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Boohoo says it needs to protect commercial position in Frasers spat

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Boohoo has hit back at Mike Ashley’s retail empire over demands to install the sportswear tycoon as chief executive, saying it needed to “protect its commercial position”.

The online fast-fashion retailer said on Friday that while it was willing to discuss board representation with Frasers Group, which owns about 27 per cent of Boohoo, it would require governance assurances to protect its interests because of Frasers’ stake in rival online retailer Asos. The company added it was given a 48-hour deadline to decide whether to appoint Ashley as CEO.

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Boohoo also called Frasers’ characterisation of its recent £222mn debt refinancing “inaccurate and unfair” after Frasers raised concerns over its terms in an open letter published on Thursday.

Ashley’s Frasers, formerly Sports Direct, built a stake in Boohoo last year and is its largest shareholder. The FTSE 100 company also owns a 23.6 per cent stake in Asos, which Boohoo said needed to be “carefully considered”, noting that both Frasers and Asos compete in similar markets to it.

“Before any appointment can be made, appropriate governance will be required to protect [Boohoo]’s commercial position and the interests of other shareholders,” the retailer said, adding it had received no such assurances from Frasers so far.

It comes after Boohoo said last week that chief executive John Lyttle would step down as it announced a strategic review of its operations that could lead to it being broken up, and the £222mn debt refinancing.

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Frasers accused Boohoo of mismanagement in the open letter, following a more than 90 per cent fall in the fast-fashion group’s shares since their peak in mid-2020, when it was buoyed by a pandemic-era online shopping boom.

Since then, Boohoo has grappled with more subdued demand and higher day-to-day costs from factors including returns, as well as increased competition from rivals such as Shein and Temu.

Frasers said Boohoo’s debt refinancing was “severely short-dated, seemingly more expensive than the previous financing arrangement and almost unquestionably leaves the company in a position of needing to undertake drastic corporate actions in order to repay the term loan due in 10 months”, which Boohoo rejected.

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It described the criticism as “inaccurate and unfair” and said it provided certainty for the company.

Boohoo is still considering a fuller response after Frasers called for an extraordinary general meeting with shareholders. 

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Head of UK armed forces gains new powers in push to improve readiness for war

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John Healey, left, with chief of the defence staff, Admiral Sir Tony Radakin

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The head of the UK’s armed forces will gain fresh powers as the government launches a new military strategy headquarters in the coming weeks to improve Britain’s readiness for war.

Defence secretary John Healey is putting into motion the most radical structural shake-up of the Ministry of Defence in 50 years, as he warns of the growing threat of conflict.

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The reforms aim to streamline processes, cut waste and enable faster delivery within the department, as well as to ensure clearer accountability and boost the use of data and technological innovation.

Healey will place the command of the army, navy, air force and strategic command under the chief of the defence staff, who is head of the UK armed forces, for the first time.

Previously the four-star officers in charge of the individual forces reported directly to the defence secretary instead of the chief of the defence staff, a fellow four-star officer.

The chief of the defence staff — currently Admiral Sir Tony Radakin — will become central to investment decisions including personnel, training and support alongside equipment together with the defence secretary and MoD permanent secretary.

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They will also set the overall direction of the UK’s armed forces, bolstering integration and breaking down silos, as well as reducing duplication.

John Healey, left, with chief of the defence staff, Admiral Sir Tony Radakin
Defence secretary John Healey, left, with chief of the defence staff, Admiral Sir Tony Radakin © Dan Kitwood/Getty Images

The new military strategy HQ is likely to be set up within the MoD’s premises on Whitehall, known as mainbuilding, before the end of this year, in order to be ready to implement the outcome of the government’s strategic defence review that is set to report next spring.

Healey is also launching the recruitment process for a new national armaments director to operate across the department, rather than just one branch, to overhaul procurement and cut waste, following criticism over many years about delays and overspending in MoD equipment programmes.

However, the National Audit Office recently issued rare praise for the MoD over the fast-tracked procurement and distribution of kit to the frontline in Ukraine — successes the ministry hopes to capitalise on.

The new national armaments director will be responsible for ensuring the armed forces are properly equipped to defend Britain. A person with strong links to the defence sector is sought for the role, as they will help shape and deliver a new defence industry strategy to be launched within weeks.

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They will also be expected to oversee the resilience of defence supply chains and the readiness of the national arsenal.

Healey admitted this week that the British military had become “hollowed out”, which he told Politico was due to a lack of investment by the last Tory government.

