US drives UN resolution on Ukraine war with Russian backing

Good morning. Welcome to Tuesday’s version of FirstFT Americas. Right this moment we can be taking a look at:

• US decision to the UN Safety Council for a “swift finish” to the Ukraine Conflict additional undermines western unity beneath President Donald Trump

• Tesla’s European downside as gross sales plummet on the continent

• BP abandoning its pledge to chop oil and fuel output in its turnaround battle

• Shares in Japan’s 5 largest buying and selling homes surge after Buffett endorsement

We start in New York the place a US decision calling for a “swift finish” to the struggle in Ukraine handed the UN Safety Council with the backing of Moscow and Beijing in a vote that dealt the newest blow to western unity throughout Donald Trump’s presidency.

Since 2022, the UN has backed Ukraine’s sovereignty and territorial integrity, whereas noting Moscow’s aggression. It has additionally referred to as for Russian forces to right away withdraw from Ukraine. The US decision didn’t embrace language to this impact, regardless of efforts by European nations to incorporate it. France and the UK didn’t veto the measure, however they abstained after failing in a last-ditch effort to delay the vote.

Earlier within the day the US, in a unprecedented transfer, additionally voted with Russia towards Ukraine and EU nations within the UN Normal Meeting forward of the Security Council vote.

The vote highlighted how the transatlantic alliance that has underpinned European safety for the reason that finish of the second world struggle has begun to fray because the US president takes a transactional method to overseas coverage. It marks a stark distinction to the administration of Trump’s predecessor, Joe Biden, which led a western effort to freeze Russia out of the worldwide economic system in retaliation for its full-scale invasion of Ukraine three years in the past. Extra on final evening’s vote on the UN Safety Council here.

• European defence: Britain will this week be part of EU leaders in groundbreaking talks about organising Europe-wide defence funding preparations, amid fears of a disappearing US safety blanket.

Europe faces an era-defining second. How ought to policymakers and enterprise leaders put together? Hear from the FT’s consultants on what lies forward on this unique webinar on February 27. Save your spot here. 

Right here’s what else we’re holding tabs on right now:

• Financial knowledge: Germany releases fourth-quarter GDP estimates whereas the OECD publishes world commerce statistics for a similar interval.

• Apple shareholder assembly: Buyers will vote on a movement making an attempt to drive the iPhone maker to scrap its diversity, equity and inclusion policies.

• Italy: The 2024 UN Biodiversity Convention resumes periods for the sixteenth assembly of the Convention of the Events to the Conference on Organic Range in Rome.

5 extra high tales

1. Tesla gross sales plummeted in Europe in January, suggesting waning demand for the US carmaker’s automobiles after its billionaire chief Elon Musk stepped up his high-profile interventions in the region’s politics.

2. Unique: BP will abandon its pledge to scale back oil and fuel output and announce no less than one main divestment at its essential investor day tomorrow, stated individuals accustomed to the plan, as chief govt Murray Auchincloss battles to persuade activist Elliott Administration that he can turn around the energy major.

3. Unique: The $21bn fund supervisor D1 Capital Companions has made a comeback by driving a handful of big company turnarounds in Europe, because the area’s inventory markets have undervalued lots of its largest firms. The agency netted a 44 per cent return on its publicly traded portfolio final 12 months and an extra 7.7 per cent in January. Extra particulars from the investor letter seen by the Financial Times.

4. Shares in Japan’s 5 largest buying and selling homes surged as a lot as 9 per cent right now after Warren Buffett’s newest endorsement, signalling on the weekend that Berkshire Hathaway was prone to improve its already substantial stakes within the firms on the coronary heart of Japanese business.

5. Huawei has considerably improved the quantity of superior synthetic intelligence chips it may well produce, in a key breakthrough that helps China’s push to create its personal superior semiconductors. The transfer represents an essential advance for Huawei, which has been rolling out its newest Ascend 910C processors, which provide higher efficiency than its earlier 910B product.

The Large Learn

As China’s authorities struggles to ease a property disaster, state-owned builders have been shopping for up land. In the meantime, policymakers have unveiled a number of measures to prop up the housing market, together with purchases of full however unsold flats that may finally be used as social housing. However this FT visible investigation exhibits such authorities initiatives are leaving uncertain consequences for the economy.

We’re additionally studying and listening to . . . 

• Gulf in fortunes: Whereas the London Inventory Alternate suffers an exodus of firms, its mum or dad is enjoying financial success, writes John Gapper.

• ‘Renegotiation’: Ghana’s new president is searching for modifications to the $3bn IMF agreement credited with bringing monetary stability to the nation.

• Muffled activism: Fearful workers in Silicon Valley have achieved little to protest towards tech titans as they make a rightward shift.

• The Economics Present: Martin Wolf talks to IMD’s Richard Baldwin about the way forward for world commerce and if expertise is making tariffs redundant.

Chart of the day

An rising variety of Russian males of their 50s preventing in Ukraine are getting killed in motion, because the make-up of the Kremlin’s forces has shifted in the direction of so-called volunteers, males who’re satisfied to enlist within the military with the supply of a wage and beneficiant bonus. Learn extra on Russian grandfathers dying on the front line.

Take a break from the information . . . 

Sabbatical go away is a deeply misunderstood company profit. As soon as largely confined to the sedate halls of academia, it’s nonetheless a luxurious in lots of locations, but additionally extra prevalent than broadly imagined. So how do nations and firms fare in terms of the most desirable of workplace perks?

Further contributions from Tee Zhuo and Benjamin Wilhelm