Assad flees Syria for Moscow after regime collapses

At this time’s agenda: Tech teams’ advert dominance; EU’s new tech tsar; Rheinmetall tie-up on fight drones; Trump on Powell’s Fed tenure; and US firms lawyer up on commerce

Good morning. We start in Syria, the place President Bashar al-Assad has fled the nation after a surprising marketing campaign by rebels who seized the capital and toppled the dynasty that had dominated for 50 years.

What occurred: The regime’s collapse yesterday adopted a 12-day lightning offensive by disparate insurgent factions, led by the Hayat Tahrir al-Sham Islamist group. Final week HTS seized Aleppo, Syria’s second metropolis, inside simply 48 hours earlier than rapidly marching south in the direction of Damascus.

After varied factions encircled the capital, the rebels proclaimed it “free from the tyrant Bashar al-Assad” and that “Assad has fled”. Russia and Iran, Assad’s primary backers, had been unable or unwilling to stem the tide, with each caught up in their very own conflicts.

Russia mentioned the Syrian president had resigned, left the nation and ordered a peaceable transition of energy. Russian state newswire Tass later mentioned he and his household had arrived in Moscow the place that they had been supplied asylum.

Unsure horizon: As residents awoke to the sudden fall of Assad, a combination of worry, euphoria and confusion flooded the capital. Together with unbridled pleasure in public squares was chaos, as rebels and on a regular basis Syrians over-ran symbols of the Assad regime. The true take a look at will come when the nation’s varied insurgent factions search to divide the spoils of victory, writes our Center East editor Andrew England.

Right here’s extra on how the historic day unfolded:

And right here’s what else we’re holding tabs on right this moment:

• UK-EU relations: Eurozone finance ministers are set to debate commerce ties with UK chancellor Rachel Reeves.

• Channel migration talks: UK house secretary Yvette Cooper meets French inside minister Bruno Retailleau in Calais.

• Firms: Vivendi shareholders vote on the proposed cut up of Canal+, Havas and Louis Hachette Group from the corporate. Oracle releases second-quarter outcomes.

• FT and Schroders Enterprise E book of the 12 months: The winner is introduced at a ceremony in London. Right here is the shortlist.

Be part of us on Wednesday as Monetary Instances editor Roula Khalaf and different FT specialists focus on their predictions for the world in 2025. Register right here.

5 extra high tales

1. The worldwide promoting trade will surpass $1tn in income for the primary time this 12 months regardless of robust financial situations in bigger, developed markets such because the US and UK. Tech firms, nonetheless, are anticipated to dominate, with Google, Meta, ByteDance, Amazon and Alibaba forecast to earn greater than half the full.

2. Unique: The EU’s new tech tsar has struck a conciliatory tone in the direction of Elon Musk as Brussels seeks to restore relations with the US billionaire and proprietor of X after a public spat crammed with expletives. Final 12 months the EU opened a probe into the social media platform over considerations of the unfold of hateful messages after the October 7 assault on Israel by Hamas. Learn the FT’s interview with Henna Virkkunen.

3. Germany’s largest defence firm Rheinmetall is working with a US software program specialist to develop frequent working requirements to manage autonomous battlefield drones, in a transfer that guarantees to shake up the quickly evolving trade. Right here’s what’s driving the partnership.

4. Donald Trump has mentioned he wouldn’t search to take away Federal Reserve chair Jay Powell earlier than his time period expires in Might 2026. However the US president-elect promised to push forward with sweeping tariffs, mass deportations and tax cuts in his first days within the White Home throughout a tv interview the place he outlined his incoming administration’s priorities.

5. Water regulator Ofwat employed a number of consultancies together with PwC and Deloitte on the similar time the corporations had been offering regulatory or administration recommendation to water and sewerage firms, elevating battle of curiosity considerations.

Be part of this Thursday’s Tech Management Discussion board, hosted by the FT in partnership with Join Europe, which is able to deliver collectively trade CEOs, policymakers and civil society to debate Europe’s digital economic system. Register right here.

The Huge Learn

South Korea is extra globally famend for its vibrant common tradition and manufacturing prowess than for its traumatic previous. However the occasions of the previous week, triggered by President Yoon Suk Yeol’s shock martial regulation declaration, demonstrated how the nation is nonetheless formed by the notably brutal interval of dictatorship and the following troubled transition to democracy within the Eighties.

We’re additionally studying . . . 

• Geopolitics: Between China’s rise and Donald Trump’s America, Europeans must study some classes about energy — and quick, writes Rana Foroohar.

• Sky CEO: Dana Sturdy, the broadcaster’s chief government, talks to Matthew Garrahan about operating the corporate after the Murdoch period.

• UK privatisation: Necessary classes on its advantages and limits will be drawn on from the nation’s diversified expertise, writes Martin Wolf.

Chart of the day

How do you pay employees in several places? The normal reply — primarily based on what the native market calls for — is going through new stress from an more and more world expertise pool. In response, organisations are more and more adopting a hybrid system for salaries. However complexities should still come up when employees transfer from one location to a different as variations not simply in pay but additionally advantages develop into obvious.

Take a break from the information

Synthetic intelligence may immediately open up an enormous vary of books written in several languages. Publishers have already began experimenting with the know-how. However using AI within the translation course of dangers the lack of human contact, writes Nilanjana Roy.