He said the UK armed forces, like those of other allied nations, were “very skilled and ready to conduct military operations”, but warned: “What we’ve not been ready to do is to fight.” He insisted that fighting readiness was crucial to deterring conflict in the first place.

The defence secretary told the FT: “The world is more dangerous, with growing Russian aggression, conflict in the Middle East and increasing global threats.

“These vital reforms will make UK military decision-making faster, keep the country safer and achieve best value for taxpayers. This government will strengthen UK defence to respond to increasing threats.”

Defence executives said it was important to recognise the role that industry could play in helping to ensure Britain was on a war footing.

Given rising geopolitical tensions the UK required a “proper, empowered” armaments director, said one executive. The conflict in Ukraine had shown that procurement of new equipment needed to be faster, said a second executive.

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“Ever since the end of the cold war, our procurement has prioritised price. Now, time is the priority — can it move fast enough is the question,” said the second executive.

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All advice firms should have a ‘technology champion’

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All advice firms should have a 'technology champion'

All advice firms should have a “technology champion”, Mint Wealth Management founder Andy Kirby has claimed.

Speaking at Money Marketing Interactive in Leeds yesterday (24 October), Kirby said that as tech advances, it is vital to have a “dedicated person who is across the subject”.

“With the challenges that most firms now have, many have a Consumer Duty champion, but I also think you need a technology champion within your business,” he said.

“I think that’s a good thing to look at. Somebody who can really get it, understand it, really get behind it and make sure it’s adopted.”

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Speaking on the same panel, independent IFA Bradley Booth claimed one of the biggest challenges with technology is advisers not being motivated enough to adopt it.

Booth, from ARK Financial Planning, said: “Ten years ago, it was a massive effort to try and get yourself using the back-office system and logging everything in one place.

“You take it for granted now because it’s so easy to find everything you need.

“We need to take that kind of approach again – say ‘right, we can see the success we’ve had from properly doing technology 10 years ago’ and do it again.

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“If we put the effort in again, we’ll get their reward again in five years.”

Martin McKenna, senior consultant at the Financial Technology Research Centre, said: “There’s an awful lot of people out there in the industry who are scared of changing.”

He referenced a survey FTRC conducted recently, which showed that 40% of people were happy to carry on as they are.

He said there was “nothing wrong with that”, but suggested “sometimes you have to break something to make it better, then make it stronger when it’s fixed again”.

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“When you’re running a business that makes money and we’re happy, you don’t break it and say things will be better in the longer term,” he added.

“It might hurt the business, maybe even hurt the clients’ support service for little while, but the benefit is very much there in the longer term.”

The panel was asked if they understood why some advisers approaching retirement might be reluctant to put the effort in to invest in technology to get quality data.

Kirby said that “the better data you have, the better value you will get for your business if you want to exit”, as that’s what buyers are increasingly looking for.

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Despite acknowledging the benefits of AI and technology, Booth said he “would not be able to sleep comfortably knowing AI has done part of his job for him”.

“I would never have confidence knowing it has not been thoroughly checked first,” he said.

“If I trust AI to deliver something in ten minutes that would take me a couple of hours normally, and then I go and give that advice to clients and three or four years down the line they say, ‘I was badly advised,’ that would massively ruin my relationship with AI.”

McKenna ended by telling the audience that “sometimes you just need to try AI and give it a go”.

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“Part of the challenge with AI is getting your own mindsight right. Once you’ve done that you’ll get better results,” he concluded.

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The Big Question: Do job titles really matter?

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The Big Question: Do job titles really matter?

As one Big Four accountancy firm creates a new ‘managing director’ grade, does what you’re called at work actually count?

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Britain’s ‘strictest’ cafe puts up TWENTY ONE hand-written signs banning dogs and unsupervised kids in crackdown

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Britain’s ‘strictest’ cafe puts up TWENTY ONE hand-written signs banning dogs and unsupervised kids in crackdown

CUSTOMERS have been left gobsmacked by a cafe’s whopping 21 signs instructing them what they cannot do on its premises.

The notices at Hidden Gem Café in Manchester‘s Heaton Park tell punters dogs are not allowed, children must be supervised, and toilets are for customers only.

