The world in brief

In today's edition: Xi invests Putin to China, a tricky choice for the Fed, and Boris Johnson faces the music

Stuck in the sand

The Iraq war bent America's army out of shape. As it exhausted itself battling insurgents, China re-armed

• insurgent: 반란을 일으킨 사람

This time is different

The banking turmoil is not having the effects you might expect in the broader stockmarket

A broken ad business

Whether or not it is banned, TikTok has forced its rivals to adopt a less lucrative model

<Reference: Economist>