Israeli air strikes killed at least 70 people in Gaza as uncertainty loomed over a ceasefire deal. Binyamin Netanyahu, Israel’s prime minister, accused Hamas of making last-minute demands after mediators announced the agreement. The militant group denied the claims. The deal, which includes a six-week truce and the exchange of 33 Israeli hostages for over 1,000 Palestinian prisoners, is set to begin on Sunday.
Morgan Stanley and Bank of America reported strong fourth-quarter earnings, driven by a revival in investment banking and trading activities. Morgan Stanley’s profits more than doubled from the previous year to $3.7bn; Bank of America’s jumped by 110% to $6.7bn. The latter outperformed rivals on loan growth, with lending rising 4% to nearly $1.1tn.
BP will cut over 4,700 jobs—5% of its global workforce—and 3,000 contractors. The British oil giant is struggling with weak share performance and the high costs of transitioning away from fossil fuels. Murray Auchincloss, the chief executive, said the cuts form part of a plan to save at least $2bn by 2026. He has already scaled back BP’s push into renewables.
Sir Keir Starmer, Britain’s prime minister, arrived in Ukraine to sign a security and trade pact. The agreement strengthens military ties and expands economic co-operation in green energy. It includes £40m for Ukraine’s post-war recovery. European leaders are finalising security commitments before Donald Trump takes office next week. Many fear he will try to reduce or cut America’s aid to Ukraine.
Joe Biden warned that an “oligarchy” is emerging in America, which risks hurting the country’s democracy. In his farewell address as president, Mr Biden said that power is in the hands of a “very few ultra-wealthy people”. He also raised concerns about a “tech-industrial complex” that is burying Americans under an “avalanche of misinformation”.
Blue Origin, Jeff Bezos’s rocket firm, reached orbit with the first launch of its New Glenn rocket. Entering orbit with a new rocket is a rare feat. The flight was an early success for its new boss, Dave Limp, who had been tasked with accelerating progress. The firm hopes that New Glenn will allow it to compete with SpaceX in the commercial launch market.
Donald Tusk, Poland’s prime minister, accused Russia of planning “acts of terrorism” on aircraft around the world. Mr Tusk did not provide more details, but said Polish officials had been countering Russian sabotage. Security experts believe Russia to be behind mysterious explosions at logistics depots in Europe last year, which were thought to be a precursor to attacks on cargo planes.
Figure of the day: 2.7%, Argentina’s monthly inflation rate in December, down from 25.5% a year earlier. Read the full story.
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