CINXE.COM
The new rules of the hotel pool
<!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>The new rules of the hotel pool</title><meta name="description" content="How to navigate a delicate ecosystem, according to Miami’s waterside maestros. Warning: failure to adhere to this guidance may attract serious side-eye"/><link rel="canonical" href="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5"/><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":"NewsArticle","headline":"The new rules of the hotel pool","datePublished":"2024-11-22T05:00:31.617Z","dateModified":"2025-01-06T17:26:54.000Z","description":"How to navigate a delicate ecosystem, according to Miami’s waterside maestros. Warning: failure to adhere to this guidance may attract serious side-eye","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"The new rules of the hotel pool","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6c3d4db6-5d98-422a-95f8-acd5e4e133ce.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":2488,"height":1400},"author":[{"@type":"Person","@context":"http://schema.org","name":"Niki Blasina","url":"https://www.ft.com/niki-blasina","worksFor":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}],"articleBody":"This article is part of FT Globetrotter’s guide to Miami\n\nYou can almost hear the familiar, raspy voiceover of the world’s most celebrated nature documentarian: we are observing a fragile environment, in which creatures of varying stripes and sizes have congregated near a glistening body of water. The young seek to play, tugging at their parents for attention; others desire rest, drinks in hand and beach reads on display. A uniformed crew hustle to ensure harmony and contentment among all, observing, advising, delivering. Someone pulls out a phone. And the side-eyes start twitching.\n\nThis is the hotel pool, an ecosystem ruled by the practice of often unspoken behavioural codes. In Miami, a fast-growing hub for luxury, capital and influence (er, influencers), with technology increasingly present, swimming-pool etiquette is evolving and more important than ever, particularly during winter months when tourism to the Sunshine State is at its peak. Hotels each have their own pool conventions and suggested protocol (and often multiple pools, each with different rules); some are more relaxed, others more stringent — but there is common ground. Here is our guide to the new rules of the hotel pool, with advice from some of Miami’s waterside maestros.\n\nWith a smartphone and therefore a camera attached to the end of every guest’s arm, photography has become a particularly fraught subject, especially when it comes to the time- and space-consuming gathering of social media content. “Technology is taking over,” says Rodrigo Falcon, director of guest experience at the luxurious Four Seasons at the Surf Club, tall and bronzed in a uniform of polo shirt and shorts, who has led the pool crew here for five years.\n\n“Sometimes when people take too many pictures, we have to ask them to stop,” he says. “Our guests want privacy, so we have zero tolerance for people taking pictures of other guests.” He advises those who want to take pictures to be conscious of others, and he’s happy to help camera-happy influencer types speed things along. “I’m normally the photographer,” he says. “I guide them where to take the best pictures.”\n\nThe Setai, a sceney upscale hotel in South Beach, takes a firmer approach. “We encourage guests not to take pictures,” says Vitalii Andriianov, the head of pool and beach staff, who after winning the green card lottery in 2017 moved to Miami from his home in Siberia, where he was an oil and mining engineer. He cites the hotel’s draw for VIP and celebrity guests who might be nervous with cameras around (Drake is apparently a regular). “But a selfie in a pool cabana is fine,” he adds. Discretion is the rule. Don’t even think about bringing a drone.\n\nPortable speakers are another modern concern that hotel guests and pool attendants increasingly encounter — and they are categorically not allowed, so bring headphones (Andriianov says his poolside staff will provide a pair to anyone who needs them). And while etiquette around smoking has historically been a faultline (it’s banned at most pools and, as of last year, at Miami’s beaches), the use of vapes and e-cigarettes has now come to the fore.\n\n“Vaping is a sensitive question,” Andriianov says. Choose your e-cig wisely, and be prepared to put it away: “If it’s without smoke, it’s allowed, but if there’s too much [vapour] it’s not allowed, so no one has to breathe it.” Falcon says he might ask guests to move to an area that’s further from the pool and other people, so they can vape without bothering anyone.\n\nNavigating old-school questions of etiquette can still be a minefield for travellers too. Can you reserve chairs? Do you tip pool attendants? Where are children permitted? Are there rules around drinking?\n\nBoth Falcon and Andriianov say there’s no need to reserve your own chairs. They suggest letting an attendant know around breakfast time when you’re planning to head to the pool (and any seating preferences) and they’ll have a place ready. If you’re not on time, expect the spot to be held for 30-45 minutes, “then we release the chairs”, Falcon says.\n\nAnd should you tip for their service? In short, yes. “It’s hard work,” Andriianov says, smartly dressed in a navy-blue suit, his uniform for the pool deck. “The sun doesn’t spare anyone.” The automatic service charge on bills for poolside food and drink often goes to servers, not the pool attendants, so they are always grateful to be acknowledged. “It makes both sides happy — people feel good when they leave or get a tip,” Andriianov says. As for how much to leave, “it’s whatever people feel is appropriate”. (A 20 per cent tip for any service is standard across the board in Miami.)\n\nFalcon says that at luxury hotels such as the Four Seasons, one of the city’s more expensive stays, the level of service they provide is reflected in the room rate, though tips are certainly appreciated. “Sometimes guests tip each day of a stay, at the end or at the beginning,” he says. Tips usually range between $20-$100 per day, but $20 is the norm.\n\nAs for kids, family-friendly hotels usually have swimming pools that are specifically reserved for children, and the general rule is to be mindful of noise levels and safety — so no running. Poolside games and toys are often provided, but “we don’t allow big toys, like waterguns”, says Andriianov.\n\nFamily-friendliness extends to dogs, which are a more regular presence post-pandemic as people increasingly travel with their pets. Dogs can be in pool areas, but on a lead or in a bed (or, in Miami, a bag). “We sit them in the shade with water and treats,” Falcon says. “But we have to be aware that not everyone likes dogs, so we have to control where they sit.”\n\nI ask about PDA (public displays of affection), having recently witnessed a swimmer attempting to dodge a couple wrapped around each other like octopuses, attached at the mouth, adrift and unaware. Falcon says to remember that “you’re not in a house, you’re sharing space with others”. Sometimes he has to step in if he senses that a couple’s PDA is bothering other guests and might move them to a quieter pool or offer a complimentary cabana: “I’m not shy to tell the couple, but I find the right moment and the right words to explain [the situation].” (He also suggests heading to a pool as early in the day as possible if you’d like to swim laps.)\n\nAs for drinking? Go right ahead — but be aware of your environment. “I’m from Russia, I don’t care,” Andriianov says with a laugh. “We don’t have an issue [with drinking]. It’s not a party scene, but you can enjoy the environment and feel relaxed.”\n\nThe party scene, another facet of Miami hotel-pool culture, is its own ecosystem of day drinking, DJs, dancing, poolside posing, peacocking and splashing about. Does etiquette differ, and are the rules as strict in an environment that’s meant to be loose? To find out I venture to the legendary Fontainebleau hotel, which since it opened 70 years ago has welcomed every US president since Dwight D Eisenhower and been an axis for noted pleasure-seekers, including the likes of Frank Sinatra, Dean Martin and Liberace.\n\nThe pool deck at the Fontainebleau is vast and vibrant, with a total of 11 swimming pools, one of which is designated for partying — the Arkadia Day Club, an upbeat, merry-making set-up open Friday to Sunday from noon to 6pm. Hotel guests and the paying public ($500-$3,000 for a chair, daybed or cabana, depending on season) can expect live DJs (Calvin Harris will be hosting on New Year’s Eve), bachelor and bachelorette parties, and bottle service. The parties reach a peak during Art Basel, the Miami Grand Prix and Miami Swim Week.