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Good morning and welcome to FirstFT Asia. In right this moment’s e-newsletter:
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Trump’s rising frustration with Putin
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McKinsey’s shrinking headcount
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The brewing disaster in US-South Korea relations
US President Donald Trump has warned Vladimir Putin he’s “taking part in with fireplace” after Russia launched a few of its greatest drone and missile assaults on Ukraine since its full-scale invasion started in early 2022.
What Trump stated: “What Vladimir Putin doesn’t realise is that if it weren’t for me, plenty of actually unhealthy issues would have already occurred to Russia, and I imply REALLY BAD,” Trump stated in a publish on Fact Social. “He’s taking part in with fireplace!” The US president’s newest posts reveal the rising frustration in his administration with Putin over the warfare. The Russian chief has provided no concessions and proven little interest in the ceasefire demanded by Ukraine and its western allies.
Rising assist for sanctions: Tammy Bruce, state division spokesperson, hinted Trump may be near taking motion in opposition to Russia. “As we’ve seen right this moment with Putin . . . there’s a level that [Trump] appears at issues in another way, and the way that manifests, identical to with the whole lot else on this administration, it’s going to occur shortly.”
Trump stated on Sunday he would “completely” take into account new sanctions on Moscow. In the meantime, a sanctions invoice co-authored by Senator Lindsey Graham, a South Carolina Republican who’s among the many president’s most outstanding legislative allies, continues to assemble assist within the higher chamber. Read the full story.
Right here’s what else we’re maintaining tabs on right this moment:
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Financial information: Australia publishes April CPI inflation figures and Taiwan releases revised first-quarter GDP.
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New Zealand: The Reserve Financial institution of New Zealand broadcasts its financial coverage choice.
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China-Pacific ties: China hosts international ministers from 11 Pacific island nations for a gathering within the metropolis of Xiamen.
Be a part of Monetary Instances specialists right this moment to get clear-sighted evaluation of probably the most consequential geopolitical rivalry of our time: the US-China showdown. Register for the webinar now and put questions to our panel.
5 extra high tales
1. McKinsey has minimize greater than 10 per cent of its employees prior to now 18 months, reversing a giant enlargement plan that peaked through the coronavirus pandemic. The job cuts, that are among the many largest in McKinsey’s practically 100-year historical past, mirror the sharp slowdown in revenue growth across the consulting market.
2. European defence firms say Japan has accelerated its opening to non-American suppliers of army gear for the reason that election of Trump. One firm consultant at Japan’s largest-ever defence sector commerce present this month stated the sentiment amongst Japanese officers was more and more “we like something as long as it’s not American”.
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Japanese bonds: Longer-dated bonds rallied yesterday after the federal government took the rare step of canvassing primary dealers for his or her views on issuance, elevating hypothesis it might cut back provide.
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Japanese enterprise: Seven & i shareholders have backed its new chief executive because the 7-Eleven retailer proprietor faces a record-breaking $50bn takeover provide.
3. Chinese language billionaire Li Zhenguo has stepped again from the day-to-day administration of Longi, the photo voltaic group he based 25 years in the past, highlighting turmoil in the industry as falling income and manufacturing unit overcapacity undermine years of fast development. Longi stated Li would concentrate on analysis and growth and different know-how efforts.
4. Syria and Israel have held a number of rounds of direct talks in current weeks aiming to quell spiralling tensions between the neighbouring international locations, stated three individuals briefed on the scenario. The talks have been the first known direct contact between the brand new management in Damascus and their Israeli counterparts amid a spate of Israeli air strikes on Syrian soil.
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Gaza: Waves of determined Palestinians overwhelmed a humanitarian distribution hub yesterday, as a controversial new aid system run by a beforehand unknown US-backed group started operations within the shattered enclave.
5. Toyota has promised to put in a homegrown working system in its best-selling RAV4 sport utility car by subsequent March, in a bid by the world’s largest carmaker to catch up with Tesla and Chinese rivals’ software lead.
The Huge Learn
A series of possible crises is brewing in US-South Korea relations. Regardless of an alliance that goes again a long time, the 2 international locations are threatening to diverge on delicate questions of commerce, regional safety and the rising North Korean nuclear risk. Whereas many of those fears mirror long-standing tensions, they’ve been exacerbated by the return to energy of Trump — who has repeatedly declared his admiration for North Korean dictator Kim Jong Un — and a protracted political disaster in Seoul.
We’re additionally studying . . .
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Greenland’s minerals: US and European mining firms must hurry up and put money into Greenland, otherwise it will turn to China, a minister for the Arctic territory has warned.
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Trump’s Harvard crackdown: The US president needs foreigners out of the Ivy League college, placing a lot of them in limbo.
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‘Loopy’ information guidelines: Germany’s reservists’ affiliation warned that strict privacy laws are hindering the nation’s efforts to swell the ranks of the armed forces.
Chart of the day
India’s cryptocurrency business is lobbying for cuts to taxes which have curbed home buying and selling, in a bid to make the most of New Delhi’s softening stance in direction of digital property. As soon as a pariah sector in India, executives at exchanges instructed the FT that Prime Minister Narendra Modi’s government had become markedly more receptive following Trump’s embrace of digital currencies.
Take a break from the information
Robotic canine are multiplying quick all over the world, metamorphosing from amusing playthings to trusted companions deployed in a variety of terrains from manufacturing vegetation to battlefields. Michael Peel takes a have a look at the growing use of caninoids as a part of the FT’s special report on robotics.
