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The Trump-Xi Summit: A Pivotal Moment in US-China Relations Donald Trump's state visit to China this week – the first by the US president in nearly a decade – comes amid a time of geopolitical upheaval, a new and intractable conflict in the Middle East, and a sometimes rocky relationship between the world's two major superpowers. There is much for Trump and Xi Jinping to discuss, but a few key issues are likely to dominate the agenda. Five Critical Issues on the Summit Agenda The high-stakes meeting between the two leaders addresses several pressing matters that could reshape the global landscape: The Iran Conflict and Hormuz Strait Crisis Trump is eager for China to lean on Tehran to advance peace talks and reopen the strait of Hormuz. To now, Beijing has sat back and watched the US struggle against Iran, at least publicly. But with about half of China's crude oil imports passing through the strait, Xi does want the waterway unblocked. China knows its exports will suffer if a global recession results from an oil supply crisis. Complicating the picture, the US this week put sanctions on several Chinese firms accused of assisting Iranian oil shipments and supplying satellite imagery allegedly used in Iranian military operations, claims that Beijing denied. Trump's arrival comes after Iran's foreign minister, Abbas Araghchi, visited Beijing last week. Taiwan: The Flashpoint in US-China Relations Beijing is keen to push the US on Taiwan, with Trump saying he is prepared to raise the issue of arms sales to the island, which China claims as a breakaway territory despite never having ruled it. In December, Trump authorised an $11bn arms package for Taiwan, the largest weapons sale ever to the island, but no shipments have been made yet. Xi may seek changes in how the US refers to Taiwan. Ideally, from the perspective of Beijing, this would be a statement from Washington "opposing" Taiwan's independence rather than "not supporting" it. Taiwan will be watching closely. Just two weeks ago, China's foreign minister in a phone call with Marco Rubio urged the US to "make the right choices" on Taiwan. With Trump known to veer off script, John Kirby, a former US state department and Pentagon spokesperson cautioned: "They just have to be so extraordinarily precise when you're talking about Taiwan because, quite frankly, the stakes are enormously high." The AI Cold War: Technological Supremacy at Stake China and the US are locked into a race on artificial intelligence that is becoming something of a technological cold war. In April, the White House accused China of stealing US AI labs' intellectual property on an industrial scale, claims Beijing denied. Meanwhile, Beijing has been frustrated by Washington's reluctance to allow Nvidia to export its most powerful processing chips to China. In January, the White House said Nvidia could export its second most powerful chip, the H200, but no shipments have been sent yet. Analysts and ethics leaders hope Trump and Xi will discuss non-binding AI guidelines, including sharing information about AI misuse and safety, which are seen as critical guardrails amid the advent of AI weaponry and military adoption. Trade War: Rare Earth Minerals and Economic Leverage Trump has repeatedly threatened China over trade, imposing tariffs above 140% last year. But Xi held some cards of his own and did not fold. Instead, China blocked exports of its rare earth minerals and magnets to the US. Trump, finally, backed down. The US has depleted notable levels of its weapons arsenal in the war against Iran, with many weaponry components requiring critical minerals that are linked to supply chains dominated by China. China is expected to announce purchases related to Boeing airplanes, American agriculture and energy, US officials have said. In turn, Beijing wants the US to ease curbs on exports of advanced semiconductors. Beijing also wants to reduce barriers to investment in the US, and hopes to establish a Board of Investment to match the Trump-back Board of Trade. Fentanyl: The Drug War and Political Posturing Fentanyl is a key item on Trump's agenda this week, Politico reported, citing an administration official granted anonymity to preview the closed-door sessions. The US has long accused Chinese businesses of knowingly supplying the chemical precursors to Mexican cartels who use them to make the drug. Trump knows that being seen to press China hard over fentanyl and precursors plays well with his Maga base. But Trump lost important leverage on the fentanyl front when China defied his tariffs threats. In March, the US and China clashed over fentanyl and trade at a UN drugs meeting. China wants to be removed from the state department's annual list of "major drug transit or illicit drug producing countries", due to be updated in September.