\n\n“It’s designed to be a lush, adults-only tropical playground,” says Cole Boucher, founder of Essential Hospitality, the management company that oversees pool operations at Fontainebleau. But there are a few rules to bear in mind. Beverages should be consumed “safely and responsibly”, he says, and “when it comes to taking photos and videos at the pool, we recommend being mindful of people around you and capturing your memories without interfering with others making theirs.\n\n“Remember, others might not be as excited to be photographed as you might be, so keep it to your friends and family in the shot,” he adds. And “if you’d like to smoke or vape, do so with mindfulness for the pool-goers around you. Keep a respectful distance, especially if food or beverages are around, and properly dispose of used cigarettes or cartridges.”\n\nAs for what to wear? Swimsuits, of course, but once you leave the pool deck for the bathrooms or other areas of the hotel, “resort attire must be worn at all times including shoes, tops, bottoms and cover-ups”.\n\nLater that afternoon, seeking an environment categorically more low-key, I head to the quietest of my hotel’s pools with my laptop. Also present are five other adults, two school-age children, a chihuahua and an enormous fluffy Alsatian. The dogs are in the shade, on leads and relaxed, intermittently slurping their water bowls or nosing their humans for a pat. The parents remind the children to mind their splashing and “use inside voices”. Two men enjoying a few beers chat animatedly but at a considerate volume, and I quietly tap on my keyboard, with no need to have earphones in. Everyone seems satisfied. The system works.\n\nShare your Miami poolside-etiquette tips in the comments below. And follow FT Globetrotter on Instagram at @FTGlobetrotter\n\n","wordCount":1656,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Americas","item":"https://www.ft.com/americas"},{"@type":"ListItem","position":2,"name":"City breaks","item":"https://www.ft.com/city-breaks"},{"@type":"ListItem","position":3,"name":"Life & Arts","item":"https://www.ft.com/life-arts"}]}</script><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 property="twitter:card" content="summary_large_image"/><meta property="og:title" content="The new rules of the hotel pool"/><meta property="og:description" content="How to navigate a delicate ecosystem, according to Miami’s waterside maestros. Warning: failure to adhere to this guidance may attract serious side-eye"/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6c3d4db6-5d98-422a-95f8-acd5e4e133ce.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><meta property="og:url" content="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5"/><meta property="og:type" content="article"/><meta property="article:published_time" content="2024-11-22T05:00:31.617Z"/><meta property="article:modified_time" content="2024-11-22T05:00:31.617Z"/><meta property="article:author" content="Niki Blasina"/><meta property="article:tag" content="Feature"/><meta property="article:tag" content="FT Globetrotter"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5"/><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"/><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><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6c3d4db6-5d98-422a-95f8-acd5e4e133ce.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><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.527f35f2823b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.7c848dc2beb7.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.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-header.9a01b7e9fd99.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.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/privacy-components.b814d0838b93.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/financial-times-o-share.a5222a5d7cf8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.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-utils.fcb47ada8316.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.cb45f2597d9f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.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">{"mainConcepts":{"contentId":"43527e66-2feb-45fc-8e74-0e2112a1fce5","focus":["850ad112-3cb6-42f4-8574-1314be28bce5","9114e44a-b88c-49a8-9aad-179f1e42d364","a234286c-3a51-43d6-8cf1-b9fa1588dfe2","e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b","06610896-2754-4847-a48f-9363d18a8c5e","0f24fbaf-7402-4717-b145-2c3381b47634","0b83bc44-4a55-4958-882e-73ba6b2b0aa6","12adb4a0-99c9-3637-9bb3-42489a7229c8","3e2eb1c1-7ecd-4600-8cbb-c02ba53ced4b","3e3ae1e2-581f-495c-b226-81140b70dd5a","4bfc6c35-6e2b-3dab-bc46-6b784a2505ce","5bef8858-ef07-496b-ae4e-82fe31291a01","69d2b310-09ed-30ab-8ad3-c921c9b19947","76ec50eb-1ebb-4931-8e34-8f601a16dcca","7ef5dd51-0ff2-4c7f-9ebb-4df5a301ef2a","82645c31-4426-4ef5-99c9-9df6e0940c00","a4bdd432-ca2d-4686-bc4d-dd8401b2c991","e2b597c1-5c0d-30f7-b8d6-73ed44d5af6f"],"authorConcepts":[{"id":"6359b75b-5f13-425e-b946-e52e2863d616","prefLabel":"Niki Blasina","types":["http://www.ft.com/ontology/core/Thing","http://www.ft.com/ontology/concept/Concept","http://www.ft.com/ontology/person/Person"],"type":"PERSON","directType":"http://www.ft.com/ontology/person/Person","isPackageBrand":false,"predicate":"http://www.ft.com/ontology/annotation/hasAuthor","url":"https://www.ft.com/niki-blasina","relativeUrl":"/niki-blasina","predicateName":"hasAuthor"}]}}</script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.88fbdf048167.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/main.2c3288ad7ce3.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/package.ebd024a34006.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.527f35f2823b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.7c848dc2beb7.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.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-header.9a01b7e9fd99.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.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/privacy-components.b814d0838b93.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/financial-times-o-share.a5222a5d7cf8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.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-utils.fcb47ada8316.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.cb45f2597d9f.bundle.js","https://consent-notice.ft.com/cmp.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"><div id="n-exponea-bottom-slot"></div><pg-slot data-config-key="leaderboard" template="topSlot"></pg-slot></div><header id="site-navigation" class="o-header o-header--simple" 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=/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" 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=/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" 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-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" 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/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/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><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/10834f55-5b2a-4d97-9156-e714ce938269" data-trackable="link">Europe races to respond as US and Russia prepare for Ukraine peace talks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3b31f05a-13e8-41dc-845d-d78c0c12d4cd" data-trackable="link">Starmer offers to put British ‘boots on the ground’ in Ukraine</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/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/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><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/10834f55-5b2a-4d97-9156-e714ce938269" data-trackable="link">Europe races to respond as US and Russia prepare for Ukraine peace talks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3b31f05a-13e8-41dc-845d-d78c0c12d4cd" data-trackable="link">Starmer offers to put British ‘boots on the ground’ in Ukraine</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/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/669d941e-7de2-4086-b2aa-c441adcc906d" data-trackable="link">Treasury seeks clarity on cost of Thames Water renationalisation</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/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c" data-trackable="link">Wall Street’s Magnificent