Good morning and welcome back. In today’s newsletter:
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An interview with Volodymyr Zelenskyy
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Mandelson arrested on suspicion of misconduct in public office
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Europe’s ‘tech sovereignty’ ambitions carry security risks, military warns
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What has Reform UK learnt from its first taste of power?
We have an exclusive interview with Volodymyr Zelenskyy today, as Ukraine marks the fourth anniversary of Russia’s full-scale invasion.
Putin’s ‘games’: The Ukrainian president said Kyiv and Moscow were at the “beginning of the end” of Europe’s biggest conflict since the second world war. He also accused Russian leader Vladimir Putin of using overtures to US President Donald Trump to weaken Kyiv’s negotiating position. Asked how peace talks were progressing, he said the “Russians are playing games”.
EU accession: Zelenskyy urged Brussels to stop prevaricating and to fix a date for Ukraine’s accession to the bloc, saying it should be as early as 2027. “Let us not allow the next leaders or the next generation to face a situation where Russia blocks Ukraine’s EU membership for 50 years,” he said. Read Christopher Miller’s interview in full.
Here’s what else we’re keeping tabs on today:
Five more top stories
1. Lord Peter Mandelson was arrested on suspicion of misconduct in public office following claims he leaked confidential UK government memos to Jeffrey Epstein and received cash from the paedophile American financier. He was later released on bail pending further investigation.
Read the full story.
2. European military officials are concerned that discussions about “tech sovereignty”, which have intensified following the Greenland crisis, could have serious consequences for the continent’s security, given their armies’ reliance on US software and networks that run critical systems.
3. A gap in US accounting rules allows Big Tech companies to conceal tens of billions of dollars of potential liabilities for their AI data centres, rating agency Moody’s said yesterday. The warning comes as more groups use special purpose vehicles owned and funded largely by other investors to build the facilities.
4. Europe’s largest investment banks delivered their highest trading revenues in at least a decade in 2025 after geopolitical turmoil and advances in AI rattled markets. Read more on the lenders’ performance and find out the top of the ranks.
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More on finance: Private capital’s insurance playbook has spread everywhere, raising concerns among those who pioneered the trade.
5. The UK’s eastern coastline is eroding faster than expected, forcing the demolition of homes and putting the spotlight on the risks surrounding a £40bn nuclear power plant being built at Sizewell. Erosion has intensified including at an area 2km from the Sizewell C construction site.
The Big Read
Reform UK in May took the reins of 12 local councils in England, after a campaign that snatched hundreds of seats from Labour and the Conservatives. What has the populist party learnt from its first taste of power?
We’re also reading . . .
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US tariffs: Trump’s new global levy of 10 per cent goes into effect, according to the country’s customs agency, rather than the 15 per cent rate announced at the weekend.
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Digital assets: Lawyers say wealthy spouses are hiding crypto holdings in divorce cases, making settlements more difficult.
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Optical innovation: A UK company was able to find value in an artificial lens business created by a Battle of Britain surgeon, writes John Gapper.
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Consultancy clash: PwC has made legal threats to senior figures of a boutique start-up founded by a former executive of the Big Four firm.
Rising costs and economic uncertainty have intensified financial anxiety — particularly for women, who make up nearly two-thirds of UK debt advice clients. Join Claer Barrett, consumer editor, for a free webinar on March 5 in association with the FT’s FLIC charity.
Chart of the day
Over the past year, Iran and Pakistan have sent an estimated 3mn Afghans back after decades and sometimes lifetimes in exile, according to the UN, 150,000 alone in the past six weeks. And more are to come.
Take a break from the news . . .
Email is fast becoming a test bed for AI’s much-touted productivity-boosting power. Clara Murray reviews a suite of new tools to help us streamline inbox management.
