CINXE.COM

<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Financial Times</title><meta name="description" content="News, analysis and opinion from the Financial Times on the latest in markets, economics and politics"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta name="apple-itunes-app" content="app-id=1200842933"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/rss/home"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/rss/home/international"/><link rel="preload" as="script" href="https://static.chartbeat.com/js/chartbeat_mab.js" type="application/javascript"/><link rel="preload" as="script" href="https://static.chartbeat.com/js/chartbeat.js" type="application/javascript"/><script id="chartbeat-script"> (function() { // Chartbeat script snippet function loadScript(src) { const script = document.createElement('script'); script.async = true; script.src = src; script.onerror = function(error) { console.warn(error) }; const last = document.scripts[document.scripts.length - 1]; last.parentNode.insertBefore(script, last); } try { const testing = new URL(location).searchParams.has('chartbeatTest') || false; window._sf_async_config = { uid: 14181, domain: testing ? 'testing.ft.com' : 'ft.com', title: 'FT.com home page international edition', useCanonical: false, useCanonicalDomain: false, path: 'www.ft.com/?edition=international', topStorageDomain: 'ft.com', loadLibrary: () => loadScript('https://static.chartbeat.com/js/chartbeat.js') }; loadScript('https://static.chartbeat.com/js/chartbeat_mab.js') } catch(error) { // clean up delete window._sf_async_config console.error(error) } })(); </script><link href="https://securepubads.g.doubleclick.net/tag/js/gpt.js" rel="preload" as="script" type="application/javascript"/><link href="https://consent-notice.ft.com/cmp.js" rel="preload" as="script" type="application/javascript"/><script id="third-party-bootstrap-config" type="application/json">[{"src":"https://securepubads.g.doubleclick.net/tag/js/gpt.js","async":true,"defer":false,"always":true,"enhanced":false,"core":false},{"src":"https://consent-notice.ft.com/cmp.js","async":true,"defer":false,"always":true,"enhanced":false,"core":false}]</script><script>;(function () { const isEnhanced = 'IntersectionObserver' in window && 'Promise' in window const scripts = getScriptsConfig() const status = {} let scriptsWaiting = 0 if (!scripts || !scripts.length) { return } scripts .filter(function (script) { return script.always || (isEnhanced && script.enhanced) || (!isEnhanced && script.core) }) .forEach(loadScript) function loadScript(config) { try { const script = document.createElement('script') script.onerror = onerror(config.src) script.onload = onload(config.src) script.async = config.async script.defer = config.defer if (config.referrerPolicy) { script.referrerPolicy = config.referrerPolicy } document.currentScript.parentNode.insertBefore(script, document.currentScript) script.src = config.src status[config.src] = null scriptsWaiting++ } catch (error) { console.error('Error creating script element for ' + config.src) // eslint-disable-line no-console } } function onload(script) { return function (event) { status[script] = true scriptsWaiting-- // if (!scriptsWaiting) { done() } } } function onerror(script) { return function (error) { status[script] = false scriptsWaiting-- console.error('The thirdparty script ' + script + ' failed to load') // eslint-disable-line no-console if (!scriptsWaiting) { done() } } } const timer = setTimeout(done, 10000) function done() { clearTimeout(timer) try { const errors = [] for (const key in status) { if (status.hasOwnProperty(key)) { if (!status[key]) { errors.push(key) } } } if (errors.length) { const img = new Image() const data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'home-page', }, context: { scripts: errors, }, }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } } catch (e) { console.error('Problem sending error report') } } function getScriptsConfig() { try { return JSON.parse(document.getElementById('third-party-bootstrap-config').textContent) || [] } catch (error) { console.error('Error rehydrating third-party-bootstrap-config', error) // eslint-disable-line no-console } return [] } })();</script><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.e95fdf411b11.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.04d84cacb412.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.b105c1e05eb7.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.ea6b21a5f84d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.ae5e8e7bc210.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.b8f9429fd8e4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-message.840239b5f471.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.1c16988e7aee.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e71d8e7157d9.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-banner.1f40bdc13c18.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-cookie-message.61b2497a161a.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.abcc02d7a200.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/react.86664e97e11e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.8b1028d9b5c2.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.1e5ad5be00e3.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.00c4b34be551.bundle.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.40763053abfd.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.e44c81eeb66f.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.e95fdf411b11.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.04d84cacb412.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.b105c1e05eb7.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.ea6b21a5f84d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.ae5e8e7bc210.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.b8f9429fd8e4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-message.840239b5f471.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.1c16988e7aee.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e71d8e7157d9.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-banner.1f40bdc13c18.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-cookie-message.61b2497a161a.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.abcc02d7a200.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js","https://www.ft.com/__assets/hashed/page-kit/react.86664e97e11e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.8b1028d9b5c2.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.1e5ad5be00e3.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.00c4b34be551.bundle.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } if (/enhanced/.test(doc.className)) { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><pg-slot data-config-key="top-desktop"></pg-slot><div class="markets-data-wrapper js-markets-data"><div class="o-grid-container"><div class="markets-data" data-trackable="header | markets data"><ul class="markets-data__items markets-data__items--hidden"></ul><a href="https://markets.ft.com/data" class="markets-data__item-link" data-trackable="link">Visit Markets Data</a></div></div></div><div id="n-exponea-bottom-slot"></div></div><header id="site-navigation" class="o-header o-header--large-logo" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-mobile" class="o-header__row o-header__nav o-header__nav--mobile" aria-hidden="true" data-trackable="header-nav:mobile"><ul class="o-header__nav-list"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" aria-label="Home, current page" aria-current="page" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li></ul></nav><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" aria-label="Home, current page" aria-current="page" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" data-trackable="link">Vance’s real warning to Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9fb2c865-8183-4b2c-86a0-bd55e86728da" data-trackable="link">Costa says Europe needs to negotiate ‘new security architecture’ with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" data-trackable="link">Trump administration pressures Romania to lift restrictions on Andrew Tate </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d3f054ef-70e9-4477-bbe3-8fdd51cb3cd3" data-trackable="link">End of an era? Germany in disarray as US scolds staunchest European ally</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b5050f61-7070-4e41-a058-aaacb8d44ad5" data-trackable="link">Mainstream politicians target far-right candidate in fiery German election debate</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" data-trackable="link">Vance’s real warning to Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9fb2c865-8183-4b2c-86a0-bd55e86728da" data-trackable="link">Costa says Europe needs to negotiate ‘new security architecture’ with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" data-trackable="link">Trump administration pressures Romania to lift restrictions on Andrew Tate </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d3f054ef-70e9-4477-bbe3-8fdd51cb3cd3" data-trackable="link">End of an era? Germany in disarray as US scolds staunchest European ally</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b5050f61-7070-4e41-a058-aaacb8d44ad5" data-trackable="link">Mainstream politicians target far-right candidate in fiery German election debate</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" data-trackable="link">Gen Z has turned against taking middle management roles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/39c3fef9-edd0-42b6-b136-d9dbea5828d5" data-trackable="link">JPMorgan’s ‘huge mistake’: ill-fated purchase of Frank heads to court</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" data-trackable="link">Xi meets China’s business titans including Alibaba’s Jack Ma</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b7867bf0-4a8f-4f60-90c5-f961e5bfea12" data-trackable="link">Tesla braces for delay to China licence as Trump trade tensions mount</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8534e4cc-7961-4df0-8993-8e7f21625c6f" data-trackable="link">Time to put Thames Water out of its misery</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" data-trackable="link">Xi meets China’s business titans including Alibaba’s Jack Ma</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9b34b76c-938b-4de4-838f-9c6ef506da19" data-trackable="link">The jobs AI can do — and those it shouldn’t</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/44d10eea-e55f-4b90-aa64-1e86971339fb" data-trackable="link">Bain concedes to KKR in $4bn fight for Japan’s Fuji Soft</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/df26fc4c-5488-4994-b2b8-be4bfbda2724" data-trackable="link">Meta’s brave new horizons</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/385d02a7-54dc-43b8-9f54-0fa40dfb0823" data-trackable="link">Grok, o3 and ELMo — there’s a reason AI names are so weird</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fb53df86-c6f0-4550-ab84-222b3a6282f4" data-trackable="link">Soaring gold becomes top ‘Trump trade’</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/df8096b2-755e-4e91-a81b-35f87bd5ab78" data-trackable="link">European defence shares surge as investors bet on higher spending</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b08b7258-7ae0-4bae-9499-e6d3183d5894" data-trackable="link">Ukraine rejects Trump bid to take rights to half its mineral reserves</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d0faf091-50b4-4878-ae08-ea6dc07db993" data-trackable="link">US and European energy groups at risk from uranium supply crunch </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c" data-trackable="link">Wall Street’s Magnificent Seven lose their shine</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" data-trackable="link">Vance’s real warning to Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" data-trackable="link">Gen Z has turned against taking middle management roles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/698778ba-fc0a-422b-82ee-b5be22a4eee1" data-trackable="link">We must fund oppositions properly to save democracy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8534e4cc-7961-4df0-8993-8e7f21625c6f" data-trackable="link">Time to put Thames Water out of its misery</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" data-trackable="link">Diet Coke is a symbol of modern office culture </a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" data-trackable="link">Gen Z has turned against taking middle management roles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/90728804-2f4d-4ad4-826e-71c58561fc71" data-trackable="link">Wharton tops 2025 FT MBA ranking despite strong European competition</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" data-trackable="link">Diet Coke is a symbol of modern office culture </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fddaa145-af5f-4dd2-9647-0e4b32040a95" data-trackable="link">The human resources reckoning</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/284b6aca-9fab-4014-98c3-2ad1e66df8c6" data-trackable="link">The exasperating state of modern marketing</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a01ca2e7-fe93-43b0-9c8f-f268804a1ee7" data-trackable="link">Before we build 1.5mn homes, we need to take a long hard look at what we already have</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a972f0dd-9195-4455-8cce-d392f87bcbc3" data-trackable="link">Confessions of the Slutty Cheff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fd791d5c-ff72-489a-8be5-91956845f6b3" data-trackable="link">Stephen Mangan and Nicola Walker open up their marriage in polyamory play Unicorn</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6c687752-2db0-4e5d-ab70-a31e282f7762" data-trackable="link">Why Is Amy in the Bath? — podcast about Amy Adams goes improbably deep</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2886c1ce-c648-4805-9c74-50e29ce6db3d" data-trackable="link">Accidental Tyrant — the making of the darkest figure in Korean history</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><h1 class="o-normalise-visually-hidden">Financial Times Home</h1><div id="n-exponea-top-slot"></div><div></div><main id="site-content"><div data-trackable="list:top-stories;listTitle:empty" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="0" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice story-group-named-slice top-stories-slice slice__no-title slice--default"><div class="slice__content"><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span4 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:war-in-ukraine;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="war-in-ukraine" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="3" class="layout-desktop--full-height"><div class="story-group-stacked story-group-stacked--hide-image story-group-stacked--show-splash-asset"><div class="story-group-stacked__primary-story"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="2" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/0deac72a-b6bb-40be-baf6-6eee081cf18e" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ee13814-d6e2-4e57-bd99-9985297d3aef.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ee13814-d6e2-4e57-bd99-9985297d3aef.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ee13814-d6e2-4e57-bd99-9985297d3aef.