Good morning and welcome back. In today’s newsletter:
Venezuela cracks down after US ousts Nicolás Maduro
Trump’s ambition to seize Greenland triggers alarm in Europe
Messaging app Telegram hit by $500mn Russian bond freeze
Economists favour Hernández de Cos and Knot as next ECB head
We begin in Venezuela, whose government has launched a wave of repression following the US’s capture of its leader Nicolás Maduro at the weekend.
Journalists detained: The Caracas government has clamped down on dissent, arresting journalists and deploying paramilitary forces to suppress any show of support for Maduro’s ousting.
Media unions said 14 journalists and media workers — 11 from foreign outlets — were detained for hours before being released. Most of the arrests took place around the National Assembly building as vice-president Delcy Rodríguez was formally sworn in as interim president, according to the National Syndicate for Press Workers in Venezuela.
Tightening restrictions: A human-rights activist in Caracas said repression had significantly escalated yesterday, with authorities “going through people’s phones to see if they had anything that could be construed as support for the actions of the US” and that colectivos — gun-toting paramilitaries — have been “mobilised”, with checkpoints erected around the capital. Read the full story.
Here’s more essential reading on Venezuela:
Venezuela’s future: Senior US officials sought to ease Republican fears of protracted involvement in the country during a classified briefing on Capitol Hill.
The drugs case against Maduro: From diplomatic passports to palace meetings, the US indictment traces the ousted Venezuelan strongman’s alleged involvement in trafficking.
María Corina Machado: Sidelined by Trump, the Nobel peace laureate and opposition leader is weighing when to return to Venezuela — and whether to mobilise her supporters.
Accumulated IOUs: Eni and Repsol, two of Europe’s largest energy companies, are struggling to recover payments worth about $6bn from Venezuela.
Venezuelan bonds: The price of the country’s defaulted debts surged almost 30 per cent yesterday, delivering a windfall to hedge funds.
China-Venezuela relations: Washington’s push to gain control of the country is a warning shot for Beijing, which has pursued close ties with nations in the US’s backyard.
Here’s what else we’re keeping tabs on today:
Economic data: France and Germany release December inflation data. S&P Global publishes services purchasing managers’ indices for France, Germany, Spain and the Eurozone.
Ukraine talks: France’s President Emmanuel Macron hosts the “coalition of the willing” — a group of countries committed to securing an end to Russia’s war in Ukraine.
Five more top stories
1. Trump’s insistence on the US taking control of Greenland from Denmark has compounded the chaos inside EU and Nato capitals on how to respond to Washington over other geopolitical issues — including the US attack on Venezuela and its ambivalent approach to the Ukraine war.
2. Exclusive: Telegram bonds in Russia worth half a billion dollars have been frozen under western sanctions, revealing the messaging app’s financial exposure to the country even after founder Pavel Durov has sought to sever ties with Moscow. Read the full story.
3. Spain’s former central bank governor Pablo Hernández de Cos and his Dutch counterpart Klaas Knot are European economists’ preferred picks to become the next president of the European Central Bank, according to a Financial Times poll. Read more on the survey results.
4. The Italian government, Pirelli and its shareholders are searching for ways to end Sinochem’s involvement in the Milan-based tyremaker, which could be banned from the US due to the Chinese chemical group’s shareholding. Read the options being considered.
5. Top companies such as Accenture, Vodafone, Salesforce and London Stock Exchange Group are abandoning searches for new London offices. A post-Brexit building slump and a rise in fit-out costs persuade tenants to stay put. Read the full story.
The Big Read
© Louisa Gouliamaki/Reuters
EU policymakers claim that strict measures, including deals with third countries, have driven down the number of irregular migrants. Experts question the cost and effectiveness of such policies, adding that the underlying factors are little changed. Has Europe learnt to manage migration?
We’re also reading . . .
Take part in a live Ask an Expert Q&A with FT editor Roula Khalaf on Thursday. Submit your questions on what will shape 2026.
Chart of the day
Half the non-bank businesses lending money against artworks experienced defaults on their loans in 2024, up from just 17 per cent two years ago, according to new research.
Take a break from the news . . .
Nigel Cabourn, Margaret Howell and Paul Smith are among a group of menswear-focused UK designers beloved in Japan for decades, with their sales often dwarfing those back home. What’s their secret?
Hirofumi Kurino, co-founder and senior adviser of United Arrows, wearing Margaret Howell at Yoyogi Crossing, Tokyo © markcoflaherty.com