Seven lose their shine</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></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/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/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/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/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/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/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/fddaa145-af5f-4dd2-9647-0e4b32040a95" data-trackable="link">The human resources reckoning</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/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><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></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="/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/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/fb77449a-4e2c-4a00-b795-670efc27fab8" data-trackable="link">Baftas 2025 — Conclave and The Brutalist share the top honours</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/185e2e9d-2642-4b2b-b2e0-99751841b07a" data-trackable="link">Copyright battles loom over artists and AI</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=/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" 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><div data-reactroot=""><div id="n-exponea-top-slot"></div><div class="package__text package__nav--top package--basic" data-trackable="series-navigation-top"><div class="o-grid-container o-grid-container--bleed"><div class="o-grid-row o-grid-row--compact"><div data-o-grid-colspan="12"><div data-package-expander="true" data-o-component="o-expander" class="o-expander" data-o-expander-shrink-to="hidden" data-o-expander-collapsed-toggle-text="<span class='package__expander-label'>Show articles</span>" data-o-expander-expanded-toggle-text="<span class='package__expander-label'>Hide articles</span>"><div class="package__navbar"><div class="package__navbar-title"><a href="https://www.ft.com/content/f0416e22-ca9f-4f97-9c17-6c4c5c4ba8b3" class="package__reset-link" data-trackable="title"><span class="package__text--strong">FT Globetrotter’s global etiquette guide </span></a></div><button class="o-expander__toggle package__expander" aria-expanded="false" data-trackable="menu-toggle"><span class="package__expander-label">Show articles</span></button></div><div class="o-expander__content package__content" aria-hidden="true"><div class="package__content-menu" data-trackable="menu-contents"><ul class="package__reset-ul"><li class="package__content-border"><a href="/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" class="package__content-item package__content-item--current-page" data-trackable="menu-item"><div class="package__content-item-headline"><div class="package__text--strong">Currently reading:</div><span class="package__title">The new rules of the hotel pool</span></div></a></li><li class="package__content-border"><a href="/content/8ccf5518-1689-11ea-8d73-6303645ac406" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to British business etiquette</span></div></a></li><li class="package__content-border"><a href="/content/c2a47fc3-4f77-4e16-addd-b4b464f555e8" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">Karaoke in Tokyo with your boss: a strategic guide </span></div></a></li><li class="package__content-border"><a href="/content/78d16cda-3304-11ea-9703-eea0cae3f0de" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to business and social etiquette in Frankfurt</span></div></a></li><li class="package__content-border"><a href="/content/d0fb0efa-e932-49e7-beb3-bff6ddcda9c5" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">The unwritten rules of the great London pub quiz</span></div></a></li><li class="package__content-border"><a href="/content/682dc1ee-1da1-11ea-9186-7348c2f183af" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to business and social etiquette in New York City</span></div></a></li><li class="package__content-border"><a href="/content/0fde5ec7-a7b6-403b-bd70-fde537ea76a0" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">The dos and don’ts at top London hotels</span></div></a></li></ul><a href="https://www.ft.com/content/f0416e22-ca9f-4f97-9c17-6c4c5c4ba8b3" class="package__reset-link package__content-footer" data-trackable="see-all-button"><div class="package__prompt package__text--strong">See all <!-- -->9<!-- --> <!-- -->stories</div></a></div></div></div></div></div></div></div><div class="article-content"><div class="article-topper"><div class="o-topper article-topper o-topper--color-wheat o-topper--full-bleed-offset"><div class="o-topper__content" id="o-topper"><div class="o-topper__tags"><div class="topper__primary-theme"><a href="/globetrotter" class="o-topper__brand" data-trackable="primary-brand" aria-label="part of the FT Globetrotter column">FT Globetrotter<!-- --> </a><span><a href="/things-to-do-in-miami" class="o-topper__topic n-content-tag--with-follow js-primary-theme" data-trackable="primary-theme" aria-label="posted in category Things to do in Miami" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5">Things to do in Miami</a></span><form action="/myft/add/850ad112-3cb6-42f4-8574-1314be28bce5" data-js-action="/__myft/api/core/followed/concept/850ad112-3cb6-42f4-8574-1314be28bce5?method=put" class="n-myft-ui n-myft-ui--follow" method="GET" data-myft-ui="follow" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5" data-myft-ui-variant="followPlusInstantAlerts"><div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Things to do in Miami." data-unpressed-text="No longer following Things to do in Miami."></div><input type="hidden" data-myft-csrf-token="true" value="" name="token"/><button aria-label="Add Things to do in Miami to myFT" title="Add Things to do in Miami to myFT" data-alternate-label="Added Things to do in Miami to myFT: click to manage alert preferences or remove from myFT" aria-pressed="false" data-alternate-text="Added" class="n-myft-follow-button n-myft-follow-button--instant-alerts n-myft-follow-button--standard" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5" data-trackable="follow" type="submit" data-component-id="myft-follow-plus-instant-alerts">Add to myFT</button></form><div class="n-myft-ui__preferences-modal " data-component-id="myft-preferences-modal" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5"><div class="n-myft-ui__preferences-modal__content"><span class="o-forms-input o-forms-input--checkbox"><label for="receive-instant-alerts"><input type="checkbox" id="receive-instant-alerts" name="receive-instant-alerts" value="receive-instant-alerts" data-component-id="myft-preferences-modal-checkbox" data-trackable-context-concept_id="850ad112-3cb6-42f4-8574-1314be28bce5"/><span class="o-forms-input__label n-myft-ui__preferences-modal__checkbox__message">Get instant alerts for this topic</span></label></span><p data-component-id="myft-preferences-modal-list" class="n-myft-ui__preferences-modal__text"></p><a class="n-myft-ui__preferences-modal__text" href="/myft/alerts" data-trackable="pop-up-box|contact-preference" data-trackable-context-concept_id="850ad112-3cb6-42f4-8574-1314be28bce5">Manage your delivery channels here</a><span class="n-myft-ui__preferences-modal-error" data-component-id="myft-preference-modal-error"></span><button class="n-myft-ui__preferences-modal__remove-button" data-component-id="myft-preference-modal-remove" data-trackable="pop-up-box|remove-from-myFT" data-trackable-context-concept_id="850ad112-3cb6-42f4-8574-1314be28bce5">Remove from myFT</button></div></div></div></div><h1 class="o-topper__headline o-topper__headline--large"><span class="headline__text">The new rules of the hotel pool</span></h1><div class="o-topper__standfirst">How to navigate a delicate ecosystem, according to Miami’s waterside maestros. Warning: failure to adhere to this guidance may attract serious side-eye</div></div><div class="o-topper__background"></div><figure class="o-topper__visual"><picture class="o-topper__picture"><source media="(min-width: 491px) and (max-width: 1219px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A6c3d4db6-5d98-422a-95f8-acd5e4e133ce?source=next-article&fit=scale-down&quality=highest&width=800&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A6c3d4db6-5d98-422a-95f8-acd5e4e133ce?source=next-article&fit=scale-down&quality=highest&width=800&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A6c3d4db6-5d98-422a-95f8-acd5e4e133ce?source=next-article&fit=scale-down&quality=highest&width=800&dpr=3 3x" width="2488" height="1400"/><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Aa480c944-02b5-4a82-a762-fe2a7314f59c?