Good morning from the Financial Times.
Today is Friday, January 16th.
And this is your FT News Briefing.
Brussels is thinking about a membership light option for new EU states and the good times keep rolling for American banks.
Plus, China's state iron ore buyer is flexing some muscle.
I'm Mark Filipino and here's the news you need to start your day.
The EU has a controversial new proposal to make Ukraine a member state as part of a potential peace deal.
Sources tell the FT that Brussels is drafting a plan to create a two-tier model.
The move comes as Ukraine's progress through the existing membership process has been held up by Hungary.
The new tiered proposal would give Ukraine far less decision-making power than states in the higher tier.
For example, Ukraine wouldn't have normal voting rights in some meetings right off the bat.
Kiev would gain incremental access to parts of the bloc's single market,
its agricultural subsidies, and its internal development funding,
but only after meeting certain milestones.
Some European capitals are spooked by the proposal, though.
They're worried it would have a negative impact on the bloc's future stability and would upset other candidate countries.
2025 was the best year for U.S.
investment banks in four years.
It's a milestone revealed this week when America's biggest banks reported their fourth quarter earnings results,
and one that Wall Street hopes will herald in a sustained recovery and deal-making.