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Good morning, happy Friday and welcome back. In today’s newsletter:
Jan Marsalek’s missing millions
HSBC shuts ‘International Manager’ programme
Donald Trump proposes Donbas ‘free economic zone’
FT names Jensen Huang as Person of the Year
We begin with a Financial Times investigation that sheds light on former Wirecard executive Jan Marsalek’s activities in north Africa and the fraudster’s shadow life as a Russian agent of influence.
Missing millions: In the five years since Wirecard’s collapse, two central questions about Marsalek’s role have remained a mystery: where did the money he stole end up and how might it have been used to further Russia’s interests?
An investigation by the FT and German broadcaster Bayerischer Rundfunk sheds light on one small but geopolitically important tranche of his missing millions.
Secret Libyan empire: The FT investigation also delves into the shadow battle for control of assets among Marsalek’s former business partners, which has been held in check until now by their desire to keep their ties to him as quiet as possible. Sam Jones and Paul Murphy have more.
Here’s what else we’re keeping tabs on today and this weekend:
Economic data: The UK releases its October GDP estimate, while Germany publishes November inflation data.
EU: Finance ministers meet in Brussels.
Chile: The country holds a presidential election run-off between José Antonio Kast and Jeannette Jara on Sunday.
How well did you keep up with the news this week? Take our quiz.
Five more top stories
1. Exclusive: HSBC has axed its “International Manager” programme, a prestigious fast-track management scheme set up to develop the next generation of bank executives. The move to close the programme to new recruits is the latest cost-cutting effort at Europe’s largest lender.
2. The EU is set to propose special privileges for a “Made in Europe” small car class, which will benefit from preferential parking, lighter rules and more generous subsidy arrangements to keep out Chinese competition and ease pressure on the bloc’s auto industry.
3. US President Donald Trump was pushing Ukraine to withdraw its troops from the Donbas region to create a “free economic zone” in the parts of eastern Ukraine held by Kyiv, President Volodymyr Zelenskyy said yesterday. Read the latest on the peace talks.
4. The pension scheme for British MPs has less than 3 per cent of its equity portfolio invested in UK shares, far lower than private-sector peers, prompting claims that it is making “a mockery” of efforts by chancellor Rachel Reeves to encourage investment in the London stock market.
5. Exclusive: Apollo has moved a fast-growing unit focused on complex lending out of its prized buyout division, in the latest sign of a shift towards private credit and away from a business that made it a $900bn behemoth. Read more on the shake-up.
FT Person of the Year: Jensen Huang
© Barry Falls
Nvidia chief executive Jensen Huang has been the driving force behind a massive artificial intelligence boom that has the capacity to reshape the global economy.
We’re also reading . . .
Nigeria VIP protection: Amid a security crisis, President Bola Tinubu has ordered police officers who escort elites to be moved to frontline duty to fight Islamists and gangs.
Why Maga hates Europe: Trump’s attacks on US allies are part of his campaign to dismantle pillars of liberal power.
New gold?: The surge in silver prices has not occurred alongside an equity or bond market collapse. Gillian Tett looks at why.
Ask an Expert: Has there been a “vibe shift” in politics and culture since Trump’s return to the White House? Join FT columnist Jemima Kelly who will be answering readers’ questions later today.
Chart of the day
Italy has the least financially literate population among developed nations surveyed by the OECD. Fewer than four in 10 Italians can correctly answer questions about inflation, compound interest and risk diversification.
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Take a break from the news . . .
A retrospective at New York’s Museum of Modern Art shows how Wifredo Lam found his personal style after a forced return to his native Cuba.
© MoMA, New York/Emile Askey
