Trump and Putin discuss end to Ukraine war

Good morning. We begin immediately with Donald Trump and Vladimir Putin’s cellphone name about Ukraine. Plus:

• Foxconn confirms its curiosity in Nissan

• Can Trump make bitcoin helpful?

• Chinese language tech shares enter a bull market

President Donald Trump says Washington and Moscow will start negotiations “instantly” on ending the battle in Ukraine after talking along with his Russian counterpart Vladimir Putin.

Yesterday’s name indicated a dramatic turnaround within the US-Russia relationship amid indicators Washington will dial again its help for Ukraine after virtually three years of battle. Trump mentioned the 2 leaders additionally agreed to go to one another’s nations.

The president advised reporters within the Oval Workplace that he and Putin would maintain their first in-person assembly in Saudi Arabia. The talks shall be hosted by Crown Prince Mohammed bin Salman.

The decision, which the Kremlin mentioned lasted practically 90 minutes, was the primary time the US and Russia had spoken on the highest degree since Russia’s full-scale invasion of Ukraine in 2022.

Trump spoke to Putin earlier than calling Volodymyr Zelenskyy, Ukraine’s president, in an indication that the US could not need to work with Kyiv or the EU on a standard technique to carry Russia to the negotiating desk.

Read more about Trump’s plans to meet Putin.

• US pours chilly water on Ukraine’s peace targets: A return to Ukraine’s pre-2014 borders is an “unrealistic objective”, the US defence secretary mentioned yesterday.

• Prisoner change: Alexander Vinnik, a Russian who operated cryptocurrency platform BTC-e, is to be released as a part of the change that freed American instructor Marc Fogel, a US official mentioned.

• Defence spending: Army spending in Russia now outstrips all of Europe’s defence budgets combined, based on a examine.

Right here’s what else we’re retaining tabs on immediately:

• Financial knowledge: The US experiences fourth-quarter GDP estimates and PPI inflation figures for January.

• India-US relations: Narendra Modi meets Donald Trump in Washington, the place the Indian prime minister will search to fend off US motion on tariffs and migration.

• Nato: Defence ministers from the alliance meet in Brussels.

• Outcomes: Sony, Nissan and Honda report earnings.

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5 extra prime tales

1. Foxconn will think about buying Renault’s stake in Nissan if it’s a situation for working with both carmaker on electrical automobiles, the Taiwanese contract electronics producer mentioned yesterday. Foxconn chair Younger Liu confirmed earlier experiences of the discussions with Renault, which observe the collapse of merger talks between Nissan and Honda. Read more about the iPhone assembler’s interest in Nissan.

2. Chevron mentioned it will slash as much as 20 per cent of its international workforce by the tip of 2026 as a part of a cost-cutting drive designed to simplify the oil main’s enterprise and increase progress. The deep cost-cutting plans by Chevron come despite Trump’s name for producers to “drill, child, drill” and generate one other oil growth.

3. Saudi Arabia has launched a scathing state media marketing campaign towards Benjamin Netanyahu, pointing to rising frustration within the Gulf state’s royal courtroom with the Israeli prime minister and the battle in Gaza. The unusually hostile barrage was triggered by Netanyahu joking in an interview final week about making a Palestinian state in Saudi Arabia.

4. Activist fund Farallon Capital Administration has taken a major stake in Astellas, one in every of Japan’s largest pharmaceutical corporations. The transfer is a part of a wave of shareholder activism in Japan as governance reforms by the Tokyo change push corporations to take investor calls for extra significantly. Here are the changes Farallon is pushing for.

5. Indian on-line brokerages face a hefty hit to their revenues, say trade executives, after the regulator intervened to curb younger retail buyers’ frenzied buying and selling of dangerous derivatives markets. Hundreds of thousands of younger Indians had been gambling in the derivatives markets to attempt to shortly revenue from the nation’s hovering inventory market, with 9 out of 10 shedding cash.

Visible story

Trump has vowed to make the US the world’s “crypto capital”, phrases which have helped supercharge bitcoin’s worth to six-figure highs. Fanatics are significantly excited by speak of a nationwide bitcoin stockpile. However how such a reserve would work, and what it will imply for the cryptocurrency, is unclear. And would taxpayers be left holding the bag if — or when — prices fall?

We’re additionally studying . . . 

• Synthetic intelligence: Former Google chief Eric Schmidt warned that western nations have to give attention to constructing open-source AI fashions or risk losing out to China.

• Victoria’s Secret: Can the lingerie model that constructed a multibillion-dollar empire on extravagant reveals and a provocative picture win over Gen Z?

• The battle over WFH: Corporations are more and more monitoring office attendance and utilizing the information gathered in efficiency and pay critiques.

Chart of the day

A benchmark for Chinese language know-how shares has risen greater than 20 per cent up to now month, entering a bull market following DeepSeek’s AI breakthrough.

Take a break from the information . . . 

What can we find out about negotiating from Donald Trump’s aggressive fashion? The US president is a helpful case study in the tactics of unreasonable people, writes Jonathan Guthrie in his newest Monetary Considering column.