FirstFT: Israeli military enters Gaza’s al-Shifa hospital

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Israeli forces have entered al-Shifa hospital in Gaza to conduct what the country’s military has described as a “precise and targeted operation” against Hamas.

The move by Israeli troops comes days after they surrounded the besieged strip’s largest medical complex, where tens of thousands of people were sheltering from Israel’s bombardment of the coastal enclave.

Israel claims al-Shifa is a significant site for Hamas’s operations because it sits on top of the armed group’s underground infrastructure, which the Israeli military intends to destroy.

The Israel Defense Forces said in a statement on social media platform X that its operation in a “specified area” of the hospital was “based on intelligence information and an operational necessity”.

Doctors at the hospital in Gaza City have repeatedly denied that it is being used for Hamas military operations. Read the latest from the Israel-Hamas war and follow the conflict in this visual guide.

Here’s what else I’m keeping tabs on today:

• Economic data: The UK has October consumer and producer inflation data and the November house price index. The European Commission issues economic forecasts for 2024 and 2025 on gross domestic product, inflation, debt, deficits, unemployment and current account balances for each member state.

• US-China summit: Joe Biden and Xi Jinping meet in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum in a renewed effort to stabilise bilateral relations.

• Results: Alstom, Fuller, Smith & Turner, Infineon Technologies and SSE report. Tullow Oil issues a trading statement.

Five more top stories

1. Joe Biden’s plan to unveil a crucial part of his Indo-Pacific economic strategy has been derailed by opposition from Congressional Democrats. The US intended to conclude critical elements of its Indo-Pacific Economic Framework trade pillar at the Apec forum this week to signal to China that the US and its partners could co-operate on a trade strategy, but the White House abruptly reversed course following pressure from Democrats.

2. Exclusive: Denmark will be tasked with inspecting and potentially blocking tankers of Russian oil under new EU plans, as the west scrambles to enforce a price cap the Kremlin has avoided. Danish authorities would target tankers transiting the Danish straits without western insurance, people with knowledge of talks told the Financial Times. Read more on EU efforts to enforce the price cap.

3. University leaders in England have hit out at the UK government’s incoming state pension reforms, warning that a sharp increase in employer pension contributions next year will result in deep cuts to student welfare support and make it harder to recruit staff. The 80 affected universities are among the country’s least well-endowed institutions that are struggling with financial deficits.

4. Spain’s opposition has called for EU institutions to stop a highly divisive amnesty law for Catalan separatists. The draft legislation will end criminal cases against several hundred pro-independence leaders and supporters related to an unlawful bid for Catalonia to break away from Spain in 2017. Read more on the legislation that one conservative has compared to laws imposed under the Franco dictatorship.

5. Emirates has ruled out Airbus A350 purchases until Rolls-Royce resolves issues with its engines. The airline’s president, Sir Tim Clark, said the fuel-efficient engine did not meet the Dubai government-owned carrier’s maintenance requirements, adding that Emirates would consider purchasing up to 50 of the aircraft if Rolls-Royce made technical adjustments to allow it to operate better in Dubai’s hot, dusty environment.

The Big Read

Is Indonesia finally set to become an economic superpower? Four years after President Joko Widodo ratified his $32bn dream to move the capital from Jakarta to Nusantara, an equatorial outpost on Borneo, the effort has been criticised as an expensive vanity project. In an interview with the Financial Times, Widodo argues it is a chance to transform the country’s economic geography.

We’re also reading and listening to . . . 

Love the FirstFT quiz? Tune in to the final round of Biz Quiz on Saturday, November 18 (7:15am GMT) to test your knowledge of the global news cycle. The second annual buzz-in competition features questions derived exclusively from FT content.

Chart of the day

With the UN COP28 climate talks beginning in Dubai in a few weeks, the energy industry is considering strategies to cut emissions and boost its low carbon businesses. This week, Exxon outlined a plan to begin producing lithium by 2027. North American lithium demand far outstrips supply, but Exxon intends to be more than a bit-player, transforming the US into a significant supplier of the battery metal.

The FT’s Energy Source newsletter is back with a new look. Premium subscribers can sign up here for the latest news and analysis on the energy industry.

Take a break from the news

The FT’s yearly round-up of the best books continues as James Lovegrove selects his must-read science fiction titles of 2023.

Additional contributions from Grace Ramos, Gordon Smith and Euan Healy