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On today's podcast:

(1) US allies expect President Donald Trump’s administration to present a long-awaited plan to end Russia’s war on Ukraine at the Munich Security Conference in Germany next week, according to people familiar with the matter.

(2) Aides to President Donald Trump sought to tone down his idea of depopulating and taking over Gaza after his suggestion that the US would “own” the war-ravaged territory was welcomed in Israel but widely condemned elsewhere.

(3) Alphabet's Google told employees that it will no longer formally seek to improve the diversity of its workforce, marking the latest step in Silicon Valley’s retreat from initiatives that have fallen out of favour during US President Donald Trump’s administration.

(4) Treasury Secretary Scott Bessent said the Trump administration’s focus with regard to bringing down borrowing costs is 10-year Treasury yields, rather than the Federal Reserve’s benchmark short-term interest rate.

(5) The Bank of England is expected to cut interest rates for a third time on Thursday while downgrading its UK growth forecasts and predicting higher inflation this year in a report that will make uncomfortable reading for Chancellor of the Exchequer Rachel Reeves.

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