Flagship

Putin sets tough terms for ceasefire

Russian President Vladimir Putin said he was open to the “idea” of a 30-day ceasefire in Ukraine, but only on several conditions. Ahead of his meeting with a White House envoy Thursday, Putin hinted at wanting limits on weapons deliveries to Ukraine during a potential truce, and pushed for major Western concessions. Ukrainian President Volodymyr Zelenskyy called Putin’s comments “very manipulative,” while US President Donald Trump described them as “promising.” Putin’s “maximalist” demands, as one Russia expert said, signal that Moscow could be slow-walking negotiations, biding for time as its troops make battlefield progress.

Trump threatens EU with more tariffs

US stocks sank further Thursday after President Donald Trump threatened 200% tariffs on European alcohol and the government approached Friday’s shutdown deadline with no budget deal in place. The S&P 500 closed down 10% from last month’s record high, following the tech-heavy Nasdaq into official “correction” territory. For now, Trump is asking CEOs to trust that the short-term upheaval is worth it for long-term economic gain, Semafor’s Liz Hoffman wrote. The business community “likes Trump’s strategy, but is iffy on the tactics (tariffs), nervous about the up-front costs (a potential recession), and skeptical of his ability to execute.”

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India braces for more steel imports

India is preparing for a surge in steel imports after US President Donald Trump’s tariffs on the metal went into effect, threatening to further push down prices there. Analysts predict that Trump’s 25% duties will force major steel producers like Japan, South Korea, and China to pivot from the US to India, where the metal’s prices are already low partly because of an influx of cheap finished steel from China, Nikkei reported. New Delhi is considering safeguard duties following local producers’ concerns about steel dumping. The ramifications of Trump’s tariffs could also affect India’s efforts to produce steel more cleanly: The government expects annual steel production to more than double in the next five years amid rapid urbanization.

Tesla takes a hit in China

Chinese customers are souring on Tesla in the face of intense local competition and criticism over CEO Elon Musk’s politics. Tesla sales in the world’s largest car market are down so far this year as drivers lean toward more affordable Chinese EVs. Musk is largely admired in China, but his deepening embrace of US President Donald Trump — who showcased Teslas at the White House this week to support his close advisor — could also dent the brand overseas, some analysts warned. The head of China’s Passenger Car Association said some now view Tesla as political: “This is the unavoidable risk that’s come after [Musk] got his personal glory.” Tesla sales have also dipped in Europe, the US, and Australia.

The ‘power of scandal’ diminishes

The age of Donald Trump has killed the tradition of American political scandals and their potential to reform governance, a former White House counsel argued. Under Trump’s second term, “what might have been deemed scandalous at another time… is instead a governing program,” Bob Bauer, who worked under President Barack Obama, wrote in The Atlantic. Trump’s stretching of presidential power, attacks on the media, and disregard of norms around profiting from the office have weakened the “corrective power of scandal” that has historically led to meaningful government changes. But even sans scandal, voters could begin to resent Trump’s leadership style if he fails to deliver on kitchen-table issues: “Monarchical ambition can founder on the price of eggs and bacon.”

Berlin’s ‘best-kept’ COVID secret

Germany’s spy agency concluded years ago that COVID-19 was likely caused by an accidental lab leak in China, but officials shielded the findings from the public, German media reported Thursday. An investigation from the BND foreign intelligence service that relied on unpublished data and internal documents from Chinese researchers put the likelihood of a lab leak at 80% to 95%. The revelations are “both fascinating and explosive from a scientific and historical, as well as a political, perspective,” the Süddeutsche Zeitung newspaper wrote, and were reportedly shared with the former and incumbent governments, raising questions about their handling of what was arguably “Berlin’s best-kept secret.” Former Chancellor Angela Merkel denied the allegations.

Apple blogger chastises Siri AI delay

A longtime Apple pundit launched a scathing attack of the company’s delay of its AI overhaul for Siri. Last year, Apple teased “personalized” AI updates to its voice assistant, but recently announced, without explanation or details, that their rollout would be delayed. Apple doesn’t typically over-promise and under-deliver, so the debacle dents its credibility and is “a sign of a company in disarray, if not crisis,” John Gruber wrote in his Apple blog Daring Fireball. Apple only showcased the features in ads and “concept videos,” rather than real demos, raising a red flag, Gruber noted, and calling into question CEO Tim Cook’s leadership and the company’s general direction on AI.

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April 23-25 | Washington, DC | Learn More

Unlikely car supplier dominates in UK

One in every five new cars sold in the UK in 2024 was bought by a single company that serves people with disabilities. The number of Britons on disability benefits has shot up in recent years, and Motability — UK’s largest car-fleet operator — leases them cars, taking payment directly from the government. After three years it sells the cars to dealerships, which have come to depend on it as a source of low-mileage autos from budget Kias to high-end BMWs. Lenders know the company is paid by the state, so it has been able to borrow cheaply. But Motability’s dominance may be under threat, Bloomberg reported: The government is reviewing disability benefits, so its funds may dry up.

Butterflies’ numbers fall in US

Butterflies are suffering a “catastrophic” decline in the US, new research suggested. Their numbers have fallen 22% in 20 years in the contiguous 48 states, a review of 35 different monitoring programs found, under pressure from shrinking habitats, rising temperatures, and pesticides. Insect declines have also been recorded in Europe and elsewhere. The study contradicts some earlier research, and one scientist told The Washington Post that he was skeptical of its most alarming claims, but he agreed that butterflies have “undergone large declines.” Butterflies are important pollinators, and their collapse could have profound impacts on crops and wild plants.

Donatella steps down at Versace