Morning Snapshot: UK Bond Market Bruised by Political Turbulence Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The UK bond market is bruised this morning after a day of political turbulence drove up Britain’s borrowing costs. Rising Yields: 10‑Year Gilt Above 5% – Highest Since 1998 UK long‑term bond yields hit their highest levels in 28 years on Tuesday, pushing the 10‑year gilt yield back above 5%, the highest level since 1998. Numbers at a Glance: Yield Spike and Borrowing Cost Implications 10‑year gilt yield: > 5% (first time above 5% since 1998) Yield rise triggered by fears of a left‑leaning Labour government and potential fiscal expansion. Higher yields mean investors demand greater compensation, increasing the cost of borrowing for the UK Treasury. Political Shockwaves: Labour Leadership Uncertainty and Reform’s Rise Investors are wary that a shift to the left under Keir Starmer could lead to higher spending and larger deficits. At the same time, the prospect of Nigel Farage entering Downing Street after Reform’s gains in the recent local elections adds another layer of uncertainty. Senior analyst Ipek Ozkardeskaya of Swissquote notes that the market is "grappling with their own political shakeups" and that the combination of fiscal concerns and inflation outlook is driving yields up. Market strategist Bill Blain of Wind Shift Capital cautions that investors may not view Reform as a "safe pair of hands" for managing the bond market and public spending. Looking Ahead: What the King’s Speech Could Mean for Debt Markets The UK government will outline its legislative agenda in the King’s Speech later today, which could provide some respite for Keir Starmer amid ministerial resignations and calls for his departure. 10am BST: IEA monthly oil market report 10am BST: Eurozone GDP report (latest estimate for Q1 2026) 1.30pm BST: US producer prices inflation report for April 3pm BST: Bank of England policymaker Catherine L. Mann to release speech on “The UK’s international exposures and vulnerabilities”

A Novel of Female Defiance"Yes, you will leave this place," the chorus of child protagonists in a community of sex workers say at the start of Tahmima Anam's incantatory and fiery new novel of female defiance, Uprising. "This story will save your life," we were told three times in Deepa Anappara's 2020 debut, also featuring precarious children dwelling in the margins. What is the distance between imagination and action, lived realities and dreams? How can solidarities be forged in such circumstances? Uprising holds within its pages some answers and a deep conviction – for a better life, a more just world – and then reaches out and fights for it.The Island Community and Its OppressionAs a journalist, Anam visited the infamous "floating brothel" Banishanta in Bangladesh; her new novel, set on an isolated island "at the end of the country, in the middle of a river that emptied into the sea", fictionalises the island's community and ecological precarity. Here, a generation of daughters grow up watching their mothers trapped in sex work – "we knew that the work was something that was paid for in money, and also in bodies" – and wish a different life for themselves. The women are controlled by the cruel Amma, who was once herself sold into sex trafficking. The victim becomes the perpetrator – and the children are discerning enough to know that their mothers are "not here because they had done something bad, but because something bad had been done to them". The first lesson of the island? No one is coming to save you – and living here changes you, as inexorably as the rising tides.The island is a prison. The mothers are ghosts of their former selves. The children, witnessing the "sexing", are all too grown up, stripped of their innocence. By the time they are born, their mothers' memories have faded "like paint in the sun"; they live on the island "tied to" their daughters. What, or who, will it take to break free from these chains?Feminism and Climate Crisis in LiteratureWhen the waters rise, customers stay away. The mothers speculate: "the swirling river was keeping the smaller boats from making the journey"; "the land was cursed". In a last-ditch attempt to lure men back for business, Amma sends for a new girl. Little does she know that Kusum Khan's arrival will signal the beginning of the end. A girl from the city with a history of participating in protests against the Dictator, she doesn't acquiesce to the island's rules, as the others have been conditioned to; instead, she sows the seeds for what will grow into a life-altering act of resistance. The children start to believe that she is their saviour – maybe even Bon Bibi, a legendary guardian of the forest. A different life seems graspable, just beyond the island's shore. When the titular uprising at last arrives, it summons an all-consuming storm, washing over the island. And the reader, too, is ready to join the revolution – their fist in the open air.Uprising is a feminist novel ("here they were: a wall of women") and a protest novel ("The moment Kusum entered the protest, she felt as if she was becoming a small organ in a living, breathing thing"). It is a coming-of-age novel, and a response to the climate crisis; a story of sisterhood protecting, and failing to protect; of structural inequality and the rotten core of patriarchal corruption; of unlucky women in an unfair world. "When the men came to reclaim the island, we stood rooted in place with our eyes closed, unable to watch. We stood rooted in place with our eyes open, unable to stop watching." While the mothers and daughters in Anam's fictional world are victims of specific generational violence, this observation can be applied to humanity at large: we are all watching – frozen, complicit – as injustices rise the world over.The Power of Rage and Radical HopeThrough her unwaveringly political and unflinchingly forthright novel, Anam shows the power of rage and radical hope. A new world can burn bright from the fires of injustice – and here, it's the mothers that hold the match.

