FINANCIAL TIMES
-US and its G7 partners have warned Moscow that they could expand sanctions and use frozen Russian assets to support Ukraine, as Donald Trump seeks to win over Vladimir Putin. After Kiev signed up to a 30-day truce, Moscow signaled reluctance to do so immediately. US secretary of state Marco Rubio and his counterparts released a joint statement on possible steps against Russia, mentioning imposing further penalties if the Kremlin did not fully implement a ceasefire. Rubio cautioned that Trump does not want to impose sanctions right now, as he aims to attract people on both sides to a peace negotiation process.
-The US and Israel are in talks with countries in east Africa about taking in Palestinians from Gaza as part of President Donald Trump's plan to evict residents and build a "Riviera of the Middle East." Israeli officials have contacted Somalia and Sudan, while US diplomats have been in contact with Somaliland. Israel is "in conversations" with countries around the world, including in Africa, about taking in Gazans, although the talks are not that advanced at the moment. US officials have begun discussions with Somaliland's presidency about a possible deal to recognize the de facto state in return for the establishment of a military base near the port of Berbera on the Red Sea coast.
-The Trump administration has imposed new tariffs on imports worth $1T, increasing the total to $1.4T assuming exemptions from Canada and Mexico expire. Corporations argue there is no clarity on the tariffs' intended objectives, such as higher federal revenue, reshoring production to the US, or reducing drug trafficking or illegal migration. This has led to increased business uncertainty, delays in investment decisions, and a decline in growth. The NFIB's index of policy uncertainty among smaller enterprises is approaching record highs, indicating a growing concern for the economy.
-The US Senate has passed a bill to prevent a government shutdown, passing 54-46 to keep funding the government just before a shutdown would have started. Republican senator Rand Paul voted against the measure, while Democrat Jeanne Shaheen and independent Angus King helped pass it. Some Democrats helped Republicans push through the measure, which will fund the federal government until September 30. Senate minority leader Chuck Schumer, eight other Democrats, and King sided with Republicans in bringing the continuing resolution to a final vote. Republicans control the Senate but require a "supermajority" to approve the procedural vote, which overcame a potential filibuster. The bill now heads to President Donald Trump's desk for signing.
-Big companies and non-profit groups are removing or rewriting climate change references on their websites, similar to US government departments' actions in response to Donald Trump's policies. Financial Times analysis shows that statements on climate change from leading corporations like Walmart and Kraft Heinz have been deleted or rewritten over the past year, while a Republican backlash against green action intensifies and companies roll back their net zero targets. Trump has launched a sweeping attack on environmental policy since taking office, and his administration has started to remove or downgrade mentions of climate change across US government websites.
-China is planning to hold a meeting between President Xi Jinping and global chief executives this month, as international business leaders gather in Beijing for an annual summit. Authorities in Beijing have approached chief executives planning to attend the China Development Forum (CDF), the country's premier business assembly. The meeting with Xi is expected to take place on March 28, following the CDF. The meeting and invitee list are still being negotiated, as many CEOs are reluctant to wait in Beijing after the CDF, which will be held on March 23 and 24. Some of the invited business leaders may cancel their attendance at the CDF. Around 72 global chief executives are on the initial list of attendees for the CDF, including Stephen Schwarzman from Blackstone, Albert Bourla from Pfizer, Cristiano Amon from Qualcomm, Evan Greenberg from Chubb, Aramco's Amin H Nasser, Masahiro Kihara from Mizuho, Bill Winters of Standard Chartered, Patrick Pouyanné from Total, and Vincent Clerc of AP Møller-Maersk.
-President Vladimir V. Putin has demanded that Ukrainian troops in the Kursk region of Russia surrender to Russia, following talks with a US special envoy in Moscow. Putin said he was open to the U.S.-backed cease-fire proposal but suggested he would seek to negotiate over a slew of issues. This comes after President Trump said the United States had "very good and productive" discussions with Putin about a potential cease-fire. Putin's televised comments came shortly after Trump on social media urged the Russian leader to spare the lives of Ukrainian soldiers struggling to hold onto a patch of land in the Kursk region of Russia. Trump has strongly requested that their lives be spared, as he has been in talks with Putin about a potential ceasefire.
