US President Joe Biden expected Russia will “act” on Ukraine, warning that the invasion would be a “disaster” for Vladimir Putin as he urged the West to stay united and hold Moscow “responsible” for any aggression.

At a news conference in Washington on Wednesday, Biden said Russia would pay “a heavy price immediately, in the short, medium and long term” if neighboring Ukraine is invaded.

However, the U.S. president’s comments about the West’s response to Russian aggression were muddled by his suggestion that a “minor invasion” of Ukraine could result in lesser retaliation, something the White House was later forced to clarify.

“If any Russian troops cross the Ukrainian border, that’s a new invasion, and the United States and our allies will respond swiftly, harshly and in solidarity,” White House press secretary Jane Psaki said.

• related news: EU officials try to rest assured Brussels remains committed to Washington-led talks with Russia to avoid further conflict in Ukraine. French President Emmanuel Macron broke with the norm on Wednesday by calling on EU countries to “have their own dialogue” rather than engage in diplomatic efforts involving the United States and NATO.

Thank you for reading FirstFT Europe/Africa.Here’s the rest of the news today – Will

Five more stories in the news

1. Wall Street’s top banks paid $142 billion in compensation and benefits last year Wall Street’s major banks raised wages by nearly 15% last year talent warJPMorgan, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America said they handed out $142 billion in compensation and benefits in 2021, up from $124 billion in 2020.

2. Biden supports Fed’s move to tighten monetary policy Joe Biden support The Fed turned to tightening monetary policy to fight inflation, using his first official news conference in months to defend his handling of the economy and restart his presidency.

3. The Luckin Coffee plot is re-listed Luckin Coffee, once touted as Starbucks’ biggest challenger in China, is exploring plans relist The company’s U.S. stock, according to two people familiar with the matter. The development comes nearly two years after an accounting scandal in which the Chinese coffee chain made more than $300 million in sales.

4. University regulator cracks down on ‘shoddy’ courses in England English universities and colleges that fail to meet dropout rates and graduate employment standards may lose money, under the “tough” new measures proposed by the regulator. The Office of Students, which oversees the quality of higher education, has announced strict thresholds that institutions must meet to avoid investigations and potential restrictions on accessing student loan funds.

5. Conservatives back leader, Johnson buys time Boris Johnson A fragile truce reached He has been told to quit the Conservative Party after a senior former minister and a Conservative MP defected to Labour. Bury South MP Christian Wakeford crossed the House of Commons to join the opposition, catching Johnson by surprise minutes before the Prime Minister’s questions.

coronavirus digest

• Businesses welcome government decision Most coronavirus restrictions lifted exist UK It’s a welcome boost to downtown and consumer confidence starting next week.

• Bill Gates Pandemic warning issued far worse than Covid-19 And called on governments to invest billions of dollars to prepare for the next global outbreak.

• Hong Kong people Leaving increasingly isolated cities is Charter a Private Jet For their pets — it’s the only way many people can take their pets with them as pandemic restrictions squeeze cargo space on commercial flights.

• Cathay Pacific Yes Offer bonus Up to $3,700 to incentivize pilots to fly to Hong Kong and quarantine in hotels for weeks.

the day ahead

ECB The ECB Governing Council releases the minutes of its December monetary policy meeting and monthly inflation data.Eurozone inflation up to 5% In December, it hit an all-time high since the creation of the single currency more than two decades ago.

other data French release January Business Confidence Survey Germany released its producer price index data for December. (INSEE)

income Netflix will reported earnings After it delivered arguably its strongest original content ever in the fourth quarter squid game, but analysts suspect the streaming pioneer may struggle to meet its subscriber goals.

end The Bulletin of the Atomic Scientists will Announce The position of the minute hand on the Doomsday Clock, recording the perceived threat of global doomsday. (BA)

What are we still reading and watching

It’s been a year and we haven’t learned the lessons of the GameStop saga The influx of new wave investors last year laid bare the extent to which finance was being digitally reshaped and underscored populist anger, Gillian Tett wrote.With stocks hitting new highs, it could be a signal that the bubble is ready to burst, but what happens to small investors?

Microsoft spends $75 billion on Activision to usher in the next era of consumer tech Analysts call the decisive deal a “new content battleIt could also spark scrutiny from antitrust regulators around the world, for whom any acquisition by America’s largest tech company to enter important new markets has become a concern.

How to get a raise in 2022 With the cost of living spiraling upwards, earning more income may be at the top of your 2022 financial to-do list. FT Money and Careers Expert Discuss the do’s and don’ts, offer practical tips and reveal when employees are most likely to ask for a raise.

How Britain’s High Streets have been hit by the pandemic What do Manchester, Dartford and Tower Hamlet have in common? They are some of the UK’s high streets hardest hit economically by the pandemic. Check the situation in your area with our interactive list.

Fall of Boris Johnson won’t change Conservative Party agenda If the British Prime Minister was overthrown Affected by the so-called “party scandal”, the next leader will still be the Conservative Party. Robert Schlingsley writes that while Johnson’s blockade violations and failures may ultimately discredit him, few in his party have questioned his winning manifesto.

travel

Insomniac and FT columnist Lucy Kellaway went to the Cliveden House Hotel to try a cannabis oil massage called the OTO Sleep Experience. During her stay, She’s happy with the light switch and the cheese soufflé. Tibetan Bowl and CBD? They are simply not enough to make up for a sleepless night.