FINANCIAL TIMES
-Donald Trump has accused Ukrainian President Volodymyr Zelenskyy of "gambling with WW3" as he cut short his meeting with the Ukrainian leader in the White House. The two leaders clashed before the meeting began, and Trump accused Zelenskyy of gambling with the lives of millions of people. The US president issued Zelenskyy an ultimatum, stating that he would either "make a deal [on the war] or we're out." The clash threw into doubt any attempt to end the three-year-long war. While Trump has pushed for a rapid deal with Russia and Ukraine, Kyiv has stated that no agreement would be stable without US security backing. In a statement announcing the breakdown of the White House talks, Trump stated that Zelenskyy is not ready for peace if America is involved, as he feels our involvement gives him a big advantage in negotiations.
-Donald Trump's relationship with Ukrainian President Volodymyr Zelensky has deteriorated, leading to a brawl in the Oval Office. This diplomatic meltdown will raise questions about Trump's ability to broker peace talks with Russia and America's commitment to ensuring security for its European allies. Trump's personal animosity with Zelensky dates back to their initial interactions during his first term, and has led to Washington calling for new elections in Ukraine that could lead to the latter’s ousting. Trump's disdain for Zelenskyy has roots in their first phone call in 2019, when he unsuccessfully pushed Zelenskyy to investigate Joe Biden's son Hunter's business dealings in Ukraine. This conversation formed the basis of his first impeachment by the House of Representatives. After Russia's invasion of Ukraine in 2022, Trump became a leading critic of Kyiv from the sidelines.
-The military delegation to China's National People's Congress is decreasing and may shrink further due to Xi Jinping's purges. The military delegation at the annual plenary session of the National People's Congress will number 267, down from 281 appointed in 2023. Fourteen have been removed due to corruption investigations. Of the 2,997 appointed to the NPC in 2023, 2,942 remain. The military delegation, including representatives from the People's Liberation Army and the People's Armed Police, has suffered a greater reduction in size than any other provincial delegation, government, or industry segment represented in the NPC and the Chinese People's Political Consultative Conference (CPPCC). The crackdown on discipline violations is taking a heavier toll on the armed forces than other parts of society.
-Top hedge funds, including Millennium Management, Citadel, Elliott Management, and AQR, have criticized global regulators for restricting their use of borrowing to finance trades. They argue that these funds are being wrongly blamed for recent market turmoil. The lobbying offensive aims to force them to be more open about their leverage usage. This raises concerns about the rapid growth of hedge funds and alternative finance outside the traditional banking sector. Central bankers and regulators have identified these non-bank actors as one of the biggest risks to the financial system. Hedge funds use leverage to boost returns, such as the controversial Treasury basis trade, which involves taking a short position on Treasury futures and borrowing money from a bank to take a cash Treasury position.
-US stocks rebounded on Friday, halting a sell-off caused by concerns that Donald Trump's tariffs would hurt the world's largest economy. The S&P 500 closed 1.6% higher, reversing losses earlier in the session and trimming its decline in February to 1.4%. The tech-heavy NASDAQ Composite index closed 1.6% higher but has fallen 4% over the past month. European markets had recouped most of their losses before Wall Street's close, having opened lower as President Trump's tariff threats on trading partners like the EU and China kept investors on edge. Trump stoked greater anxiety by accusing Ukraine's President Volodymyr Zelenskyy of "gambling with world war three" in a fiery White House meeting.
-The Kurdistan Workers' Party (PKK) continues to pose a threat to Turkey, despite a relentless military campaign against them. After four decades of fighting and 40,000 deaths, there is cautious hope that the conflict could end. Abdullah Öcalan, who founded the PKK in 1978 and is serving a life sentence, has called on his followers to disband the group. If the PKK follows Öcalan's call, it could deliver Erdogan a political coup, potentially securing support from pro-Kurdish lawmakers. This could lead to the extension of Erdogan's rule into a third decade when his term expires in 2028.
-Pakistan's government has been hit after New York scrapped a $220M contract with the century-old Roosevelt Hotel in Manhattan, which was acquired by Pakistan International Airlines over two decades ago. Since 2023, the hotel has hosted or processed over 100,000 immigrants from the US. New York Mayor Eric Adams announced the closure of the shelter, citing a drop in the number of immigrants entering the city from 4,000 to 350 per week. Over 232,000 migrants have come to New York in the last three years, with the Roosevelt Hotel being critical to the city's operations.