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="European countries clash over sending troops to Ukraine" class="image image--width-280"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/war-in-ukraine" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">War in Ukraine</span></a></div><div class="headline js-teaser-headline headline--scale-7 headline--color-black" data-content-id="0deac72a-b6bb-40be-baf6-6eee081cf18e" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/0deac72a-b6bb-40be-baf6-6eee081cf18e" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-7 text--weight-500" id="">European countries clash over sending troops to Ukraine</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/0deac72a-b6bb-40be-baf6-6eee081cf18e" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Poland, Germany and Spain express reluctance before crisis meeting on response to Trump’s peace talks with Russia</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"><div class="timestamp timestamp--updated"><span class="timestamp-prefix"> updated </span><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" dateTime="2025-02-17T18:23:44+0000"></time></div></div></div></div></div></div></div></div><div class="grid grid--1-columns grid__story-group-wrapper--secondary" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="stacked-secondary-story stacked-secondary-story--span-1 stacked-secondary-story--col-1 stacked-secondary-story--row-grid-1 stacked-secondary-story--row-stack-2"><div class="separator--solid"></div><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="2" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="df8096b2-755e-4e91-a81b-35f87bd5ab78" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/df8096b2-755e-4e91-a81b-35f87bd5ab78" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">European defence shares surge as investors bet on higher spending</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" dateTime="2025-02-17T17:12:38+0000">1 hour ago</time></div></div></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span6 layout-desktop__grid--column-start-5 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:canada;storyGroup:medium" data-trackable-context-storygroup-size="medium" data-trackable-context-storygroup-title="canada" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="3" class="layout-desktop--full-height"><div class="story-group story-group--featured"><div class="grid grid--2-columns grid--fullHeight" style="grid-template-rows:auto;-ms-grid-rows:auto"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-2 story-group--end-of-row"><div class="story-group__article story-group__article--featured"><div data-trackable="story:featured" data-trackable-context-story-type="featured" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="featured-story featured-story--theme-tinted"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/52404d80-4ae5-486a-b50c-ee2cb99f2978" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffb745902-8228-421a-bc5a-6df6d208f0d5.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffb745902-8228-421a-bc5a-6df6d208f0d5.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffb745902-8228-421a-bc5a-6df6d208f0d5.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Is Donald Trump serious about annexing Canada?" class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/canada" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Canada</span></a></div><div class="headline js-teaser-headline headline--scale-5 headline--color-black" data-content-id="52404d80-4ae5-486a-b50c-ee2cb99f2978" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/52404d80-4ae5-486a-b50c-ee2cb99f2978" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-5 text--weight-400" id="">Is Donald Trump serious about annexing Canada?</span></a></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span2 layout-desktop__grid--column-start-11 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:editor-s-picks;storyGroup:xsmall" data-trackable-context-storygroup-size="xsmall" data-trackable-context-storygroup-title="editor-s-picks" data-trackable-context-storygroup-position="2" data-trackable-context-storygroup-siblings="3" class="layout-desktop--full-height"><div class="story-group story-group--extra-small"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-0 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="2" class="grid grid--1-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-1"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="story-group__title"><span class="text text--color-claret text-sans--scale-0 text--weight-400" id="">Editor's picks</span></div><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F10adb5b7-f732-4e87-8aae-31abdbbf3222.jpg?source=next-home-page&dpr=2&width=180&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F10adb5b7-f732-4e87-8aae-31abdbbf3222.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F10adb5b7-f732-4e87-8aae-31abdbbf3222.jpg?source=next-home-page&dpr=2&width=180&fit=scale-down" alt="Vance’s real warning to Europe" class="image image--width-180"/></picture></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="11f121f9-391c-4597-93f7-f12894e1b79d" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-3"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Vance’s real warning to Europe</span></a></div></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fgideon_rachman_-0dfc38c0-901b-44b6-8ce3-31ab97af4d41.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fgideon_rachman_-0dfc38c0-901b-44b6-8ce3-31ab97af4d41.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fgideon_rachman_-0dfc38c0-901b-44b6-8ce3-31ab97af4d41.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/gideon-rachman" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Gideon Rachman</span></a></div></div></div></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1 story-group--full-width-0 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="2" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-3"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-3 text--weight-600" id="">Business Insight. </span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Gen Z has turned against taking middle management roles</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FAnjli-Raval-53efef45-00e9-4c66-9ede-c3d0a8f1701c.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FAnjli-Raval-53efef45-00e9-4c66-9ede-c3d0a8f1701c.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FAnjli-Raval-53efef45-00e9-4c66-9ede-c3d0a8f1701c.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/anjli-raval" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Anjli Raval</span></a></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div></div></div></section></div><section class="slice advert-slice slice__no-title"><div class="slice__content"><div class="layout-tablet__grid-container"><div class="layout-tablet__grid layout-tablet__grid--span12 layout-tablet__grid--column-start-1 layout-tablet__grid--row-start-1"><div class="layout__grid-content"><pg-slot data-config-key="high-impact"></pg-slot></div></div></div></div></section><div data-trackable="list:top-stories;listTitle:top-stories" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="2" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice top-stories-slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="top-stories" class="slice-heading"><h2 class="slice-heading__title"><span class="text text--color-black-80 text-sans--scale-0" id="">TOP STORIES</span></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:war-in-ukraine;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="war-in-ukraine" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/b2db1ab0-ab47-4cfc-ae9b-271d2a63692a" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8b64691d-9fda-4640-81f1-566555c76f5b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8b64691d-9fda-4640-81f1-566555c76f5b.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8b64691d-9fda-4640-81f1-566555c76f5b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Zelenskyy ‘will not recognise’ US-Russia talks that exclude Ukraine" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/war-in-ukraine" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">War in Ukraine</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="b2db1ab0-ab47-4cfc-ae9b-271d2a63692a" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/b2db1ab0-ab47-4cfc-ae9b-271d2a63692a" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Zelenskyy ‘will not recognise’ US-Russia talks that exclude Ukraine</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/b2db1ab0-ab47-4cfc-ae9b-271d2a63692a" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Moscow hails Tuesday’s discussions in Saudi Arabia as means to end war and restore full relations with Washington</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" dateTime="2025-02-17T14:46:16+0000">3 hours ago</time></div></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:tesla-inc;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="tesla-inc" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/b7867bf0-4a8f-4f60-90c5-f961e5bfea12" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F17b6f818-87ce-4442-82c1-d1a13d141a11.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F17b6f818-87ce-4442-82c1-d1a13d141a11.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F17b6f818-87ce-4442-82c1-d1a13d141a11.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Tesla braces for delay to China licence as Trump trade tensions mount" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/stream/35edec46-ef7b-4f9b-b85a-25174e6e07fa" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Tesla Inc</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="b7867bf0-4a8f-4f60-90c5-f961e5bfea12" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/b7867bf0-4a8f-4f60-90c5-f961e5bfea12" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Tesla braces for delay to China licence as Trump trade tensions mount</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/b7867bf0-4a8f-4f60-90c5-f961e5bfea12" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Chinese authorities said to be weighing approval as a bargaining chip in trade negotiations with US</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:banks;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="banks" data-trackable-context-storygroup-position="2" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/39c3fef9-edd0-42b6-b136-d9dbea5828d5" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6663128c-fcad-4603-b0e1-b96364601aea.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6663128c-fcad-4603-b0e1-b96364601aea.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6663128c-fcad-4603-b0e1-b96364601aea.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="JPMorgan’s ‘huge mistake’: ill-fated purchase of Frank heads to court" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/banks" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Banks</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="39c3fef9-edd0-42b6-b136-d9dbea5828d5" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/39c3fef9-edd0-42b6-b136-d9dbea5828d5" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">JPMorgan’s ‘huge mistake’: ill-fated purchase of Frank heads to court</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/39c3fef9-edd0-42b6-b136-d9dbea5828d5" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Charlie Javice stands trial on charges she fraudulently induced US bank to buy her student loan start-up</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:usaid;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="usaid" data-trackable-context-storygroup-position="3" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/c92c76d1-02cc-45fb-99a0-9935ae04046a" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc4cc3ab3-9dcd-4e70-b52c-4aa323c30710.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc4cc3ab3-9dcd-4e70-b52c-4aa323c30710.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc4cc3ab3-9dcd-4e70-b52c-4aa323c30710.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Majority of Americans believe foreign aid ‘wasted on corruption’, survey finds" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/usaid" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">USAID</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="c92c76d1-02cc-45fb-99a0-9935ae04046a" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/c92c76d1-02cc-45fb-99a0-9935ae04046a" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Majority of Americans believe foreign aid ‘wasted on corruption’, survey finds</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/c92c76d1-02cc-45fb-99a0-9935ae04046a" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Exclusive poll suggests voters back Donald Trump and Elon Musk’s view of USAID</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div></div></div></section></div><section class="slice advert-slice slice__no-title"><div class="slice__content"><div class="layout-tablet__grid-container"><div class="layout-tablet__grid layout-tablet__grid--span12 layout-tablet__grid--column-start-1 layout-tablet__grid--row-start-1"><div class="layout__grid-content"><pg-slot data-config-key="mid-desktop"></pg-slot></div></div></div></div></section><section class="slice advert-slice slice__no-title"><div class="slice__content"><div class="layout-tablet__grid-container"><div class="layout-tablet__grid layout-tablet__grid--span12 layout-tablet__grid--column-start-1 layout-tablet__grid--row-start-1"><div class="layout__grid-content"><pg-slot data-config-key="top-mobile"></pg-slot></div></div></div></div></section><div data-trackable="list:latest-from-monetary-policy-radar" data-trackable-context-list-type="latest-from-monetary-policy-radar" data-trackable-context-list-position="5" data-trackable-context-list-siblings="21" class="story-group-slice hidden"><section class="slice story-group-named-slice slice--full-bleed slice--full-bleed--less-top-padding slice--dark"><div class="slice__content"><header id="latest-from-monetary-policy-radar" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/stream/a3fb024b-d93a-4fb0-856c-8e38fe632931" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Latest from Monetary Policy Radar</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--dark"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storycollection;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="storycollection" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="layout-desktop__grid-container story-collection"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight monetary-policy-radar__parent"><div class="monetary-policy-radar__content"><div class="grid-item grid-item--span-3"><div class="grid-item grid-item--span-1"><div class="monetary-policy-radar__title"><span class="text text--color-mint text-sans--scale-0 text--weight-600" id="">European Central Bank</span></div><div class="monetary-policy-radar__headline"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/16e6db0d-d268-4ce3-967d-bfab0a2e520f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Debt brake reform hinges on Germany’s small parties</span></a></div></div></div><div class="monetary-policy-radar__timestamp"><span class="text text--color-black text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2025-02-14T08:00:31+0000">82 hours ago</time></div></span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="1" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight monetary-policy-radar__parent"><div class="monetary-policy-radar__content"><div class="grid-item grid-item--span-3"><div class="grid-item grid-item--span-1"><div class="monetary-policy-radar__title"><span class="text text--color-mint text-sans--scale-0 text--weight-600" id="">Bank of England</span></div><div class="monetary-policy-radar__headline"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/fbb59558-638c-4cb3-bd29-020453edc47c" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-400" id="">What is happening in the gold vaults at the Bank of England?