In right this moment’s publication:
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Nato chief’s warning to Trump
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US hits China’s chip business with new export controls
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Indian steelmaker JSW to launch EV model
Good morning. We begin with an unique interview with Nato’s new secretary-general Mark Rutte, who advised the FT that the US would face a “dire threat” from China, Iran and North Korea if Ukraine have been pushed to signal a peace deal on phrases that have been beneficial to Moscow.
In his first interview as head of the western army alliance, Rutte mentioned the factors he made to Donald Trump at their assembly in Florida on November 22, as a part of an effort to influence the US president-elect to stay engaged with western allies and proceed American help for Ukraine.
Rutte famous the dangers from Russia supplying missile expertise to North Korea and money to Iran. In an obvious reference to Taiwan, he mentioned that Chinese language President Xi Jinping “might get thoughts about something else in the future if there is not a good deal [for Ukraine]”.
“We cannot have a situation where we have [North Korean leader] Kim Jong Un and the Russian leader and Xi Jinping and Iran high-fiving because we came to a deal which is not good for Ukraine — because long-term, that will be a dire security threat not only to Europe but also to the US,” Rutte advised Brussels bureau chief Henry Foy. Right here’s what else the Nato chief mentioned in his pitch to Trump.
And right here’s what else we’re holding tabs on right this moment:
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Financial knowledge: South Korea publishes November inflation knowledge.
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China-Iran ties: Chinese language vice-premier Zhang Guoqing begins a two-day go to to Iran.
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Nato: A two-day overseas ministers’ assembly begins in Brussels.
5 extra high tales
1. The US has launched new export controls in an effort to restrict China’s capability to create a complicated chip business and to sluggish its improvement of synthetic intelligence with army purposes. US commerce secretary Gina Raimondo referred to as the brand new guidelines “groundbreaking and sweeping”, although analysts mentioned there was a “bizarre contradiction” on the coronary heart of the brand new measures.
2. Indian steelmaker JSW plans to launch its personal electrical autos model, its chair and household proprietor Sajjan Jindal has mentioned. The transfer follows JSW’s announcement in March of a $1.5bn three way partnership with SAIC Motor to construct and promote the Chinese language carmaker’s MG-brand EVs in India. Right here’s extra on JSW’s push into the nation’s rising EV sector.
3. Quick Retailing shares fell yesterday after feedback by its billionaire founder on cotton from the Xinjiang area set off a social media storm in China and raised considerations about boycotts of the Japanese group’s Uniqlo shops. In a BBC interview final week, Tadashi Yanai mentioned Uniqlo didn’t use cotton sourced from the north-western area, the place China has been accused of human rights abuses towards the native Muslim Uyghur ethnic group, earlier than declining to remark additional as the problem was “too political”.
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Extra China information: Yields on China’s benchmark 10-year bonds slipped beneath 2 per cent yesterday, their lowest stage in 22 years as buyers guess on additional financial easing to assist stimulate the economic system.
4. A choose in Delaware yesterday rejected Tesla’s try to revive Elon Musk’s $56bn pay package deal after beforehand hanging it down as a breach of the carmaker board’s fiduciary obligation. Legal professionals for the shareholder who introduced the unique swimsuit have been additionally awarded $345mn, as a substitute of the $5.6bn in Tesla shares that they’d requested. Learn extra in regards to the choice.
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Extra tech information: Pat Gelsinger has abruptly stepped down as Intel chief govt, ending a virtually four-year run throughout which he didn’t halt the Silicon Valley icon’s slide into turmoil.
5. A high Federal Reserve official has warned that the US central financial institution’s progress on curbing inflation “may be stalling”. Christopher Waller, a governor on the policy-setting Federal Open Market Committee, mentioned he nonetheless supported a minimize in rates of interest later this month barring a shock within the financial knowledge.
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Extra US information: Joe Biden has pardoned his son Hunter Biden over convictions on gun and tax fees lower than two months earlier than the top of his presidency in an extraordinary reversal of his promise not to take action.
Information in-depth
At a large provide chain expo in Beijing final week, logistics firm representatives mentioned the variety of clients in search of to front-load shipments to the US had elevated following Donald Trump’s menace to impose new levies on items from China, Canada and Mexico on his first day in workplace. “Clients are all saying that we need to rush to ship as much cargo as possible to the United States before Trump enters the White House on January 20,” mentioned one consultant of a China-based delivery line.
We’re additionally studying . . .
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Why Stellantis’ CEO was axed: Carlos Tavares refused to budge on his aggressive electrical car technique as cries from suppliers, staff and authorities grew louder.
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Mom of all bubbles: America is over-owned, overvalued and overhyped to a level by no means seen earlier than, writes Ruchir Sharma.
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Tainted legacies: A failure to reply to Russian, Chinese language and Syrian aggression in the course of the Obama-Merkel period helped to create the unstable world of right this moment, writes Gideon Rachman.
Chart of the day
The financial legacy of Joe Biden’s presidency is tied to the destiny of two industrial initiatives: the Inflation Discount Act and the Chips and Science Act. The insurance policies have lured $400bn in clear tech and semiconductor manufacturing commitments whereas triggering an inflow of overseas direct funding. However president-elect Donald Trump has vowed to dismantle vital elements of each legal guidelines, placing this legacy in danger.
Take a break from the information
Jared Bush took the function of chief artistic officer at Disney Animation following a interval of soul-searching on the world’s largest media firm in regards to the high quality of its motion pictures. Now he has scored a $386mn (and counting) hit with Moana 2, and advised the FT his objective is to provide work that “will be around forever”. Learn the total interview.