-Copper waiting to leave warehouses has reached its highest level since 2021, reaching 102,000 tonnes on Wednesday. This is the highest level since late 2021, with a similar increase in mid-2021. The metal is likely to be heading to the US before tariffs are implemented. The red metal, used in wiring and construction, is among the minerals threatened by tariffs by Donald Trump. The US president plans to introduce 25% tariffs on all steel and aluminum imports on March 12 and has ordered a probe into copper dumping in the US, laying the groundwork for tariffs on the metal. The LME data does not specify where the metal is going, but traders say some are likely to be heading to the US before tariffs are implemented.
-Donald Trump has criticized the UK's request for Apple to grant secret access to its most secure cloud storage system, comparing it to a move similar to what he heard about with China. In an interview with British Prime Minister Sir Keir Starmer, Trump said he told Starmer that Apple could not do this. This comes after Apple withdrew its Advanced Data Protection system for iCloud in the UK, refusing to comply with a legal demand to build a "back door" or vulnerability that would allow law enforcement or security services to access the system. Apple received a "technical capability notice" under the UK Investigatory Powers Act last month, requiring it to create a way to tap encrypted data stored in the cloud.
-The US trade goods deficit reached a record high in January, reaching $153B, as companies increased supplies of foreign products and metals ahead of President Trump's tariff imposition. The gap between exports and imports of goods increased by over 25% from the previous month, outweighing economists' predictions of a $116B shortfall. The figures suggest American companies were stockpiling goods purchased overseas as they prepared for tariffs on close trading partners, including Canada, Mexico, China, and the EU. Gold bullion shipments were also a possible driver.
NEW YORK TIMES
-The US and Ukraine's President Trump and Vice President JD Vance have reportedly sparked a public confrontation in the Oval Office, causing a televised showdown. The two leaders criticized Ukraine's President Volodymyr Zelensky for not being grateful enough for US support in Ukraine's war with Russia. They urged Zelensky to make a peace deal on American terms. Trump threatened to abandon Ukraine if Zelensky did not agree, canceling the visit, including a joint news conference and signing ceremony for a deal on rare minerals. US officials also instructed Ukrainians to leave, and Zelensky departed the White House grounds. The situation has sparked tensions between the US and Ukraine.
- Trump's recent venomous exchanges with President Zelensky and Vice President JD Vance have shattered the three-year wartime partnership between Washington and Kyiv. The venomous exchanges, which were broadcast to an audience of Americans and Europeans, and to Putin and his Kremlin aides, have made it evident that Trump views Ukraine as an obstacle to a more vital project. One senior European official stated that Trump's real goal is a normalization of the relationship with Russia, which could involve rewriting the history of Moscow's illegal invasion three years ago, dropping investigations of Russian war crimes, or refusing to offer Ukraine long-lasting security guarantees. If this means rewriting the history of Moscow's illegal invasion, dropping investigations of Russian war crimes, or refusing to offer Ukraine long-lasting security guarantees, Trump is willing to make that deal.
-European leaders have pledged their continued support for Ukraine following President Trump's criticism of its president, Volodymyr Zelensky. Leaders from France, Germany, Poland, Spain, Denmark, the Netherlands, Portugal, the Czech Republic, Norway, Finland, Croatia, Estonia, Latvia, Slovenia, Belgium, Lithuania, Luxembourg, and Ireland have praised Zelensky. Canadian, Australian, and New Zealand leaders also contributed to the Europeans' support. While Western leaders generally avoided directly criticizing Trump, many in Europe addressed their statements of encouragement directly to Zelensky. European Commission president Ursula von der Leyen referred to Zelensky on social media, urging him to be strong, brave, and fearless.
-Measles cases are increasing in West Texas, leading to the first U.S. death from the virus in a decade. Health Secretary Robert F. Kennedy Jr. stated that the situation is "not unusual" and that "we have measles outbreaks every year." He has also stated that immunizations against measles and some other infectious diseases are unnecessary and risky. Experts have answered key questions about the severity of the virus and the effectiveness of the vaccine.