Why Labor Opted for a Partial Negative Gearing RetentionIn a video released alongside the 2026 budget, Treasury Minister Jim Chalmers clarified that the Labor Party chose not to abolish negative gearing outright but to retain it in a limited form. The move is presented as a compromise between fiscal responsibility and the political imperative to support property investors.Chalmers' Explanation in the Budget VideoThe video highlighted three core arguments:Revenue Impact: A full repeal would shave billions off projected tax receipts, widening the budget deficit.Housing Supply: Negative gearing encourages investment in rental properties, which helps keep rental vacancy rates low.Electoral Considerations: Property owners constitute a key voter bloc in marginal seats.Budget Numbers Behind the DecisionThe 2026 budget projects a surplus of AUD 12.4 billion after accounting for existing tax measures. A total repeal of negative gearing was estimated to erode that surplus by roughly 5‑6 %, pushing the government toward a modest deficit. By scaling back the deduction to properties with annual losses below AUD 5,000, the Treasury expects to retain most of the fiscal headroom.Broader Political and Market ImpactRetaining a trimmed version of negative gearing sends several signals:It reassures investors that the government will not introduce abrupt policy shocks, stabilising the Australian housing market.It placates the Labor base in outer‑urban electorates where property investment is a significant income source.It leaves the door open for future reforms, such as tightening eligibility criteria or introducing a phased phase‑out.Outlook for Tax Policy and Housing AffordabilityAnalysts anticipate that the next budget cycle will revisit negative gearing as part of a broader tax‑fairness agenda. If fiscal pressures intensify, Labour may consider a gradual reduction rather than an immediate repeal, aiming to mitigate any sharp correction in property prices while still moving toward a more progressive tax system.

The Unparalleled Experience of CannesNothing prepares you for the shock that is the Cannes film festival: the adrenaline, the fatigue, the elation and the emotion, but also the hunger, the anger, the magic and the ridicule. For young cinephiles, and for almost everybody who works in the film industry, it is the mecca of cinema and has been so for nearly eight decades. Anyone going for the first time this week, as I did 25 years ago, should not listen to the old grognards – Cannes' battle-worn veterans – who will lament that the festival has become an abominable circus and swear this year will be their last. It is a circus, and you can bet they will be back for as long as their knees can take it. For there is nothing quite like it.From Resistance to Global Cinema HubBorn to counteract Benito Mussolini's Venice film festival, its first edition was planned for September 1939, but Adolf Hitler had other plans. The previous year, under pressure from Berlin and Rome, the Venice film festival's top prize, the Coppa Mussolini, was handed to Leni Riefenstahl's propaganda film Olympia, prompting the French, British and American delegates to walk out. Hence Cannes, conceived as the festival of the "free world". More than 80 years later, for all its sins, it has remained faithful to that founding promise.The Expansive Scale of Modern CannesOver the decades, Cannes has mutated into an ever-hungrier mammoth, needing more space, and more venues, as it attracts an increasing number of journalists and professionals. A purpose-built Palais des Festivals had to be erected in the 1980s. "The bunker", as we have come to call it, is not exactly beautiful but brutally efficient at managing Cannes' mind-boggling crowds. This year, about 40,000 accredited festival-goers are descending on the French Riviera from 140 different countries, with dozens of films selected across all sidebars. At the same time, the Marché du Film, running alongside the festival since the late 1960s, is gathering about 16,000 participants, with thousands of films and projects up for sale. Cannes is both a summit for the cinema elite and a giant film bazaar.Three Worlds Colliding at La CroisetteFor 11 days in May, three different worlds lead parallel lives – critics, deal-makers and red-carpet royalty – colliding almost by accident on the seafront boulevard known as La Croisette. Hundreds of critics watch multiple films a day with monastic discipline. When they give in to parties, they bitterly regret it the next morning. You can spot some of us sleeping through entire screenings; how some colleagues manage to review films is a mystery. I remember a well-known French critic who