising emissions in recent years mean cuts in the next two decades will have to be more extreme than current plans, the Intergovernmental Panel on Climate Change said.

An 80 per cent global reduction in CO2 emissions is needed to limit warming to 1.5C, the upper aim of the Paris Agreement, its new report says.

But the UN said richer countries must move faster than developing nations, by "super-charging" their net zero goals and helping poorer countries cut their own emissions.

Evening briefing: Today's essential headlines

Brexit | The DUP will vote against Rishi Sunak’s new Brexit deal for Northern Ireland, the party’s leader said today.

Sir Jeffrey Donaldson said DUP officials had "unanimously agreed that in the context of our ongoing concerns and the need to see further progress" that the party’s eight MPs would vote against the draft statutory instrument on Wednesday.

You can read the full report here.

Comment and analysis

World news: Anarchy in Marseille as Macron protests turn violent

Carnival celebrations in Marseille descended into violence last night in protest against Emmanuel Macron's unpopular pension reforms.

What began as a family-friendly event quickly degenerated into anarchy when 300 people started a bonfire in the middle of a major square, throwing scooters, bikes and rubbish bins into the flames.

Around 9,000 people attended the independent festival that featured floats blasting Macron’s decision to ram through his pension reform bill using a constitutional veto to bypass a parliamentary vote.

The backlash came ahead of two no-confidence votes, which aimed to topple the government and quash the passing of the bill. However, Mr Macron's government survived both votes.

Interview of the day

Andrew Brem: 'Ulez should be in every British city'

Uber's UK chief praises Sadiq Khan's controversial traffic scheme, as the ride-sharing company races to make all of its cars fully electric in two years' time.

Read the interview here.

Business news: Turmoil will force Bank of England to abandon rate rise, City predicts

The Bank of England will be forced to abandon an interest rate rise this week, City analysts have predicted, amid turmoil in the financial markets.

Barclays has scrapped its expectation for a 0.25 percentage point rise in the Bank Rate on Thursday. Now, it expects the Bank will hold rates at four per cent.

The change in Barclays’ forecasts mirrors a sea change in the consensus among investors after the banking fallout began.

On March 9, the day before Silicon Valley Bank collapsed, investors had priced in a Bank Rate rise to 4.25 per cent at the Monetary Policy Committee’s next meeting. Now, the consensus is that rates will stay flat.

You can follow the latest developments in our live blog.

Editor's choice

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PPE | What really became of the six billion pieces of surplus protective equipment?

Homes | 'My renovation dream turned into a nightmare'

Sport news: Tottenham considering whether to sack Antonio Conte

Tottenham Hotspur are considering whether or not to sack Antonio Conte for his post-match outburst after the team's draw at Southampton.

Conte hit out at his "selfish players" for not wanting to play "under pressure" after they threw away a two-goal lead.

Conte spoke with chairman Daniel Levy following his criticism, insisting that he had not hit out at the club or its owners.

Levy is understood to be seeking the opinion of some of his closest confidants over the situation.

Meanwhile, Sam Dean explores how Ben White became a fundamental part of Arsenal's title challenge.

Today's Matt cartoon

Turmoil in bank stocks inspired Matt's cartoon today. Click here to see more from Matt.

And you can find today's political cartoon here.

Three things for you

And finally... for this evening's downtime

Relax at the world’s most underrated spa destination | A trip to Israel's Sea of Galilee is the holiday you never knew you needed

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