Vladimir Putin offers to end Ukraine invasion at current front line

Good morning and welcome again to FirstFT Asia. In as we speak’s e-newsletter:

• Putin provides to halt his Ukraine invasion alongside the present entrance line

• A lethal assault on vacationers in Kashmir

• South Korea fumes over Chinese language fish farms

Vladimir Putin has supplied to halt his invasion of Ukraine on the present entrance line as a part of efforts to succeed in a peace cope with US President Donald Trump, in accordance with folks conversant in the matter.

Putin’s proposal: The Russian president instructed Steve Witkoff, Trump’s particular envoy, throughout a gathering in St Petersburg earlier this month that Moscow may relinquish its claims to areas of 4 partly occupied Ukrainian areas that stay beneath Kyiv’s management, three of the folks stated. The proposal is the primary formal indication Putin has given for the reason that struggle’s early months three years in the past that Russia may step again from its maximalist calls for to finish the invasion.

The US has since floated concepts for a potential settlement that features Washington recognising Russian possession of Ukraine’s Crimean peninsula, the folks added, in addition to at the very least acknowledging the Kremlin’s de facto management over the components of the 4 areas it at present holds.

Is Putin baiting Trump? European officers briefed on US efforts to finish the struggle cautioned that Putin would most likely use the obvious concession as bait to lure Trump into accepting Russia’s different calls for and forcing them on Ukraine as a fait accompli. Stated one official: “There may be a variety of strain on Kyiv proper now to surrender on issues so Trump can declare victory.”

Whereas senior Ukrainian officers instructed the FT that they have been amenable to among the concepts floated by the Trump administration, President Volodymyr Zelenskyy reiterated his place on the Black Sea peninsula yesterday, saying: “Ukraine is not going to recognise the occupation of Crimea. It’s our territory, the territory of the folks of Ukraine, there’s nothing to debate right here.” Read the full story.

Right here’s what else we’re retaining tabs on as we speak:

• Financial knowledge: Hong Kong, Singapore and Malaysia report March CPI inflation figures.

• Indonesia financial coverage: Financial institution Indonesia is predicted to hold interest rates regular at its assembly as we speak. (Reuters)

• China-Iran ties: Iranian international minister Abbas Araghchi visits Beijing. (Reuters)

• International financial system: The IIF International Outlook Discussion board might be held alongside the IMF and World Financial institution spring conferences in Washington.

5 extra prime tales

1. Greater than 20 principally Indian vacationers are feared to have been killed in an assault by suspected militants within the restive Indian-controlled territory of Jammu and Kashmir. The territory’s chief minister Omar Abdullah stated the assault was essentially the most lethal in opposition to guests to the area in many years. Here are more details.

2. US vice-president JD Vance has hailed what he known as “excellent progress” on a commerce settlement between Washington and New Delhi, in feedback throughout a go to to the north-western metropolis of Jaipur. Narendra Modi’s authorities is shifting rapidly to barter the deal — with out an settlement, India faces the specter of a 26 per cent “reciprocal” tariff on its exports to the US. Read more about Vance’s India trip.

• Associated information: The Trump administration intends to press India to provide on-line retailers reminiscent of Amazon and Walmart full access to its $125bn ecommerce market, as a part of a commerce deal being negotiated beneath the specter of elevated tariffs.

3. Trump has stated he has “no intention” of firing the Federal Reserve chair Jay Powell, after indications that he may sack him sparked a sell-off in markets. The president has repeatedly hit out in opposition to the Fed chair’s refusal to chop rates of interest and final week signalled he believed he may dismiss Powell earlier than his time period as central financial institution head involves an finish in Might 2026. Read the full story.

• Trump vs Powell: The Fed chair is set to see out his time period, writes Gillian Tett, and legal professionals on the central financial institution suppose he has good grounds to do so.

• Extra US information: Wall Road shares rallied and oil costs climbed yesterday because the US Treasury secretary stated a commerce struggle with China was “unsustainable”.

4. Japanese traders offloaded greater than $20bn in worldwide bonds as Trump’s tariffs shook markets early this month, in an indication of how the Wall Street turbulence cascaded around the world. Japan has the largest worldwide stockpile of US Treasuries, with $1.1tn throughout private and non-private sectors, so its transactions are thought of a proxy for getting or promoting of US authorities debt.

• Japanese enterprise: Nomura has agreed to purchase Macquarie’s US and European public asset administration enterprise within the Japanese financial institution’s biggest international expansion because it purchased Lehman Brothers property in 2008.

5. Tesla is not predicting a rebound in its electrical automobile enterprise this yr, blaming tariff uncertainty, after its quarterly income fell to the bottom degree for the reason that finish of 2020. Gross sales have fallen as a shopper backlash to chief government Elon Musk’s political interventions has harm Tesla in main markets. Read more about Tesla’s disappointing results.

Information in-depth

Anger is constructing in South Korea over Chinese language fish farming installations within the Yellow Sea, opening one other entrance in Beijing’s tensions with its neighbours over its assertive conduct in disputed maritime territory. Beijing insists the metal constructions put in by Chinese language corporations are meant for fishing, however officers and specialists in Seoul see them because the latest example of China’s “grey zone” tactics.

We’re additionally studying . . . 

• Massive Tech monopolies: The US has dominated in opposition to Google. Now Europe ought to finish the job to make sure competitors can flourish, writes Nobel laureate Daron Acemoglu.

• Plant-based egg: Document-high retail costs for hen eggs within the US, pushed by the nation’s fowl flu epidemic, are boosting the sales of vegan substitutes.

• Commerce disputes: The US and never others will feel the most pain from Trump’s financial errors, argues Chris Giles.

Chart of the day

5 years after BP’s outgoing chair Helge Lund and former chief government Bernard Looney wager the corporate’s future on renewable vitality, BP is extra a middle-tier vitality firm with unsure prospects, value simply over a 3rd of its rival Shell, and the obvious takeover goal within the sector. Our Massive Learn appears at the way it ended up right here and how BP is seeking to persuade investors it can catch up with the supermajors.

Take a break from the information

What does the way forward for beer seem like? HTSI drinks columnist Alice Lascelles visited the brand new Heineken Studio in Amsterdam for a style of improvements together with flavoured foams and a “personalised draught system”.