FirstFT: Rebels assert management after Assad regime collapse

Good morning. In at present’s information:

• A $30bn promoting deal is within the offing

• Washington legislation companies ramp up tariff groups

• How corporations are working to retain worldwide recruits

However we start with occasions following the astonishing collapse of President Bashar al-Assad’s regime in Syria.

Rebels in army uniforms from the Islamist group Hayat Tharir al-Sham have at present fanned out throughout Syria’s capital Damascus to revive order after a day of looting.

HTS, led by Abu Mohammad al-Jolani, toppled the federal government after a 12-day lightning offensive which began within the insurgent stronghold of Idlib earlier than capturing Syria’s second-largest metropolis of Aleppo and ending in Damascus, bringing the curtain down on greater than 50 years of authoritarian rule in Syria.

Russia, a longtime backer of the Assad regime, mentioned the Syrian president had resigned. Tass, the Russian state newswire, later mentioned Assad and his household had arrived in Moscow the place that they had been provided asylum.

Turkey’s international minister at present known as on the UN and different worldwide actors to “extend a hand to the Syrian people and support the formation of an inclusive administration” as regional powers scramble to reply to the gorgeous flip of occasions.

The UN Safety Council is anticipated to convene a gathering later at present to debate the quickly evolving state of affairs in Syria. Our reside weblog is following the most recent developments.

And right here’s what else we’re preserving tabs on at present:

• Financial information: Brazil’s central financial institution releases the outcomes of a weekly financial survey with greater than 100 monetary establishments. It would embrace forecasts for GDP, rates of interest and inflation charges. Chile’s central financial institution publishes commerce figures for November and Mexico’s statistics company publishes client worth figures for final month.

• Firm outcomes: Oracle is anticipated to report an increase in second-quarter income because it advantages from wholesome spending on its cloud providers amid stiff competitors from bigger rivals resembling Microsoft and Amazon.

• FT and Schroders Business E-book of the 12 months: The winner is introduced at a ceremony in London. Right here is the shortlist.

Be a part of us on Wednesday as Monetary Instances editor Roula Khalaf and different FT consultants focus on their predictions for the world in 2025. Register right here.

5 extra prime tales

1. Donald Trump yesterday mentioned he wouldn’t search to take away Federal Reserve chair Jay Powell earlier than his time period expires in Might 2026. However the US president-elect did promise to push forward with sweeping tariffs, mass deportations and tax cuts in his first days within the White Home. Right here’s extra from Trump’s Meet the Press interview on NBC Information.

2. Omnicom and Interpublic are in talks to merge in a deal value greater than $30bn, and that will create the world’s largest promoting company. The mixed US group would most likely overtake France’s Publicis and WPP within the UK and reshape the worldwide advertising trade. Right here’s how the deal could be structured.

3. China has relaxed its financial coverage, sending shares and bond costs increased as traders wager policymakers had been taking the financial state of affairs extra critically. The get together subsequent 12 months “must implement more proactive fiscal policies and moderately loose monetary policies”, the federal government mentioned in an announcement. Learn extra.

4. US legislation and accountancy companies are gearing up for a charge bonanza as corporations put together for the opportunity of commerce wars underneath the incoming Trump administration. Throughout Washington, international diplomats have been plotting methods to include the mercurial president’s threats whereas companies have sought to get contemporary advisers. Right here’s extra on how corporations are getting ready.

5. Efforts by tech billionaires Patrick Quickly-Shiong and Jeff Bezos to overtake two of America’s most storied newspapers in an effort to “restore trust” within the information media are elevating alarm amongst press advocates. Billionaires have emerged as “white knight” acquirers for giant regional US newspapers that had been cash-strapped however nonetheless wielded affect.

The Huge Learn

South Korea is extra globally famend for its vibrant in style tradition and manufacturing prowess than for its traumatic previous. However the occasions of the previous week, triggered by President Yoon Suk Yeol’s shock martial legislation declaration, demonstrated how the nation is nonetheless formed by the notably brutal interval of dictatorship and the next troubled transition to democracy within the Nineteen Eighties.

We’re additionally studying . . . 

• Syria: Now we will dream of a future once more, writes Ammar Azzouz, a analysis fellow on the College of Oxford who was born in Homs.

• Geopolitics: Between China’s rise and Donald Trump’s America, Europeans have to be taught some classes about energy — and quick, writes Rana Foroohar.

• UK privatisation: Essential classes on its advantages and limits might be drawn on from the nation’s diversified expertise, writes Martin Wolf.

Chart of the day

How do you pay employees in several places? The normal reply — primarily based on what the native market calls for — is dealing with new stress from an more and more international expertise pool. In response, organisations are more and more adopting a hybrid system for salaries. However complexities should still come up when employees transfer from one location to a different as variations not simply in pay but in addition advantages develop into obvious.

Take a break from the information

From Taylor Swift to Margrethe Vestager, The FT Weekend Journal’s Ladies of 2024 celebrates 25 girls who’re remaking the world we reside in at present, written by the world’s most influential girls.