Despite the seemingly hostile signs, Jack said the staff were "friendly enough"

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Despite the seemingly hostile signs, Jack said the staff were “friendly enough”Credit: SWNS
Journalist Jack Fifield, 26, noticed the signs when he was visiting the garden centre where the cafe is located

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Journalist Jack Fifield, 26, noticed the signs when he was visiting the garden centre where the cafe is locatedCredit: SWNS
The notices at Hidden Gem Café in Manchester's Heaton Park tell punters dogs are not allowed, children must be supervised, and toilets are for customers only

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The notices at Hidden Gem Café in Manchester’s Heaton Park tell punters dogs are not allowed, children must be supervised, and toilets are for customers onlyCredit: SWNS
Jack stumbled across the cafe while visiting the beauty spot, just north of Manchester city centre, on his day off

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Jack stumbled across the cafe while visiting the beauty spot, just north of Manchester city centre, on his day offCredit: SWNS

And if you fancy eating your pack lunch in the cafe – think again.

The owners warn anyone caught consuming food or drink not bought in the coffee shop will be asked to leave.

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The staggering number of warnings and notices has driven many to express their frustration on social media.

“Things like this really p*ss me off.

“Like most of these things are just common sense. Makes you think the owners are d*cks and in that case I’d rather take my custom elsewhere,” said one user.

Others were more understanding of the cafe’s strict rules.

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One commenter wrote: “All reasonable requests, but it’s extremely funny how many signs there are.”

Journalist Jack Fifield, 26, noticed the signs when he was visiting the garden centre where the cafe is located.

He said he stumbled across the cafe while visiting the beauty spot, just north of Manchester city centre, on his day off.

Like many other customers he found the notices a little overbearing but managed to find the funny side.

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Zendaya and Tom Holland shock punters in Cornish cafe when they turn up for lunch – and owner doesn’t recognise them

He joked: “Anyone know if there’s any rules I have to follow at this cafe?”

He added: “I was shocked to be greeted by a sign telling me I could be asked to leave if I consumed my own food or drink.

“As I approached the cafe to buy myself a slice of cake, I noticed a lot more signs with different rules and regulations.

BITTER PINT Punters call me ‘UK’s strictest landlord’ because I charge them for LEFTOVERS – I don’t have time for idiots

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Mark Graham, 62, has owned and run The Star Inn pub in the tiny hamlet of Vogue, Cornwall, for the last 27 years.

He hit back at a customer who tried to shame him online after they were charged an extra £2.40 because they piled their plates high at the £12 all-you-can-eat carvery – but ate barely any.

Verity Farmer, who shared her experience on Facebook, said: “Just been for a Sunday carvery at The Star Inn, Vogue, St Day.

“We paid for our meal at £12 each, and when we got our bill it had got an extra £4.80 added.

“When questioned about it they said it was a charge for not eating all our meal. I’ve never heard anything like that before.”

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Her post prompted nearly 400 comments in less than 24 hours, with The Star Inn’s social media page among those replying.

It said: “We just try and make sure there is enough food for everyone.

“I’m sure if you were a customer later on in the day and I had to tell you I had no food left for your booking because it had all been wasted and gone in the bin you would not be very happy and would have made another social media post too.”

Now Mark – a former tin miner who also served in the Royal Navy – has defended the policy, which is outlined in notices inside the eatery.

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After buying a slice of cake and a hot chocolate he went to sit down outside.

“Afterwards, I got my water bottle out and I felt like I was breaking the rules when I took sips from it. I was worried I’d get kicked out, but of course I didn’t,” he said.

Despite the seemingly hostile signs, Jack said the staff were “friendly enough”.

“I did see a guy throw his leftover chips on the floor to feed the birds, but there was no sign saying not to do that, so I guess he was within the cafes rules,” he added.

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The cafe manager, who goes by Mark, defended the cafe’s strict stance saying the signs were intended to remind customers of basic rules.

“It’s a one ace site, there’s the entrances into the shop. I went to Marks and Spencer this morning and saw more signs than I’ve got up, I don’t get what the issue is.”

“It’s not a picnic area,” he said.

He added: “The signs are things like ‘please keep your dogs on a lead’.

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“Just this morning, a guy is running around with with his dog not on a lead and a bloke tripped over and banged his head.

