Glad new 12 months and welcome again to FirstFT. On as we speak’s agenda:
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Donald Trump’s provide of assist for Iran’s protesters
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Swiss authorities say it could take “a number of days or extra” to determine victims of bar fireplace
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Three largest US non-public tech teams put together IPOs
Over the previous week, Iran has been shaken by nationwide protests over hovering inflation and a dramatic fall in dwelling requirements. A number of individuals have been killed and dozens arrested, in accordance with Iranian media.
The unrest began in Tehran on Sunday when anger over the collapse of the foreign money prompted shopkeepers to shut their stores in protest. The demonstrations have unfold to universities and different cities, with social media movies exhibiting riot police utilizing tear gasoline to disperse crowds.
The most recent: Donald Trump has warned Iran that the US will come to the “rescue” of protesters if Tehran responds violently to the demonstrations.
The US president mentioned on Fact Social: “If Iran pictures and violently kills peaceable protesters, which is their customized, america of America will come to their rescue. We’re locked and loaded and able to go.”
Iran, whose economic system is topic to in depth US sanctions, has a historical past of cracking down on demonstrations. Greater than 300 individuals had been killed in the course of the months-long protests in 2022, in accordance with Amnesty Worldwide. It’s unclear what Trump’s provide of assist for protesters might imply in apply. Read more here about how Iranian officers reacted to Trump’s warning as we speak.
What we’re additionally watching as we speak:
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Financial information: US and Canada S&P International Manufacturing PMI for December
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South Korea-China relations: South Korean President Lee Jae Myung travels to Beijing on Sunday for a four-day state go to that features talks with Chinese language chief Xi Jinping.
5 extra prime tales
1. About 40 individuals died and 115 had been injured in a fireplace at a bar throughout new 12 months festivities in a Swiss ski resort, native police have mentioned, including that it would take “several days or more” to identify the victims.
2. Zohran Mamdani promised to manipulate “expansively and audaciously” as he was sworn in as mayor of New York, saying he would restore faith in authorities’s potential to make life higher for odd individuals.
3. The US authorities has softened its stance on proposed tariffs that might have roughly doubled the price of Italian pasta manufacturers, as Trump’s administration faces political pressure over the high cost of living.
4. Warren Buffett has handed over Berkshire Hathaway’s reins after six a long time on the helm, in one of the most consequential corporate successions of a technology.
5. The three Most worthy non-public US tech firms — SpaceX, OpenAI and Anthropic — are getting ready for public choices as early as this year, elevating hopes amongst their buyers and advisers that they might get pleasure from their most profitable 12 months ever.
The Huge Learn
China plans to bolster its dominance of worldwide manufacturing regardless of deflation at dwelling and heightened tensions with different buying and selling companions. However what are the prices of doubling down on its export-led growth model?
We’re additionally studying . . .
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As much as 40 per cent of luxurious items had been bought at a reduction in 2025: Customers are questioning the worth of designer merchandise after years of value rises. Extra shoppers are turning to outlet shops somewhat than paying full price for branded goods.
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Surging demand for lab monkeys in China: Costs for the take a look at topics are set to rise to their highest degree because the pandemic. Extra drug candidates are getting into center or late-stage improvement, which usually requires more use of monkeys for testing.
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Battling tunnel imaginative and prescient: Cognitive blind spots are undermining our potential to see the world as it’s, rather than as we would like it to be, writes Gillian Tett.
Chart of the day
On-line courting firms are pivoting to Asia as swipe-right fatigue takes maintain in North America and Europe. “Asian daters are typically very goal-oriented,” mentioned Shn Juay, worldwide chief govt of US-founded matchmaker Espresso Meets Bagel (CMB). “They’re typically centered on discovering a long-term companion, not simply informal hook-ups.”
Participate in a stay Ask an Expert Q&A with Roula Khalaf, editor of the FT, on January 8. Submit your questions on what is going to form 2026.
Take a break from the information . . .
The Bayeux Tapestry will return to England for the primary time in additional than 900 years. The 70-metre embroidered cartoon, an exhilarating depiction of battle and political transformation, was most likely stitched by nuns in Canterbury within the 1070s and put in in Bayeux Cathedral in 1077. Jackie Wullschläger tells us in regards to the British Museum’s 2026 blockbuster.