had such vivid dreams in the darkness that he became convinced they were scenes in the films. His reviews were full of brilliant analysis of moments that did not exist.We critics rush between screenings, press conferences, interviews, our desks and the bunker's free espresso machines, often forgetting to eat or even pee. Downstairs, in the bunker's basement, and in hotel suites and rented apartments, the film market runs day and night: buyers juggle numbers, producers charm, directors and screenwriters fight for their vision. Above them floats Cannes' top layer – stars and "talent" spending hours in hair and makeup before climbing the 24 steps of the red carpet in borrowed couture and jewellery. When people in the industry groan, "oh God, it's Cannes again", it is this collision of financial anxiety, choreographed glamour and sheer exhaustion they are bracing themselves for.The Magic and Meaning Behind the GlamourThese worlds sometimes collide in the most poetic or grotesque ways. One morning, rushing to my first screening at 7.30am, I was walking along the Croisette when I saw, coming towards me, slightly dishevelled in a tuxedo, Jack Nicholson on his way back to his hotel after a long night. I smiled, he smiled back. He was alone, no bodyguards, no chaperones. Those were the days. I also shared a lift with Takeshi Kitano in full samurai attire, and I will never forget turning into a hotel corridor and finding myself nose to nose with Max von Sydow – Ingmar Bergman's medieval knight from The Seventh Seal. My cinephile heart skipped a beat.One of my favourite sidebars in Cannes, alongside the competition where you watch the year's best crop of films, is Cannes Classics, showing restored world masterpieces and documentaries about cinema. I always start the festival there: it is the best way to reset and begin afresh. Then I am ready for the 10-day onslaught of motion pictures, and for the magic moment that precedes each Cannes screening – the festival's own jingle, a palm ascending the red carpet from underwater and then into the sky, lifted by the ethereal arpeggios of Camille Saint-Saëns's Carnival of the Animals.Cannes: Enduring Symbol of Cinematic ResistanceIn 1955, Cannes gave its first official Palme d'Or to Delbert Mann's Marty; half a century later I found myself befriending its wonderful star, Betsy Blair, on the Croisette. I had the joy of seeing Ken Loach twice climbing those steps to collect the Palme, escorted by police outriders from Nice airport as if he were a head of state. I watched Iranian directors Jafar Panahi and Mohammad Rasoulof showing films at peril to their lives. For all the craziness of the red carpet and the samurai outfits, Cannes never forgets that it was founded as a gesture of resistance. That, as much as the glamour and the exhaustion, is why we keep going back.

Conan O’Brien has been officially announced as the host for the 99th Academy Awards, scheduled for 14 March 2027, extending his run as the ceremony’s comedic anchor for a third year in a row.Academy Confirms O’Brien as Host for the 99th AwardsThe Academy’s leaders, Bill Kramer and Lynette Howell Taylor, praised the “incredible team” behind the past two shows and highlighted O’Brien’s “brilliance and humor” as central to the celebration. Executive producers Raj Kapoor and Katy Mullan will return, ensuring continuity in the production’s tone and style.Viewership Trends and Social Engagement Under O’Brien’s Tenure2025 inaugural year: 19.7 million TV viewers tuned in.2026 ceremony: traditional broadcast ratings dipped (exact figure not disclosed), but social‑media interaction rose 42% compared to the previous year.2027 broadcast will air live on ABC from the Dolby Theatre in Los Angeles.What O’Brien’s Return Means for the Oscars’ Brand and Broadcast FutureIndustry analysts note that O’Brien’s comedic style has revitalized audience perception, offsetting the ratings slump with heightened online buzz. Craig Erwich, president of the Disney Television Group, emphasized that O’Brien “makes Hollywood’s biggest night one of the most entertaining celebrations of the year.” The continuity also buys the Academy time as it prepares for a major platform shift slated for 2029.Looking Ahead: Potential Shifts in Hosting and Platform StrategyThe 99th ceremony will be the penultimate event held at the Hollywood Dolby Theatre and the last on traditional broadcast TV. By 2029, the Oscars are set to move to YouTube and relocate to downtown Los Angeles for the 101st awards, suggesting a long‑term pivot toward digital distribution. O’Brien’s presence in 2027 serves as a bridge between the legacy broadcast era and the forthcoming streaming‑first model.