</span></a></div></div></div><div class="monetary-policy-radar__timestamp"><span class="text text--color-black text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2025-02-13T17:29:35+0000">97 hours ago</time></div></span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="2" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight monetary-policy-radar__parent"><div class="monetary-policy-radar__content"><div class="grid-item grid-item--span-3"><div class="grid-item grid-item--span-1"><div class="monetary-policy-radar__title"><span class="text text--color-mint text-sans--scale-0 text--weight-600" id="">Bank of England</span></div><div class="monetary-policy-radar__headline"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/664ff3c9-6f84-4d75-8df0-90e866381f5f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Stronger economic growth adds to conundrum for Bank of England </span></a></div></div></div><div class="monetary-policy-radar__timestamp"><span class="text text--color-black text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2025-02-13T09:13:04+0000">105 hours ago</time></div></span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="3" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight monetary-policy-radar__parent"><div class="monetary-policy-radar__content"><div class="grid-item grid-item--span-3"><div class="grid-item grid-item--span-1"><div class="monetary-policy-radar__title"><span class="text text--color-mint text-sans--scale-0 text--weight-600" id="">Federal Reserve</span></div><div class="monetary-policy-radar__headline"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/89b99e84-a070-4cf0-becb-29fc2df731f0" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-400" id="">US CPI rises, reinforcing Fed’s delayed approach</span></a></div></div></div><div class="monetary-policy-radar__timestamp"><span class="text text--color-black text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2025-02-12T14:50:32+0000">123 hours ago</time></div></span></div></div></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:top-stories;listTitle:spotlight" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="6" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice top-stories-slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="spotlight" class="slice-heading"><h2 class="slice-heading__title"><span class="text text--color-black-80 text-sans--scale-0" id="">Spotlight</span></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:chinese-politics-and-policy;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="chinese-politics-and-policy" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="spotlight-story"><div class="grid grid--12-columns grid--fullHeight"><div class="spotlight-grid--primary-story"><div><div data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="2" class="grid grid--10-columns grid--fullHeight"><div class="spotlight-story-main__wrapper"><div class="spotlight-story-main__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/chinese-politics-policy" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Chinese politics & policy</span></a></div><div class="headline js-teaser-headline headline--scale-5 headline--color-black" data-content-id="4569ad76-f3e0-4fd9-8f6b-468f91ce32b3" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/4569ad76-f3e0-4fd9-8f6b-468f91ce32b3" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-5 text--weight-600" id="">The Big Read. </span></span><span class="text text--color-black text-display--scale-5 text--weight-400" id="">China’s unspoken question: who will succeed Xi Jinping?</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/4569ad76-f3e0-4fd9-8f6b-468f91ce32b3" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">The Chinese leader enjoys complete domination of party and state. But to maintain stability, he also needs to signal there is a succession process</span></a></p></div><div class="grid-item grid-item--span-3 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div><div class="spotlight-story-main__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/4569ad76-f3e0-4fd9-8f6b-468f91ce32b3" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd5ffd923-698e-4f8e-bc66-f5b0a6899ef8.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd5ffd923-698e-4f8e-bc66-f5b0a6899ef8.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd5ffd923-698e-4f8e-bc66-f5b0a6899ef8.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="China’s unspoken question: who will succeed Xi Jinping?" class="image image--width-580"/></picture></a></div></div></div></div><div class="spotlight-grid--secondary-story"><div class="separator--solid"></div><div data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="2" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/f2a27405-d177-4140-ad2c-e91d61c393fd" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcc2b5374-1263-4d7c-8506-a6488546da57.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcc2b5374-1263-4d7c-8506-a6488546da57.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcc2b5374-1263-4d7c-8506-a6488546da57.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Trump’s reckless experiment with financial deregulation" class="image image--width-280"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/us-financial-regulation" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">US financial regulation</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="f2a27405-d177-4140-ad2c-e91d61c393fd" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/f2a27405-d177-4140-ad2c-e91d61c393fd" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-3"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-3 text--weight-600" id="">The FT View. </span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Trump’s reckless experiment with financial deregulation</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/f2a27405-d177-4140-ad2c-e91d61c393fd" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Mindless slashing of red tape poses a threat to market stability</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/ft-view" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">The editorial board</span></a></div></div></div></div></div></div></div></div></div></div></div></div></div></section></div><section class="slice advert-slice slice__no-title"><div class="slice__content"><div class="layout-tablet__grid-container"><div class="layout-tablet__grid layout-tablet__grid--span12 layout-tablet__grid--column-start-1 layout-tablet__grid--row-start-1"><div class="layout__grid-content"><pg-slot data-config-key="mid-mobile"></pg-slot></div></div></div></div></section><div data-trackable="list:top-stories;listTitle:news" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="8" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice top-stories-slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="news" class="slice-heading"><h2 class="slice-heading__title"><span class="text text--color-black-80 text-sans--scale-0" id="">News</span></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:us-interest-rates;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="us-interest-rates" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/3a9f63e8-82e7-4a68-8146-c35fff1bce7d" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F791ea359-481a-4667-b136-46541ab07acb.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F791ea359-481a-4667-b136-46541ab07acb.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F791ea359-481a-4667-b136-46541ab07acb.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="US companies falling behind on loans at fastest pace in almost a decade" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/us-interest-rates" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">US interest rates</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="3a9f63e8-82e7-4a68-8146-c35fff1bce7d" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/3a9f63e8-82e7-4a68-8146-c35fff1bce7d" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">US companies falling behind on loans at fastest pace in almost a decade</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/3a9f63e8-82e7-4a68-8146-c35fff1bce7d" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Experts warn tariffs and stubbornly high interest rates could worsen debt distress in 2025</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:us-foreign-policy;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="us-foreign-policy" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4b38f150-0551-420f-b465-bbf5f5b25e0b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4b38f150-0551-420f-b465-bbf5f5b25e0b.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4b38f150-0551-420f-b465-bbf5f5b25e0b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Trump administration pressures Romania to lift restrictions on Andrew Tate " class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/us-foreign-policy" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">US foreign policy</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="3f951e0b-a9cb-489a-be89-fdf9f996ed27" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Trump administration pressures Romania to lift restrictions on Andrew Tate </span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Tristan and Andrew Tate have been charged with sexual misconduct, organised crime and money laundering</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:us-politics-and-policy;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="us-politics-and-policy" data-trackable-context-storygroup-position="2" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/339418e7-405a-4028-a998-4faa622d6b23" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0a603436-6a37-4dca-9e17-823277bd90b0.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0a603436-6a37-4dca-9e17-823277bd90b0.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0a603436-6a37-4dca-9e17-823277bd90b0.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="US judges are the last line of resistance against Donald Trump" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/us-politics-policy" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">US politics & policy</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="339418e7-405a-4028-a998-4faa622d6b23" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/339418e7-405a-4028-a998-4faa622d6b23" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">US judges are the last line of resistance against Donald Trump</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/339418e7-405a-4028-a998-4faa622d6b23" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">The president’s radical policies are increasingly being stalled or blocked by the courts</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:most-read;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="most-read" data-trackable-context-storygroup-position="3" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="list list--vertical"><h2 class="list__title">Most read</h2><ol class="list__items-wrapper"><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="0" data-trackable-context-story-siblings="5" data-id="most-read-id" data-name="list" data-type="list" data-subtype="most-read" class="list__item"><div class="list__item-link"><div class="headline js-teaser-headline headline--scale-0 headline--color-black" data-content-id="4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/4fc00d4f-06bf-4b3e-95a3-41db3e9001fd" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-0"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-0 text--weight-500" id="">Gen Z has turned against taking middle management roles</span></a></div></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="1" data-trackable-context-story-siblings="5" data-id="most-read-id" data-name="list" data-type="list" data-subtype="most-read" class="list__item"><div class="list__item-link"><div class="headline js-teaser-headline headline--scale-0 headline--color-black" data-content-id="11f121f9-391c-4597-93f7-f12894e1b79d" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/11f121f9-391c-4597-93f7-f12894e1b79d" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-0"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-0 text--weight-500" id="">Vance’s real warning to Europe</span></a></div></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="2" data-trackable-context-story-siblings="5" data-id="most-read-id" data-name="list" data-type="list" data-subtype="most-read" class="list__item list__item--pointcut"><div class="list__item-link"><div class="headline js-teaser-headline headline--scale-0 headline--color-black" data-content-id="9fb2c865-8183-4b2c-86a0-bd55e86728da" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/9fb2c865-8183-4b2c-86a0-bd55e86728da" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-0 text--weight-500" id="">Costa says Europe needs to negotiate ‘new security architecture’ with Russia</span></a></div></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="3" data-trackable-context-story-siblings="5" data-id="most-read-id" data-name="list" data-type="list" data-subtype="most-read" class="list__item"><div class="list__item-link"><div class="headline js-teaser-headline headline--scale-0 headline--color-black" data-content-id="39c3fef9-edd0-42b6-b136-d9dbea5828d5" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/39c3fef9-edd0-42b6-b136-d9dbea5828d5" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-0 text--weight-500" id="">JPMorgan’s ‘huge mistake’: ill-fated purchase of Frank heads to court</span></a></div></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="4" data-trackable-context-story-siblings="5" data-id="most-read-id" data-name="list" data-type="list" data-subtype="most-read" class="list__item"><div class="list__item-link"><div class="headline js-teaser-headline headline--scale-0 headline--color-black" data-content-id="3f951e0b-a9cb-489a-be89-fdf9f996ed27" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/3f951e0b-a9cb-489a-be89-fdf9f996ed27" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-0 text--weight-500" id="">Trump administration pressures Romania to lift restrictions on Andrew Tate </span></a></div></div></div></li></ol></div></div></div></div></div></div></section></div><div data-trackable="list:top-stories;listTitle:empty" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="9" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice top-stories-slice slice__no-title slice--default"><div class="slice__content"><div class="separator--solid"></div><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:media;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="media" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/0411d5ba-eeee-41be-a902-685264808d05" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fed471c01-3c0a-4c22-8a2a-5822197575b5.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fed471c01-3c0a-4c22-8a2a-5822197575b5.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fed471c01-3c0a-4c22-8a2a-5822197575b5.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Hollywood on defensive as Trump’s anti-DEI crusade targets creatives " class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/media" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Media</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="0411d5ba-eeee-41be-a902-685264808d05" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/0411d5ba-eeee-41be-a902-685264808d05" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Hollywood on defensive as Trump’s anti-DEI crusade targets creatives </span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/0411d5ba-eeee-41be-a902-685264808d05" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Entertainment industry caught between a hostile president and a defiant workforce</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:middle-east-war;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="middle-east-war" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/0d02a3b8-561b-4b83-b3fd-96cc61f66da4" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F08503eeb-7420-482d-9095-17e060e9f810.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F08503eeb-7420-482d-9095-17e060e9f810.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F08503eeb-7420-482d-9095-17e060e9f810.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Israeli troops to keep control of 5 ‘strategic’ locations inside Lebanon " class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/middle-east-war" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Middle East war</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="0d02a3b8-561b-4b83-b3fd-96cc61f66da4" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/0d02a3b8-561b-4b83-b3fd-96cc61f66da4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Israeli troops to keep control of 5 ‘strategic’ locations inside Lebanon </span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/0d02a3b8-561b-4b83-b3fd-96cc61f66da4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Decision to retain military forces in the country comes ahead of Tuesday’s deadline for Israel to withdraw</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" dateTime="2025-02-17T15:12:37+0000">3 hours ago</time></div></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:media;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="media" data-trackable-context-storygroup-position="2" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/8a2cb0fc-84a5-4d42-9f85-73226ef4bf2d" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9939a75c-2238-4582-8606-26d1f59cad31.