FirstFT: Hamas must locate more hostages to extend truce, says Qatar

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Efforts to extend a temporary truce between Israel and Hamas depend on the militant group locating dozens of women and children held hostage in Gaza by civilians and gangs, Qatar’s prime minister has said.

A four-day pause in the war brokered by the Gulf state which began on Friday is due to end after today. As part of the deal the Islamist group agreed to free 50 women and children. In return Israel agreed to the delivery of increased aid into the besieged strip and the release of 150 Palestinians held in Israeli prisons.

But Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani told the Financial Times that more than 40 other women and children were being kept captive in Gaza who were not believed to be held by Hamas. He said the truce could be extended if Hamas was able to use the pause in the conflict to locate those hostages.

“If they get additional women and children, there will be an extension,” Sheikh Mohammed said. “We don’t yet have any clear information how many they can find because . . . one of the purposes [of the pause] is they [Hamas] will have time to search for the rest of the missing people.” Read more from the interview with Qatar’s prime minister.

Here’s what else I’m watching today:

• UK Global Investment Summit: Prime Minister Rishi Sunak hosts the second annual event showcasing British expertise to attract foreign backers.

• European Central Bank: President Christine Lagarde holds her quarterly dialogue with the European parliament’s committee on economic and monetary affairs.

• The Restaurant Group: Shareholders of the Wagamama owner vote on a proposed £506mn acquisition by Apollo Global Management.

After expanding our ranking of Africa’s fastest-growing companies this year, the FT is seeking entries for the third annual list, to be published in early June 2024. Apply here to be considered.

Five more top stories

1. Turkey’s exports to Russia of goods vital for Moscow’s war machine have surged this year, heightening concerns among the US and its allies that the country is acting as a conduit for sensitive items from their own manufacturers. The growing trade is fuelling tensions between Ankara and its Nato partners, and reining in the illicit trade has become a priority in Washington.

2. Santander’s executive chair has welcomed the removal of the UK’s banker bonus cap, which limited bonuses to twice a banker’s base pay. The cap, brought in following the 2008 financial crisis, was scrapped in October. Ana Botín told the FT a similar move in the rest of Europe would better align bankers’ interests with those of their shareholders.

3. Novo Nordisk is in talks with healthcare systems about innovative pricing deals for its Wegovy weight loss drug, as it hopes to expand take-up of the obesity treatment by helping health services spread the cost across many years. Chief executive Lars Fruergaard Jørgensen told the FT the company needed to treat many more than the millions of patients currently taking the drug to make a “dent” in the obesity epidemic.

4. Hundreds of thousands of tonnes of coffee and cocoa stored in EU warehouses risk being destroyed as an unforeseen consequence of a law that aims to ban products grown in areas of deforestation from being sold within the bloc. Two international organisations have warned that coffee and cocoa produced and stored in the EU during a transition period that lasts until December 2024 could be deemed non-compliant.

5. The Bank of England’s internal culture, governance and appointments processes need significant reform after it and other central banks showed “complacency” about the threat of inflation, according to a report by the Lords economic affairs committee. The committee said BoE policymakers were too reluctant to challenge conventional wisdom and overly reliant on “inadequate” forecasting models.

Visual investigation

Beijing has altered or destroyed thousands of mosques across China as the government broadens its suppression of Islam. While demolitions and modifications have been documented in Xinjiang, the northwestern region where hundreds of thousands of Turkic Muslims have been detained, there is evidence that architectural changes have spread to almost every region of the country.

What we’re also reading . . . 

Chart of the day

Since the start of the war in Ukraine, South Korea has emerged as one of the world’s top 10 defence exporters, with artillery producer Hanwha Aerospace, tank maker Hyundai Rotem and fighter jet producer Korea Aerospace Industries leading the charge. Here’s how the Asian nation is riding a defence order wave from the west.

Take a break from the news

Ahead of the festive season, don’t miss the FT’s expert guide to dinner-party etiquette. Have questions about what to serve, how to sit and when to start washing up? Top hosts share their entertaining dos and don’ts.

Additional contributions from Emily Goldberg