-A senior Islamic State leader, Abdallah Makki Muslih al-Rufay’i, was killed in a joint Iraqi-U.S. operation on Friday. The killing comes as the group has been reconstituting in Syria, carrying out more attacks than at any time since it lost control of its territory nearly six years ago. Iraqi Prime Minister Mohammed Shia al-Sudani called the Islamic State leader who was killed “one of the most dangerous terrorists in the world.” Iraqi forces have conducted an aggressive antiterrorism campaign over the last two years, disrupting, killing, and detaining a number of the Islamic State cells operating in the country with backing from the United States. The killing of a senior Islamic State leader in the Middle East comes as the group has been reconstituting in Syria, carrying out more attacks than at any time since it lost control of its territory nearly six years ago. There were more than 300 attacks in Syria alone in 2024, according to the United Nations.
-Berlin has invested €100B in new equipment for the German armed forces since Russia's invasion of Ukraine in 2022. Chancellor-in-waiting Friedrich Merz plans to allow unlimited borrowing to fund defence spending, but manpower remains a major issue. Germany's armed forces commissioner, Eva Högl, warns that the country is not closer to its goal of having 203,000 active troops by 2031 due to a slight decline in the armed forces size last year, partly due to a high number of dropouts. The military has taken steps to stem the outflow of young recruits, including a notice period to avoid emotional decisions. However, senior army commanders warn that Generation Z members, known for their efforts to reshape corporate culture, may have different ideas and outlooks due to their different upbringings.
-Saudi Arabia's consultancy boom is slowing down as the country reassesses its spending and the large sums paid to outside advisers for infrastructure projects. The market grew by 38% in 2022 and 25% in 2023, but is expected to expand by 13% this year after 14% growth in 2024, according to industry research group Source Global. The slowdown comes as Riyadh grapples with subdued oil prices, the scale of its investment commitments, and the need to show returns after years of frenzied expenditure. The Public Investment Fund imposed a year-long ban on PwC being given new advisory work, partly linked to government frustration over the large sums spent on consultants.
-The US has imposed visa restrictions on Thai officials involved in the forced repatriation of Uyghur Muslims, as part of a policy to support groups subject to torture in China. The policy targets foreign officials who are complicit in efforts to forcibly return ethnic or religious minorities at risk of persecution to China. The US is committed to combating China's efforts to pressure governments to forcibly return Uyghurs and other groups to China, where they are subject to torture and enforced disappearances. Thailand, a defense treaty ally of the US, is nervous about antagonizing China, which is more important to the south-east Asian nation from a trade perspective.
-Greenland's political leaders have condemned US President Donald Trump's repeated desire to take over the Arctic island as "unacceptable." The leaders of all five parties in Greenland's parliament issued an unprecedented joint statement after Trump reiterated his belief that the US will eventually control the island. The statement, including current Prime Minister Múte Egede and likely successor Jens-Frederik Nielsen, stated that they find this behavior unacceptable towards friends and allies in a defense alliance. Trump's renewed interest in Greenland dominated parliamentary elections, with the island's Demokraatit winning by promising independence from Denmark but at a cautious pace.
NEW YORK TIMES
-The Senate has narrowly averted a government shutdown by passing a GOP-written stopgap spending measure that funds the government through September 30. The measure was passed in a 54-46, nearly party-line vote, with the key vote coming earlier when Senator Chuck Schumer of New York and nine other Democrats joined Republicans in allowing the measure to advance. This effectively thwarted a potential filibuster by their own party. President Trump has vowed to use his power to exact retribution on his opponents, assailing the "weaponization" of the Justice Department under his predecessor, Joseph R. Biden Jr., who said the law was used to punish the "innocent" and "reward the wicked."
-Senator Chuck Schumer of New York, the minority leader, has defended himself in the face of a Democratic backlash for voting with Republicans for a stopgap spending bill to prevent a government shutdown. Schumer said he was willing to take political hits to protect his members and constituents from a longer-term disaster. Despite the intense backlash, many Democratic lawmakers and activists protested Schumer's decision to shrink from a shutdown fight. The five-term senator shrugged off the prospect of a primary challenge that could cost him his job and said he was doing the right thing. He stated that there is no off-ramp for a government shutdown, and the off-ramp is in the hands of Donald Trump, Elon Musk, and DOGE.
-In a speech to the Justice Department, President Trump expressed his desire to combat the "weaponization" of the department, despite using its powers to punish enemies and reward allies. The event, held in the Great Hall of the Justice Department, was billed as a major policy address to reposition the department from the purported political "weaponization" of the Biden era to a renewed focus on crime, punishment, and fighting drugs. However, in an hourlong speech, Trump veered from his prepared remarks to lash out at lawyers and former prosecutors by name in a venue dedicated to the impartial administration of justice. He also accused the department's previous leadership of trying to destroy him and declared former President Joseph R. Biden Jr. the head of a "crime" family.
