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€69 per month Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%. What’s included Global news & analysis Expert opinion FT App on Android & iOS FT Edit app FirstFT: the day’s biggest stories 20+ curated newsletters Follow topics & set alerts with myFT
Mitch McConnell is standing in his office smiling. Hanging on the walls are faces, mostly stern, from Washington’s past. McConnell’s portrait might soon join them. Last month, the Republican leader in the US Senate stepped down from the role he has held for longer than anyone in US political history. At the age of 82,
Wall Street banks are betting that the blockbuster rally in US stocks will cool next year as investors turn cautious on technology companies’ ability to profit from their big investments in artificial intelligence. Ten major banks, including Morgan Stanley, HSBC and Goldman Sachs, expect the S&P 500 index, the main US equities barometer, to rise
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Chief executives of London-listed companies should be able to be paid like “top-rate footballers” without facing a backlash, according to billionaire financier Lord Michael Spencer. The founder of brokerage ICAP, part of which was sold
The frames that held Bashar al-Assad’s portraits on the walls of the Damascus governorate building are now bare. Instead, the photos serve as doormats for visitors and employees to trample as they walk in — a reminder that they are in a new Syria. Shattered glass, broken furniture and a crumpled flag littered the floor,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BlackRock has bought a bonanza of billionaires. Now comes the challenge of keeping them in line. The world’s largest asset manager has been on a $28bn acquisition tear, snapping up two of the best known
In July, Howard Lutnick, the pugnacious boss of broker Cantor Fitzgerald, regaled an audience of crypto devotees in Nashville with tales of his early days exploring the world of digital currencies. “I met every criminal who’s now in prison,” the 63-year-old joked, referring to his encounters with various youthful crypto executives now serving lengthy jail
Qatar’s $500bn sovereign wealth fund is preparing to deploy its cash more aggressively ahead of a petrodollar windfall that could ultimately double its size. Mohammed Al-Sowaidi, the Qatar Investment Authority’s new chief executive, told the Financial Times the fund expected to “do bigger-ticket deals” and invest with “more frequency” as it embarks on a review
General Motors said on Tuesday that it will restructure its autonomous driving subsidiary, Cruise, so that it focuses on making cars to sell to individuals, rather than developing a robotaxi business. The Detroit carmaker said the move would lower spending by $1bn annually, compared to trying to engineer, build, maintain and operate a fleet of
Lighthouse at Montauk Point. Long Island. NewYorkMishella/Getty Images/iStockphoto Moody’s Ratings upgraded Suffolk County, New York, two notches citing the county’s improved fiscal position, sales tax growth and operational oversight. Moody’s is the third rating agency to upgrade Suffolk this year, after Fitch Ratings and S&P Global Ratings upgraded the Long Island county. The county plans
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. England’s NHS is heading into its busiest ever winter “confused” about the government’s priorities for the service, health leaders have warned, urging ministers to be honest about the trade-offs required to hit performance targets. Prime
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Donald Trump has vowed to speed up regulatory approvals for investors spending $1bn or more in the US, a signal that he will address one of developers’ thorniest complaints when he takes office
Vivek Ramaswamy, chairman and co-founder of Strive Asset Management, far left, and Tesla CEO Elon Musk met with Republican lawmakers on Dec. 5, 2024 about efforts to cut $2 trillion from the federal budget.Al Drago/Bloomberg California’s publicly funded high-speed rail project, a favorite target of Congressional Republicans, faces a fresh threat when President-elect Donald Trump
<img src=”https://public.flourish.studio/visualisation/20727385/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were slightly weaker Tuesday as investors digested a large amount of new-issuance against the backdrop of a weaker U.S. Treasury market while equities were mixed. Muni yields were cut up to two basis points, depending on the scale, while UST yields rose by one to two basis points
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US-based pharmacy chain Walgreens Boots Alliance is in talks over a sale to a private equity firm, in a potential deal that reflects the mounting distress facing the sector. The Illinois-based group had held discussions
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK public sector workers face a fresh pay squeeze next year, after the Treasury said it would not raise taxes to fund more generous awards. The education and health departments said in evidence to independent
“What we’re looking at for 2025 is a few warning lights on the dashboard that there could be some stress on state budgets in the next year,” said Tim Storey, CEO at the National Council of State Legislatures. ”I’ve seen five to seven states that are saying, ‘we’re starting to project slower revenue growth, perhaps even
Puerto Rico Attorney John Mudd speculated PREPA bankruptcy may be headed for dismissal, with the court appointing a receiver for the authority. “No prospect” of a “mediated or consensual resolution” for the Puerto Rico Electric Power Authority bankruptcy exists, the PREPA mediation team told the court Monday, which an outside attorney said leaves the bankruptcy
Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Michael Scarchilli
California’s bond rating outlook was revised to stable from negative by Moody’s Ratings.Bloomberg News California’s improved revenue outlook has brought the Golden State an improved rating outlook. Moody’s Ratings revised the outlook on California’s Aa2 rating to stable from negative Monday afternoon. Moody’s had revised the outlook to negative in May 2023 citing the state’s
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