Mōrena and welcome to your mid-week summary of international business and political news.
First up, US President Donald Trump has published texts apparently received from French President Emmanuel Macron and Nato chief Mark Rutte about Greenland and other foreign policy issues, the BBC reported.
Trump shared the messages on his social media platform Truth Social, giving an insight into his discussions with allies. He also shared an illustration depicting himself planting a US flag in Greenland.
The posts come ahead of Trump's speech at the World Economic Forum in Switzerland, where he has said he will tell European leaders: "We have to have [Greenland] ... It's going to be an interesting Davos," he told reporters.
European leaders, meanwhile, condemned Trump’s “new colonialism” and warned that the continent was facing a crossroads over Greenland, the Guardian reported. Macron said “we do prefer respect to bullies, [and the] rule of law to brutality”.
Macron told the World Economic Forum that now was “not a time for new imperialism or new colonialism”, criticising the “useless aggressivity” of Trump’s promise to put tariffs on countries that opposed a US takeover of Greenland.
On Wall Street, stocks in the United States fell as investors were jittery over Trump’s clash with European leaders. A snap election in Japan also rattled markets in Asia, sending Japanese bond yields surging higher, CNN reported.
Earlier, the Dow Jones, broader S&P 500, and tech-heavy Nasdaq Composite all fell well over 1%.
Canadian Prime Minister Mark Carney.
Meanwhile, Canadian Prime Minister Mark Carney has said Russia poses a clear threat in the Arctic. He told the World Economic Forum that, at this stage, it was “more prospective than actual”.
Carney made the comment in response to a question about Trump’s assertion that Greenland was under threat from Russia and China, Bloomberg reported.
“Russia is, without question, a threat in the Arctic. Without question. Russia does lots of horrible things,” Carney said.
UK Chancellor Rachel Reeves plans to pledge to refund visa fees for some global businesses, as she takes the stage at the World Economic Forum. The Guardian said she would announce tweaks to the visa regime aimed at encouraging “trailblazer” businesses to bring highly skilled staff to the UK. “Some countries give you a platform, but Britain gives you momentum. My message at Davos this week is clear: choose Britain – it’s the best place in the world to invest,” Reeves said.
Danish pension operator AkademikerPension said it was exiting US Treasuries because of financial concerns as the country sparred with Trump over his bid for Greenland, CNBC reported.
The decision was driven by “poor [US] government finances” amid America’s debt crisis, AkademikerPension said. “It is not directly related to the ongoing rift between the [US] and Europe, but of course that didn’t make it more difficult to take the decision.”
North Korean leader Kim Jong Un.
Elsewhere, North Korean dictator Kim Jong Un has dismissed a vice premier over troubles in a factory modernisation project, the ABC and AP reported.
The upcoming ruling Workers' Party Congress, the first in five years, is one of North Korea's biggest propaganda events. The Korean Central News Agency reported that Kim blamed Yang Sung Ho for causing "unnecessary man-made confusion" in works to modernise the Ryongsong Machine Complex.
Kim said the project suffered "not a small amount of economic loss" because of irresponsible and incompetent officials.
Finally, Netflix has updated its offer for Warner Bros Discovery's streaming and film business and will pay completely in cash, as it seeks to get an upper hand on rival Paramount Skydance.
The BBC reported that the decision to pay in cash amended the streaming giant's original offer, which would have funded the transaction using a mix of cash and shares. Netflix and Warner Bros said the change would give more certainty to shareholders.
Paramount Skydance has been in hot pursuit of WBD, despite being repeatedly rebuffed. Netflix's plan would give it ownership of WBD’s franchises, such as Harry Potter and Game of Thrones, as well as streaming service HBO Max.
