Plus, Russia has a new public enemy number one.

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Daily Briefing

Daily Briefing

By Kate Turton

Hello. The White House looks to press ahead with mass layoffs, Tesla warns it could face retaliatory tariffs, and Andrew Osborn looks at how Britain has become Russia's main rhetorical enemy.

Plus, a selection of our top photography from around the world this week.

 

Today's Top News

 

Members of the National Police Special Purpose Battalion of Zaporizhzhia region fire a D-30 howitzer towards Russian troops, Ukraine, March 7. REUTERS/Stringer/File Photo

Russia-Ukraine

  • President Vladimir Putin said Russia supported a US proposal for a ceasefire in Ukraine in principle, but that fighting could not be paused until a number of crucial conditions were worked out or clarified.
  • Two British diplomats expelled in a spying row. A blistering statement from Russia's foreign intelligence service calling Britain "a warmonger." And a threat from a top Putin ally to seize UK assets inside Russia. As Trump thaws ties, Russia has a new public enemy number one: Britain

In other news

  • The Trump administration is expected to move ahead with a second wave of mass firings and budget cuts across the US federal government after agencies were told to submit large-scale downsizing plans. Meanwhile, federal judges ordered the administration to reinstate thousands of fired workers.
  • An engine on an American Airlines jet caught fire after the plane diverted to Denver, forcing the evacuation of passengers using emergency slides.
  • The US military must work to provide options to ensure the United States has full access to the Panama Canal, two US officials told Reuters.
  • Ex-central banker Mark Carney will be formally sworn in as prime minister of Canada, putting him in a position to fight tariffs from the US president that could devastate the trade-dependent Canadian economy.
  • Iran's clerical leaders may be willing to strike a nuclear deal and ease crippling sanctions, despite a deep mistrust of the US, and President Donald Trump in particular. This as Tehran is increasingly concerned that mounting public anger over economic hardships could erupt into mass protests.
 

Business & Markets

 

Tesla vehicles are parked in front of the White House. REUTERS/Kevin Lamarque/File Photo

  • US automaker Tesla has warned that it and other major American exporters are exposed to retaliatory tariffs that could be leveled in response to Trump's aggressive use of tariffs. Meanwhile, BMW expects trade tariffs to cost the carmaker 1 billion euros this year.
  • A full-scale global trade war would hurt the US in particular and could re-energise Europe's push towards unity, European Central Bank President Christine Lagarde said.
  • Since Trump took office, he has imposed biting new tariffs, with more coming, begun a disruptive cull of federal jobs and spending, risked a political fracture with Europe, and acknowledged that an economy that was by most measures fine when he took over now faces some bumps, or worse.
  • Gold pierced through the psychological milestone of $3,000 an ounce for the first time, building on an historic rally as trade tensions and US rate cut bets supercharge its appeal as a safe haven asset.
  • Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent US sanctions on Moscow.
 

The Week Ahead

  • The week ahead is crammed with central bank decisions, here's what to expect in the markets.
  • With markets becoming increasingly rickety, Wednesday's Fed meeting will be all about whether the central bank is open to resuming its interest-rate cutting cycle in the coming months.
  • On Thursday it is the Bank of England's turn, it is set to hold as well, but that's probably a breather before more easing later in the year. 
  • And Monday is St. Patrick's Day, the holiday most associated with green beer (if you're in the US) and corned beef and cabbage. 
 

Donatella Versace steps down as design chief as Prada circles

 

Some of Donatella Versace's most iconic red carpet dresses.

Donatella, who was the chief creative officer at Versace, has been its driving force since her brother Gianni, the company founder, was gunned down in Miami in 1997.

Listen to Elisa Anzolin on the Reuters World News podcast as she weighs in on what might be next for the Versace fashion house. 
Read more
 

And Finally...

Whippet named Miuccia looks at a trophy after winning the Best in Show at the Crufts Dog show in Birmingham. REUTERS/Temilade Adelaja

View some of the best images from our Reuters photographers around the world this week.