Good morning. Mark Carney is set to win by a narrow margin to lead Canada as prime minister. HSBC and Deutsche Bank earnings beat estimates.. And Amazon launches a challenge to SpaceX. Listen to the day’s top stories.
Sticking with buybacks. Photographer: Betty Laura Zapata/Bloomberg
HSBC plans to buy back up to $3 billion in shares after pretax profit beat estimates. The lender said it expects a low single-digit percentage impact on revenue in a downside tariff scenario. Deutsche Bank’s revenue from fixed-income and currencies also surpassed analyst estimates.
Donald Trump is on track to lift some levies on foreign auto parts and give imported vehicles a reprieve from separate tariffs on aluminum and steel, a White House official said.
Pakistan’s defense minister warned of the “immediate threat” of war with India but said it can be averted. He told Geo News that China, Saudi Arabia and other Gulf states are working to prevent conflict from breaking out.
Deep Dive: Raise Your Arms
Defense spending surged last year by the most since at least the end of the Cold War, according to the Stockholm International Peace Research Institute.
Europe, including Russia, spent $693 billion, a 17% year-on-year increase.
All 32 NATO members increased their expenditure, with 18 spending at least 2% of GDP on their militaries.
Ukraine spent $65 billion last year, amounting to 34% of its GDP—the largest burden globally.
It’s dangerous to believe that “the arc of the moral universe bends towards justice,” writes Adrian Wooldridge. Doing so encourages a false sense of confidence that can be counterproductive to progress.
Liftoff. Photographer: Miguel J. Rodriguez Carrillo/Getty Images
Amazon launched its first 27 Kuiper satellites to take on Elon Musk’s Starlink internet system. They’re the first of a planned 3,236-satellite network that Amazon will use to sell Internet connectivity to consumers and corporate clients.
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