FirstFT: Vladimir Putin gives to finish Ukraine invasion at present entrance line

Good morning and welcome again to FirstFT Asia. In at the moment’s publication:

• Putin gives 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 provided 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 line with folks accustomed to the matter.

Putin’s proposal: The Russian president advised 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 below Kyiv’s management, three of the folks mentioned. The proposal is the primary formal indication Putin has given because the warfare’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 warfare 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. Mentioned one official: “There is a lot of pressure on Kyiv right now to give up on things so Trump can claim victory.”

Whereas senior Ukrainian officers advised the FT that they had 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 will not recognise the occupation of Crimea. It’s our territory, the territory of the people of Ukraine, there is nothing to discuss here.” Learn the complete story.

Right here’s what else we’re maintaining tabs on at the moment:

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

• Indonesia financial coverage: Financial institution Indonesia is predicted to maintain rates of interest regular at its assembly at the moment. (Reuters)

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

• International financial system: The IIF International Outlook Discussion board shall 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 mentioned the assault was essentially the most lethal in opposition to guests to the area in many years. Listed here are extra particulars.

2. US vice-president JD Vance has hailed what he known as “very good 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 transferring 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. Learn extra about Vance’s India journey.

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

3. Trump has mentioned 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 Could 2026. Learn the complete 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 take action.

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

4. Japanese buyers offloaded greater than $20bn in worldwide bonds as Trump’s tariffs shook markets early this month, in an indication of how the Wall Avenue turbulence cascaded all over 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-about 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 greatest worldwide enlargement because it purchased Lehman Brothers belongings in 2008.

5. Tesla is now not predicting a rebound in its electrical automobile enterprise this 12 months, blaming tariff uncertainty, after its quarterly income fell to the bottom stage because the 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. Learn extra about Tesla’s disappointing outcomes.

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 buildings put in by Chinese language corporations are meant for fishing, however officers and specialists in Seoul see them because the newest instance of China’s “grey zone” techniques.

We’re additionally studying . . . 

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

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

• Commerce disputes: The US and never others will really feel essentially the most ache 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 guess the corporate’s future on renewable power, BP is extra a middle-tier power firm with unsure prospects, value simply over a 3rd of its rival Shell, and the obvious takeover goal within the sector. Our Large Learn appears to be like at the way it ended up right here and how BP is searching for to influence buyers it may well catch up with the supermajors.

Take a break from the information

What does the way forward for beer appear to be? 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”.