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9939a75c-2238-4582-8606-26d1f59cad31.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9939a75c-2238-4582-8606-26d1f59cad31.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Saudi Arabia strikes $1bn deal with Leonard Blavatnik’s sports streaming business " class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/media" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Media</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="8a2cb0fc-84a5-4d42-9f85-73226ef4bf2d" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/8a2cb0fc-84a5-4d42-9f85-73226ef4bf2d" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Saudi Arabia strikes $1bn deal with Leonard Blavatnik’s sports streaming business </span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/8a2cb0fc-84a5-4d42-9f85-73226ef4bf2d" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Surj Sports Investment will take stake in DAZN and help fund a Middle East broadcasting joint venture</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:food-and-beverage;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="food-and-beverage" data-trackable-context-storygroup-position="3" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc30d8d2b-72fb-4e2b-a957-ccbfad84696c.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc30d8d2b-72fb-4e2b-a957-ccbfad84696c.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc30d8d2b-72fb-4e2b-a957-ccbfad84696c.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Diet Coke is a symbol of modern office culture " class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/food-beverage" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Food & Beverage</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="12afc90d-b8e2-4d71-a3c3-8bb48377abb3" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-3"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-3 text--weight-600" id="">Outlook. </span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Diet Coke is a symbol of modern office culture </span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Caffeinated soda is a productivity boost for those who claim to work punishingly long hours </span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FEmma_Jacobs-4852e472-473f-4e3a-afc6-486a8a0ff661.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FEmma_Jacobs-4852e472-473f-4e3a-afc6-486a8a0ff661.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FEmma_Jacobs-4852e472-473f-4e3a-afc6-486a8a0ff661.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/emma-jacobs" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Emma Jacobs</span></a></div></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:top-stories;listTitle:empty" data-trackable-context-list-type="top-stories" data-trackable-context-list-position="10" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice top-stories-slice slice__no-title slice--default"><div class="slice__content"><div class="separator--solid"></div><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:gold;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="gold" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="2" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/fb53df86-c6f0-4550-ab84-222b3a6282f4" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e6171fc-6316-40ab-9eaa-2f912126c015.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e6171fc-6316-40ab-9eaa-2f912126c015.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e6171fc-6316-40ab-9eaa-2f912126c015.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Soaring gold becomes top ‘Trump trade’" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/gold" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Gold</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="fb53df86-c6f0-4550-ab84-222b3a6282f4" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/fb53df86-c6f0-4550-ab84-222b3a6282f4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Soaring gold becomes top ‘Trump trade’</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/fb53df86-c6f0-4550-ab84-222b3a6282f4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">US president’s tariff threats have helped bullion to string of record highs </span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="2" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="16d13b98-b1e7-4454-87c9-6f9060723f58" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/16d13b98-b1e7-4454-87c9-6f9060723f58" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">The Midas touch: 4,000 years of getting it wrong about gold</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:electric-vehicles;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="electric-vehicles" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/f63ae0c7-4cde-4139-bcfa-20bceb956558" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9b59b5cc-a22b-4815-ac19-d4d91ae2f31e.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9b59b5cc-a22b-4815-ac19-d4d91ae2f31e.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9b59b5cc-a22b-4815-ac19-d4d91ae2f31e.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Which Chinese EV should you buy?" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/electric-vehicles" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Electric vehicles</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="f63ae0c7-4cde-4139-bcfa-20bceb956558" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/f63ae0c7-4cde-4139-bcfa-20bceb956558" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-3 text--weight-600" id="">HTSI. </span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Which Chinese EV should you buy?</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/f63ae0c7-4cde-4139-bcfa-20bceb956558" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">We take a look at the cars set to shake up the motoring market</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:mba;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="mba" data-trackable-context-storygroup-position="2" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/90728804-2f4d-4ad4-826e-71c58561fc71" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9fbc6685-dd9a-4f88-88c0-0fd0e71e551b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9fbc6685-dd9a-4f88-88c0-0fd0e71e551b.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9fbc6685-dd9a-4f88-88c0-0fd0e71e551b.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Wharton tops 2025 FT MBA ranking despite strong European competition" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/mba" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">MBA</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="90728804-2f4d-4ad4-826e-71c58561fc71" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/90728804-2f4d-4ad4-826e-71c58561fc71" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Wharton tops 2025 FT MBA ranking despite strong European competition</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/90728804-2f4d-4ad4-826e-71c58561fc71" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">The best MBAs are holding their own amid challenges from alternative courses and concerns for the degree’s future</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:solar-power;storyGroup:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="solar-power" data-trackable-context-storygroup-position="3" data-trackable-context-storygroup-siblings="4" class="layout-desktop--full-height"><div id="native-ads-placeholder" class="story-group"><div class="grid grid--1-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-1 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__image primary-story__image--1-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/929b71e6-dbda-4e84-90a7-a20bf5cd2d20" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff7d0dca4-c705-4fc1-8bda-acbc856d42df.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff7d0dca4-c705-4fc1-8bda-acbc856d42df.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff7d0dca4-c705-4fc1-8bda-acbc856d42df.jpg?source=next-home-page&dpr=2&width=280&fit=scale-down" alt="Japan’s $1.5bn bet on ultra-thin solar cells in challenge to China" class="image image--width-280" loading="lazy"/></picture></a></div><div class="primary-story__teaser"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/solar-power" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Solar power</span></a></div><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="929b71e6-dbda-4e84-90a7-a20bf5cd2d20" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/929b71e6-dbda-4e84-90a7-a20bf5cd2d20" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Japan’s $1.5bn bet on ultra-thin solar cells in challenge to China</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/929b71e6-dbda-4e84-90a7-a20bf5cd2d20" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Tokyo aims to disrupt Beijing’s dominance of renewables and reduce fossil fuel dependence</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div></div></div></section></div><section class="slice advert-slice slice__no-title"><div class="slice__content"><div class="layout-tablet__grid-container"><div class="layout-tablet__grid layout-tablet__grid--span12 layout-tablet__grid--column-start-1 layout-tablet__grid--row-start-1"><div class="layout__grid-content"><pg-slot data-config-key="mid1"></pg-slot></div></div></div></div></section><div data-trackable="list:opinion" data-trackable-context-list-type="opinion" data-trackable-context-list-position="12" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="opinion" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/opinion" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Opinion</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div class="layout-desktop--full-height"><div class="layout-desktop__grid-container opinion-section"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:xlarge" data-trackable-context-list-type="opinion" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1"><div class="main-opinion-stories main-opinion-stories--theme-featured"><div class="grid grid--12-columns grid--fullHeight"><div class="main-opinion-stories__primary-story"><div data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="2" class="grid grid--9-columns grid--fullHeight"><div class="primary-opinion-story__wrapper"><div class="primary-opinion-story__teaser"><div class="headline js-teaser-headline headline--scale-5 headline--color-black" data-content-id="385d02a7-54dc-43b8-9f54-0fa40dfb0823" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/385d02a7-54dc-43b8-9f54-0fa40dfb0823" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-5"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-5 text--weight-400" id="">Grok, o3 and ELMo — there’s a reason AI names are so weird</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/385d02a7-54dc-43b8-9f54-0fa40dfb0823" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Incoherent nomenclature is a tradition in the tech sector, where titles are often designed to amuse teams, not users </span></a></p></div><div class="grid-item grid-item--span-3 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/elaine-moore" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Elaine Moore</span></a></div></div></div></div><div class="primary-opinion-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/385d02a7-54dc-43b8-9f54-0fa40dfb0823" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa83a46cd-0bd1-4951-bdfc-8d31c4bb1611.jpg?source=next-home-page&dpr=2&width=580&height=435&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa83a46cd-0bd1-4951-bdfc-8d31c4bb1611.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa83a46cd-0bd1-4951-bdfc-8d31c4bb1611.jpg?source=next-home-page&dpr=2&width=580&height=435&fit=cover&gravity=poi" alt="Grok, o3 and ELMo — there’s a reason AI names are so weird" class="image image--width-580"/></picture></a></div></div></div><div class="main-opinion-stories__secondary-story"><div class="separator--solid"></div><div data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="2" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-3"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="headline js-teaser-headline headline--scale-3 headline--color-black" data-content-id="78e15440-4e74-415a-afc9-0885488852ed" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/78e15440-4e74-415a-afc9-0885488852ed" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-3"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-3 text--weight-500" id="">Protections afforded to refugees benefit us all</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/78e15440-4e74-415a-afc9-0885488852ed" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Disregard for the rights of asylum seekers is the canary in the coal mine for international law </span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/stream/fec6d179-3141-4e45-9cf4-3459255a6d24" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Alf Dubs</span></a></div></div></div></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-2 layout-desktop__grid--with-padding"><div class="separator--solid"></div></div><div class="layout-desktop__grid layout-desktop__grid--span9 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-3 layout-desktop__grid--with-border"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:large" data-trackable-context-list-type="opinion" data-trackable-context-storygroup-size="large" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="2"><div class="story-group story-group--skip-primary-story"><div class="grid grid--3-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="0" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="57c14cfd-641f-4edf-9c57-9715a99e6dea" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/57c14cfd-641f-4edf-9c57-9715a99e6dea" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Show me the evidence that City deregulation will help growth</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/stream/672b753c-e782-4fdc-bb41-01e709cc96b1" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Meg Hillier</span></a></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="698778ba-fc0a-422b-82ee-b5be22a4eee1" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/698778ba-fc0a-422b-82ee-b5be22a4eee1" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">We must fund oppositions properly to save democracy</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/martin-wolf" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Martin Wolf</span></a></div></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/5b50af30-ff54-47bf-a2f9-c8f118361fcd" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Trade isn’t all about Trump</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/rana-foroohar" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Rana Foroohar</span></a></div></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="a37f6206-a479-4c61-a2e7-fe9a3b94a1b9" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/a37f6206-a479-4c61-a2e7-fe9a3b94a1b9" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">The US must play to its strengths to compete with China in Latin America</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/stream/e0ecba8c-2ad6-4d7d-81a6-d192ce3c4518" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Robert Mosbacher Jr</span></a></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="8534e4cc-7961-4df0-8993-8e7f21625c6f" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/8534e4cc-7961-4df0-8993-8e7f21625c6f" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-2 text--weight-600" id="">The FT View. </span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Time to put Thames Water out of its misery</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/ft-view" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">The editorial board</span></a></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="5" data-trackable-context-story-siblings="6" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="c962315c-bebd-4864-b7a2-b39ad1e1440c" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/c962315c-bebd-4864-b7a2-b39ad1e1440c" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">The rights and wrongs of politicians ‘doing God’ </span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FJemima_kelly-byline_cutout-02783fe4-c694-4c34-aff0-0e110ab46fdf.