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FirstFT: China launches military exercises around Taiwan

Also in today’s newsletter: SoftBank strikes $4bn AI data centre deal, and US stocks eclipsed by rest of world in 2025

Chinese artificial intelligence advances and the effects of Trump’s trade war have boosted markets outside the US

Ukraine president says after talks with Donald Trump that 15-year pledge would not be enough to deter Russia

President claims attack hit boats at drug loading terminal without providing further details

Alt5 Sigma hires third accounting firm in six weeks, complicating efforts to bring its financial reporting up to date

Rapid post-Christmas surge unwinds, dragging down gold and other precious metals

Anger over collapse in living standards prompts protests by shopkeepers in Tehran

International humanitarian law and the rights of civilians are being eroded

Chip Wilson nominates three board directors and says investors have lost confidence in Lululemon’s leadership

Our preference to engage with robots that take on human characteristics threatens genuine social interaction

Opposition PRI accuses ruling party of presiding over graft after 13 killed when passenger train careers off tracks

Acquisition continues Masayoshi Son’s spate of artificial intelligence investments

From Vance’s shock Munich speech to the release of the Epstein files, Trump’s return to power has shaped the year

Ukrainian president says longer-term US security guarantees would be needed to deter Russia

Now could be the ideal environment for a service pandering to wealthy urbanites and in need of gig workers

Puzzle: Find the tricky route to victory

Trump may not advance tariffs further but could broaden his campaign to new fronts of conflict

‘Justice Mission 2025’ exercises to test US response after largest-ever arms sale to Taipei

Wave of arrests and fines are in apparent response to online anger over reforms to social security benefits

Several studies suggest SMRs will produce higher levels of nuclear waste than traditional plants

A delectable Burns Night dinner, top-drawer beard trims, a rehang at London’s Sketch and other ways to spend it this month

Also in today’s newsletter: Silicon Valley’s ‘fortress balance sheets’, and China’s new military drills around Taiwan

Take part in a live Ask an Expert Q&A with the FT’s Editor on Thursday January 8 at 1pm GMT

Talks about ending the war are really about securing US punishment of the other side