President Donald Trump said that America is “in mourning” after officials confirmed that there were no survivors of a mid-air collision between a military helicopter and a passenger plane in Washington, DC. Sixty-seven people are believed to have died. Mr Trump said the cause of the crash was unknown, but attacked diversity policies at the Federal Aviation Administration.
Israel belatedly released 110 Palestinian prisoners as part of the ceasefire deal. The delay raised concerns over the fragile truce. Earlier, Hamas freed eight hostages—three Israelis and five Thais—in a chaotic handover. On Wednesday Hamas accused Israel of delaying aid deliveries, which Israel denied.
America’s economy grew at an annualised rate of 2.3% in the fourth quarter, slightly below analysts’ expectations. Growth was driven by strong consumer and government spending, but was partly offset by a decline in investment. The economy expanded by 2.8% in 2024. On Thursday the Federal Reserve held interest rates, citing the strength of America’s economy.
Norway’s government collapsed after the Centre Party pulled out of a two-party coalition over a disagreement about implementing EU energy policy. Although Norway is not in the EU, it is a member of the European Economic Area, an agreement which the Centre Party opposes. The Labour Party, which pushed to implement three energy directives, will now govern the country alone until elections in September.
The European Central Bank cut interest rates by a quarter of a percentage point to 2.75%, the fifth cut since June. The eurozone economy stagnated in the fourth quarter, raising concerns over sluggish growth. Inflation remains elevated, but in a statement on Thursday the ECB said it expected the inflation rate to fall to its 2% target in 2025.
SoftBank is reportedly considering investing up to $25bn in OpenAI. The deal would make the Japanese investment group the biggest backer of the artificial-intelligence firm. Last week the companies said they would work together to build Stargate, a massive data-centre project. SoftBank’s investment of $25bn would be in addition to its commitment to spend more than $15bn on Stargate.
Deutsche Bank’s profits plunged in the final quarter of 2024, with net income falling 92% year on year to €106m, well below analysts’ expectations. Germany’s largest lender blamed the hit on an increase in litigation costs. Loan losses also exceeded forecasts. Revenue rose 8% year on year, driven by a revival in investment banking activity. Shares fell by 6% on the news.
Figure of the day: 49%, the share of Republicans who trust the Centres for Disease Control and Prevention, compared with 88% of Democrats. Read the full story.
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