Hamas called Donald Trump’s proposal to take over Gaza a “recipe for creating chaos”; Saudi Arabia rejected the suggestion, and reaffirmed its support for an independent Palestinian state. On Tuesday Mr Trump said that America could “own” the strip after its 2m Palestinians are “permanently” resettled in neighbouring countries. America’s president suggested the enclave could be developed into “the riviera of the Middle East”.
Alphabet’s shares tumbled after its fourth-quarter earnings fell short of analysts’ expectations. Revenues rose by 12% in the three months to December, down from 13% a year earlier. Google’s parent company announced plans to invest around $75bn to grow its artificial-intelligence operations.
The US Postal Service temporarily stopped accepting parcels from China and Hong Kong after Mr Trump scrapped a trade rule allowing duty-free imports under $800, known as “de-minimis” exemptions. The move will disrupt shipments from retailers like Shein and Temu, which rely on the exemption. Nearly half of all de-minimis packages sent to America come from China.
The Philippines’ House of Representatives voted to impeach Sara Duterte, the vice president, ahead of elections in May. Ms Duterte is accused of misusing public funds and threatening to assassinate the president, Ferdinand “Bongbong” Marcos”; she denies all charges. The Marcoses and Dutertes, two political dynasties, formed an uneasy alliance to win an election in 2022—but they began feuding shortly after.
Equinor said it will halve investment in green energy and boost fossil-fuel production. The Norwegian energy giant, which dropped “oil” from its name seven years ago, plans to produce 2.2m barrels a day by 2030, 10% more than previously expected. The company joins BP and Shell in scaling back renewables, as rising costs and weak margins hit the offshore wind industry.
Santander’s fourth-quarter profit rose by 11% year on year to €3.27bn ($3.4bn), bringing full-year earnings up 14% to €12.57bn. Spain’s largest bank benefited from increased lending activity. It added 8m customers in 2024. In Britain, a core market, net profit climbed 10% to €331m as higher lending margins offset a 4% drop in loan volumes. The bank announced €10bn in share buybacks.
The Aga Khan, a dazzlingly rich philanthropist, horse-racing aficionado and spiritual leader of the world’s 15m Ismaili Muslims, died aged 88. The 49th hereditary imam, considered by his followers to be a direct descendant of the Prophet Muhammad, “passed away peacefully” in Portugal, according to his charity. His fortune was estimated to be worth around $1bn in 2008, according to Forbes magazine.
Figure of the day: 460, the number of words in the average British parliamentary speech, down from almost 1,000 in 1938. Read the full story.
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