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Aa480c944-02b5-4a82-a762-fe2a7314f59c?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Aa480c944-02b5-4a82-a762-fe2a7314f59c?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x" width="1870" height="1870"/><source media="(min-width: 1220px) and (max-width: 1439px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=1220&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=1220&dpr=2 2x" width="3069" height="1023"/><source media="(min-width: 1440px) and (max-width: 1919px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=1440&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=1440&dpr=2 2x" width="3069" height="1023"/><source media="(min-width: 1920px) and (max-width: 3839px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=1920&dpr=1 1x" width="3069" height="1023"/><source media="(min-width: 3840px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab83e1ac6-77ce-469a-9a9b-671d215e5898?source=next-article&fit=scale-down&quality=highest&width=3069&dpr=1 1x" width="3069" height="1023"/><img alt="" class="o-topper__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A6c3d4db6-5d98-422a-95f8-acd5e4e133ce?source=next-article&fit=scale-down&quality=highest&width=1440&dpr=1"/></picture></figure></div></div><article id="site-content" role="main" class="article article-grid article-grid--full-width-graphics" data-content-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-access-level="free" data-syndicatable="yes" data-article-type="full-width-graphics" data-cp-content-pipeline="true" data-feature-ads-pg="on" data-editorial-desk="/FT/Weekend"><div class="main-image"></div><div class="share-nav" data-trackable="share | top"><div class="share-nav__vertical" data-share-nav-vertical="true" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--vertical "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5&text=The%20new%20rules%20of%20the%20hotel%20pool&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M554.158 472.797L740.663 256H696.467L534.525 444.242L405.182 256H256L451.592 540.655L256 768H300.198L471.213 569.21L607.809 768H756.991L554.158 472.797ZM316.123 289.272H384.009L696.488 736.241H628.602L316.123 289.272Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->x<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5&t=The%20new%20rules%20of%20the%20hotel%20pool" data-trackable="facebook"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M550.162 768V534.446H625.725L636.955 443.476H550.162V385.335C550.162 359.033 557.204 341.037 593.558 341.037H640V259.56C632.006 258.373 604.407 256 572.431 256C505.433 256 459.753 298.518 459.753 376.436V443.674H384V534.643H459.753V768H550.162Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->facebook<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="linkedin"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M740.978 716.786V548.432C740.978 458.221 692.399 416.247 627.626 416.247C575.358 416.247 551.93 444.747 538.88 464.752V410.005L435.201 409.6C436.508 437.161 435.201 716.786 435.201 716.786H538.88V552.8C538.88 544.049 539.512 535.27 542.125 529.009C549.231 511.465 565.438 493.309 592.628 493.309C628.272 493.309 642.513 520.23 642.513 559.701V716.8L740.978 716.786Z"></path><path d="M332.488 384C364.215 384 384 361.225 384 332.779C383.416 303.714 364.229 281.6 333.099 281.6C301.969 281.6 281.6 303.7 281.6 332.779C281.6 361.225 301.358 384 331.918 384H332.488Z"></path><path d="M384 716.8V409.6H281.6V716.8H384Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->linkedin<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=The%20new%20rules%20of%20the%20hotel%20pool%20-%20https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="whatsapp"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M758.188 436.819C722.368 314.827 605.046 240.531 477.16 258.73C360.442 275.429 267.672 380.223 265.257 497.316C264.351 542.813 274.816 585.211 295.845 625.508C298.461 630.408 298.964 637.708 297.455 643.107C293.33 658.506 287.594 673.606 282.463 688.805L256 768C300.775 753.801 342.733 740.602 384.591 726.902C391.936 724.503 397.772 725.103 404.614 728.402C453.816 752.301 505.534 759.9 559.768 750.801C705.766 726.302 799.542 578.011 758.188 436.819V436.819ZM542.361 710.903C494.466 716.303 449.993 707.204 408.84 682.605C403.406 679.405 398.879 678.805 392.942 680.805C372.617 687.605 351.99 694.004 331.565 700.504C329.15 701.304 326.634 701.704 322.006 702.904C327.339 686.805 330.659 671.706 337.199 658.106C346.657 638.008 343.74 622.309 332.873 602.21C275.118 496.216 319.993 364.824 432.988 315.227C558.46 260.13 704.357 339.625 723.374 474.617C741.385 603.71 645.696 699.204 542.361 710.903V710.903ZM641.269 566.312C644.187 568.012 646.501 574.011 646.199 577.911C644.388 605.31 626.377 624.208 598.808 628.308C594.179 629.008 589.45 629.208 584.721 629.708L584.419 630.708C575.565 628.808 566.61 627.408 558.057 624.808C500.202 607.009 455.527 571.811 422.423 521.614C408.739 500.816 395.055 480.217 391.835 454.818C388.716 430.62 396.464 410.121 413.066 392.522C423.53 381.523 436.51 382.123 449.59 384.822C452.508 385.422 455.728 389.022 457.036 392.022C463.979 408.721 470.821 425.42 476.556 442.519C478.065 447.219 476.053 453.318 474.544 458.518C473.739 461.518 470.922 464.018 468.809 466.618C453.816 484.917 454.018 484.817 467.098 504.415C485.008 531.314 508.855 551.213 537.732 565.612C546.788 570.112 553.53 569.312 559.768 561.412C565 554.912 570.937 548.913 576.37 542.513C580.395 537.713 585.023 536.514 590.658 539.413C607.562 548.313 624.768 556.812 641.269 566.312"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->whatsapp<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-myft-ui="saved" action="/myft/save/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-js-action="/__myft/api/core/saved/content/43527e66-2feb-45fc-8e74-0e2112a1fce5?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="article-progress"></div><div id="share-modal-vertical"></div></div><div class="share-nav__horizontal" data-share-nav-vertical="false" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--horizontal "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5&text=The%20new%20rules%20of%20the%20hotel%20pool&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M554.158 472.797L740.663 256H696.467L534.525 444.242L405.182 256H256L451.592 540.655L256 768H300.198L471.213 569.21L607.809 768H756.991L554.158 472.797ZM316.123 289.272H384.009L696.488 736.241H628.602L316.123 289.272Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->x<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5&t=The%20new%20rules%20of%20the%20hotel%20pool" data-trackable="facebook"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M550.162 768V534.446H625.725L636.955 443.476H550.162V385.335C550.162 359.033 557.204 341.037 593.558 341.037H640V259.56C632.006 258.373 604.407 256 572.431 256C505.433 256 459.753 298.518 459.753 376.436V443.674H384V534.643H459.753V768H550.162Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->facebook<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="linkedin"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M740.978 716.786V548.432C740.978 458.221 692.399 416.247 627.626 416.247C575.358 416.247 551.93 444.747 538.88 464.752V410.005L435.201 409.6C436.508 437.161 435.201 716.786 435.201 716.786H538.88V552.8C538.88 544.049 539.512 535.27 542.125 529.009C549.231 511.465 565.438 493.309 592.628 493.309C628.272 493.309 642.513 520.23 642.513 559.701V716.8L740.978 716.786Z"></path><path d="M332.488 384C364.215 384 384 361.225 384 332.779C383.416 303.714 364.229 281.6 333.099 281.6C301.969 281.6 281.6 303.7 281.6 332.779C281.6 361.225 301.358 384 331.918 384H332.488Z"></path><path d="M384 716.8V409.6H281.6V716.8H384Z"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->linkedin<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=The%20new%20rules%20of%20the%20hotel%20pool%20-%20https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="whatsapp"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M758.188 436.819C722.368 314.827 605.046 240.531 477.16 258.73C360.442 275.429 267.672 380.223 265.257 497.316C264.351 542.813 274.816 585.211 295.845 625.508C298.461 630.408 298.964 637.708 297.455 643.107C293.33 658.506 287.594 673.606 282.463 688.805L256 768C300.775 753.801 342.733 740.602 384.591 726.902C391.936 724.503 397.772 725.103 404.614 728.402C453.816 752.301 505.534 759.9 559.768 750.801C705.766 726.302 799.542 578.011 758.188 436.819V436.819ZM542.361 710.903C494.466 716.303 449.993 707.204 408.84 682.605C403.406 679.405 398.879 678.805 392.942 680.805C372.617 687.605 351.99 694.004 331.565 700.504C329.15 701.304 326.634 701.704 322.006 702.904C327.339 686.805 330.659 671.706 337.199 658.106C346.657 638.008 343.74 622.309 332.873 602.21C275.118 496.216 319.993 364.824 432.988 315.227C558.46 260.13 704.357 339.625 723.374 474.617C741.385 603.71 645.696 699.204 542.361 710.903V710.903ZM641.269 566.312C644.187 568.012 646.501 574.011 646.199 577.911C644.388 605.31 626.377 624.208 598.808 628.308C594.179 629.008 589.45 629.208 584.721 629.708L584.419 630.708C575.565 628.808 566.61 627.408 558.057 624.808C500.202 607.009 455.527 571.811 422.423 521.614C408.739 500.816 395.055 480.217 391.835 454.818C388.716 430.62 396.464 410.121 413.066 392.522C423.53 381.523 436.51 382.123 449.59 384.822C452.508 385.422 455.728 389.022 457.036 392.022C463.979 408.721 470.821 425.42 476.556 442.519C478.065 447.219 476.053 453.318 474.544 458.518C473.739 461.518 470.922 464.018 468.809 466.618C453.816 484.917 454.018 484.817 467.098 504.415C485.008 531.314 508.855 551.213 537.732 565.612C546.788 570.112 553.53 569.312 559.768 561.412C565 554.912 570.937 548.913 576.37 542.513C580.395 537.713 585.023 536.514 590.658 539.413C607.562 548.313 624.768 556.812 641.269 566.312"></path></svg></div><span class="o-share__text">The new rules of the hotel pool<!