He added: "The signs are things like 'please keep your dogs on a lead'

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He added: “The signs are things like ‘please keep your dogs on a lead’Credit: SWNS
After buying a slice of cake and a hot chocolate he went to sit down outside

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After buying a slice of cake and a hot chocolate he went to sit down outsideCredit: SWNS
The cafe manager, who goes by Mark, defended the cafe's strict stance saying the signs were intended to remind customers of basic rules

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The cafe manager, who goes by Mark, defended the cafe’s strict stance saying the signs were intended to remind customers of basic rulesCredit: SWNS
The staggering number of warnings and notices has driven many to express their frustration on social media

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The staggering number of warnings and notices has driven many to express their frustration on social mediaCredit: SWNS

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‘America is not in the mood to study China’

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Early in our lunch I ask the sinologist Li Cheng what comes to his mind when he closes his eyes and returns to the Cultural Revolution. The answer snaps back at me: “Violence.”

Li was born in 1956, the youngest of seven children in a wealthy Shanghai family — a deadly place to be during Mao’s murderous social cleansing campaign.

So it was for his eldest brother — on whom the younger children had climbed about like monkeys. The brother, the family was initially told, took his own life, a smashed wristwatch given as proof that he had thrown himself under a train. Later, they discovered he had been beaten to death by Red Guards, his body discarded on the tracks.

Today Li is among the pre-eminent scholars of elite Chinese politics and a long-serving bridge between Washington and Beijing. He spent much of the past four decades in the US, including 17 years at the Brookings Institution, a leading think-tank, steering western officials and China-watchers through the murky labyrinth of the Chinese Communist party.

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We are meeting at the China Club, on the 13th floor of the Old Bank of China building in downtown Hong Kong. Though the restaurant’s more discreet side room is empty of other guests, it still feels crowded thanks to the cornucopia of decorative antiques, stylings of colonial Shanghai and Hong Kong synonymous with the club’s late founder (and FT columnist) David Wing-cheung Tang.

From our small window-side table we look across Victoria Harbour towards Kowloon, and beyond that the Chinese mainland. As we sip white peony tea out of small porcelain cups, Li leans forward and explains how he has ended up here, in something of self-imposed exile from Washington.

Sickly in his youth, Li was spared hard labour in the countryside. After schooling, he worked as a physician, poorly trained and ill-equipped, before learning English in his early twenties. In 1985 he got his ticket out of China, helped by a sister who had moved to America.

Li’s early academic life in America — Berkeley, then Princeton — coincided with halcyon days of China studies in the US and Deng Xiaoping’s opening of the Communist-led country to the world. “I almost cry when I think about my wonderful treatment . . . now it is completely different,” he says.

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He made his mark with a series of stunningly accurate predictions of the composition of the Chinese Communist party politburo and its standing committee — the country’s top leadership groups. He fell into the close orbit of Henry Kissinger, the US statesman who opened ties with China. He advised presidential campaigns. He taught, and wrote books.

But a few years ago, Li began telling friends in Washington of his intention to leave. Despite America’s glaring — and increasing — need for knowledge of China as the country rises to become one of the world’s true superpowers, the role Li had carved out for himself in the US, as a bridge to promote understanding, had become “very limited”.

Looking back, he says attitudes towards China had been darkening for years — “much earlier” than most people realise.

Around 2015, towards the end of Barack Obama’s second term and in the early years of the rule of Xi Jinping, Li’s mentor and boss at Brookings, the late Jeffrey Bader, came to him with a warning: “He said, we are no longer the mainstream centre of China studies, we will be marginalised. The reason is so many people started to fear China, and they will shift the policy, largely driven not by rational [thinking] but by ungrounded fear.”

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Today, Li says bluntly, “America is not in the mood to study China.” But there is a deeper pessimism over changes he has witnessed. “Economics has become mathematics. Political science has become statistics. There’s no appreciation for history, or culture. That mindset, do you think that serves US interests?”

In his late sixties, Li is both trim and animated, with an unflinching gaze. Adding to an aura of youthful energy is a cheerful disposition, a short crop of improbably jet-black hair and the enigmatic, ageless complexion of a man who keeps in good health.

We briefly discuss the menu, settling on the duck and dim sum the restaurant is known for. And we agree with our gruff though good-natured waiter that a whole bird is unnecessary, half will be more than enough.

I want to know if Li was personally attacked in Washington.

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At first he dances around the question. He talks of how in the “revolving door” between government and business in the US there is a long tradition of former officials, and their families, “directly or indirectly” doing business with China. And yet, he says, it is the Chinese-Americans, including Elaine Chao, the former transportation secretary, who are most often “singled out” for criticism.

Ultimately, he says, there were personal attacks. “When I say ‘we’, people increasingly ask me, ‘What do you mean by we?’ . . . It is a direct challenge, because of your race, your name.”

