FirstFT: EU Council president requires ‘new security architecture’ with Russia

At this time’s agenda: Uranium provide crunch; JPMorgan’s “huge mistake”; who will succeed Xi Jinping?; airways braced for crowded skies; and the human assets reckoning

Good morning. At this time marks the start of a doubtlessly decisive week for safety, as Europe’s strongest leaders collect in Paris for an emergency assembly on Ukraine and the way forward for the continent’s defence. Roula Khalaf and Henry Foy talked to António Costa on the Munich Safety Convention this weekend.

Costa’s warning: The EU have to be concerned in negotiations with Russia over the top of the Ukraine struggle with the intention to map out Europe’s future safety structure, the bloc’s president has mentioned. “It is not only about Ukraine. The negotiations on the new security architecture need to take into account that Russia is a global threat, not only a threat to Ukraine.” Learn the remainder of the interview.

Trying forward: The US-Russia talks on Ukraine will formally start in Saudi Arabia this week when Donald Trump’s high diplomat Marco Rubio sits down with Russia’s Sergei Lavrov. Chatting with reporters on Sunday, the US president mentioned Ukrainian President Volodymyr Zelenskyy additionally needed the struggle to finish, and could be “involved” within the talks.

“This is the beginning of the beginning. Things are definitely moving,” Alexander Stubb, Finland’s president, instructed the FT. Referring to the date of Russia’s full-scale invasion, he added: “I think the world order started to shift on the 24th of February 2022, and we are now seeing the direction in which it might be going.”

Learn extra on Europe’s response to the fast-moving negotiations going down with out them.

• UK-US relations: Sir Keir Starmer is in search of to behave as “a bridge” between Washington and Europe in opposition to a backdrop of deepening transatlantic tensions.

• Ukraine: President Volodymyr Zelenskyy has rejected a US bid to take possession of round 50 per cent of the rights to his nation’s uncommon earth minerals and is making an attempt to barter a greater deal.

• Germany in disarray: The US vice-president’s sharp phrases on the Munich Safety Convention despatched shockwaves by the transatlantic alliance.

Right here’s what else we’re conserving tabs on at this time:

• UK financial information: Rightmove points its newest home worth index.

• Israel-Hamas battle: At this time marks the five hundredth day since Hamas launched an assault on Israel on October 7 2023, amid considerations over Washington’s dedication to a fragile ceasefire deal.

• Outcomes: Tyremaker Bridgestone, property developer Lendlease and tech-based financial savings platform MONY Group report.

5 extra high tales

1. US and European power firms are at rising threat from a uranium provide crunch as demand surges for nuclear energy to gas every thing from family electrical energy to information centres, business figures have warned. The menace comes as Kazakhstan, the world’s largest producer of the steel, sells extra to Russia and China. Learn the complete report.

2. Unique: The pinnacle of meals retailer Iceland has given the Labour authorities a “six out of 10” regardless of having launched Sir Keir Starmer on the launch of his election manifesto final summer time. Ministers ought to do extra on planning reform and fixing Britain’s productiveness issues, Richard Walker instructed the Monetary Occasions.

3. JPMorgan Chase’s alleged shut relationship with prosecutors will probably be a key focus in a trial this week over felony prices that entrepreneur Charlie Javice fraudulently induced the US financial institution to purchase her pupil mortgage start-up. Joshua Franklin and Sujeet Indap have extra on the case.

4. Germany’s far-right candidate Alice Weidel emerged because the prime goal in a heated four-way televised debate forward of basic elections subsequent Sunday. The co-leader of Various for Germany praised Donald Trump because the “right man” to finish the struggle in Ukraine and urged her nation to stay a “neutral mediator”.

5. Gold has change into the very best performing “Trump trade” in current weeks, outperforming different main asset lessons for the reason that US president’s inauguration, as fears of a commerce struggle and a possible hit to world development gas demand for the haven steel. “When trade contracts, gold takes off,” mentioned one analyst. Learn the complete story.

The Massive Learn

After greater than a decade of political purges and centralisation of energy, China’s strongest chief since Mao faces no direct problem to his authority. As he enters the midpoint of his third five-year time period in energy, China’s unstated query is changing into extra pressing: who will succeed Xi Jinping?

We’re additionally studying . . . 

Graphic of the day

The world’s skies have gotten crowded, as rockets, drones, and “flying taxis” within the close to future start to make use of airspace, inflicting complications for airways. Aviation consultants consider the way in which airspace is managed might want to change.

Take a break from the information . . . 

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