-The Trump administration is considering targeting 43 countries as part of a new travel ban on the United States, broader than the restrictions imposed during President Trump's first term. A draft list of recommendations developed by diplomatic and security officials suggests a "red" list of 11 countries whose citizens would be flatly barred from entering the United States. The countries include Afghanistan, Bhutan, Cuba, Iran, Libya, North Korea, Somalia, Sudan, Syria, Venezuela, and Yemen.
-Columbia University has arrested a second person linked to pro-Palestinian protests, Leqaa Kordia, after overstaying a student visa. Kordia, a Palestinian and from the West Bank, was arrested in Newark on Thursday. Her student visa was terminated in January 2022, and she was arrested by the New York City police last April for her role in a campus demonstration. The Homeland Security Department released a video on Friday that it said showed a Columbia student, Ranjani Srinivasan, preparing to enter Canada after her student visa was revoked.
-The University of Minnesota, among around 140 colleges under federal scrutiny, has largely barred itself from issuing official statements about "matters of public concern or public interest." The policy, in the works for months, was not a direct response to the Trump administration's February announcement that it would investigate whether Minnesota and nine other universities had failed to protect Jewish students and faculty from discrimination. The University of Minnesota's vote by the board of regents fits into the scramble by universities to undercut accusations that they have supported, or downplayed, antisemitic behavior or political activity. Schools have come under fierce Republican criticism over their responses to protests over the war in Gaza.
-A rapid outbreak of wildfires fueled by dry conditions and hurricane-force winds spread across the Texas Panhandle and parts of Oklahoma on Friday, prompting evacuations, wreaking havoc on the roads, and leaving thousands without power. The fires had destroyed some homes in Oklahoma and at least three people had died in crashes in Texas, according to officials there. Emergency crews in both states were scrambling to keep up with the blazes popping up across the map.
-President Trump and his allies accuse South Africa of discriminating against and killing white people, warning that it could happen in America if antiracism laws aren't stopped. They claim that South Africa is a terrible place for white people, with discrimination, job loss, and constant threats of violence or land theft by a corrupt, Black-led government. However, data shows that white people own at least half of South Africa's land, are not more vulnerable to violent crime than other people, and are far better off than Black people on virtually every economic scale.
-The UK, five years after leaving the European Union, has found a new role on the global stage as Prime Minister Keir Starmer's diplomacy on Ukraine has put the country back in a familiar role. Starmer and his top aides have counseled President Volodymyr Zelensky of Ukraine in phone calls and face-to-face meetings about how to mend fences with President Trump after their White House meeting. The prime minister has energetically lobbied the American president for security guarantees to deter President Vladimir V. Putin of Russia from future aggression.
-A group of volunteers in Mexico has discovered a mass grave hidden in western Mexico. The group discovered three underground cremation ovens, burned human remains, hundreds of bone shards, discarded personal items, and figurines of Santa Muerte, the Holy Death. The Mexican authorities were notified of the discovery and later found 96 shell casings of various calibers and metal gripping rings at the ranch. The discovery was dominating local newspapers and TV reports, and the search group was referring to the site as an "extermination camp." The Mexican authorities are now investigating the discovery and are considering a new deal to end wildcat strikes by New York prison guards. The discovery has sparked debates over the potential connection between the mass grave and the ongoing search for missing relatives.
NEW YORK POST
-Iraq's Prime Minister, Mohammed Shia al-Sudani, announced the death of Abu Khadija, the leader of the Islamic State in Iraq and Syria. The operation was carried out by Iraqi national intelligence service and US-led coalition forces. The prime minister referred to al-Rifai as one of the most dangerous terrorists in Iraq and the world. US President Donald Trump reacted to the news, stating that al-Rifai's "miserable life was terminated" and that his life was terminated in coordination with the Iraqi Government and the Kurdish Regional Government.
-President Trump is engaged in a tariff war with Canada, Mexico, the European Union, and China to reform the US economy for the long term. Domestic US steel and aluminum manufacturers, like US Steel and Cleveland-Cliffs, are expected to benefit from Trump's 25% levy on key materials. Century Aluminum, the US's largest primary aluminum producer, believes Trump's tariffs will drive a resurgence of domestic aluminum production. The tariffs are expected to help rebalance trade. Meanwhile, steel prices have surged, with hot rolled coil costs reaching $945 per short ton and aluminum costs reaching over $990 per metric ton.