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Good morning and welcome to FirstFT Asia. In todays’ 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 “playing with fire” 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, lots of really bad things would have already happened to Russia, and I mean REALLY BAD,” Trump mentioned in a put up on Reality Social. “He’s playing with fire!” Trump’s newest posts reveal the rising frustration in his administration with Putin over the battle. The Russian chief has provided no concessions and proven no real interest in the ceasefire demanded by Ukraine and its western allies.
Rising assist for sanctions: Tammy Bruce, state division spokesperson, hinted Trump is likely to be near taking motion towards Russia. “As we’ve seen today with Putin . . . there is a point that [Trump] looks at things differently, and how that manifests, just like with everything else in this administration, it will happen quickly.”
Trump mentioned on Sunday he would “absolutely” contemplate 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 collect assist within the higher chamber. Learn the total story.
Right here’s what else we’re protecting tabs on right now:
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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 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 now to get clear-sighted evaluation of essentially the most consequential geopolitical rivalry of our time: the US-China showdown. Register for the webinar now and put inquiries to our panel.
5 extra prime tales
1. McKinsey has lower greater than 10 per cent of its workers prior to now 18 months, reversing an enormous enlargement plan that peaked in the course of 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 income development throughout 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 uncommon step of canvassing main sellers for his or her views on issuance, elevating hypothesis it could cut back provide.
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Japanese enterprise: Seven & i shareholders have backed its new chief government 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 within the business as falling earnings and manufacturing facility overcapacity undermine years of speedy development. Longi mentioned Li would give attention to analysis and improvement 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, mentioned three individuals briefed on the scenario. The talks have been the first recognized 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 help hub yesterday, as a controversial new help 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 meet up with Tesla and Chinese language rivals’ software program lead.
The Massive Learn
A collection of potential crises is brewing in US-South Korea relations. Regardless of an alliance that goes again many years, the 2 international locations are threatening to diverge on delicate questions of commerce, regional safety and the rising North Korean nuclear menace. 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 chronic 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, in any other case it can flip 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 lots of them in limbo.
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‘Crazy’ knowledge guidelines: Germany’s reservists’ affiliation warned that strict privateness legal guidelines 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 informed the FT that Prime Minister Narendra Modi’s authorities had turn into markedly extra 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 vegetation to battlefields. Michael Peel takes a take a look at the rising use of caninoids as a part of the FT’s particular report on robotics.