Li goes on. “I explained my theories of Chinese leadership. I was branded as a spokesperson for China,” he says. “It is sad. The old days of China, the time I grew up, the pendulum swings back.”

Is he saying that the persecution that took place in Maoist China has parallels with the racial attacks he has seen in America? He clarifies: “It is not the same. It is different. But some components are similar, some methods, some intentions . . . McCarthyism, it is not uniquely American.”

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The China Club
13-14/F, Old Bank of China Building, Bank Street Central, Hong Kong

Har gau (shrimp dumplings with bamboo shoot) HK$46
Xiaolongbao (Shanghai-style steamed minced meat buns) HK$46
Steamed vegetable dumplings HK$46
Half roast Peking duck HK$310
White peony king tea HK$96
Iced coffee HK$75
Total inc tax and service HK$681 (£67.60)

Six dumplings have arrived and a glorious fragrance rises from the table. We pause to eat. The first two offerings, one vegetable and one har gau of shrimp and bamboo shoot, are unremarkable. But for me the test of any good dim sum is the xiaolongbao, the king of soup dumplings. This one is superb, well balanced and moreish, with its delicate skin housing a hot, aromatic soup and pork mince. I regret not ordering more.


Since the days of Mao, westerners have tried, usually without success, to understand the inner workings of the Chinese Communist party, the thoughts of its leader and, around him, whose influence is rising, whose is falling.

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Li’s innovation has been a razor-sharp focus on the upbringing, personal networks and lines of loyalty among those at the very top. This approach led to the grouping of leaders, including the taizidang, or “princelings”, who were children of the party’s elders and revolutionary leaders; the tuanpai, or Communist Youth League faction; and the Shanghai bang, or clique, of leaders who owed their advancement to Jiang Zemin, with whom they had worked in China’s business capital in the 1980s.

Impenetrable to most foreigners, China’s system is, for Li, “not so opaque”. To make his predictions, he says, he coupled his theories of factional politics with his “obsession” with the institutional rules and precedents of the party, including the age requirements for retirement and term limits. “You will very quickly find out who the rising stars are.”

Such study is extremely dangerous in China, so the US was for years a refuge for Li. He became an American citizen in 2003. I’m wondering how Li’s public voice might be compromised now that he is working in Hong Kong. Critics say the city’s academic independence, along with other democratic freedoms, has been eroded.

The “irony”, Li says, is that just a year after opening a new China-focused institute at the University of Hong Kong, he is already “much busier” and feels less pressure to self-censor than in DC.

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We are interrupted briefly as our waiter appears at my shoulder to present “the duck” like a bottle of wine. It is then returned to the kitchen to be sliced for our pancakes. I change tack from Hong Kong, and start asking about Xi Jinping.

Li says he first became aware of Xi in the early 1990s. He had returned to China to research the rise of technocrats in the Chinese leadership, focusing on Beijing’s elite Tsinghua university, where Xi had studied in the late 1970s. He has since met Xi on several occasions and still has access to Beijing insiders.

I ask whether Li underestimated Xi, his ruthless manoeuvring to crush rivals and ascend to the top of the party. He nods in agreement. But he notes that by 2012 — when Xi became general secretary of the party and head of the military — there were no illusions: “You can say [manoeuvring]. I say it is a political operation, so effective, so strategic.”

Our Beijing kaoya has arrived and as Li speaks we go about our work with chopsticks. I am haphazard with my pancakes. Li is meticulous. He adds a spoonful of the plum-brown fermented sauce before building a neat stack of duck slices, strips of cucumber and spring onion. Either way, they are delicious: the duck breast is tender, not fatty, the skin is crispy, not chewy. There is a reason the dish has survived since the 13th century.

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We delve deeper into the psychology of Xi. The 71-year-old, who is now considered China’s most powerful leader since Mao, shattered the post-Deng precedent of two five-year terms for the party’s leader, bulldozed the once-dominant factions and stacked key positions with his loyalists.

Xi, according to many foreign critics, is personally responsible for China’s regression into authoritarianism, crackdowns on freedoms of speech and association, mass electronic surveillance and repression of minorities, as well as military assertiveness over Taiwan and the South China Sea and a destabilising friendship with Russia’s Vladimir Putin, among other faults.

Li says Xi is driven by three key beliefs which may not be well understood in the west. Xi’s greatest fear, Li says, is repeating the mistakes of Mikhail Gorbachev, the last leader of the Soviet Union; he worries, above all, of a “slow marginalisation” of the party. He has a deeply rooted view that the “terrible” political and social divisions in countries such as the US and France are due to economic disparity. And he believes that the east — China — is on the rise and the west — the US — is in decline.

