FirstFT: US pushes UN decision on Ukraine warfare with Russian backing

In the present day’s agenda: Merz on Germany’s debt brake; BP’s investor day; D1 makes a comeback; UK govt pay; and Russian grandfathers dying in Ukraine

Good morning. We start in New York the place a US decision calling for a “swift end” to the warfare in Ukraine handed the UN Safety Council with the backing of Moscow and Beijing in a vote that dealt the newest blow to western unity throughout Donald Trump’s presidency.

What occurred: Since 2022, the UN has backed Ukraine’s sovereignty and territorial integrity, whereas noting Moscow’s aggression. It has additionally referred to as for Russian forces to right away withdraw from Ukraine. The US decision didn’t embrace language to this impact, regardless of efforts by European nations to incorporate it. France and the UK didn’t veto the measure however they abstained after failing in a last-ditch effort to delay the vote.

Earlier within the day the US in a unprecedented transfer additionally voted with Russia in opposition to Ukraine and EU nations within the UN Common Meeting forward of the Safety Council vote.

What does it imply: The vote highlighted how the transatlantic alliance that has underpinned European safety because the finish of the second world warfare has begun to fray because the US president takes a transactional method to international coverage. It marks a stark distinction to the administration of Trump’s predecessor, Joe Biden, which led a western effort to freeze Russia out of the worldwide economic system in retaliation for its full-scale invasion of Ukraine three years in the past. Extra on final evening’s vote on the UN Safety Council.

• European defence: Britain will this week be a part of EU leaders in groundbreaking talks about establishing Europe-wide defence funding preparations, amid fears of a disappearing US safety blanket.

Europe faces an era-defining second. How ought to policymakers and enterprise leaders put together? Hear from the FT’s consultants on what lies forward on this unique webinar on February 27. Save your spot right here. 

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

• Financial information: Germany releases fourth-quarter GDP estimates whereas the OECD publishes world commerce statistics for a similar interval.

• Apple shareholder assembly: Buyers will vote on a movement making an attempt to power the iPhone maker to scrap its range, fairness and inclusion insurance policies.

• Italy: The 2024 UN Biodiversity Convention resumes periods for the sixteenth assembly of the Convention of the Events to the Conference on Organic Variety in Rome.

5 extra high tales

1. German election winner Friedrich Merz is taking a look at utilizing the outgoing parliament to raise the nation’s strict “debt brake” earlier than newly elected far-right and far-left lawmakers can take their seats. The manoeuvre would enable Merz to reform the borrowing cap to permit extra defence spending, which is opposed by the rightwing Various for Germany and leftwing Die Linke.

2. Unique: BP will abandon its pledge to scale back oil and gasoline output and announce a minimum of one main divestment at its essential investor day tomorrow, stated folks conversant in the plan, as chief govt Murray Auchincloss battles to persuade activist Elliott Administration that he can flip across the power main.

3. Unique: The $21bn fund supervisor D1 Capital Companions has made a comeback by using a handful of large company turnarounds in Europe, because the area’s inventory markets have undervalued a lot of its largest firms. The agency netted a 44 per cent return on its publicly traded portfolio final yr and a further 7.7 per cent in January. Extra particulars from the investor letter seen by the Monetary Occasions.

4. Large London-listed firms are planning to spice up their high executives’ pay as they attempt to capitalise on a “change in tone” from traders following London Inventory Alternate Group and Smith & Nephew’s success final yr in securing shareholders’ settlement for multimillion-pound pay rises for his or her high executives. Listed below are the teams proposing to supply their chief executives improved pay offers this yr.

5. Just one per cent of individuals out of the workforce for well being causes discover a job inside six months, regardless that 20 per cent need one, in response to a think-tank report that underlines the problem the federal government faces in chopping the UK’s spiralling welfare invoice. Findings confirmed the necessity to change the monetary incentives to assist in poor health and disabled folks return to employment.

• Extra UK employment: The underlying issues behind the UK’s truck driver scarcity haven’t but been resolved, writes Sarah O’Connor.

The Large Learn

As China’s authorities struggles to ease a property disaster, state-owned builders have been shopping for up land. In the meantime policymakers have unveiled a bunch of measures to prop up the housing market, together with purchases of full however unsold flats that may ultimately be used as social housing. However this FT visible investigation reveals such authorities initiatives are leaving unsure penalties for the economic system.

We’re additionally studying and listening to . . . 

• Gulf in fortunes: Whereas the London Inventory Alternate suffers an exodus of firms, its mum or dad is having fun with monetary success, writes John Gapper.

• ‘Renegotiation’: Ghana’s new president is searching for adjustments to the $3bn IMF settlement credited with bringing monetary stability to the nation.

• Muffled activism: Fearful workers in Silicon Valley have executed little to protest in opposition to tech titans as they make a rightward shift.

• The Economics Present🎧: Martin Wolf talks to IMD’s Richard Baldwin about the way forward for international commerce and if know-how is making tariffs redundant.

Chart of the day

An growing variety of Russian males of their 50s preventing in Ukraine are getting killed in motion, because the make-up of the Kremlin’s forces has shifted in the direction of so-called volunteers, males who’re satisfied to enlist within the military with the provide of a wage and beneficiant bonus. Learn extra on Russian grandfathers dying on the entrance line.

Take a break from the information . . . 

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