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FJemima_kelly-byline_cutout-02783fe4-c694-4c34-aff0-0e110ab46fdf.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FJemima_kelly-byline_cutout-02783fe4-c694-4c34-aff0-0e110ab46fdf.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/stream/29cd35b2-bbfb-4a4c-9b2a-5bddbcde7ee7" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Jemima Kelly</span></a></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-3"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:opinion;storyGroup:small" data-trackable-context-list-type="opinion" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="opinion" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="2"><div class="list list--vertical"><h3 class="text text--color-black text-sans--scale-0 text--weight-600" id="">More Opinion</h3><ul class="list__items-wrapper"><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="0" data-trackable-context-story-siblings="5" data-id="opinion-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/ft-view" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">The FT View</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="1" data-trackable-context-story-siblings="5" data-id="opinion-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/lex" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Lex</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="2" data-trackable-context-story-siblings="5" data-id="opinion-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/unhedged" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Unhedged</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="3" data-trackable-context-story-siblings="5" data-id="opinion-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/markets/insight" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Markets Insight</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="4" data-trackable-context-story-siblings="5" data-id="opinion-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/companies/inside-business" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Inside Business</span></a></div></div></li></ul></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:asia-pacific-news" data-trackable-context-list-type="asia-pacific-news" data-trackable-context-list-position="13" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="asia-pacific-news" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/world/asia-pacific" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Asia-Pacific News</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span9 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:large" data-trackable-context-storygroup-size="large" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--3-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-3 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="7" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-1"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="headline js-teaser-headline headline--scale-4 headline--color-black" data-content-id="ac8da614-6bd4-4328-a522-a1712986d73f" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-4 text--weight-500" id="">Xi meets China’s business titans including Alibaba’s Jack Ma</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Beijing promises ‘unwavering’ support for private sector as it seeks to reinvigorate economy</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="primary-story__image primary-story__image--3-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd2a9be68-67ce-4ac7-b9c8-9e283ba318e4.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd2a9be68-67ce-4ac7-b9c8-9e283ba318e4.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd2a9be68-67ce-4ac7-b9c8-9e283ba318e4.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Xi meets China’s business titans including Alibaba’s Jack Ma" class="image image--width-580" loading="lazy"/></picture></a></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="44d10eea-e55f-4b90-aa64-1e86971339fb" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/44d10eea-e55f-4b90-aa64-1e86971339fb" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Bain concedes to KKR in $4bn fight for Japan’s Fuji Soft</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="f1961241-b9a5-48ce-b410-9dd20bee8758" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/f1961241-b9a5-48ce-b410-9dd20bee8758" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Indonesia’s shrinking middle class rattles businesses betting on a boom</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="45821f55-8013-43bc-a963-9b5204371da4" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/45821f55-8013-43bc-a963-9b5204371da4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Australian regulator warns private funds not to resist new oversight powers</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="84afb81b-3d80-44a9-aa68-366187847ecb" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/84afb81b-3d80-44a9-aa68-366187847ecb" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Japan’s economy expands for third straight quarter</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="5" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="d48e9a90-ba6a-42bb-9da7-58db89643f86" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/d48e9a90-ba6a-42bb-9da7-58db89643f86" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">China tightens grip on tech, minerals and engineers as trade war spirals</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="6" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="e0fb485b-1b9a-4fe1-bef1-58f32790c465" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/e0fb485b-1b9a-4fe1-bef1-58f32790c465" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">IndiGo sheds budget domestic airline tag with upmarket overseas push</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="group:asia-pacific-news;groupSize:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="asia-pacific-news" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="links-promo"><div class="list list--vertical"><h3 class="text text--color-black text-sans--scale-0 text--weight-600" id="">More Asia-Pacific News</h3><ul class="list__items-wrapper"><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="0" data-trackable-context-story-siblings="5" data-id="asia-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/asia-pacific-economy" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Asia-Pacific economy</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="1" data-trackable-context-story-siblings="5" data-id="asia-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/companies/asia-pacific" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Asia-Pacific companies</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="2" data-trackable-context-story-siblings="5" data-id="asia-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/asia-pacific-equities" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Asia-Pacific equities</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="3" data-trackable-context-story-siblings="5" data-id="asia-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/world/asia-pacific/china" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">China</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="4" data-trackable-context-story-siblings="5" data-id="asia-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/india" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">India</span></a></div></div></li></ul></div><div data-trackable="story:related-promo" data-trackable-context-story-type="related-promo" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="promo__links"><div class="promo__links-text"><a data-trackable="related-promo-link" data-trackable-context-story-link="related-promo-link" href="https://ep.ft.com/newsletters/subscribe?newsletterIds=5e67775d8bb28f00049b0f76" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-700" id="">Newswrap</span><span class="promo__links--spacing"><span class="text text--color-teal text-sans--scale-0" id="">Sign up for our newsletter</span></span></a></div><div class="promo__links-image"><a data-trackable="related-promo-link" data-trackable-context-story-link="related-promo-link" href="https://ep.ft.com/newsletters/subscribe?newsletterIds=5e67775d8bb28f00049b0f76" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fnewswrap.jpg?source=next-home-page&dpr=2&width=280&height=280&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fnewswrap.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fnewswrap.jpg?source=next-home-page&dpr=2&width=280&height=280&fit=cover&gravity=poi" alt="Newswrap Newsletter" class="image image--width-280"/></picture></a></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:podcasts" data-trackable-context-list-type="podcasts" data-trackable-context-list-position="14" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice story-group-named-slice slice--full-bleed slice--full-bleed--less-top-padding slice--impact"><div class="slice__content"><header id="podcasts" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/podcasts" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Podcasts</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--impact"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storycollection;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="storycollection" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="layout-desktop__grid-container story-collection"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight"><div class="podcast__article-wrapper"><div class="grid-item grid-item--span-3 podcast__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/2a05ef81-e6df-44ef-98b7-39f688f2e5ee" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F29c7082d-0959-42d5-8dc7-d7944115b1ec?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F29c7082d-0959-42d5-8dc7-d7944115b1ec?source=next-home-page&dpr=2&width=580&height=580&fit=cover&gravity=poi"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F29c7082d-0959-42d5-8dc7-d7944115b1ec?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi" alt="FT News Briefing podcast" class="image image--width-180"/></picture></a></div><div class="grid-item grid-item--span-3 podcast__content"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/2a05ef81-e6df-44ef-98b7-39f688f2e5ee" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">FT News Briefing. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Say hello to the Magnificent 47</span></a></div><div class="podcast__suffix"><span class="text text--color-black-60 text-sans--scale-0" id="">10 min listen</span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="1" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight"><div class="podcast__article-wrapper"><div class="grid-item grid-item--span-3 podcast__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/fbd6648c-1289-47ec-a86f-26d4d0d7318e" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F9e3a6251-498f-437b-ac22-d68054379dea?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F9e3a6251-498f-437b-ac22-d68054379dea?source=next-home-page&dpr=2&width=580&height=580&fit=cover&gravity=poi"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F9e3a6251-498f-437b-ac22-d68054379dea?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi" alt="FT News Briefing podcast" class="image image--width-180"/></picture></a></div><div class="grid-item grid-item--span-3 podcast__content"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/fbd6648c-1289-47ec-a86f-26d4d0d7318e" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">FT News Briefing. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Swamp Notes: Trump ices Europe out of Ukraine peace plan</span></a></div><div class="podcast__suffix"><span class="text text--color-black-60 text-sans--scale-0" id="">14 min listen</span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="2" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight"><div class="podcast__article-wrapper"><div class="grid-item grid-item--span-3 podcast__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/b819e84a-5219-447e-a5ee-feaa84921673" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F01c6e137-330b-4e87-9557-f29b3c8c6371?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F01c6e137-330b-4e87-9557-f29b3c8c6371?source=next-home-page&dpr=2&width=580&height=580&fit=cover&gravity=poi"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F01c6e137-330b-4e87-9557-f29b3c8c6371?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi" alt="Political Fix podcast" class="image image--width-180"/></picture></a></div><div class="grid-item grid-item--span-3 podcast__content"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/b819e84a-5219-447e-a5ee-feaa84921673" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Political Fix. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">The right to die: who should have the final say?</span></a></div><div class="podcast__suffix"><span class="text text--color-black-60 text-sans--scale-0" id="">36 min listen</span></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="3" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing grid--fullHeight"><div class="podcast__article-wrapper"><div class="grid-item grid-item--span-3 podcast__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/89092277-aa31-43c5-8bee-ee0a258cd8a2" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F35c12a20-2453-433b-ab94-29397d8973ed?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F35c12a20-2453-433b-ab94-29397d8973ed?source=next-home-page&dpr=2&width=580&height=580&fit=cover&gravity=poi"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2F35c12a20-2453-433b-ab94-29397d8973ed?source=next-home-page&dpr=2&width=180&height=180&fit=cover&gravity=poi" alt="Unhedged Podcast" class="image image--width-180"/></picture></a></div><div class="grid-item grid-item--span-3 podcast__content"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/89092277-aa31-43c5-8bee-ee0a258cd8a2" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Unhedged Podcast. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">The other side of trade</span></a></div><div class="podcast__suffix"><span class="text text--color-black-60 text-sans--scale-0" id="">26 min listen</span></div></div></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:life-and-arts" data-trackable-context-list-type="life-and-arts" data-trackable-context-list-position="15" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice story-group-named-slice slice--default slice--has-sub-navigation"><div class="slice__content"><div class="separator--dotted"></div><header id="life-and-arts" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/life-arts" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Life & Arts</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:list;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="list" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="list list--horizontal"><ul class="list__items-wrapper"><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="0" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/arts" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Arts</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="1" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/books" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Books</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="2" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/food-drink" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Food & Drink</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="3" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/magazine" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">FT Magazine</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="4" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/style" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Style</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="5" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/house-home" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">House & Home</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="6" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/travel" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Travel</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="7" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/globetrotter" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">FT Globetrotter</span></a></div></div></li><li><div data-trackable="story:list" data-trackable-context-story-type="list" data-trackable-context-story-position="8" data-trackable-context-story-siblings="9" data-id="life-and-arts-links" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/htsi" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">HTSI</span></a></div></div></li></ul></div></div></div></div></div></div></section></div><div data-trackable="list:life-and-arts" data-trackable-context-list-type="life-and-arts" data-trackable-context-list-position="16" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice story-group-named-slice slice__no-title slice--default"><div class="slice__content"><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storycollection;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="storycollection" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="layout-desktop__grid-container story-collection"><div class="layout-desktop__grid layout-desktop__grid--span6 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="5" class="featured-story"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/bee60132-362f-47be-bfa6-5eda0fc36a97" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e4a888d-517f-4319-83ee-23bf8126b8a9.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e4a888d-517f-4319-83ee-23bf8126b8a9.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9e4a888d-517f-4319-83ee-23bf8126b8a9.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Pina Bausch’s ‘Vollmond’ has the recipe for a terrific show — just add water" class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/dance" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Dance</span></a></div><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="bee60132-362f-47be-bfa6-5eda0fc36a97" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/bee60132-362f-47be-bfa6-5eda0fc36a97" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Review. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Pina Bausch’s ‘Vollmond’ has the recipe for a terrific show — just add water</span></a></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span6 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="1" data-trackable-context-story-siblings="5" class="featured-story featured-story--hide-image-on-mobile"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/955f2421-7dc6-4bea-9501-b8646c8ba0a1" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8397e446-3e09-4267-a9bd-3ce20e7880ba.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8397e446-3e09-4267-a9bd-3ce20e7880ba.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8397e446-3e09-4267-a9bd-3ce20e7880ba.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="The best of TV and streaming this week" class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/television" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Television</span></a></div><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="955f2421-7dc6-4bea-9501-b8646c8ba0a1" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/955f2421-7dc6-4bea-9501-b8646c8ba0a1" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Review. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">The best of TV and streaming this week</span></a></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-2 layout-desktop__grid--hidden layout-desktop__grid--with-padding"><div class="separator--solid"></div></div><div class="layout-desktop__grid layout-desktop__grid--span4 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-3"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="5" class="featured-story featured-story--hide-image-on-mobile"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/2691b9c8-06a9-44d6-b1fc-b7e4d140b626" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2aa4cce2-a394-4849-94b5-e663d9076365.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2aa4cce2-a394-4849-94b5-e663d9076365.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2aa4cce2-a394-4849-94b5-e663d9076365.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Mary, Queen of Scots blazes on the London Coliseum stage" class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/music" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Music</span></a></div><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="2691b9c8-06a9-44d6-b1fc-b7e4d140b626" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/2691b9c8-06a9-44d6-b1fc-b7e4d140b626" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Review. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Mary, Queen of Scots blazes on the London Coliseum stage</span></a></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span4 layout-desktop__grid--column-start-5 layout-desktop__grid--row-start-3"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="5" class="featured-story featured-story--hide-image-on-mobile"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/6622c7d4-7e11-4c43-b8ad-336fd3cab474" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdbf57661-f7ad-4d9a-8c26-4e6a5b11a4f2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdbf57661-f7ad-4d9a-8c26-4e6a5b11a4f2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdbf57661-f7ad-4d9a-8c26-4e6a5b11a4f2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Carrion Crow — a visceral tale of a woman subjected to gothic cruelty " class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="story-group__title"><a data-trackable="story-group-title-link" data-trackable-context-story-link="story-group-title-link" href="https://www.ft.com/fiction" class="link" target="_self" aria-hidden="false"><span class="text text--color-claret text-sans--scale-0 text--weight-600" id="">Fiction</span></a></div><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="6622c7d4-7e11-4c43-b8ad-336fd3cab474" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/6622c7d4-7e11-4c43-b8ad-336fd3cab474" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Review. </span></span><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Carrion Crow — a visceral tale of a woman subjected to gothic cruelty </span></a></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span4 layout-desktop__grid--column-start-9 layout-desktop__grid--row-start-3"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="5" class="featured-story featured-story--hide-image-on-mobile"><div class="featured-story__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/f89a314e-2585-4383-9a82-eca8990650fb" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F04a867e1-a171-4e60-ae76-06d94ee20e8f.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F04a867e1-a171-4e60-ae76-06d94ee20e8f.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F04a867e1-a171-4e60-ae76-06d94ee20e8f.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Vincent Keymer, 20, defeats world top two Carlsen and Caruana to win $200,000 Freestyle Grand Slam " class="image image--width-580"/></picture></a></div><div class="featured-story-content"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="f89a314e-2585-4383-9a82-eca8990650fb" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/f89a314e-2585-4383-9a82-eca8990650fb" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-400" id="">Vincent Keymer, 20, defeats world top two Carlsen and Caruana to win $200,000 Freestyle Grand Slam </span></a></div></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:video" data-trackable-context-list-type="video" data-trackable-context-list-position="17" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice story-group-named-slice slice--full-bleed slice--full-bleed--less-top-padding slice--dark"><div class="slice__content"><header id="video" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/video" class="link" target="_self" aria-hidden="false"><span class="text text--color-white text-sans--scale-0" id="">Video</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span12 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout--dark"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storycollection;storyGroup:xlarge" data-trackable-context-storygroup-size="xlarge" data-trackable-context-storygroup-title="storycollection" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="1" class="layout-desktop--full-height"><div class="layout-desktop__grid-container story-collection"><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing video__article-wrapper"><div class="grid-item grid-item--span-3 video__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/video/f7aa6dd3-9c17-4bf7-8d21-8e7d356b105d" class="link" target="_self" tabindex="-1" aria-hidden="true"><div class="preview__image--container"><div class="play__icon--wrapper"><span class="icon icon--play video icon--scale-3"> <span class="o-normalise-visually-hidden">play video content. </span></span></div><div class="preview__image--wrapper"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fdb33cd5b-3143-42f5-9479-87949ab1e82e?source=next-home-page&dpr=2&width=180&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fdb33cd5b-3143-42f5-9479-87949ab1e82e?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fdb33cd5b-3143-42f5-9479-87949ab1e82e?source=next-home-page&dpr=2&width=180&fit=scale-down" alt="Windhorst: scandal, spies & a superyacht" class="image image--width-180"/></picture></div></div></a></div><div class="grid-item grid-item--span-3 video__content"><a data-trackable="link" data-trackable-context-story-link="link" href="https://www.ft.com/ft-film" class="link" target="_self" aria-hidden="false"><span class="text text--color-white text-sans--scale-0 text--weight-600" id=""><span class="video__content--displayTag">FT Film</span></span></a><span class="text text--color-white text-sans--scale-0 text--weight-400" id=""><span>31 min</span></span><div class="headline js-teaser-headline headline--scale-2 headline--color-white" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/video/f7aa6dd3-9c17-4bf7-8d21-8e7d356b105d" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--video icon--scale-2"> <span class="o-normalise-visually-hidden">video content. </span></span></span><span class="text text--color-white text-display--scale-2 text--weight-400" id="">Lars Windhorst and H2O: scandal, spies and the superyacht | FT Film</span></a></div><span class="text text--color-white text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2024-12-18T05:01:59+0000">1477 hours ago</time></div></span></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-4 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="1" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing video__article-wrapper"><div class="grid-item grid-item--span-3 video__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/video/0cf4cc1e-6f7b-42de-a872-87105ae85a25" class="link" target="_self" tabindex="-1" aria-hidden="true"><div class="preview__image--container"><div class="play__icon--wrapper"><span class="icon icon--play video icon--scale-3"> <span class="o-normalise-visually-hidden">play video content. </span></span></div><div class="preview__image--wrapper"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fc8db4479-3cad-47bd-8779-4b96458e7b1c?source=next-home-page&dpr=2&width=180&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fc8db4479-3cad-47bd-8779-4b96458e7b1c?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fc8db4479-3cad-47bd-8779-4b96458e7b1c?source=next-home-page&dpr=2&width=180&fit=scale-down" alt="" class="image image--width-180"/></picture></div></div></a></div><div class="grid-item grid-item--span-3 video__content"><a data-trackable="link" data-trackable-context-story-link="link" href="https://www.ft.com/ft-film" class="link" target="_self" aria-hidden="false"><span class="text text--color-white text-sans--scale-0 text--weight-600" id=""><span class="video__content--displayTag">FT Film</span></span></a><span class="text text--color-white text-sans--scale-0 text--weight-400" id=""><span>27 min</span></span><div class="headline js-teaser-headline headline--scale-2 headline--color-white" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/video/0cf4cc1e-6f7b-42de-a872-87105ae85a25" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--video icon--scale-2"> <span class="o-normalise-visually-hidden">video content. </span></span></span><span class="text text--color-white text-display--scale-2 text--weight-400" id="">How safety lapses hit Boeing's reputation | FT Film</span></a></div><span class="text text--color-white text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2024-12-10T04:58:21+0000">1669 hours ago</time></div></span></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-7 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="2" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing video__article-wrapper"><div class="grid-item grid-item--span-3 video__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/video/9c40edd0-9320-403b-939d-d914fa9b0185" class="link" target="_self" tabindex="-1" aria-hidden="true"><div class="preview__image--container"><div class="play__icon--wrapper"><span class="icon icon--play video icon--scale-3"> <span class="o-normalise-visually-hidden">play video content. </span></span></div><div class="preview__image--wrapper"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fd131efaf-c457-45de-bfe4-c560a82348c9?source=next-home-page&dpr=2&width=180&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fd131efaf-c457-45de-bfe4-c560a82348c9?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fd131efaf-c457-45de-bfe4-c560a82348c9?source=next-home-page&dpr=2&width=180&fit=scale-down" alt="Sadiq Khan on hunger in London classrooms" class="image image--width-180"/></picture></div></div></a></div><div class="grid-item grid-item--span-3 video__content"><a data-trackable="link" data-trackable-context-story-link="link" href="https://www.ft.com/stream/aa08a644-46db-4753-ba06-f3608f369cbb" class="link" target="_self" aria-hidden="false"><span class="text text--color-white text-sans--scale-0 text--weight-600" id=""><span class="video__content--displayTag">Interview</span></span></a><span class="text text--color-white text-sans--scale-0 text--weight-400" id=""><span>14 min</span></span><div class="headline js-teaser-headline headline--scale-2 headline--color-white" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/video/9c40edd0-9320-403b-939d-d914fa9b0185" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--video icon--scale-2"> <span class="o-normalise-visually-hidden">video content. </span></span></span><span class="text text--color-white text-display--scale-2 text--weight-400" id="">Sadiq Khan on hunger in London classrooms | FT</span></a></div><span class="text text--color-white text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2024-12-04T13:02:02+0000">1805 hours ago</time></div></span></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1"><div class="layout__grid-content"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="3" data-trackable-context-story-siblings="4" class="grid grid--1-columns grid--s3-spacing video__article-wrapper"><div class="grid-item grid-item--span-3 video__image"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/video/5162f237-3a55-484f-bacc-8fa9b719f7b9" class="link" target="_self" tabindex="-1" aria-hidden="true"><div class="preview__image--container"><div class="play__icon--wrapper"><span class="icon icon--play video icon--scale-3"> <span class="o-normalise-visually-hidden">play video content. </span></span></div><div class="preview__image--wrapper"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fee5d8312-d481-4331-83a8-0d5a69c129ef?source=next-home-page&dpr=2&width=180&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fee5d8312-d481-4331-83a8-0d5a69c129ef?