-- --> on <!-- -->whatsapp<!-- --> (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-myft-ui="saved" action="/myft/save/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-js-action="/__myft/api/core/saved/content/43527e66-2feb-45fc-8e74-0e2112a1fce5?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="share-modal-horizontal"></div></div><span class="myft-ui-create-list-variant-announcement o-normalise-visually-hidden" role="region" aria-live="assertive"></span></div><div class="article__content" data-trackable="article-body" data-component="article-body"><div class="article-info"><div class="article-info__time-byline"><p class="article-info__byline"><a class="n-content-tag--author" href="/niki-blasina" data-trackable="author">Niki Blasina</a>. Illustrations by Agathe Bray-Bourret</p> <time data-o-component="o-date" class="article-info__timestamp o-date" dateTime="2024-11-22T05:00:31.617Z">November 22 2024</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-o-comments-title="The new rules of the hotel pool" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><div class="article__content-sign-up"><div class="article__content-sign-up-topic-title">Unlock the Editor’s Digest for free</div><p class="article__content-sign-up-topic-description"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.</span></p><iframe class="article__content-sign-up-iframe close" scrolling="no" id="signUpIframe" data-prev-url="/register/in-article-sign-up?ft-content-uuid=43527e66-2feb-45fc-8e74-0e2112a1fce5"></iframe></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p><em>This article is part of FT Globetrotter’s </em><a href="https://www.ft.com/globetrotter/miami" data-trackable="link"><em>guide to Miami</em></a></p><p>You can almost hear the familiar, raspy voiceover of the world’s most celebrated nature documentarian: we are observing a fragile environment, in which creatures of varying stripes and sizes have congregated near a glistening body of water. The young seek to play, tugging at their parents for attention; others desire rest, drinks in hand and beach reads on display. A uniformed crew hustle to ensure harmony and contentment among all, observing, advising, delivering. Someone pulls out a phone. And the side-eyes start twitching. </p><p>This is the hotel pool, an ecosystem ruled by the practice of often unspoken behavioural codes. In Miami, a fast-growing hub for luxury, capital and influence (er, influencers), with technology increasingly present, swimming-pool etiquette is evolving and more important than ever, particularly during winter months when tourism to the Sunshine State is at its peak. Hotels each have their own pool conventions and suggested protocol (and often multiple pools, each with different rules); some are more relaxed, others more stringent — but there is common ground. Here is our guide to the new rules of the hotel pool, with advice from some of Miami’s waterside maestros.</p><h3 class="n-content-heading-3">Photography and videography</h3><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A542fcaad-cfb1-415e-9b4e-4b43817434e2?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A542fcaad-cfb1-415e-9b4e-4b43817434e2?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A542fcaad-cfb1-415e-9b4e-4b43817434e2?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2128" height="1419"/><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac3941d09-0395-497f-9ccd-33f65351e7d8?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac3941d09-0395-497f-9ccd-33f65351e7d8?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac3941d09-0395-497f-9ccd-33f65351e7d8?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x" width="1887" height="1643"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F542fcaad-cfb1-415e-9b4e-4b43817434e2.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="" data-image-type="image" width="2128" height="1419" loading="lazy"/></picture></figure><p>With a smartphone and therefore a camera attached to the end of every guest’s arm, photography has become a particularly fraught subject, especially when it comes to the time- and space-consuming gathering of social media content. “Technology is taking over,” says Rodrigo Falcon, director of guest experience at the luxurious <a href="https://www.fourseasons.com/surfside/" data-trackable="link">Four Seasons at the Surf Club</a>, tall and bronzed in a uniform of polo shirt and shorts, who has led the pool crew here for five years. </p><p>“Sometimes when people take too many pictures, we have to ask them to stop,” he says. “Our guests want privacy, so we have zero tolerance for people taking pictures of other guests.” He advises those who want to take pictures to be conscious of others, and he’s happy to help camera-happy influencer types speed things along. “I’m normally the photographer,” he says. “I guide them where to take the best pictures.”</p><p><a href="https://www.thesetaihotel.com/" data-trackable="link">The Setai</a>, a sceney upscale hotel in South Beach, takes a firmer approach. “We encourage guests not to take pictures,” says Vitalii Andriianov, the head of pool and beach staff, who after winning the green card lottery in 2017 moved to Miami from his home in Siberia, where he was an oil and mining engineer. He cites the hotel’s draw for VIP and celebrity guests who might be nervous with cameras around (Drake is apparently a regular). “But a selfie in a pool cabana is fine,” he adds. Discretion is the rule. Don’t even think about bringing a drone.</p><h3 class="n-content-heading-3">Other new-school considerations</h3><p>Portable speakers are another modern concern that hotel guests and pool attendants increasingly encounter — and they are categorically not allowed, so bring headphones (Andriianov says his poolside staff will provide a pair to anyone who needs them). And while etiquette around smoking has historically been a faultline (it’s banned at most pools and, as of last year, at Miami’s beaches), the use of vapes and e-cigarettes has now come to the fore. </p><p>“Vaping is a sensitive question,” Andriianov says. Choose your e-cig wisely, and be prepared to put it away: “If it’s without smoke, it’s allowed, but if there’s too much [vapour] it’s not allowed, so no one has to breathe it.” Falcon says he might ask guests to move to an area that’s further from the pool and other people, so they can vape without bothering anyone. </p><p>Navigating old-school questions of etiquette can still be a minefield for travellers too. Can you reserve chairs? Do you tip pool attendants? Where are children permitted? Are there rules around drinking?</p><h3 class="n-content-heading-3">Reserving chairs</h3><p>Both Falcon and Andriianov say there’s no need to reserve your own chairs. They suggest letting an attendant know around breakfast time when you’re planning to head to the pool (and any seating preferences) and they’ll have a place ready. If you’re not on time, expect the spot to be held for 30-45 minutes, “then we release the chairs”, Falcon says.</p><h3 class="n-content-heading-3">Tipping</h3><p>And should you tip for their service? In short, yes. “It’s hard work,” Andriianov says, smartly dressed in a navy-blue suit, his uniform for the pool deck. “The sun doesn’t spare anyone.” The automatic service charge on bills for poolside food and drink often goes to servers, not the pool attendants, so they are always grateful to be acknowledged. “It makes both sides happy — people feel good when they leave or get a tip,” Andriianov says. As for how much to leave, “it’s whatever people feel is appropriate”. (A 20 per cent tip for any service is standard across the board in Miami.)