FirstFT: Russia reduces number of Kremlin-backed troops in Libya

More than 1,000 Kremlin-deployed Syrian and Russian mercenaries in Libya have been moved, western and Libyan officials said, in one of the first signs that the invasion of Ukraine is straining Moscow’s foreign deployments.

About 200 Russian mercenaries from the Kremlin-backed private military force Wagner Group and about 1,000 Syrians whom Russia had deployed alongside them in Libya have been pulled out in recent weeks, two western officials said. Three others confirmed the reduction.

About 5,000 mercenaries remain in the country on Moscow’s behalf, a regional official with knowledge of the deployment said. A senior Libyan official confirmed Russia had withdrawn mercenaries, but provided no figures.

“At first it was the Syrians, not the Wagner Russian personnel and then it became Wagner personnel themselves” — Emadeddin Badi, senior fellow with the Atlantic Council’s Middle East Initiative

Thanks for reading FirstFT Europe/Africa. Send your feedback to firstft@ft.com — Jennifer

The latest from the war in Ukraine

Five more stories in the news

1. UK TV rules revamp Culture secretary Nadine Dorries will unveil the biggest overhaul of broadcasting rules in almost 20 years today, handing the BBC, ITV and Channel 4 more bargaining power with digital TV platforms such as Sky, Amazon and Samsung. The white paper will also pave the way for the controversial privatisation of Channel 4.

2. Twitter reassures advertisers over Musk’s free speech plans The social media platform is rushing to ease concerns over its future as a safe place for brands after Elon Musk takes over, according to an email seen by the Financial Times, as campaign groups warned the Tesla chief’s focus on freedom of speech could increase toxicity and abuse.

• Read on: How did Wall Street’s risk management committees get comfortable with the Twitter deal so quickly? The answer lies in easy, or no, due diligence.

• Elsewhere in Silicon Valley: Facebook parent Meta posted its slowest revenue growth since going public, but profits held up better than expected.

3. Archegos’s Bill Hwang arrested on US fraud charges The founder of collapsed family office Archegos Capital Management was charged with racketeering, fraud and market manipulation. The indictment accused Hwang and former chief financial officer Patrick Halligan of using Archegos as an “instrument of market manipulation and fraud”.

4. UK’s Northern Ireland plans stoke trade war fears Boris Johnson’s tough stance on the post-Brexit status of Northern Ireland has set off alarms in the Treasury, where officials fear it could provoke the EU into starting a trade war, which would worsen the cost of living crisis.

5. RSM buys out shares of former UK partners The accounting firm has bought out most of the shares in the business held by its former UK partners, consolidating the power of its new management team two years after the entire board was ousted following an investor coup.

The day ahead

Shareholders have their say Moderna’s annual meeting will include a resolution on transferring the vaccine maker’s intellectual property to the developing world, which two top-10 investors have opposed. Ballots on shunning fossil fuels are also scheduled at Morgan Stanley and Goldman Sachs; read more on the votes in our Moral Money newsletter. Sign up here.

Earnings It’s another big day of corporate earnings. Amazon.com, Apple, Barclays, Caterpillar, Comcast, Eli Lilly, Intel, McDonald’s, Merck, Nokia, Robinhood, Sainsbury’s, Samsung Electronics, Swedbank and Total are among reporting. Schroders holds its AGM, when chief executive Michael Dobson plans to step down.

Economic data The US economy is projected to have grown at a 1 per cent annualised rate in the first quarter, its weakest level since 2020’s coronavirus-induced recession. In the EU, economic and business sentiment indicators are out, as are April inflation data for Spain and Germany, which could put further pressure on the European Central Bank.

What else we’re reading

Why the UK joined the race to woo the crypto industry In 2019, the impression that Britain was not receptive to cryptocurrencies was reinforced by a ban on retail trading of crypto derivatives, which the Financial Conduct Authority warned was “akin to gambling”. But the government is warming to the digital asset world.

Logic risks taking a back seat on France’s far right Beyond the snarking, significant obstacles stand in the way of an electoral pact between Marine Le Pen and Eric Zemmour that could turn France’s far right into a serious player in parliament instead of token opposition, writes Leila Abboud.

Does Spotify face the same fate as Netflix? Over the past week, Wall Street and Hollywood have been consumed by the video streaming platform’s share-price crash, which pulled other media stocks down with it. None were hurt more than Spotify, which has tumbled nearly 25 per cent as the entire business model comes under scrutiny.

We need savings options to ward off a retirement funding crisis The US retirement system is in the grip of a serious funding challenge. The reality is that a dignified middle-class lifestyle in retirement is no longer secure, writes Robert Merton, winner of the 1997 Nobel Prize in Economics.

The populist strongmen strangely keen on globalisation The entire idea of a “liberal international order” — a concept that sometimes seems to exist to have its death repeatedly prophesied — conflates political freedom with open trade. They do not always go together, writes Alan Beattie.

House & Home

As pandemic restrictions ease, a frenzied scramble for rented property is leading to spiralling prices, bidding wars — and despair.