Today’s Agenda: Mertz on Germany’s debt brakes. BP Investor Day. D1 makes a comeback. British executive pay; and Russian grandfather dying in Ukraine
good morning. We support Moscow and Beijing in a vote that begins in New York and calls for a “spearable end” to the war in Ukraine, which has the latest blow to Western unity during President Donald Trump. passed the UN Security Council.
What happened: Since 2022, the United Nations has supported Ukraine’s sovereignty and territorial integrity, focusing on Moscow’s invasion. They also call for Russian troops to withdraw from Ukraine immediately. The US resolution did not include language for this effect despite efforts by European countries to include it. France and the UK did not reject this measure, but they abstained after failing to make final ditch efforts to delay the vote.
Earlier in the day, the US voted for Russia against Ukraine and the EU countries at the UN General Assembly prior to the Security Council vote.
What does that mean: The vote highlights how the Transatlantic Alliance, which has supported Europe’s security since the end of World War II, began to fray as the US president took a trading approach to foreign policy. did. This is in stark contrast to the administration of Trump’s predecessor, Joe Biden, which led to Western efforts to freeze Russia from the world economy three years ago in retaliation for a full-scale Ukraine aggression. Details of last night’s vote at the UN Security Council.
European Defense: The UK will join EU leaders this week in a groundbreaking talks about setting up a European-wide defense funding arrangement amid fears that the US security blanket will disappear.
Europe faces a time-defining moment. How should policy makers and business leaders prepare? At this exclusive webinar on February 27th, FT experts ask what’s ahead. Save your spot here.
Here is the other thing we keep tabs today:
Economic Data: Germany released its fourth quarter GDP estimates, while the OECD released its global trade statistics around the same time.
Apple Shareholder Meeting: Investors vote on a motion that forces iPhone makers to scrap their diversity, equity and comprehensive policies.
Italy: The 2024 United Nations Biodiversity Conference will resume sessions at the 16th Conference Conference with the Rome Convention on Biodiversity.
Five more top stories
1. German election winner Friedrich Merz is considering using the resigning parliament to lift the country’s strict “debt brake” before the newly elected far-right and left lawmakers can take their seats. With this maneuver, Mertz reforms its borrowing cap, allowing for more defensive spending. This is opposed by German and left-wing Die Link’s right alternatives.
2. Exclusive: BP has waived its pledge to reduce oil and gas production and announces at least one major sale tomorrow’s key investor day, CEO Murray Autinkoros is activist Fighting to persuade Elliott Management, and to persuade him that he can, those familiar with the plan said to turn the energy major around.
3. Exclusive: $21 billion fund manager D1 Capital Partners makes a comeback by riding a small number of giant corporate turnarounds in Europe as the stock market in the region underestimates many of its large companies. did. The company won a 44% return on its published portfolio last year, earning an additional 7.7% in January. Details of the investor letters seen by the Financial Times.
4. The London-listed company continues to secure contracts for millions of shareholders last year, following the success of London Stock Exchange Group and Smith & ne’s “change in tone” from investors. They plan to increase CEO payments to take advantage of the “change in tone” from home. Pound wages increase the rise in CEOs. Here are the groups suggesting that CEOs improve wage transactions this year:
5. Only 1% of the workforce found work within six months for health reasons, while 20% want one, when reducing spiral welfare in the UK Invoices according to a think tank report highlighting the challenges facing the government. The findings indicated the need to change economic incentives to help people with illnesses and disabilities return to employment.
More UK Employment: The underlying issues behind the UK truck driver shortage are still unresolved, writes Sarah O’Connor.
Big reading
©Chris Campbell
State-owned developers are buying up land as the Chinese government struggles to mitigate the property crisis. Meanwhile, policymakers have announced many measures to support the housing market, including the purchase of a fully-sold apartment that can ultimately be used as a social housing. However, this visual investigation of FT shows that such government initiatives have uncertain outcomes for the economy.
I also read and listen to it. . .
Gulf Coast: The London Stock Exchange struggles with leaving businesses, but its parents enjoy financial success, writes John Gapper.
“Renegotiation”: Ghana’s new president is calling for changes to the $3 billion IMF contract recognized as bringing financial stability to the country.
Muffled Activism: Silicon Valley’s horrible employees rarely protest against high-tech Titans as they move to the right.
Economics Show: Martin Wolf talks to IMD’s Richard Baldwin about the future of global trade and whether technology makes tariffs redundant.
The chart of the day
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The number of Russian men in fighting in their 50s in Ukraine is increasing as the Kremlin army composition has shifted to so-called volunteers and men who are certain to join the army on wage offers. And generous bonus. Read more about a Russian grandfather who is dying on the frontline.
Take a break from the news. . .
©Kenneth Andersson
Sabbatical leave is a very misunderstood business interest. It was once largely confined to the academy sedative halls, but still luxurious in many places, but more common than was widely imagined. So, how do countries and businesses earn fares when it comes to the most desirable workplace perks?
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