</p><p>Falcon says that at luxury hotels such as the Four Seasons, one of the city’s more expensive stays, the level of service they provide is reflected in the room rate, though tips are certainly appreciated. “Sometimes guests tip each day of a stay, at the end or at the beginning,” he says. Tips usually range between $20-$100 per day, but $20 is the norm.</p><h3 class="n-content-heading-3">Family-friendliness</h3><p>As for kids, family-friendly hotels usually have swimming pools that are specifically reserved for children, and the general rule is to be mindful of noise levels and safety — so no running. Poolside games and toys are often provided, but “we don’t allow big toys, like waterguns”, says Andriianov. </p><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab54596b2-106d-4535-85bf-ec79cd795282?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab54596b2-106d-4535-85bf-ec79cd795282?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ab54596b2-106d-4535-85bf-ec79cd795282?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2173" height="1449"/><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A94e371ef-3968-4111-8db6-57657ad26596?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A94e371ef-3968-4111-8db6-57657ad26596?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A94e371ef-3968-4111-8db6-57657ad26596?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A94e371ef-3968-4111-8db6-57657ad26596?source=next-article&fit=scale-down&quality=highest&width=490&dpr=4 4x" width="2012" height="1449"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb54596b2-106d-4535-85bf-ec79cd795282.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="" data-image-type="image" width="2173" height="1449" loading="lazy"/></picture></figure><p>Family-friendliness extends to dogs, which are a more regular presence post-pandemic as people increasingly travel with their pets. Dogs can be in pool areas, but on a lead or in a bed (or, in Miami, a bag). “We sit them in the shade with water and treats,” Falcon says. “But we have to be aware that not everyone likes dogs, so we have to control where they sit.” </p><p>I ask about PDA (public displays of affection), having recently witnessed a swimmer attempting to dodge a couple wrapped around each other like octopuses, attached at the mouth, adrift and unaware. Falcon says to remember that “you’re not in a house, you’re sharing space with others”. Sometimes he has to step in if he senses that a couple’s PDA is bothering other guests and might move them to a quieter pool or offer a complimentary cabana: “I’m not shy to tell the couple, but I find the right moment and the right words to explain [the situation].” (He also suggests heading to a pool as early in the day as possible if you’d like to swim laps.)</p><p>As for drinking? Go right ahead — but be aware of your environment. “I’m from Russia, I don’t care,” Andriianov says with a laugh. “We don’t have an issue [with drinking]. It’s not a party scene, but you can enjoy the environment and feel relaxed.”</p><h3 class="n-content-heading-3">Pool-party etiquette</h3><p>The party scene, another facet of Miami hotel-pool culture, is its own ecosystem of day drinking, DJs, dancing, poolside posing, peacocking and splashing about. Does etiquette differ, and are the rules as strict in an environment that’s meant to be loose? To find out I venture to the legendary <a href="https://www.fontainebleau.com/miamibeach/" data-trackable="link">Fontainebleau</a> hotel, which since it opened 70 years ago has welcomed every US president since Dwight D Eisenhower and been an axis for noted pleasure-seekers, including the likes of Frank Sinatra, Dean Martin and Liberace. </p><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A9a3af2bc-f12e-4556-b8fc-399d3ef58279?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A9a3af2bc-f12e-4556-b8fc-399d3ef58279?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x" width="2084" height="1677"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9a3af2bc-f12e-4556-b8fc-399d3ef58279.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="" data-image-type="image" width="2084" height="1677" loading="lazy"/></picture></figure><p>The pool deck at the Fontainebleau is vast and vibrant, with a total of 11 swimming pools, one of which is designated for partying — the Arkadia Day Club, an upbeat, merry-making set-up open Friday to Sunday from noon to 6pm. Hotel guests and the paying public ($500-$3,000 for a chair, daybed or cabana, depending on season) can expect live DJs (Calvin Harris will be hosting on New Year’s Eve), bachelor and bachelorette parties, and bottle service. The parties reach a peak during Art Basel, the Miami Grand Prix and Miami Swim Week. </p><p>“It’s designed to be a lush, adults-only tropical playground,” says Cole Boucher, founder of Essential Hospitality, the management company that oversees pool operations at Fontainebleau. But there are a few rules to bear in mind. Beverages should be consumed “safely and responsibly”, he says, and “when it comes to taking photos and videos at the pool, we recommend being mindful of people around you and capturing your memories without interfering with others making theirs. </p><p>“Remember, others might not be as excited to be photographed as you might be, so keep it to your friends and family in the shot,” he adds. And “if you’d like to smoke or vape, do so with mindfulness for the pool-goers around you. Keep a respectful distance, especially if food or beverages are around, and properly dispose of used cigarettes or cartridges.”</p><p>As for what to wear? Swimsuits, of course, but once you leave the pool deck for the bathrooms or other areas of the hotel, “resort attire must be worn at all times including shoes, tops, bottoms and cover-ups”.</p><p>Later that afternoon, seeking an environment categorically more low-key, I head to the quietest of my hotel’s pools with my laptop. Also present are five other adults, two school-age children, a chihuahua and an enormous fluffy Alsatian. The dogs are in the shade, on leads and relaxed, intermittently slurping their water bowls or nosing their humans for a pat. The parents remind the children to mind their splashing and “use inside voices”. Two men enjoying a few beers chat animatedly but at a considerate volume, and I quietly tap on my keyboard, with no need to have earphones in. Everyone seems satisfied. The system works.</p><p><em>Share your Miami poolside-etiquette tips in the comments below.</em> <em>And</em> <em>follow FT Globetrotter on Instagram at </em><a href="https://www.instagram.com/ftglobetrotter/" data-trackable="link"><em>@FTGlobetrotter</em></a></p><div class="n-content-layout" data-layout-name="card" data-layout-width="full-width"><div class="n-content-layout__container"><h3 class="n-content-heading-3">Cities with the FT</h3><div class="n-content-layout__slot"><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Aa7ede8a0-4b35-4622-b4c0-e611c1cccbd8?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Aa7ede8a0-4b35-4622-b4c0-e611c1cccbd8?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa7ede8a0-4b35-4622-b4c0-e611c1cccbd8.