Sonja Hutson

Ukraine's turnaround has challenged the long-held conventional wisdom that Russia's bigger army can outlast Kiev.

Here to tell us more is the FT's chief Ukraine correspondent, Chris Miller.

Hey, Chris.

So give us a sense of scale here.

How much has Ukraine grown its drone supply?

Right.

And that's why Russia is allowing these financial institutions to defend themselves against drones, like I mentioned earlier.

How has Ukraine been able to ramp up its drone production on such a large scale?

Chris, how much of a difference has this scaling up in drones actually made in the war?

Is momentum back on Ukraine's side?

Yeah, well, given all this confidence that Ukrainians have, are people in Kyiv talking about an end to the war and what that could potentially look like?

Chris Miller is the FT's chief Ukraine correspondent.

Thanks, Chris.

The European Central Bank is warning that U.S.

President Donald Trump's policies could trigger a global financial crisis.

The ECB issued a twice-yearly report yesterday that's an overview of the threats to the global economy.

In it, the bank wrote that the economic fallout from the Iran war is pushing up inflation and damaging growth.

The report said that fallout, combined with Trump's trade policies and his retreat from international cooperation, could threaten the financial system.

Artificial intelligence is eroding the dominance of Big Four consulting firms.

It's given rise to a growing group of small firms that use the technology to compete with large ones.