Vladimir Putin pushes maximalist demands in Ukraine talks

Right this moment’s agenda: Tesla’s tariff warning; DeepSeek’s technique; Deutsche Financial institution weighs Canary Wharf exit; Massive Learn on the Olympics; and gold’s triangular commerce

Good morning. We finish the week with the newest on Ukraine and the US proposal for a 30-day ceasefire with Russia forward of a busy weekend of diplomacy.

What Putin needs: Vladimir Putin has stated he “helps the thought” behind the US plan however added that it’s going to enable Ukraine’s forces to regroup simply as Russia’s navy is gaining the higher hand in Kursk. His preconditions embody Ukraine recognising Russia’s annexation of 4 partially occupied areas and Crimea; a pledge to by no means be part of Nato; caps on Ukraine’s navy; protections for the nation’s Russian audio system; and elections to exchange Volodymyr Zelenskyy.

What this implies: Moscow’s calls for would in impact finish Ukraine’s existence as a functioning state, place it squarely in Russia’s orbit and severely restrict Nato’s presence east of Germany. One professional stated Putin didn’t need to be blamed for standing in the way in which of Donald Trump’s deal however felt no strain to “again off”, including: “They need to play a recreation of rooster with the US.”

Wanting forward: Trump known as Putin’s remarks “promising” however “incomplete” and stated he had mentioned with Ukraine “land that might be saved and misplaced”, apparently referring to territorial concessions by Kyiv. The US president’s particular envoy Steve Witkoff is presently in Moscow for high-level talks, whereas Sir Keir Starmer’s adviser Jonathan Powell will likely be in Washington right this moment to induce the US to supply a safety “backstop”. The UK prime minister will maintain a digital name with EU and different leaders tomorrow.

Here’s more on the tough conditions Putin has set for a Ukraine ceasefire.

• Kursk: Seven months after a daring invasion to seize the Russian area, Ukrainian troops are actually beating a hasty retreat.

• Russian sanctions: Hungary has threatened to block the EU’s renewal of sanctions imposed on about 2,000 Russians until oligarch Mikhail Fridman is faraway from the record.

Right here’s what else we’re watching right this moment and over the weekend:

• Financial knowledge: The EU releases fourth-quarter labour knowledge right this moment, Germany has its February shopper value index and the UK studies its GDP estimate for January.

• US authorities shutdown: Chuck Schumer, the highest Senate Democrat, stated he would back a Republican stop-gap funding bill, lowering the danger of a shutdown early tomorrow.

• Outcomes: Allianz, BMW and Foxconn report.

Be a part of FT consultants on March 27 for a subscriber-only webinar, as they focus on Ukraine’s future with Russia’s full-scale invasion coming into its fourth yr. Register for free.

5 extra prime tales

1. Tesla has warned that Donald Trump’s commerce conflict may make it a goal for retaliatory tariffs and enhance the price of producing automobiles in America. In an unsigned letter to US commerce consultant Jamieson Greer, Elon Musk’s carmaker stated it “helps” honest commerce however warned that US exporters have been “exposed to disproportionate impacts when other countries respond to US trade actions”.

2. Unique: China’s DeepSeek is selecting to deal with analysis over chasing revenues as its billionaire founder decides to not observe Silicon Valley rivals by making the most of a sudden bounce in gross sales. A surge in demand for the unreal intelligence start-up’s companies meant revenues have been enough to cover ongoing costs for the first time last month.

3. Unique: Deutsche Financial institution may go away Canary Wharf or shed a 3rd of its area when its lease expires in 2028. The German lender has maintained an outpost within the east London monetary district for almost a decade, however the shift would mark the latest financial services tenant to retreat from the area.

4. Neither traders nor administration of Shein have raised issues concerning the firm’s valuation, its government chair has insisted. Whereas the fast-fashion retailer was most not too long ago valued at $66bn, some stakeholders need to reduce that to $30bn to hurry up its blockbuster London itemizing. However Donald Tang instructed the Monetary Instances there had been “zero conversations” among its management about doing so.

5. The US has unlocked nearly $5bn in funding for a liquefied pure fuel venture by France’s TotalEnergies in Mozambique, doubtlessly restarting work on one in every of Africa’s largest power investments. The corporate put the venture on maintain in 2021 after Islamist insurgents killed civilians and employees in assaults close to the positioning. Here’s why the Trump administration has reapproved the loan.

How effectively did you retain up with the information this week? Take our quiz.

The Massive Learn

On the face of it, the Olympics are driving excessive after the success of Paris 2024, which attracted a surge in viewership and revitalised a model many feared was dropping relevance with youthful audiences. However because the organising committee chooses a brand new president subsequent week, the world’s greatest sporting occasion is dealing with an exodus of major sponsors and a fast-changing media landscape.

We’re additionally studying . . . 

• Romanian politics: The nation’s authorities must release more evidence on why far-right candidate Călin Georgescu was blocked from elections, writes our editorial board.

• Simon Sadler: As soon as a heavyweight in Hong Kong finance, the Blackpool FC proprietor now faces the potential for jail. Kaye Wiggins goes inside the downfall of a trading titan.

• Peak mind energy: Information throughout nations and ages reveal a growing struggle to concentrate and declining verbal and numerical reasoning, writes John Burn-Murdoch.

• Trump’s tariffs: Levies on items could also be a prelude to tariffs on money, writes Gillian Tett, with capital inflows a potential subsequent goal.

Graphic of the day

Fears of potential tariffs on gold imports have sparked a rush in transatlantic commerce of the steel. However resulting from a quirk in international bullion markets and the asset’s bodily nature, refineries in Switzerland are working time beyond regulation, resizing the 1kg bars utilized in New York to the 12.5kg bricks traded in London. Here’s how the time-consuming process of shipping gold has become strained.

Take a break from the information . . . 

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