FirstFT: Syrian rebels seek to solidify control after toppling Assad

Good morning. In today’s newsletter:

• Syria rebels seek to consolidate control

• South Korea bans president from overseas travel

• India’s new central bank governor

We start with the latest news from Syria, as the rebel force that toppled Bashar al-Assad’s regime yesterday sought to consolidate its control.

Hayat Tahrir al-Sham, a one-time al-Qaeda affiliate, issued a general amnesty for conscripted members of the Assad military, as state bodies ordered a resumption of public services and activity in the economically vital oil sector.

Prime Minister Mohamad Ghazi al-Jalali, who held office under Assad, said his government team was seeking a smooth and brief transition of power. HTS released a video yesterday showing Jalali meeting its leader Abu Mohammad al-Jolani. They were accompanied by Mohamed al-Bashir, the head of HTS’s de facto government in Idlib province, who is a possible candidate for interim prime minister.

But a range of countries — both opponents and supporters of Assad — have expressed concern that the regime’s fall could lead to further instability in the shattered Arab state.

Last night at least four large blasts were heard in Damascus, which followed air strikes earlier in the day and over the weekend.

Israeli foreign minister Gideon Sa’ar said his country was hitting suspected chemical weapons sites in Syria in an effort to destroy Assad regime capabilities before they fell into rebel hands. Read the full story here.

• Israeli incursion: Israel has taken more Syrian territory, justifying the incursion as a temporary move to protect its citizens but drawing a furious reaction in the region.

• Inside Assad’s police state: On the outskirts of Damascus, the Saydnaya prison holds the secrets to the fates of thousands who disappeared under the dictator.

• How Assad’s regime crumbled: Syria’s strongman was feted in Riyadh three weeks ago. Now he is an asylum seeker in Moscow.

• Syria’s refugees: A number of EU nations and the UK are pausing the processing of asylum claims from Syrians after the fall of Assad’s government.

• Opinion: Western anxiety about the future of post-Assad Syria is understandable, but the demise of one of the world’s most brutal regimes is welcome, writes Gideon Rachman.

Here’s what else we’re keeping tabs on today:

• Economic data: China publishes November trade figures and Malaysia reports October industrial output data.

• Monetary policy: Australia’s central bank announces its interest rate decision.

• Taiwan Semiconductor Manufacturing Company: The world’s largest chipmaker reports November sales.

One more thing: Today marks the launch of the FT’s India Business Briefing newsletter, the Indian professional’s must-read on business and policy in the world’s fastest-growing large economy. Premium subscribers can sign up here to get original analysis from journalist Veena Venugopal delivered to your inbox every Tuesday and Friday. 

Five more top stories

1. South Korean prosecutors have banned President Yoon Suk Yeol from travelling overseas in the wake of his failed bid to impose martial law last week. South Korean stocks sank and the currency approached a 15-year low against the dollar yesterday, amid fears of a power vacuum at the top of government.

2. India has appointed a new central bank governor, after a sharp decline in economic growth dented the outlook for the world’s most populous country. Shaktikanta Das, the relatively hawkish head of the Reserve Bank of India, has been replaced by revenue secretary Sanjay Malhotra, who economists see as more likely to cut interest rates amid rising inflation.

3. China’s leaders have changed their stance on monetary policy to “moderately loose” from “prudent” for the first time in 14 years. Yesterday’s announcement sent stocks and bond prices higher as investors bet policymakers were taking the economic situation more seriously.

4. Police have detained a 26-year-old Ivy League graduate as a person of interest in the connection with the murder of a senior UnitedHealth Group executive ahead of an investor event in New York last week. The suspect, Luigi Mangione, was found in Pennsylvania with a handwritten document suggesting “ill will to corporate America”.

5. US companies forged more than $35bn in deals yesterday, marking the clearest surge in dealmaking confidence since Donald Trump’s election victory. Here are some of the transactions announced on “merger Monday”.

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