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Good morning and welcome to FirstFT. In as we speak’s e-newsletter:
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Nato and EU officers squabble over defence spending
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Spain’s Repsol to regain management of Venezuelan oil operations
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Gulf states raised $10bn in wartime borrowing spree
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UK investor builds $500mn stake in TikTok proprietor
We start with the EU and Nato, that are at odds over the way to handle an additional $1tn a 12 months rearmament drive prompted by Donald Trump’s threats to European safety.
‘Turf warfare’: The US-led army alliance has lengthy opposed Brussels taking over defence powers. However the US president’s calls for on allies to take a position extra in their very own militaries have compelled an overhaul of arms manufacturing coverage within the EU.
“There’s a turf warfare over defence industrial coverage,” stated an official. “That is about who manages the manufacturing scale-up, and what affect that has on the weapons Europe might be utilizing sooner or later.”
Sticking level: One key side of the controversy is what function US weaponry ought to play within the rearmament push, with Nato against the EU’s “Purchase European” method throughout its wider industrial coverage technique.
Henry Foy has more from Brussels.
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Paying for defence: Safety is the primary obligation of any authorities, however attaining that comes at a cost to society, writes Chris Giles.
Right here’s what else we’re retaining tabs on as we speak:
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UK: February GDP figures are due out. They’ll give an necessary sign of the impact of surging vitality costs from the battle within the Center East and whether or not a recession is on the cards. A Reuters ballot factors to a 0.2 per cent growth from January.
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Outcomes: BNY, Netflix and Tesco report earnings.
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5 extra prime tales
1. Unique: Repsol is poised to take again operational management of its oil belongings in Venezuela and increase manufacturing following a deal signed with the Caracas authorities. The Spanish vitality group is anticipated to announce the settlement as we speak, which is able to embody plans to triple production from its Venezuelan operations inside three years.
2. Gulf states have raised virtually $10bn in non-public gross sales of bonds this month of their first worldwide borrowing because the Iran warfare delivered a significant hit to their economies. Because the begin of April, Abu Dhabi has offered $4.5bn, Qatar $3bn and Kuwait $2bn in private placements of US dollar bonds.
3. Unique: A London-based tech investor has amassed a ByteDance stake price greater than $500mn, betting that the Chinese language social media and AI group is undervalued compared with its Silicon Valley rivals.
4. Unique: Nissan has held talks with China’s Chery about constructing automobiles on the Japanese group’s Sunderland plant, the newest effort by legacy carmakers to accomplice with rivals as they search to safeguard the future of European and UK factories.
5. Norway’s sovereign wealth fund, the world’s largest, doesn’t intend to shed US belongings, based on the finance minister, regardless of issues over the Center East warfare and mounting US debt. Jens Stoltenberg added that America’s presence in capital markets is so giant that large funds will always have exposure to it.
Information in-depth
Regional tensions have lengthy targeted on Iran’s nuclear or missile programmes. However for Tehran it’s the Strait of Hormuz that has grow to be its most necessary level of leverage. Najmeh Bozorgmehr writes on how utilizing the waterway as a weapon could affect the regime.
We’re additionally studying . . .
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Affected person information: Some NHS staff are against utilizing Palantir nevertheless it doesn’t make sense to desert software program that gets results, argues John Gapper.
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Slim window: Hungary and the EU have a fleeting probability to enhance regional defence and proper the bloc’s dysfunction, writes Zselyke Csaky of the Centre for European Reform.
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Artwork market: Sotheby’s made a $53mn pre-tax revenue in 2025, ending years of losses at billionaire Patrick Drahi’s public sale home.
Chart of the day
Pope Leo XIV has emerged as a fearless foe of Trump. As he steps up his criticism of the Iran warfare, the primary US-born pope’s assault on White Home insurance policies might have electoral penalties within the pontiff’s native nation, whereas risking political peril for the president.
Take a break from the information . . .
The design for V&A East, London’s newest cultural spot, was impressed by a Balenciaga costume. For Edwin Heathcote, the ensuing constructing appeared bizarre. Alternatively, he discovered the galleries inside a true delight.
