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Good morning and welcome to FirstFT as tensions rise between India and Pakistan. We’ll convey you the newest and we’re additionally protecting:
Pakistan vowed to retaliate after India launched what gave the impression to be its most in depth navy assault on its neighbour in many years. Right here’s what we all know.
India stated it carried out “precision strikes” on 9 “terrorist camps” in Pakistan in an operation it dubbed “Operation Sindoor” in a part of the disputed area of Kashmir that Pakistan administers. Pakistan stated India launched 24 strikes in six areas, killing at 26 folks — together with two kids — and injuring 46. In response, Islamabad additionally stated it had shot down 5 Indian fighter jets, whereas state media reported that Pakistani artillery was firing in the direction of Indian-administered Kashmir.
Why it occurred: Tensions have been rising since New Delhi linked Islamabad to final month’s militant assault which killed 26 people in Kashmir, a disputed area claimed by each international locations. India stated at this time that it had attacked Pakistan to convey the planners of the Pahalgam assault to justice and since it had proof additional assaults have been impending. Pakistan has denied any involvement within the assault and has referred to as for an impartial investigation.
What occurs subsequent? Pakistan’s Prime Minister Shehbaz Sharif has referred to as a nationwide safety committee assembly, whereas India’s Prime Minister Narendra Modi chaired a cupboard assembly. Pakistan has closed its airspace and shut faculties within the a part of Kashmir it administers, within the capital Islamabad and all through Punjab. “There can be retaliation of some type by Pakistan within the coming hours,” stated an Indian worldwide affairs analyst. We’ll bring you the latest updates here.
Right here’s what else we’re preserving tabs on at this time:
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Rates of interest: The US Federal Reserve and Brazil’s central financial institution announce rate of interest selections. Earlier, China stated it might reduce its benchmark rate because the US-China commerce warfare begins to hit the nation’s huge manufacturing sector.
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Financial information: Brazilian statistics company IBGE is scheduled to launch the nation’s industrial output figures. The nation’s April commerce steadiness figures are additionally due. Individually, Chile’s commerce steadiness information for April may even be launched.
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Outcomes: DoorDash, which yesterday introduced a £2.9bn deal to take over rival Deliveroo, stories, as do Arm, Disney, New York Occasions, Past Meat and Uber.
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Conclave: Tensions over the late Pope Francis’s legacy loom as cardinals collect to elect the following chief of the world’s 1.4bn Catholics.
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Xi in Moscow: China’s president is on a four-day journey to Russia for Victory Day and talks with Vladimir Putin.
How ought to central banks navigate the brand new world order? Pose your questions about financial coverage to Chris Giles and different FT consultants, and have them answered in a stay Q&A at this time.
5 extra high tales
1. Washington and Beijing will this week maintain their first commerce talks since Trump imposed tariffs on China. Treasury secretary Scott Bessent and US commerce consultant Jamieson Greer will meet China’s vice-premier He Lifeng in Geneva. Here’s what to expect ahead of the talks.
2. PwC is shedding about 1,500 workers within the US, turning into the newest Large 4 agency to make cuts within the wake of traditionally low workers turnover. The cuts quantity to 2 per cent of PwC’s US workforce and have been concentrated within the audit and tax companies. Here’s more on the cuts.
3. Israel has allowed a whole lot of Palestinians to depart Gaza in current weeks after months of a near-total block on departures. Diplomats concern the exits are the beginning of a plan — proposed by Trump in February — to empty the Palestinian enclave of its inhabitants.
4. US firms are planning to purchase again a document $500bn of their very own shares, as they seek to deploy their huge cash piles at a time when President Donald Trump’s insurance policies are including to uncertainty over making capital investments. Rising buybacks are a mirrored image of “world tariff uncertainty getting in the best way of planning for operational funding,” stated one funding banker.
5. Amazon’s self-driving start-up Zoox will scale up manufacturing subsequent yr because it accelerates plans for a business rollout of its fleet of robotaxis within the US. The corporate, which makes and operates a bespoke pod-shaped automobile with out a steering wheel, will open a brand new website in California’s Bay Space, its co-founder told the FT.
Information in-depth
The high-stakes encounter between Donald Trump and Mark Carney yesterday within the White Home had the potential to descend right into a public spat alongside the strains of the notorious February encounter between the US president and Ukraine’s President Volodymyr Zelenskyy. Within the occasion, it was the US president doing the flattery.
We’re additionally studying . . .
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Doge: By his personal metrics, Elon Musk’s authorities cost-cutting drive has failed, writes Edward Luce. Was there a hidden method to the madness?
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Germany: The defeat of Friedrich Merz within the Bundestag’s first spherical of voting yesterday shattered one thing newly elected chancellors prize most: authority.
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Argentina’s copper rush: Mendoza is the supply of 80 per cent of Argentina’s wine however the area is making ready to take advantage of the even more valuable purple commodity.
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Resilient espresso: As local weather change places stress on provides, new varieties are coming to the fore, writes Anjana Ahuja.
Chart of the day
The outdated US-led financial order is now unsustainable, writes Martin Wolf. America will now not function balancer of final resort, and the world — particularly China and Europe — has to think afresh.
Take a break from the information
At this yr’s Met gala, many didn’t simply observe the “Tailor-made for You” costume code issued by the museum. They embodied its that means and didn’t neglect to make a cultural level too. Listed below are the most striking outfits from what’s typically referred to as style’s greatest evening.
