Donald Trump called Volodymyr Zelensky “a dictator without elections”, and accused him of talking America into spending $350bn on a “war that couldn’t be won”. In a post on Truth Social, Mr Trump said that America is “successfully negotiating” an end to the war in Ukraine, and argued that Europe had “failed to bring peace” to the region.
Mr Trump’s comments came after Mr Zelensky accused America’s president of peddling Russia’s disinformation and bringing the country’s leader, Vladimir Putin, back from his “long isolation”. He noted that fighting off invasion had cost Ukraine $320bn, of which $200bn had come from America and the EU—well short of the $500bn in compensation that Mr Trump is seeking to extract from Ukraine’s mineral wealth.
Nikola, an EV maker, filed for bankruptcy. The firm, which manufactured electric and hydrogen-powered lorries, said that its cash balance had fallen to $47m and that it would seek approval to begin an auction and sale process. Nikola’s market value nudged $30bn when it first went public. The company has since suffered from weak sales and scandal: its founder, Trevor Milton, was sentenced for fraud in 2023.
Mr Trump’s transport secretary, Sean Duffy, said he would cancel congestion pricing in New York City. America’s first such scheme—which charges drivers $9 to enter Manhattan’s central business district—came into effect on January 5th after years of false starts and amid pushback from Republicans. Mr Duffy called the tolls a “slap in the face to working class Americans”.
HSBC is revamping its business to the tune of $1.8bn. Europe’s largest bank by assets plans to restructure its main business units and scale down its investment banking operations. The Britain-based bank plans to save $300m in 2025 and $1.5bn in 2026; it will use those funds to cover the upfront costs of the overhaul, such as hefty severance packages for bankers.
Hamas told AFP it was prepared to release all remaining Israeli hostages “in one batch” during the second phase of its ceasefire with Israel. Negotiations to end the war are set to resume this week. On Thursday the militant group will return the bodies of four hostages to Israel, including two children. Six living prisoners will be released on Saturday.
Microsoft unveiled Majorana 1, a chip the company says will allow it to build quantum computers capable of solving “meaningful, industrial-scale problems” within “years, not decades”. The chip is powered by a topological superconductor, a material which Microsoft says can control Majorana fermions, a subatomic particle that computer scientists have long theorised about, but have struggled to prove exist.
Figure of the day: 21%, Russia’s interest rate, the highest level in two years. Read the full story.
American politics matters intensely to the rest of the world. Read The US in brief—a daily update to help you keep on top of the political stories that matter. Sign up here to receive it as a newsletter, each weekday, in your inbox.