Li insists he is clear-eyed about Xi’s unpopularity among some key sections in Chinese society: liberal intellectuals, wealthy entrepreneurs and some middle- and low-level officials.

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But Li attempts to place Xi in the context of his times. “It is easy to blame everything on him,” he says. He points out that Xi took over after about two decades of so-called collective leadership. The factions, warring behind the scenes, provided a force of checks and balances. Yet corruption was rife, and the party was crippled by infighting, culminating with the operatic downfall of Bo Xilai, the former party chief of Chongqing.

“That system, Edward, was not perfect,” he says. “The narrative [in China] is: Mao made China stand up, Deng made China rich, Xi made China strong . . . That narrative is not necessarily wrong.”

The “reality”, which those at the top of the political establishment in China understand, is far removed from western perceptions, Li says. “I think he saved the Chinese Communist party.”


We are down to the final few slices of duck. The restaurant is busier with business lunches. Fearful of losing even a syllable, I slide my voice recorder closer to Li’s side of the table.

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Xi Jinping cannot live for ever. The question is whether he, like Deng and Mao, will rule China until death. Li predicts Xi will have another five-year term in power — potentially extending his leadership to 2032, at which point he would be 79. But he says that Xi’s preparations for succession are already under way.

Xi’s plan, Li believes, should become clearer as he starts his fourth term, in 2027. “Things will change. There is a reason that he justified his continuation [into a third term], you may not agree, but the establishment accepted. But it does not give [him] an open cheque for ‘president for ever’. The people surrounding Xi are loyalists, but the degree of loyalty is different,” he adds.

Our plates are cleared. I order a coffee, Li sticks to tea. It is high time to make the counter-argument. I run through a long list of grievances against Xi.

On the one hand, Li stresses he is personally “a liberal” and a friend of the Dalai Lama. Some of the crackdowns, he says, have been “really excessive, a mistake”. But on the other, he points to the odious use of the security apparatus by earlier Chinese leaders. And when I ask about repression and mass detentions of Uyghurs and other Muslim groups in Xinjiang, he questions the US government’s official description of the events as genocide.

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“Human rights — how can you persuade Chinese people when they see what is happening around the world? . . . Unfortunately, we do not live in a liberal era.”

Li leaves several thoughts unfinished. I sense that we have arrived at his own personal predicament. As debate over China becomes increasingly bereft of nuance, Li is nervous that any criticism he directs at either side will be taken out of context and used as “ammunition” by hawks in Washington.

“For me, the worst thing is to ask me to take a position. Of course there are principles, there is justice. But sometimes things should not be ideological, should not be binary thinking.”

“Empathy”, he says, “is so crucial at this point.”

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Worsening US-China relations appear to be only exacerbating military tensions. The flashpoints of Taiwan — which China claims as its own and has not ruled out using force to control — and the disputed South China Sea are both worrying Li.

He is unsparing in his criticism of those in Washington — a group that includes Republican senators — who seem to advocate the pursuit of regime change in Beijing. And he believes the US election offers little optimism for improving relations between the two sides.

Kamala Harris has scant China experience and appears set to follow Joe Biden’s approach of coalition building, isolating Beijing. Donald Trump is more domestic-orientated but unpredictable. “So really both are bad . . . I don’t think China has a preference.

“We’re entering a period that is very, very dangerous . . . The stakes are so high. There would be no winners.”

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Two fortune cookies sit unopened between us.

The conversation returns to Li’s childhood home in the heart of Shanghai’s leafy former French concession. I comment that he has had a remarkable life so far, working in one of the most interesting fields I can think of. And yet, I venture, there is something tragic about seeing him here in Hong Kong. He nods again and tells a quick story.

About 10 years ago, he found himself at the hospital where he worked before emigrating to the US. He saw a security guard who had been there at the time. As they recognised each other, and exchanged pleasantries, Li thought to himself: “I wonder which one, he or I, had a more enjoyable life? Who could judge?”

Edward White is the FT’s China correspondent

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L&G partners with US-firm Taurus to invest $200m in high growth real estate

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L&G partners with US-firm Taurus to invest $200m in high growth real estate

L&G is set to deliver large scale projects amid increasing demand for quality housing and logistics infrastructure.

The post L&G partners with US-firm Taurus to invest $200m in high growth real estate appeared first on Property Week.

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