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The US Senate is expected to approve a $95bn national security funding bill including new aid to Ukraine at a final vote on the bill this morning despite mounting opposition from Republican hardliners and former US president Donald Trump.
This follows weeks of pressure from the Biden administration and a deepening rift among Republican senators on the merits of providing additional assistance to Ukraine.
Trump’s tightening grip on Republican foreign policy risks sinking the bill when it reaches the House of Representatives. The dominant Republican presidential candidate criticised the bill on social media, saying the foreign aid should be a loan.
Over the weekend, Trump suggested during a campaign rally that he would allow Russia to do “whatever the hell they want” to Nato allies if they fail to increase their defence spending. This triggered a backlash within the transatlantic alliance, but most Republicans declined to criticise him.
And here’s what else we’re keeping tabs on today:
New York: George Santos’s former constituents on Long Island will vote today on who to send to Congress after the former representative was expelled from the House for alleged unlawful activity.
Inflation: Economists expect January’s US consumer price index to come in at 2.9 per cent, from 3.4 per cent in December. Core CPI, which strips out volatile food and energy costs, is forecast to have accelerated 0.3 per cent on a monthly basis.
Results: Lyft, Airbnb, Zillow and Robinhood are among those reporting earnings results after the close of trade today.
Five more top stories
1. The CIA and Mossad chiefs are expected to hold talks with senior Egyptian and Qatari officials today in an attempt to revive negotiations on a deal to halt the Israel-Hamas war and secure the release of hostages held in Gaza, said people familiar with the process. Here’s what we know about today’s talks.
2. The Biden administration is being sued by both the oil and gas industry and green groups over its decision to severely restrict offshore drilling. The US government’s plans to hold just three offshore lease sales were slammed by the energy sector for limiting access to resources, while environmental groups raised concerns over the policy’s public health impact. Here are more details on the separate legal actions.
3. Exclusive: Latham & Watkins is cutting off automatic access to its international databases for its Hong Kong-based lawyers, in a sign of how Beijing’s closer control of the territory is forcing global firms to rethink the way they operate. A person with knowledge of the matter said the world’s second-highest-grossing law firm was now “treating Hong Kong as the same as mainland China”. Read the full story.
4. Russia to double military presence along Nato border, Estonia warns. The director-general of Estonia’s foreign intelligence service, Kaupo Rosin, is the latest European official to warn of Moscow’s continued appetite for conflict as Russia’s full-scale invasion of Ukraine reaches its second anniversary. More here.
5. Sunday’s Super Bowl has become the US’s most watched broadcast since the 1969 Apollo moon landing with a record 123mn US households tuning in, emphasising the enduring attraction of live sports. It compares to the 115mn who watched last year’s Super Bowl between the Kansas City Chiefs and the Philadelphia Eagles. Read here how pop star Taylor Swift played a role.
The Big Read
Millions of homeowners worldwide are on the front line of an insurance affordability crisis. Global warming is making extreme weather events such as storms, floods and wildfires more frequent and severe, and therefore increasingly difficult for the sector to cover. As companies exit some areas and demand higher premiums in others, affordable home insurance cover — for many an essential annual outlay, often a condition of their mortgage debt — is getting harder to secure.
We’re also reading . . .
Nikki Haley: With less than two weeks until the Republican presidential primary in South Carolina, Donald Trump’s rival is criss-crossing her home state in a last-ditch attempt to usurp her former boss.
Artificial intelligence: The technology is too important to be monopolised and public investment is needed to level the playing field, writes Marietje Schaake of Stanford University.
Mixed-race people: Do those of us in the “multiracial” group enjoy the “best of both worlds”? The reality is more complex, writes Stephen Bush.
Chart of the day
A sell-off in global bond markets combined with a rally in stocks have marked a break from the past year or more, when the two assets have tended to rise or fall together. Analysts say this could herald a return to the previous pattern where lower-risk fixed income acted as a counterweight to riskier equities.
Take a break from the news
After launching his self-funded ready-to-wear GILES label at London Fashion Week in February 2004, London fashion designer Giles Deacon shifted to couture. Ten years on from the move, he has attracted a stellar list of clients including Kylie Minogue, Scarlett Johansson and Billy Porter.
Additional contributions from Tee Zhuo
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Source: Economy - ft.com