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fnext-video-editor-images.s3.ap-northeast-1.amazonaws.com%2Fee5d8312-d481-4331-83a8-0d5a69c129ef?source=next-home-page&dpr=2&width=180&fit=scale-down" alt="Should the US ban Chinese drones? FT Film" class="image image--width-180"/></picture></div></div></a></div><div class="grid-item grid-item--span-3 video__content"><a data-trackable="link" data-trackable-context-story-link="link" href="https://www.ft.com/drones" class="link" target="_self" aria-hidden="false"><span class="text text--color-white text-sans--scale-0 text--weight-600" id=""><span class="video__content--displayTag">Drones</span></span></a><span class="text text--color-white text-sans--scale-0 text--weight-400" id=""><span>23 min</span></span><div class="headline js-teaser-headline headline--scale-2 headline--color-white" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/video/5162f237-3a55-484f-bacc-8fa9b719f7b9" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--video icon--scale-2"> <span class="o-normalise-visually-hidden">video content. </span></span></span><span class="text text--color-white text-display--scale-2 text--weight-400" id="">Should the US ban Chinese drones?</span></a></div><span class="text text--color-white text-sans--scale-2" id=""><div class="timestamp"><time class="timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-24-hours" dateTime="2024-11-21T21:03:26+0000">2109 hours ago</time></div></span></div></div></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:highlights" data-trackable-context-list-type="highlights" data-trackable-context-list-position="18" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="highlights" class="slice-heading"><h2 class="slice-heading__title"><span class="text text--color-black-80 text-sans--scale-0" id="">Highlights</span></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span9 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:large" data-trackable-context-storygroup-size="large" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--3-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-3 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="7" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-1"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="headline js-teaser-headline headline--scale-4 headline--color-black" data-content-id="8370db31-e9d8-4aa8-ae00-8c1a716b4b6c" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/8370db31-e9d8-4aa8-ae00-8c1a716b4b6c" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-4 text--weight-600" id="">The Big Read. </span></span><span class="text text--color-black text-display--scale-4 text--weight-500" id="">Should weight-loss drugs be given to children?</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/8370db31-e9d8-4aa8-ae00-8c1a716b4b6c" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">A battle over how to treat childhood obesity is brewing between those in favour and others who warn of the effects on growing bodies</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="primary-story__image primary-story__image--3-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/8370db31-e9d8-4aa8-ae00-8c1a716b4b6c" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ad9f51b-5ab7-4283-b4ab-390e42823855.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ad9f51b-5ab7-4283-b4ab-390e42823855.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7ad9f51b-5ab7-4283-b4ab-390e42823855.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Should weight-loss drugs be given to children?" class="image image--width-580" loading="lazy"/></picture></a></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="83073df6-3d89-497e-b2c5-7a766213543d" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/83073df6-3d89-497e-b2c5-7a766213543d" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">German city scarred by Nazi past grapples with rise of far right</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="9dbe5a12-39e2-4d68-84d5-bc1f35f3464b" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/9dbe5a12-39e2-4d68-84d5-bc1f35f3464b" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">French ‘Pirates’ strike at Europe’s football elite </span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="1ee43b51-9d3a-47d2-adf6-3315c38e1c38" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/1ee43b51-9d3a-47d2-adf6-3315c38e1c38" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Europe must respond to Trump ‘electroshock’, says Macron</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="3e470e39-ba59-443f-a717-78debb5edca2" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/3e470e39-ba59-443f-a717-78debb5edca2" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">The case for persisting with foreign aid</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Fmartin_wolf__-11ecb108-991c-486c-87c7-758042e32245.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/martin-wolf" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Martin Wolf</span></a></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="5" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="2251b8ba-970d-4226-8061-666952653419" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/2251b8ba-970d-4226-8061-666952653419" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">The great climate disconnect</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FPilita%2520Clark-cb19ca0e-7f78-4adf-9861-a0a05700af4e.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FPilita%2520Clark-cb19ca0e-7f78-4adf-9861-a0a05700af4e.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FPilita%2520Clark-cb19ca0e-7f78-4adf-9861-a0a05700af4e.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/pilita-clark" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Pilita Clark</span></a></div></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="6" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="f0aa939f-b179-44e4-8420-68aca684ac63" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/f0aa939f-b179-44e4-8420-68aca684ac63" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Explainer. </span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">What is Trump’s ‘reciprocal’ tariff plan?</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="group:highlights;groupSize:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="highlights" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="links-promo"><div class="list list--vertical"><h3 class="text text--color-black text-sans--scale-0 text--weight-600" id="">More highlights</h3><ul class="list__items-wrapper"><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="0" data-trackable-context-story-siblings="5" data-id="highlights-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/moral-money" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Moral Money</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="1" data-trackable-context-story-siblings="5" data-id="highlights-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/due-diligence" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Due Diligence</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="2" data-trackable-context-story-siblings="5" data-id="highlights-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/cryptocurrencies" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Cryptocurrencies</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="3" data-trackable-context-story-siblings="5" data-id="highlights-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/reports" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Special Reports</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="4" data-trackable-context-story-siblings="5" data-id="highlights-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/climate-capital" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Climate Capital</span></a></div></div></li></ul></div><div data-trackable="story:related-promo" data-trackable-context-story-type="related-promo" data-trackable-context-story-position="0" data-trackable-context-story-siblings="1" class="promo__links"><div class="promo__links-text"><a data-trackable="related-promo-link" data-trackable-context-story-link="related-promo-link" href="https://ep.ft.com/newsletters/5ce7dcb373511b000490ac5b/subscribe" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-700" id="">Moral Money</span><span class="promo__links--spacing"><span class="text text--color-teal text-sans--scale-0" id="">Sign up for our newsletter</span></span></a></div><div class="promo__links-image"><a data-trackable="related-promo-link" data-trackable-context-story-link="related-promo-link" href="https://ep.ft.com/newsletters/5ce7dcb373511b000490ac5b/subscribe" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fmoral-money-promo.jpeg?source=next-home-page&dpr=2&width=280&height=280&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fmoral-money-promo.jpeg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fhomepage-beta%2Fmoral-money-promo.jpeg?source=next-home-page&dpr=2&width=280&height=280&fit=cover&gravity=poi" alt="Sign up to our newsletter for Moral Money." class="image image--width-280"/></picture></a></div></div></div></div></div></div></div></div></section></div><div data-trackable="list:markets-news" data-trackable-context-list-type="markets-news" data-trackable-context-list-position="19" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="markets-news" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/markets" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Markets News</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span9 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:large" data-trackable-context-storygroup-size="large" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--3-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-3 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="7" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-1"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="headline js-teaser-headline headline--scale-4 headline--color-black" data-content-id="40c35ffd-fa86-445f-9c4c-dc434b61de25" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/40c35ffd-fa86-445f-9c4c-dc434b61de25" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-4 text--weight-500" id="">Ethiopia bond investors accuse IMF over debt relief</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/40c35ffd-fa86-445f-9c4c-dc434b61de25" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Debtholders committee says government finances boosted by jump in coffee and gold exports</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="primary-story__image primary-story__image--3-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/40c35ffd-fa86-445f-9c4c-dc434b61de25" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0b732cd5-d5b3-4dd8-b113-39f07dda0db2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0b732cd5-d5b3-4dd8-b113-39f07dda0db2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0b732cd5-d5b3-4dd8-b113-39f07dda0db2.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="Ethiopia bond investors accuse IMF over debt relief" class="image image--width-580" loading="lazy"/></picture></a></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="45821f55-8013-43bc-a963-9b5204371da4" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/45821f55-8013-43bc-a963-9b5204371da4" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Australian regulator warns private funds not to resist new oversight powers</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Wall Street’s Magnificent Seven lose their shine</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="e2ae7ccd-8c09-4155-b3c7-9a667b6d3d52" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/e2ae7ccd-8c09-4155-b3c7-9a667b6d3d52" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Cocoa stockpiles plunge to record low</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="c2b509b1-79d3-4666-b8a2-e8116a0e7847" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/c2b509b1-79d3-4666-b8a2-e8116a0e7847" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">European stocks rise after Trump signals Ukraine peace talks</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="5" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="4ee89450-84a1-422d-ab16-ec3852ff415c" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/4ee89450-84a1-422d-ab16-ec3852ff415c" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Buyout group Thoma Bravo set for $4bn windfall after SailPoint IPO</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="6" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="0a703624-37ba-4d87-af67-3d7d15caf306" data-is-exclusive="false" data-is-scoop="true"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/0a703624-37ba-4d87-af67-3d7d15caf306" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Long-term investors split with asset managers over climate risk</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="group:markets-news;groupSize:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="markets-news" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="links-promo"><div class="list list--vertical"><h3 class="text text--color-black text-sans--scale-0 text--weight-600" id="">More markets news</h3><ul class="list__items-wrapper"><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="0" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/alphaville" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Alphaville</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="1" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://markets.ft.com/data" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Markets Data</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="2" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/capital-markets" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Capital Markets</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="3" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/commodities" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Commodities</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="4" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/currencies" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Currencies</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="5" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/equities" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Equities</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="6" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/fund-management" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Fund Management</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="7" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/ft-wealth-management" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Wealth Management</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="8" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/ft-trading-room" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Trading</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="9" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/moral-money" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Moral Money</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="10" data-trackable-context-story-siblings="11" data-id="markets-news-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://etf.ft.com/" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">ETF Hub</span></a></div></div></li></ul></div></div></div></div></div></div></div></section></div><div data-trackable="list:technology" data-trackable-context-list-type="technology" data-trackable-context-list-position="20" data-trackable-context-list-siblings="21" class="story-group-slice"><section class="slice slice--default"><div class="slice__content"><div class="separator--dotted"></div><header