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="" data-image-type="image" loading="lazy"/></picture></figure><p>FT Globetrotter, our insider guides to some of the world’s greatest cities, offers expert advice on eating and drinking, exercise, art and culture — and much more</p><p>Find us in <a href="https://www.ft.com/globetrotter/miami" data-trackable="link">Miami</a>, <a href="https://www.ft.com/globetrotter/copenhagen" data-trackable="link">Copenhagen</a>, <a href="https://www.ft.com/globetrotter/paris" data-trackable="link">Paris</a>, <a href="https://www.ft.com/globetrotter/rome" data-trackable="link">Rome</a>, <a href="https://www.ft.com/globetrotter/london" data-trackable="link">London</a>, <a href="https://www.ft.com/globetrotter/tokyo" data-trackable="link">Tokyo</a>, <a href="https://www.ft.com/globetrotter/new-york-city" data-trackable="link">New York</a>, <a href="https://www.ft.com/globetrotter/frankfurt" data-trackable="link">Frankfurt</a>, <a href="https://www.ft.com/globetrotter/singapore" data-trackable="link">Singapore</a>, <a href="https://www.ft.com/globetrotter/hong-kong" data-trackable="link">Hong Kong</a>, <a href="https://www.ft.com/globetrotter/toronto" data-trackable="link">Toronto</a>, <a href="https://www.ft.com/globetrotter/madrid" data-trackable="link">Madrid</a>, <a href="https://www.ft.com/globetrotter/melbourne" data-trackable="link">Melbourne</a>, <a href="https://www.ft.com/globetrotter/zurich" data-trackable="link">Zürich</a>, <a href="https://www.ft.com/globetrotter/milan" data-trackable="link">Milan</a>, <a href="https://www.ft.com/globetrotter/vancouver" data-trackable="link">Vancouver</a>, <a href="https://www.ft.com/globetrotter/edinburgh" data-trackable="link">Edinburgh</a> and <a href="https://www.ft.com/globetrotter/venice" data-trackable="link">Venice</a></p></div></div></div><p><br/></p></article><script class="js-magnet-data" type="application/json">{"contentId":"43527e66-2feb-45fc-8e74-0e2112a1fce5","annotations":[{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Things to do in Miami","id":"850ad112-3cb6-42f4-8574-1314be28bce5","url":"https://www.ft.com/things-to-do-in-miami"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Miami","id":"9114e44a-b88c-49a8-9aad-179f1e42d364","url":"https://www.ft.com/miami"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Travel","id":"a234286c-3a51-43d6-8cf1-b9fa1588dfe2","url":"https://www.ft.com/travel"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Business travel","id":"e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b","url":"https://www.ft.com/business-travel"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/hasAuthor","prefLabel":"Niki Blasina","id":"6359b75b-5f13-425e-b946-e52e2863d616","url":"https://www.ft.com/niki-blasina"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Dwight Eisenhower","id":"0acadb39-c610-45c6-b53d-7201ecad9fb0","url":"https://www.ft.com/stream/0acadb39-c610-45c6-b53d-7201ecad9fb0"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Drake","id":"482d93ae-119c-439d-a072-5770c4cbb29e","url":"https://www.ft.com/stream/482d93ae-119c-439d-a072-5770c4cbb29e"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Instagram","id":"4fffeec7-9598-4f59-8444-11c7fa2e8803","url":"https://www.ft.com/stream/4fffeec7-9598-4f59-8444-11c7fa2e8803"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Calvin Harris","id":"62281043-21c6-3567-be69-9633edb223a1","url":"https://www.ft.com/stream/62281043-21c6-3567-be69-9633edb223a1"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Four Seasons Hotels Inc","id":"67f9b037-dc94-4245-8279-9058645528cf","url":"https://www.ft.com/stream/67f9b037-dc94-4245-8279-9058645528cf"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Financial Times","id":"7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0","url":"https://www.ft.com/stream/7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Frank Sinatra","id":"f5e5ecaa-f487-4546-897a-cb9f6cc92918","url":"https://www.ft.com/stream/f5e5ecaa-f487-4546-897a-cb9f6cc92918"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Art Basel","id":"feeb9e34-ad2f-4a9e-9e21-3759b68a7f46","url":"https://www.ft.com/stream/feeb9e34-ad2f-4a9e-9e21-3759b68a7f46"},{"type":"GENRE","predicate":"http://www.ft.com/ontology/classification/isClassifiedBy","prefLabel":"Feature","id":"06610896-2754-4847-a48f-9363d18a8c5e","url":"https://www.ft.com/stream/06610896-2754-4847-a48f-9363d18a8c5e"},{"type":"BRAND","predicate":"http://www.ft.com/ontology/classification/isClassifiedBy","prefLabel":"FT Globetrotter","id":"0f24fbaf-7402-4717-b145-2c3381b47634","url":"https://www.ft.com/globetrotter"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/hasDisplayTag","prefLabel":"Things to do in Miami","id":"850ad112-3cb6-42f4-8574-1314be28bce5","url":"https://www.ft.com/things-to-do-in-miami"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Life & Arts","id":"0b83bc44-4a55-4958-882e-73ba6b2b0aa6","url":"https://www.ft.com/life-arts"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Southern United States","id":"12adb4a0-99c9-3637-9bb3-42489a7229c8","url":"https://www.ft.com/stream/12adb4a0-99c9-3637-9bb3-42489a7229c8"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"US","id":"3e2eb1c1-7ecd-4600-8cbb-c02ba53ced4b","url":"https://www.ft.com/us"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Miami travel","id":"3e3ae1e2-581f-495c-b226-81140b70dd5a","url":"https://www.ft.com/globetrotter/miami"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"North America","id":"4bfc6c35-6e2b-3dab-bc46-6b784a2505ce","url":"https://www.ft.com/stream/4bfc6c35-6e2b-3dab-bc46-6b784a2505ce"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"City breaks","id":"5bef8858-ef07-496b-ae4e-82fe31291a01","url":"https://www.ft.com/city-breaks"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Northern America","id":"69d2b310-09ed-30ab-8ad3-c921c9b19947","url":"https://www.ft.com/stream/69d2b310-09ed-30ab-8ad3-c921c9b19947"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Americas","id":"76ec50eb-1ebb-4931-8e34-8f601a16dcca","url":"https://www.ft.com/americas"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Work & Careers","id":"7ef5dd51-0ff2-4c7f-9ebb-4df5a301ef2a","url":"https://www.ft.com/work-careers"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"World","id":"82645c31-4426-4ef5-99c9-9df6e0940c00","url":"https://www.ft.com/world"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"North America holidays","id":"a4bdd432-ca2d-4686-bc4d-dd8401b2c991","url":"https://www.ft.com/travel/north-america"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Florida","id":"e2b597c1-5c0d-30f7-b8d6-73ed44d5af6f","url":"https://www.ft.com/stream/e2b597c1-5c0d-30f7-b8d6-73ed44d5af6f"},{"type":"BRAND","predicate":"http://www.ft.com/ontology/implicitlyClassifiedBy","prefLabel":"Financial Times","id":"dbb0bdae-1f0c-11e4-b0cb-b2227cce2b54","url":"https://www.ft.com"}]}</script><div class="magnet-cta js-magnet-cta" data-trackable="magnet-cta"></div></div><div class="article-tools" data-trackable="article-tools"><footer class="n-content-copyright"><a href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="link-copyright">Copyright</a> <!-- -->The Financial Times Limited <!-- -->2025<!-- -->.<!-- --> <span class="n-content-copyright__rights">All rights reserved.</span></footer><div class="article-tools__buttons"><a class="article-tools__reuse" data-trackable="reuse-content-button" target="_blank" rel="noreferrer" href="https://enterprise.ft.com/en-gb/services/republishing/republish-content-request?ft-content-uuid=43527e66-2feb-45fc-8e74-0e2112a1fce5">Reuse this content<!-- --> <span class="o-normalise-visually-hidden">(opens in new window)</span></a><a class="article-tools__comments" data-trackable="view-comments-button" title="Jump to comments section" aria-label="click to go to the comment section" href="#comments-anchor"><span data-o-component="o-comments" data-o-comments-article-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-o-comments-count="false"></span> <!-- -->Comments<span class="o-normalise-visually-hidden">Jump to comments section</span></a></div></div><div class="article__right" data-component="article-rhr"></div><div class="promoted-content__container"><h2 class="h2-promoted-content follow-tags__title" hidden="">Promoted Content</h2><div class="o-ads o-ads--center native-ad__package" data-o-ads-init="true" data-o-ads-name="native-ad__package" data-o-ads-targeting="pos=native&format=stacked&appname=article" data-o-ads-formats="MediumRectangle" data-o-ads-formats-default="PartnerContent"></div></div><div class="onward-journey onward-journey--package"><div class="package__text package__nav--end package--basic" data-trackable="series-navigation-end"><div class="package__nav--end__header"><div class="package__nav--end__teaser"><div class="package__nav--end__title"><h2 class="package__nav--end__title-text package__text package__text--strong">Explore the <!-- -->series</h2></div><div class="o-teaser o-teaser--article o-teaser--large o-teaser--large-portrait o-teaser--has-image js-teaser" data-id="43527e66-2feb-45fc-8e74-0e2112a1fce5"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">READ MORE</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/f0416e22-ca9f-4f97-9c17-6c4c5c4ba8b3" aria-label="Category: FT Globetrotter’s global etiquette guide ">FT Globetrotter’s global etiquette guide </a></div><div class="o-teaser__heading"><a href="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="heading-link" class="js-teaser-heading-link">The new rules of the hotel pool</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="aspect-ratio:2488/1400"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F6c3d4db6-5d98-422a-95f8-acd5e4e133ce.