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Good morning. Vladimir Putin's forces trained to use tactical nuclear weapons at an early stage of a conflict with a major world power, according to leaked Russian military files that include training scenarios for an invasion of China.
The classified papers, seen by the Financial Times, describe the threshold for using tactical nuclear weapons as lower than Russia has publicly admitted, according to experts who reviewed and verified the documents.
The cache consists of 29 classified Russian military files prepared between 2008 and 2014, including wargame scenarios and presentations to naval officers, which discuss the operating principles for using nuclear weapons.
The criteria for a possible nuclear response range from an enemy incursion into Russian territory to more specific triggers, such as the destruction of 20 percent of Russia's strategic ballistic missile submarines. Read the full story.
Here are the other things I'm monitoring today:
Events: Bank of England Monetary Policy Committee member Katherine Mann speaks at the FT Future Forum online event, and the FT Live Business of Football online conference begins.
UK protests: Campaign group Liberty has launched a case in the High Court over new police powers that expand the definition of “serious disorder” in relation to peaceful protests.
Economic Indicators: The United States releases revised fourth-quarter GDP growth numbers.
Results: Aston Martin Lagonda, Groupe Casino, The Co-operative Bank, Just Eat Takeaway, Reckitt Benckiser, St James's Place and Taylor Wimpey report.
Five more stories top
1. McKinsey claimed in marketing materials that it advised China's central government on boosting domestic consumption and reforming health care policy, raising new questions about the consultancy's denial that it worked for Beijing. McKinsey is facing calls from some US lawmakers to prevent it from contracting work for the federal government. Read the latest news on the consulting giant's dealings with China.
2. Thames Water is lobbying the UK government and regulators to allow it to increase bills, pay dividends and face fewer fines as it seeks to avoid a potential multi-billion pound taxpayer bailout. Britain's biggest water monopoly is trying to avoid a takeover, which could leave taxpayers in the lurch and undermine investor confidence.
3. Councils in England are being “forced to resort to foreclosure” in an unsustainable asset sale aimed at temporarily avoiding bankruptcy, councils and experts have warned. Local authorities are preparing to sell hundreds of millions of pounds worth of land and buildings as a result of long-term funding pressure, with at least 10 councils applying to the government for “exceptional financial support”.
4. Creditors of the two most important companies in bankrupt real estate group Signa are pushing to oust management and hand control to independent auditors, over fears their interests are being marginalized in favor of a close-knit group of investors based in Austria. Read the latest news on the break-up of the group that co-owned Selfridges in London and the Chrysler Building in New York.
5. Lobbyists for e-commerce giant Amazon will be banned from the European Parliament as part of an escalating dispute over transparency and working conditions. The European Parliament said the company had repeatedly refused to engage with it over its approach to workers' rights and working conditions. This is only the second time that a company's lobbyists have been banned from entering the European Parliament.
In-depth news
The Financial Times takes a look at the miracle of modern chip manufacturing in a special visual data feature. Confronting the limits of physics, scientists are rethinking chip architecture like never before. As parts of transistors reach atomic levels, engineers are having to come up with increasingly innovative ways to ensure progress, such as tower-like vertical construction and rethinking the way chips are packaged.
We also read and listen to… . .
War between Israel and Hamas: Hamas has demanded the release of a leader considered by many Israelis to be rightfully imprisoned for his role in the Palestinian uprising of the early 2000s, as a condition for the release of the remaining hostages in Gaza.
European stocks: The continent's markets have unfulfilled potential, given the combination of defensive and growth stocks, yet they are missing trillions of euros in capital, the Financial Times editorial board said.
Unhedged 🎧: In the past few weeks, markets have reached record highs in the US, Europe and Japan. The hosts of Unhedged try to understand what drove the results.
Today's chart
The number of international students taking up postgraduate places at UK universities has fallen sharply, according to trade data, raising further warnings about the financial health of the higher education sector. Figures from Enrolli, used to manage one in three offers to foreign students, showed a 37 per cent drop in international offers for UK postgraduate courses in January 2024 compared to January last year.
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Take a break from the news
Scarves are a bold statement piece, whether tied as high as you like and wrapped around them, leaving a bit of flesh showing from chin to Adam's apple, or with the absolutely timeless French look of a silk square, folded into a square. Triangular and secured with a knot. Our Ask a Designer feature showcases a range of stylish neckwear.
Additional contributions from Benjamin Wilhelm
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