Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is European portfolio strategist at Goldman Sachs After a decade of stunning performance, outshining Europe and the rest of the world, the US equity market trades on a price/earnings ratio of more than
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Lloyds Banking Group plans to cut jobs in risk management after an internal review found the function was a “blocker to our strategic transformation”. The restructuring was outlined in a memo last month from Lloyds’
Luxury golf clubs in south Florida have begun charging high six- and seven-figure joining fees as a pandemic-driven influx of wealthy Americans drives demand for tee times to previously unseen heights. Top clubs in the Miami area have doubled or tripled their membership fees since 2020, according to documents and interviews with industry members. The
Big investors are selling US Treasuries and buying European government bonds, betting that cooler inflation in Europe will allow its central bank to start cutting interest rates sooner than the Federal Reserve. Money managers at Pimco, JPMorgan Asset Management and T Rowe Price have all increased their exposure to European government debt in recent weeks.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Labour’s proposals to toughen a planned crackdown by the Conservative government on tax perks for “non-doms” living in the UK would prove a “catalyst” for wealthy foreign nationals to leave the country, tax advisers have
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Britain’s governing Conservatives are pinning their hopes on an improving UK economy as a way of restoring support ahead of the election expected this year — despite polling showing that voters link them with the
Venezuela’s former oil minister Tareck El Aissami, once a powerful confidant of authoritarian President Nicolás Maduro, has been arrested on corruption allegations, the government announced on Tuesday. Former finance minister Simón Zerpa and Sarmark López, a businessman and associate of El Aissami, were also arrested as part of the probe into corruption at state oil
Stay informed with free updates Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox. Persistent inflation and hot US growth have left the Federal Reserve’s rate-cutting hopes “off track”, Bridgewater’s Bob Prince said on Tuesday, adding an influential voice to the growing chorus asking whether US rates will
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rwanda’s state-owned airline turned down a UK government proposal to transport asylum seekers to Kigali as part of Prime Minister Rishi Sunak’s migrant offshoring plan because it feared damaging its brand. RwandAir was approached by
Stay informed with free updates Simply sign up to the Energy sector myFT Digest — delivered directly to your inbox. The days of handing out bribes to secure commodity contracts are over, the heads of the world’s biggest trading companies said, after a series of US bribery scandals put the sector under intense scrutiny. Speaking
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. OpenAI and Meta are on the brink of releasing new artificial intelligence models that they say will be capable of reasoning and planning, key steps towards achieving superhuman cognition in machines. This week, executives at
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hamas said on Tuesday that the latest Israeli proposal in hostage deal talks did not meet any of its demands, after senior Israeli officials said progress had been made in the long-running negotiations. The proposal
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Macquarie, the former owner of Thames Water criticised for loading the utility with debt, is a lender to its stricken parent company. Macquarie’s investors lent about £130mn to the utility’s holding company Kemble Water Finance
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The former head of Shell has said the oil major is “massively undervalued” in London and may benefit from switching its listing to the US, in another blow to sentiment surrounding the UK stock market.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. AstraZeneca’s chief executive Pascal Soriot is “massively underpaid” and deserves a proposed £1.8mn pay rise, according to one of the drugmaker’s top shareholders. The British pharmaceutical company is preparing for a vote on its long-serving
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. “If something cannot go on forever, it will stop.” This is known as “Stein’s law”, after the late Herbert Stein, former chair of Richard Nixon’s Council of Economic Advisers. Stein published this in June 1989,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The evidence is strong, if not quite conclusive, that smartphones damage children and girls in particular. Governments should enact at least some of the legal curbs proposed in Jonathan Haidt’s The Anxious Generation. But take
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Europe must prepare for potential war, as a full-scale conflict on the continent beyond Ukraine is “no longer a fantasy”, the EU’s chief diplomat has warned. “Russia threatens Europe,” both through its ongoing war
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In October, Japan celebrates the 60th birthday of the shinkansen bullet train, an engineering marvel opened for the 1964 Olympics as proof of the nation’s rising industrial power. For six decades, as it has grown
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC has agreed to sell its business in Argentina to domestic lender Grupo Financiero Galicia for $550mn as it exits a market where its business has been affected by hyperinflation and a volatile currency. The
Inside the museum that holds the Ara Pacis, a marble altar celebrating the peace and prosperity brought by the 40-year reign of Ancient Rome’s first emperor, Augustus, a group of prominent Italian business people were recently reflecting on the current state of the country. The assembled entrepreneurs and executives — supporters of a fledgling civil
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