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=340" alt=""/></div></a></div></div></div></div><div class="package__content-menu" data-trackable="menu-contents"><ul class="package__reset-ul"><li class="package__content-border"><a href="/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" class="package__content-item package__content-item--current-page" data-trackable="menu-item"><div class="package__content-item-headline"><div class="package__text--strong">Currently reading:</div><span class="package__title">The new rules of the hotel pool</span></div></a></li><li class="package__content-border"><a href="/content/8ccf5518-1689-11ea-8d73-6303645ac406" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to British business etiquette</span></div></a></li><li class="package__content-border"><a href="/content/c2a47fc3-4f77-4e16-addd-b4b464f555e8" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">Karaoke in Tokyo with your boss: a strategic guide </span></div></a></li><li class="package__content-border"><a href="/content/78d16cda-3304-11ea-9703-eea0cae3f0de" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to business and social etiquette in Frankfurt</span></div></a></li><li class="package__content-border"><a href="/content/d0fb0efa-e932-49e7-beb3-bff6ddcda9c5" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">The unwritten rules of the great London pub quiz</span></div></a></li><li class="package__content-border"><a href="/content/682dc1ee-1da1-11ea-9186-7348c2f183af" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">A guide to business and social etiquette in New York City</span></div></a></li><li class="package__content-border"><a href="/content/0fde5ec7-a7b6-403b-bd70-fde537ea76a0" class="package__content-item " data-trackable="menu-item"><div class="package__content-item-headline"><span class="package__title">The dos and don’ts at top London hotels</span></div></a></li></ul><a href="https://www.ft.com/content/f0416e22-ca9f-4f97-9c17-6c4c5c4ba8b3" class="package__reset-link package__content-footer" data-trackable="see-all-button"><div class="package__prompt package__text--strong">See all <!-- -->9<!-- --> <!-- -->stories</div></a></div></div></div><section class="native-ad o-teaser-collection" role="region" data-trackable="commercial-content" aria-labelledby="native-ad-title"><div class="o-teaser-collection__heading o-teaser-collection__heading--half-width native-ad__heading"></div><div class="o-grid-row"><div data-o-grid-colspan="12"><div class="o-ads o-ads--center native-ad__first" data-o-ads-init="true" data-o-ads-name="native-ad__first" data-o-ads-targeting="pos=native&format=stacked&appname=article" data-o-ads-formats="MediumRectangle" data-o-ads-formats-default="PartnerContent"></div></div><div data-o-grid-colspan="12"><div class="o-ads o-ads--center native-ad__second" data-o-ads-init="true" data-o-ads-name="native-ad__second" data-o-ads-targeting="pos=native&format=stacked&appname=article" data-o-ads-formats="MediumRectangle" data-o-ads-formats-default="PartnerContent"></div></div></div></section><div class="article-content__concepts"><div><div class="concept-list" data-trackable="mentions"> <h2 class="concept-list__title"> Follow the topics in this article </h2> <ul class="concept-list__list"> <li class="concept-list__list-item"> <a href="/things-to-do-in-miami" data-trackable="concept" class="concept-list__concept"> Things to do in Miami </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5" action="/myft/add/850ad112-3cb6-42f4-8574-1314be28bce5" data-js-action="/__myft/api/core/followed/concept/850ad112-3cb6-42f4-8574-1314be28bce5?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Things to do in Miami." data-unpressed-text="No longer following Things to do in Miami." ></div> <button aria-pressed="false" aria-label="Add to myFT: Things to do in Miami" title="Add Things to do in Miami to myFT" data-alternate-label="Added Things to do in Miami to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="850ad112-3cb6-42f4-8574-1314be28bce5" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/travel" data-trackable="concept" class="concept-list__concept"> Travel </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="a234286c-3a51-43d6-8cf1-b9fa1588dfe2" action="/myft/add/a234286c-3a51-43d6-8cf1-b9fa1588dfe2" data-js-action="/__myft/api/core/followed/concept/a234286c-3a51-43d6-8cf1-b9fa1588dfe2?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Travel." data-unpressed-text="No longer following Travel." ></div> <button aria-pressed="false" aria-label="Add to myFT: Travel" title="Add Travel to myFT" data-alternate-label="Added Travel to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="a234286c-3a51-43d6-8cf1-b9fa1588dfe2" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/business-travel" data-trackable="concept" class="concept-list__concept"> Business travel </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b" action="/myft/add/e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b" data-js-action="/__myft/api/core/followed/concept/e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Business travel." data-unpressed-text="No longer following Business travel." ></div> <button aria-pressed="false" aria-label="Add to myFT: Business travel" title="Add Business travel to myFT" data-alternate-label="Added Business travel to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="e6f1ae19-c31a-4552-a0e0-5b7352a4ce1b" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/miami" data-trackable="concept" class="concept-list__concept"> Miami </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="9114e44a-b88c-49a8-9aad-179f1e42d364" action="/myft/add/9114e44a-b88c-49a8-9aad-179f1e42d364" data-js-action="/__myft/api/core/followed/concept/9114e44a-b88c-49a8-9aad-179f1e42d364?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Miami." data-unpressed-text="No longer following Miami." ></div> <button aria-pressed="false" aria-label="Add to myFT: Miami" title="Add Miami to myFT" data-alternate-label="Added Miami to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="9114e44a-b88c-49a8-9aad-179f1e42d364" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/globetrotter" data-trackable="concept" class="concept-list__concept"> FT Globetrotter </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="0f24fbaf-7402-4717-b145-2c3381b47634" action="/myft/add/0f24fbaf-7402-4717-b145-2c3381b47634" data-js-action="/__myft/api/core/followed/concept/0f24fbaf-7402-4717-b145-2c3381b47634?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following FT Globetrotter." data-unpressed-text="No longer following FT Globetrotter." ></div> <button aria-pressed="false" aria-label="Add to myFT: FT Globetrotter" title="Add FT Globetrotter to myFT" data-alternate-label="Added FT Globetrotter to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="0f24fbaf-7402-4717-b145-2c3381b47634" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> </ul> </div></div></div><div class="comments-container"><h2 class="standalone-teaser-heading">Comments</h2><div id="comments-anchor"><div class="comments"><div class="comments__rum-indicator"></div><div class="o-comments" id="o-comments-stream" data-o-component="o-comments" data-o-comments-use-staging-environment="false" data-o-comments-article-id="43527e66-2feb-45fc-8e74-0e2112a1fce5" data-o-comments-title="The new rules of the hotel pool" data-o-comments-article-url="https://www.ft.com/content/43527e66-2feb-45fc-8e74-0e2112a1fce5"></div></div></div></div><div class="comments-rhr"></div></article></div></div></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%22article%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%22article%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--unselected" href="/" data-trackable="Home">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="/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=/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"article","product":"next","edition":"international","appVersion":"cac86d6f0062599a7f96f2aa66d8d526c96363f9","abTestState":"messageSlotBottom:cookieConsentC,chartbeat:control,articlecommunitypromoevent:variant2,articleJourneyTestsX:variant1,appleSignUpForBuyFlowTest:variant,ads-pg-article:variant,adsmvt2:variant-2","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.2.1","contentId":"43527e66-2feb-45fc-8e74-0e2112a1fce5","contentType":"Article"}</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,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"articleJourneyTestsX":"variant1","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,"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,"ads-pg-article":"variant","adsmvt2":"variant-2"}</script></body></html>