Los Angeles fires may very well be costliest catastrophe in US historical past, says California governor

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

• The catastrophic fires in Los Angeles

• Logistic teams transfer Chinese language employees abroad

• The worldwide relationship recession

The California wildfires may very well be the most costly catastrophe in US historical past, the state’s governor stated, 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 stated the fires — which have burnt by greater than 40,000 acres, in response to CalFire, the state’s forestry and fireplace safety division — could be the worst the nation has seen “in terms of just the costs associated with it, [and] in terms of the scale and scope”.

He added that there have been prone to be “a lot more” fatalities confirmed. The demise toll on Saturday night stood at 16, in response to Los Angeles authorities.

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

Learn extra in regards to the financial loss from the Los Angeles fires.

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

• Financial knowledge: China studies December commerce figures and India publishes month-to-month CPI inflation fee knowledge.

• Japan: Monetary markets are closed for Coming of Age Day, a nationwide vacation to rejoice those that have not too long ago entered maturity.

5 extra prime tales

1. World logistics teams are dashing to relocate Chinese language employees as extra producers within the nation put together to broaden abroad in anticipation of more durable buying and selling circumstances with the US below a second Donald Trump presidency. Right here’s extra on the businesses establishing “China desks” abroad.

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

2. Mark Zuckerberg’s surprising “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, consultants see his shift as a lot a enterprise determination 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 traces 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.

• Struggle 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 wished 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 in regards to the diplomatic effort that led to the releases.

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

Information in-depth

Donald Trump has stated he needs to purchase Greenland — which is a part of the dominion of Denmark — and not too long ago refused to rule out utilizing army pressure 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 may be 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, international warming threatens Britain with a extra surprising state of affairs.

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

Chart of the day

Lately the autumn in delivery fee is coming not from the selections 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 revealed an inventory of FT employees’s favorite meals markets all over the world. Now readers have weighed in with their finest spots for native produce, with suggestions from Hong Kong and Taiwan to Melbourne.