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Good morning and welcome to FirstFT Asia. In as we speak’s publication:
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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 “enjoying 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 mentioned: “What Vladimir Putin doesn’t realise is that if it weren’t for me, plenty of actually dangerous issues would have already occurred to Russia, and I imply REALLY BAD,” Trump mentioned in a put up on Reality Social. “He’s enjoying 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 no real interest in the ceasefire demanded by Ukraine and its western allies.
Rising help for sanctions: Tammy Bruce, state division spokesperson, hinted Trump could be near taking motion towards Russia. “As we’ve seen as we speak with Putin . . . there’s a level that [Trump] appears at issues in a different way, and the way that manifests, identical to with every little thing else on this administration, it can occur shortly.”
Trump mentioned on Sunday he would “completely” think about 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 help within the higher chamber. Read the full story.
Right here’s what else we’re preserving tabs on as we speak:
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Financial knowledge: 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 pronounces its financial coverage resolution.
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China-Pacific ties: China hosts overseas ministers from 11 Pacific island nations for a gathering within the metropolis of Xiamen.
Be part of Monetary Occasions specialists as we speak 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 prime tales
1. McKinsey has minimize greater than 10 per cent of its workers previously 18 months, reversing an enormous growth plan that peaked through the coronavirus pandemic. The job cuts, that are among the many largest in McKinsey’s practically 100-year historical past, replicate the sharp slowdown in revenue growth across the consulting market.
2. European defence corporations say Japan has accelerated its opening to non-American suppliers of navy tools because the election of Trump. One firm consultant at Japan’s largest-ever defence sector commerce present this month mentioned 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 supply.
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 earnings and manufacturing unit overcapacity undermine years of fast development. Longi mentioned Li would deal with analysis and improvement and different know-how efforts.
4. Syria and Israel have held a number of rounds of direct talks in latest weeks aiming to quell spiralling tensions between the neighbouring nations, mentioned three individuals briefed on the state of affairs. 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 automobile by subsequent March, in a bid by the world’s largest carmaker to catch up with Tesla and Chinese rivals’ software lead.
The Large 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 nations are threatening to diverge on delicate questions of commerce, regional safety and the rising North Korean nuclear risk. Whereas many of those fears replicate 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 corporations have to 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 desires foreigners out of the Ivy League college, placing a lot of them in limbo.
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‘Loopy’ knowledge 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 the direction of digital belongings. As soon as a pariah sector in India, executives at exchanges advised 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 canines are multiplying quick all over the world, metamorphosing from amusing playthings to trusted companions deployed in a variety of terrains from manufacturing crops to battlefields. Michael Peel takes a take a look at the growing use of caninoids as a part of the FT’s special report on robotics.
