Today’s Agenda: The US will resume Ukrainian mineral trade. A remake of Disney’s controversial “Snow White.” Libya’s illegal oil trade. And can the Ozempic be a weapon of war?
We close the week with news from Heathrow, where major UK airports have been closed all day after a nearby fire, disrupting scheduled flights and causing chaos to travel around the world. This is what we know so far.
What causes the closure? Heathrow said operations will be suspended until 11:59pm today after a flame at an electrical substation supplied to the airport caused a “severe blackout.” The London Firefighters said they were fighting a major fire at a Hayes substation near Hayeslow after the transformer was down. He added that the cause of the fire is unknown.
How many flights will be affected? According to Flightradar24, nearly 100 people have been cancelled to arrive at Heathrow, and about 120 people have been repurposed when they arrive at Heathrow. Incoming aircraft are redirected to nearby airports, including Gatwick and Stansted in London, Birmingham, Charles de Gare in Paris, Helsinki and Shannon in Ireland. The closure affects at least 1,351 flights, added.
According to Travel Data Group OAG, Heathrow is the second busiest international airport after Dubai. “We recommend that passengers not travel to the airport and contact the airline for more information,” Heathrow said. As you learn more, we’ll bring you more updates here.
And here’s what we keep tabs today and weekend:
Economic Data: The UK is publishing data on public sector finances today, February.
Namibia: Netumbo Nandi-Ndaitwah is today sworn in as the country’s first female president.
UK: Liberal Democrats will begin their spring meeting in Harrogate today, with party leader Ed Davy scheduled to speak on Sunday.
China Development Forum: Global business leaders will meet in Beijing for an annual meeting that begins on Sunday.
Results: Cruise Company Carnival and UK pub chain JD Weatherspoon Report.
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Five more top stories
1. Exclusive: Europe’s biggest military force plans to assume greater responsibility for defense from the United States, including pitching to the Trump administration for a managed transfer over the next five to ten years. The debate is an attempt to avoid the confusion of a unilateral US withdrawal from NATO.
2. Exclusive: Washington is seeking new conditions for access to Ukraine’s important mineral and energy assets, and is expanding its economic demands on Kiev in sought a peace agreement with Moscow. “One of the things we do is sign a contract with Ukraine on rare earths very soon,” said Donald Trump. Read the full report.
3. Exclusive: Global companies have begun to remove climate targets from executive pay plans as the corporate world recedes from the ESG initiative in the face of intense US opposition and increased costs. The groups that changed their sustainability goals are:
4. A live-action remake of Snow White and the Seven Dwarves brought Disney back to the culture war despite Bob Iger’s attempts to lower the political temperature. The controversy appears to have dented potential customers at the film’s box office that begins at cinemas today.
5. Exclusive: UN Secretary-General Antonio Guterres has asked EU leaders not to request a rebate from the organization this year to offset the suspension of US donations, which accounts for more than 20% of the budget. The plea comes as UN humanitarian officials have said Trump is being forced to make a “life-and-death choice” after cutting funds for international aid.
Big reading
©ft Montage/Getty Images/Reuters
Libyan oil wealth, which accounts for about 95% of the state budget, has long been the source of factional feuds. However, rival administrations appear to have found ways to coexist by sharing revenues from smuggling subsidised fuel products. Heba Saleh reports tornadoes on the illegal oil trade that continue to divide Libya.
We’re reading too. . .
American Liberalism: From Hollywood to New York’s Upper East Side, American Bien’s Pensant is upset from Trump’s return when he takes on the American elite.
“Voters care about Ozempic”: Gillian Tett asks: Are weight loss drugs characteristic of future US negotiations with Denmark on Greenland?
UK Childcare Tax Cliff: Some parents need a 50% wage increase and traps are zapping productivity to mitigate the impact of the £100,000 threshold.
Wiz’s Assaf Rappaport: The CEO of a cybersecurity startup has emerged as a leader in the field to steal $32 billion in Google deals after turning down a “inexplicable offer” last summer.
The chart of the day
European investors in US stocks have been subjected to a double blow during Wall Street’s recent record run as a slide in the dollar’s combined stock share losses ends the “noble cycle” of stock prices and currency growth. The sharp reversal since mid-January has changed how dollar assets are perceived.
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Take a break from the news. . .
FT Food and Drink Experts – Jay Rayner, Marina O’Laurin, Jancis Robinson and Tim Hayward have strong opinions on how to make the most of eating out in 2025.
©Tim Bouckley
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