-Federal workers have been sent emails asking them to provide a list of their workweek accomplishments, a response to a previous request by Elon Musk that caused confusion and fear within the government. The email, titled "What did you do last week? Part II," echoed an earlier one that instructed workers to respond with a list of around five accomplishments. The Office of Personnel Management, the government's human resources arm, sent the email to workers at various agencies, including the F.B.I., the General Services Administration, and the Defense, Justice, Labor, and Agriculture Departments. The email also directed workers to send approximately five bullets describing their week's achievements.
-Trump plans to sign an executive order designating English as the official language of the United States, marking a significant victory for the country's English-only movement. The order, which is expected to be largely symbolic, would be a victory for the movement, which has long been tied to efforts to reduce immigration and restrict bilingual education. While more than three-quarters of Americans speak only English at home, there are about 42 million Spanish speakers in the country. Trump, now in his second term as president, is seeking to make what was once a political jab the official policy of the United States.
-Pope Francis has suffered another respiratory crisis, raising concerns about his prognosis. The Vatican reported that Francis, who has a history of respiratory ailments, suffered a bronchial spasm that led to inhaling vomit after a coughing fit. This worsened his respiratory condition and required aspiration. The crisis occurred early Friday afternoon after a morning spent on respiratory physiotherapy and prayer in the chapel. He required noninvasive ventilation, sedation, and remained alert and conscious at all times. Doctors estimate it will take 24 to 48 hours to determine if the crisis has worsened his condition.
-A camp in Panama has held over 100 asylum seekers for over a week, surrounded by fences and armed guards. Journalists and lawyers have been barred from speaking to their clients, and the government is in charge. The migrants are among several hundred people who arrived at the U.S. southern border in recent weeks to seek asylum in the U.S. and were deported to Central America. Panamanian officials claim that international aid groups are not organizing the operation.
-The World Health Organization has proposed a new theory that contradicts African medical experts, leading to the death of dozens in the Democratic Republic of Congo. The illness, characterized by fever, headache, chills, sweating, stiff neck, muscle aches, multiple joint pain, body aches, a runny or bleeding nose, cough, vomiting, and diarrhea, has killed at least 60 people and sickened over 1,000 in Congo's Équateur Province. Dr. Michael Ryan, director of emergencies for the WHO, said the illnesses were most likely caused by poisoning, contradicting a theory proposed by African Centres for Disease Control and Prevention, which suggested malaria was the cause. He also expressed strong suspicion that the poisoning was related to a water source.
NY POST
-President Trump's special envoy to the Ukraine War, Keith Kellogg, urged Ukrainian President Volodymyr Zelensky to sign a deferred mineral rights deal with Washington during his visit to Kyiv. However, Zelensky's chief of staff insisted on the signing, which went awry. After three days of negotiations, retired Gen. Keith Kellogg secured the agreement, which would have provided Washington with 50% of all future proceeds from Ukraine's critical and rare-earth minerals. The US official said that the deal had one item still to be finalized. Zelensky chief of staff Andrii Yermak pushed for Zelensky to join Trump at the White House to sign the agreement. Kellogg advised against it, knowing that the relationship between the presidents needed to be strengthened before meeting in-person.
-Defense Secretary Pete Hegseth warned Mexican officials last month that the US military would take "unilateral action" against Mexico's drug cartels if more isn't done to curb the flow of fentanyl and migrants into the US. Hegseth made the remark during a call with top Mexican military officials, urging them to address collusion between their government and violent criminal organizations. Mexican officials were "shocked and angered" by Hegseth's comments, which left them with the impression that US military strikes could occur south of the border.
-Over 75,000 digital subscribers have canceled their subscriptions to The Washington Post following Jeff Bezos' announcement that the paper's opinion section would be revamped to align with libertarian ideals. This decision triggered upheaval within the organization, including the resignation of opinions editor David Shipley. A previous mass exodus began in October when Bezos blocked a planned endorsement of Democratic presidential nominee Kamala Harris. Between that decision and Election Day, over 300,000 subscribers severed ties with the Post, accounting for over 12% of its digital subscribers.