The LeadA man arrested for stealing hard drives containing unreleased Beyoncé music has pleaded guilty in an Atlanta court and been sentenced to two years in prison.The Theft DetailsKelvin Evans was arrested in September 2025 in connection to a July 2025 car robbery where two suitcases containing Beyoncé music and tour plans were stolen from a rental car. In an Atlanta court, Evans accepted a five-year sentence of which he will serve two years in custody. He was ordered to avoid the location of the theft in Atlanta and refrain from contact with the victim as part of his probation terms.The Music Industry ImpactThe stolen hard drives contained "watermarked music, some unreleased music, footage plans for the show and past and future set list," according to a police report. The theft occurred before Beyoncé's Cowboy Carter tour dates in Atlanta, which was later the highest-grossing tour of 2025, earning the performer over $407m across 32 shows.The Legal ConsequencesEvans initially pleaded not guilty and reportedly declined to take a deal in April, but changed his plea in court. He was arrested several weeks after the victims filed a report and was released on a $20,000 bond a month later. At the time of his arrest, Atlanta police confirmed that the stolen property had not been recovered, and it remains unclear whether it has since been found.The Beyoncé ContextBeyoncé's Cowboy Carter won the 2025 album of the year Grammy and was praised as "a thrilling 27-track journey through and beyond America's roots music." Earlier this month, Beyoncé co-chaired the Met Gala alongside Nicole Kidman, Venus Williams and Anna Wintour. Rumors have been swirling that Beyoncé will drop her new album this summer, speculatively titled Act III with a possible rock direction.

The Unlikely Entourage Member Brett Ratner, the director behind the Rush Hour movies and a documentary on Melania Trump, is accompanying Donald Trump to China for his summit with Xi Jinping. Ratner was among the group of CEOs and top executives from major US tech and finance firms, including Apple’s Tim Cook, Tesla’s Elon Musk and BlackRock’s Larry Fink, who boarded Air Force One. Scouting for Rush Hour 4 Locations Trump’s spokesperson, Victoria Palmer-Moore, said he would use the trip to scout for filming locations for the latest instalment of the Rush Hour franchise. She added that Ratner plans to shoot “a lot” of Rush Hour 4 in China. The Rush Hour Franchise Revival The original Rush Hour was an instant hit in 1998, topping the US box office charts upon its release. Its sequel Rush Hour 2 was also a huge commercial success in 2001, before Ratner’s critically and commercially disappointing Rush Hour 3 was released in 2007. Despite rumours of a fourth film circulating for almost two decades, with Chan suggesting in 2017 that he and Tucker had agreed upon a new script, development had stalled until Trump intervened in late 2025. Ratner's Comeback Trump’s support has allowed Ratner to make a comeback in Hollywood after being sidelined after accusations of sexual misconduct during the #MeToo movement in 2017. Ratner denies all of the allegations. In 2026, Ratner released Amazon-backed documentary Melania, which followed the first lady during the 20 days before Trump’s second inauguration. The China Connection The president is reportedly a huge fan of Rush Hour, which revolves around detectives James Carter and Yan Naing Lee – played by Chris Tucker and Jackie Chan respectively – as they navigate their cultural differences and investigate crimes in Hong Kong, Paris and Los Angeles. Last November, Trump encouraged billionaire Larry Ellison, the primary financial force behind Paramount Skydance, to bring back the franchise once Paramount went through with its controversial purchase of Warner Bros.

Trump’s Beijing Arrival Sets Stage for a High‑Stakes SummitDonald Trump is scheduled to land in Beijing on Wednesday evening, marking the first visit by a U.S. president to China in nearly ten years. The two‑day meeting with President Xi Jinping is framed as a chance to restore U.S. prestige after the protracted war in Iran.Diplomatic and Business Agenda of the VisitThe delegation will include more than a dozen American business leaders, notably Elon Musk of Tesla and Tim Cook of Apple. Trump has promised a “big, fat hug” from Xi and expects headline‑grabbing deals, including a new board of trade to coordinate bilateral purchases.Economic Stakes: 500 Boeing Jets and a Fragile Trade Truce500 Boeing 737 Max jets are slated for sale – one of the largest orders in the aircraft maker’s history.The U.S. and China remain under a “fragile tariff truce” established last autumn.China’s economy is under pressure from sluggish domestic demand and a prolonged property crisis.Geopolitical Ripple: Iran War, Taiwan, and Global EnergyThe Iran‑Israel conflict has entered its third month, with Tehran tightening control of the Strait of Hormuz, a route that carries roughly a fifth of the world’s oil supply.Washington has sanctioned several Chinese firms for allegedly supporting Iranian oil shipments.Trump’s willingness to discuss U.S. arms sales to Taiwan could signal a shift in the long‑standing U.S. policy of not consulting Beijing on Taiwan matters.Looking Ahead: Scenarios for the Trump‑Xi DialogueAnalysts see three possible outcomes: a breakthrough that eases sanctions on China and secures Iranian de‑escalation; a stalemate that leaves the tariff truce intact but no substantive progress on Iran; or a deterioration that could reignite trade tensions and complicate U.S. commitments to Taiwan.