Good morning. HSBC is putting some investment bankers on short-term contracts. The UK and France are scrambling to bolster Ukraine’s negotiating position. And SpaceX delays the launch of a new crew to the ISS. Listen to the day’s top stories.
HSBC is placing some investment bankers on short-term contracts and will cut many vice chair roles as part of its overhaul, people familiar said. Bankers will be put on three- to six-month work agreements across Europe, Asia and the Americas before the lender shuts some units.
UK Prime Minister Keir Starmer will announce plans today to unlock £45 billion in annual savings by cutting the cost of regulation and using AI in the civil service.
As Europe looks at ways to reduce reliance on Trump’s America, Turkey wants closer cooperation with the continent in return for security.
Turkey’s president has expanded the country’s military and diplomatic footprint from Africa to the Middle East in a way not seen since the end of the Ottoman Empire a century ago.
Now the nation is leveraging its traditional role straddling east and west, with its NATO membership and Muslim identity giving it credibility on both sides.
Furthermore, Turkey controls some important routes for maritime trade and energy shipments, and it can act as a crucial barrier to stem the flow of refugees to Europe.
Ukraine needs US intelligence more than weapons, James Stavridis writes. Getting to a peace deal will require the Ukrainians to keep punching above their weight. They can’t do that with a blindfold on.
Jim Ratcliffe. Photographer: Hollie Adams/Bloomberg
More bad news for Jim Ratcliffe, the Man United guy. His Ineos Automotive is recalling over 7,000 Grenadier SUVs in the US after some customers reported their doors would fly open while driving. Apparently the parts were assembled without enough grease being applied.
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