Los Angeles fires could possibly be costliest catastrophe in US historical past, says California governor

Good morning and welcome again to FirstFT Asia. In as we speak’s e-newsletter:

• The catastrophic fires in Los Angeles

• Logistic teams transfer Chinese language employees abroad

• The worldwide relationship recession

---

The California wildfires could possibly be the most costly catastrophe in US historical past, the state’s governor mentioned, as forecasts of heavy winds raised fears that the catastrophic blazes would unfold additional.

In remarks to NBC’s Meet the Press on Sunday, Gavin Newsom mentioned the fires — which have burnt via greater than 40,000 acres, in accordance with CalFire, the state’s forestry and hearth safety division — can be the worst the nation has seen “when it comes to simply the prices related to it, [and] when it comes to the dimensions and scope”.

He added that there have been more likely to be “much more” fatalities confirmed. The dying toll on Saturday night stood at 16, in accordance with Los Angeles authorities.

Newsom, a Democrat, additionally accused Donald Trump of spreading disinformation after the president-elect known as his emergency response “incompetent”.

Learn extra concerning the financial loss from the Los Angeles fires.

Right here’s what else I’m maintaining tabs on as we speak:

• Financial information: China stories December commerce figures and India publishes month-to-month CPI inflation price information.

• Japan: Monetary markets are closed for Coming of Age Day, a nationwide vacation to rejoice those that have just lately entered maturity.

---

5 extra prime tales

1. International logistics teams are dashing to relocate Chinese language employees as extra producers within the nation put together to develop abroad in anticipation of harder buying and selling situations with the US underneath a second Donald Trump presidency. Right here’s extra on the businesses organising “China desks” abroad.

• Extra on Chinese language commerce: Chinese language chipmakers and know-how firms are heading to Malaysia in droves, its financial system minister Rafizi Ramli mentioned, as Beijing prepares to face extra tariffs when Trump returns to workplace this month.

2. Mark Zuckerberg’s sudden “free speech” overhaul of Meta’s content material moderation has sparked considerations amongst advertisers that it’s going to result in a surge of dangerous content material and misinformation throughout the social media platform. As Zuckerberg seeks to curry favour with president-elect Donald Trump, specialists see his shift as a lot a enterprise choice as it’s an ideological one.

3. US president-elect Donald Trump intends to push Ukraine to decrease its age of conscription in an effort to stabilise the nation’s entrance strains forward of direct negotiations with Russia. Chatting with US community ABC Information yesterday, Trump’s nationwide safety adviser gave the clearest image but of the brand new administration’s plan to finish the warfare.

• Warfare in Ukraine: Russian forces are heading in the direction of Ukraine’s Dnipro area, bypassing an anticipated heavy city battle within the jap Donetsk space.

4. Italy has determined to “revoke” the arrest of an Iranian engineer needed by the US for alleged unlawful exports of refined know-how, simply days after Tehran freed an Italian journalist from its infamous Evin jail. Learn concerning the diplomatic effort that led to the releases.

5. Tulip Siddiq’s place because the UK’s Metropolis minister seemed more and more fragile yesterday, with the chief of the opposition calling for her to be fired after she grew to become embroiled in a property scandal tied to the ousted authorities of Bangladesh. Siddiq, whose position covers anti-corruption coverage, faces allegations that she benefited from properties linked to the Awami League, the get together led by her aunt Sheikh Hasina.

Information in-depth

Donald Trump has mentioned he desires to purchase Greenland — which is a part of the dominion of Denmark — and just lately refused to rule out utilizing navy power to take action. For a lot of residents of Nuuk, the capital, the incoming US president’s feedback had been unsettling. However some consider there’s an upside to Trump’s curiosity within the island.

We’re additionally studying . . . 

• China’s inexperienced benefit: The west must co-operate, cautiously, with Beijing within the renewable power commerce, writes the editorial board.

• A colder London?: For some local weather scientists, world warming threatens Britain with a extra sudden situation.

• ‘Ozempic face’: Child boomers and customers of weight reduction medication affected by “facial sagging” are flocking to injectable aesthetic remedies, in accordance with dermatology group Galderma.

Chart of the day

Lately the autumn in beginning price is coming not from the choices made by {couples}, however from a marked fall within the variety of {couples}. John Burn-Murdoch’s newest column explains what’s driving the worldwide rise of singledom.

Take a break from the information

Final month HTSI printed a listing of FT employees’s favorite meals markets world wide. Now readers have weighed in with their greatest spots for native produce, with suggestions from Hong Kong and Taiwan to Melbourne.