id="technology" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="/technology" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Technology</span></a></h2></header><div class="layout-desktop__grid-container"><div class="layout-desktop__grid layout-desktop__grid--span9 layout-desktop__grid--column-start-1 layout-desktop__grid--row-start-1 layout-desktop__grid--with-border layout--default"><div class="layout__grid-content"><div data-trackable="storyGroupTitle:storygroup;storyGroup:large" data-trackable-context-storygroup-size="large" data-trackable-context-storygroup-title="storygroup" data-trackable-context-storygroup-position="0" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="story-group"><div class="grid grid--3-columns grid--fullHeight" style="grid-template-rows:min-content;-ms-grid-rows:min-content"><div class="story-group__article-wrapper story-group--row-start-1 story-group--column-start-1 story-group--full-width-3 story-group--end-of-row"><div class="story-group__article story-group__article--lead"><div data-trackable="story:lead" data-trackable-context-story-type="lead" data-trackable-context-story-position="0" data-trackable-context-story-siblings="7" class="grid grid--3-columns grid--s4-spacing grid--fullHeight"><div class="grid-item grid-item--span-1"><div class="grid grid--1-columns grid--s3-spacing"><div class="primary-story__teaser"><div class="headline js-teaser-headline headline--scale-4 headline--color-black" data-content-id="ac4bb911-b470-46db-bb17-3c3c8e49ad4f" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/ac4bb911-b470-46db-bb17-3c3c8e49ad4f" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-4"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-4 text--weight-600" id="">Lex. </span></span><span class="text text--color-black text-display--scale-4 text--weight-500" id="">The checkout button wars have come for PayPal</span></a></div><p class="standfirst"><a data-trackable="standfirst-link" data-trackable-context-story-link="standfirst-link" href="/content/ac4bb911-b470-46db-bb17-3c3c8e49ad4f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-60 text-sans--scale-0 text--style--no-active-state" id="">Worries that the payments group is losing ground to rivals including Apple and Shopify has led to a fall in shares</span></a></p></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="primary-story__image primary-story__image--3-cols"><a data-trackable="image-link" data-trackable-context-story-link="image-link" href="/content/ac4bb911-b470-46db-bb17-3c3c8e49ad4f" class="link" target="_self" tabindex="-1" aria-hidden="true"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Faeed47f7-7225-43e3-b818-685b37d71044.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Faeed47f7-7225-43e3-b818-685b37d71044.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Faeed47f7-7225-43e3-b818-685b37d71044.jpg?source=next-home-page&dpr=2&width=580&fit=scale-down" alt="The checkout button wars have come for PayPal" class="image image--width-580" loading="lazy"/></picture></a></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="1" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="5d271df4-08fd-4fde-8319-42e58a7b54b1" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/5d271df4-08fd-4fde-8319-42e58a7b54b1" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span><span class="text text--color-black text-display--scale-2 text--weight-600" id="">Lex. </span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Foxconn buckles up for the electric vehicle great race</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="2" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="385d02a7-54dc-43b8-9f54-0fa40dfb0823" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/385d02a7-54dc-43b8-9f54-0fa40dfb0823" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="icon icon--opinion icon--scale-2"> <span class="o-normalise-visually-hidden">opinion content. </span></span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Grok, o3 and ELMo — there’s a reason AI names are so weird</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__opinion"><picture><source media="(min-width: 1024px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi"/><source media="(max-width: 580px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=580&fit=scale-down"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2Ffthead-v1_elaine-moore-0b0d2c3c-991a-4c06-a6de-e3c844cc162b.png?source=next-home-page&dpr=2&width=40&height=40&fit=cover&gravity=poi" alt="" class="image image--width-40"/></picture><div class="author-opinion-details"><a data-trackable="author-link" data-trackable-context-story-link="author-link" href="https://www.ft.com/elaine-moore" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Elaine Moore</span></a></div></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-2 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="3" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="df26fc4c-5488-4994-b2b8-be4bfbda2724" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/df26fc4c-5488-4994-b2b8-be4bfbda2724" class="link" target="_self" aria-hidden="false"><span placeholder="headlineIndicator" class="headline-indicator"><span class="text text--color-black text-display--scale-2 text--weight-600" id="">FT Alphaville. </span></span><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Meta’s brave new horizons</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-1"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="4" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="ac8da614-6bd4-4328-a522-a1712986d73f" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/ac8da614-6bd4-4328-a522-a1712986d73f" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Xi meets China’s business titans including Alibaba’s Jack Ma</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-2"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="5" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="44d10eea-e55f-4b90-aa64-1e86971339fb" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/44d10eea-e55f-4b90-aa64-1e86971339fb" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">Bain concedes to KKR in $4bn fight for Japan’s Fuji Soft</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div><div class="story-group__article-wrapper story-group--row-start-3 story-group--column-start-3 story-group--end-of-row"><div class="story-group__article story-group__article--secondary"><div data-trackable="story:secondary" data-trackable-context-story-type="secondary" data-trackable-context-story-position="6" data-trackable-context-story-siblings="7" class="grid grid--1-columns grid--s3-spacing"><div class="headline js-teaser-headline headline--scale-2 headline--color-black" data-content-id="36fedc83-1fda-4f09-94d6-16a274e9e7bc" data-is-exclusive="false" data-is-scoop="false"><a data-trackable="heading-link" data-trackable-context-story-link="heading-link" href="/content/36fedc83-1fda-4f09-94d6-16a274e9e7bc" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-display--scale-2 text--weight-500" id="">‘Own your audience’: new streamer’s pitch to filmmakers</span></a></div><div class="grid-item grid-item--span-1 grid-item--align-self-end"><div class="metadata metadata__timestamp"></div></div></div></div><div class="story-group__separator story-group__separator--hidden"><div class="separator--solid"></div></div></div></div></div></div></div></div><div class="layout-desktop__grid layout-desktop__grid--span3 layout-desktop__grid--column-start-10 layout-desktop__grid--row-start-1 layout--default"><div class="layout__grid-content"><div data-trackable="group:technology;groupSize:small" data-trackable-context-storygroup-size="small" data-trackable-context-storygroup-title="technology" data-trackable-context-storygroup-position="1" data-trackable-context-storygroup-siblings="2" class="layout-desktop--full-height"><div class="links-promo"><div class="list list--vertical"><h3 class="text text--color-black text-sans--scale-0 text--weight-600" id="">More technology</h3><ul class="list__items-wrapper"><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="0" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/cryptofinance" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Cryptofinance</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="1" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/semiconductors" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Semiconductors</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="2" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/tech-tonic" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Tech Tonic podcast</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="3" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/trading-technology" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Trading technology</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="4" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/tech-start-ups" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Tech start-ups</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="5" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/social-media" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Social Media</span></a></div></div></li><li><div data-trackable="story:related-link" data-trackable-context-story-type="related-link" data-trackable-context-story-position="6" data-trackable-context-story-siblings="7" data-id="technology-links-promo" data-name="list" data-type="list" data-subtype="" class="list__links"><div class="list__item-link"><a data-trackable="related-link" data-trackable-context-story-link="related-link" href="https://www.ft.com/artificial-intelligence" class="link" target="_self" aria-hidden="false"><span class="text text--color-black text-sans--scale-0" id="">Artificial intelligence</span></a></div></div></li></ul></div></div></div></div></div></div></div></section></div><section class="slice section"><div class="slice__content"><div class="separator--dotted"></div><header id="explore-more-events-from-the-ft" class="slice-heading"><h2 class="slice-heading__title"><a data-trackable="link" data-trackable-context-story-link="link" href="https://events.ft.com/events-list" class="link" target="_self" aria-hidden="false"><span class="text text--color-black-80 text-sans--scale-0" id="">Explore more events from the FT</span></a></h2></header><div class="community-home-page-slice o-grid-row o-grid-row--compact community-home-page-slice--events community-home-page-slice--default-layout"><div data-o-grid-colspan="12 M12 L3" class="community-home-page-slice__column community-home-page-slice__header-column"><div class="community-home-page-slice__header"><div role="heading" aria-level="3" class="community-home-page-slice__title">Upcoming events</div><p class="community-home-page-slice__strapline">Discover unmissable flagship events with FT journalists to expand your thinking and elevate your career</p><a class="community-home-page-slice__link" href="https://events.ft.com/events-list">Explore all events</a></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="35827b90-9fb1-4a9f-8b2c-4d9ac5c4efd7" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://climate2025.live.ft.com" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://climate2025.live.ft.com" title="How will the world tackle the climate challenge in 2025?">How will the world tackle the climate challenge in 2025?</a></div><span class="event-teaser__standfirst">The forces driving or stalling climate progress in the year ahead</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time dateTime="2025-02-20T11:30:00.000Z">Thursday, 20 February</time></span><span class="event-teaser__location">Online</span></div></div></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="960ddc14-ebef-4588-8ea1-5ddd7e5c1d21" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://businessoffootball.live.ft.com" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://businessoffootball.live.ft.com" title="Business of Football Summit">Business of Football Summit</a></div><span class="event-teaser__standfirst">The global gathering of leaders in football and finance</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time dateTime="2025-02-26T09:00:00.000Z">Wednesday, 26 February</time></span><span class="event-teaser__location">London, UK</span></div></div></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="5fcebc59-1864-4e02-8b45-796581697d2a" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://europe-at-a-crossroads.live.ft.com" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://europe-at-a-crossroads.live.ft.com" title="Europe at a Crossroads">Europe at a Crossroads</a></div><span class="event-teaser__standfirst">Exclusively for FT Subscribers | Can the EU meet its challenges?</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time dateTime="2025-02-27T13:00:00.000Z">Thursday, 27 February</time></span><span class="event-teaser__location">Online</span></div></div></div></div></div><div class="community-home-page-slice o-grid-row o-grid-row--compact community-home-page-slice--forums community-home-page-slice--default-layout"><div data-o-grid-colspan="12 M12 L3" class="community-home-page-slice__column community-home-page-slice__header-column"><div class="community-home-page-slice__header"><div role="heading" aria-level="3" class="community-home-page-slice__title">Join the discussion</div><p class="community-home-page-slice__strapline">FT Forums is a series of members only communities, powered by the Financial Times</p></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="forum-teaser" data-trackable="forum-teaser"><div role="heading" aria-level="4" class="forum-teaser__title-heading"><a class="forum-teaser__title" data-trackable="forum-teaser-title" href="https://forums.ft.com/women-in-business-forum">Women In Business Forum</a></div><span class="forum-teaser__strapline">A dedicated programme to accelerate mid-career women into senior leadership.</span></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="forum-teaser" data-trackable="forum-teaser"><div role="heading" aria-level="4" class="forum-teaser__title-heading"><a class="forum-teaser__title" data-trackable="forum-teaser-title" href="https://forums.ft.com/future-forum">Future Forum</a></div><span class="forum-teaser__strapline">An authoritative space for businesses to share ideas, build relationships and develop solutions to future challenges.</span></div></div><div data-o-grid-colspan="12 M4 L3" class="community-home-page-slice__column community-home-page-slice__item-column"><div class="forum-teaser" data-trackable="forum-teaser"><div role="heading" aria-level="4" class="forum-teaser__title-heading"><a class="forum-teaser__title" data-trackable="forum-teaser-title" href="https://forums.ft.com/climate-capital-council">Climate Capital Council</a></div><span class="forum-teaser__strapline">Where businesses share ideas, opportunities and challenges with climate change.</span></div></div></div></div></section></main></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22home-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22home-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected" href="/" data-trackable="Home" aria-label="Home, current page" aria-current="page">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"home-page","product":"next","edition":"international","appVersion":"46159116ed38b986c25f1a0e1534c2b31942dd97","abTestState":"messageSlotBottom:cookieConsentC,chartbeat:variant,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,homepageTestsHoldoutGroup:variant,adsmvt2:variant-1","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.2.1"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"syndication":true,"myFTEmailDisableABAlloc":true,"streamRecommendedStoriesList":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"myftIndustryRecs":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"myftIndustryRecsFeed":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"chartbeat":"variant","emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"homepageTestsHoldoutGroup":"variant","adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsMarketsDataWidget":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"adsmvt2":"variant-1"}</script></body></html>