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Thai conservatives’ first election win this century buoys markets

Stocks and currency rise on promise of breakthrough after decades of political deadlock

What went wrong with the Starmer-McSweeney approach?

They were only ever superficially interested in policies that convinced voters, rather than in governing seriously

UniCredit’s stakes in European rivals boost its profits

Italian lender to return about €50bn to investors over next five years

Keir Starmer faces crunch week in battle to hold on to power

Labour MPs and officials warn that the Peter Mandelson scandal could yet claim prime minister’s job

Israeli security cabinet expands powers in occupied West Bank

Ultranationalist finance minister says measures intended to bury ‘idea of a Palestinian state’

Hong Kong’s Jimmy Lai sentenced to 20 years in prison

Media tycoon and pro-democracy campaigner was convicted in December on charges of foreign collusion

Pound and gilts under pressure as leadership crisis threatens Starmer

Investors fearful of political turmoil following a period of relative calm in UK markets

FTAV’s further reading

Apple News; Excel; more Excel; cities; inheritances; Claude; tech and finance; great books; and software

Pick-up in Japan wage growth paves way for near-term rate increase

Even dovish policymakers signal they want another tightening soon

Advent and FedEx lead €7.8bn takeover of parcel company InPost

Deal for Polish logistics business also backed by chief Rafał Brzoska and Kellner family

School IB economics: Poland cools on joining Eurozone after its economy surges

Exchange rates

Japanese stocks soar to record after Takaichi landslide election win

Prime minister will command government with biggest majority in decades

A chilly January in the job market

Plus, activism and AI in software

Chinese companies overtake US in Singapore investment

Businesses have been using city-state to avoid geopolitical scrutiny and expand abroad

The fund giant selling the dollar

Plus, USS’s strategy, CVC’s bear run and Tracey Emin at the Tate Modern

EU failing to implement economic fixes as single market withers

Also in this newsletter: Antitrust chief urged to watch Netflix-Warner Bros deal

FirstFT: Starmer’s premiership hangs in the balance

Also in today’s newsletter: US visa denials and EU common deposit insurance

Transcript: Pressure mounts on Starmer even as top aide resigns

Victoria Craig speaks to Leo Lewis and Raya Jalabi

The best of TV and streaming this week

‘Lord of the Flies’ gets its first-ever TV adaptation on BBC1; ‘The Muppet Show’ returns for a delightful one-off special; Mackenzie Crook’s new comedy ‘Small Prophets’ follows a lonely man railing against modernity; ‘Take That’ offers a heady dose of nostalgia; ‘Wonder Man’ is more indie buddy come