CINXE.COM

Rana Foroohar

<!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>Rana Foroohar</title><link rel="canonical" href="https://www.ft.com/rana-foroohar"/><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">{"@type":"Person","@context":"http://schema.org","name":"Rana Foroohar","image":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source=next-stream-page&width=200&height=200&quality=highest","email":"rana.foroohar@ft.com","jobTitle":"Global Business Columnist and Associate Editor","sameAs":["https://www.twitter.com/@RanaForoohar"],"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"]}}</script><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"https://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="Rana Foroohar"/><meta property="og:description"/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source=next-opengraph&amp;fit=scale-down&amp;width=900"/><meta property="og:url" content="https://www.ft.com/rana-foroohar"/><meta property="og:type" content="website"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/rana-foroohar"/><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&amp;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&amp;format=png&amp;width=32&amp;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&amp;format=png&amp;width=194&amp;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&amp;format=png&amp;width=180&amp;height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/rana-foroohar?format=rss"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.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&amp;font_name=MetricWeb-Regular&amp;system_code=page-kit&amp;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&amp;font_name=MetricWeb-Semibold&amp;system_code=page-kit&amp;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&amp;font_name=FinancierDisplayWeb-Regular&amp;system_code=page-kit&amp;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&amp;font_name=FinancierDisplayWeb-Bold&amp;system_code=page-kit&amp;version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-layout-styles.63c04a8373b0.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.1d1d3640e3c7.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.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 } const scriptHost = new URL(script).hostname if (/enhanced/.test(doc.className)) { if (scriptHost === 'www.ft.com') { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } else { console.warn('Third-party script, not reverting to core experience') // eslint-disable-line no-console } } 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><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></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=/rana-foroohar" 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=/rana-foroohar" 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 &amp; 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/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/56b9c745-22f7-4494-b790-37be4c61f6ae" data-trackable="link">Billionaire financiers lambast Trump tariffs</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="/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 &amp; Policy</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/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/56b9c745-22f7-4494-b790-37be4c61f6ae" data-trackable="link">Billionaire financiers lambast Trump tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</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 &amp; 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/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/07f90b17-6348-40f0-bd45-15e48b82b827" data-trackable="link">Prices for used Teslas drop in US and Britain</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7aaea62c-f9f4-4f09-b474-f79edba09a94" data-trackable="link">‘A steadying of the market’: how Fox News sees the Trump trade war</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/316d582f-6d7a-4432-a702-be3de4a70c7d" data-trackable="link">Can Nintendo’s Switch 2 revive a stagnant gaming industry?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2f65bc21-c99e-4c0d-bdba-51eba8ec7ef3" data-trackable="link">UK government attempt to keep Apple challenge private rejected </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/111dc9d7-9c55-4d75-8cde-94c4dd4433ed" data-trackable="link">Bain Capital nears $2.6bn deal to buy Blackstone-backed HealthEdge</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/673502fb-42dd-4120-8f52-2034dd593936" data-trackable="link">Samsung boosts profits as customers stockpile chips ahead of US tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fec4d619-301e-41af-ab2a-0d47b32de781" data-trackable="link">XTX earnings surge on last year’s market rally</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="https://professional-monetary-policy-radar.ft.com/" data-trackable="link">Monetary Policy Radar</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/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e21f97b1-cd31-4eb3-b016-2c4c8336946e" data-trackable="link">When to buy the dip</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/901a7a75-2f68-4abd-9ec2-246a3d9b3105" data-trackable="link">Did an anonymous X account send markets reeling today?</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/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e21f97b1-cd31-4eb3-b016-2c4c8336946e" data-trackable="link">When to buy the dip</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/91879b7b-c492-4329-a412-ab597ca96b04" data-trackable="link">The hopeful tariff endgame isn’t so hopeful</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</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 &amp; Careers">Work &amp; 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 &amp; 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 &amp; 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&#x27;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/11cfc58a-a223-47db-bc68-42c8ba4a8b74" data-trackable="link">Universities should not be greedy with technology spin-offs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3f2f0de2-b6a8-4a80-abf1-76f053b30d70" data-trackable="link">ExxonMobil chief’s pay boosted by 19% to $44.1mn</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6bab180c-f76c-40a3-b04c-c93008591cc9" data-trackable="link">Virgin Atlantic’s Shai Weiss: ‘In aviation, you need to be paranoid’</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cbaae544-f9a5-42e1-90ce-11b5c7754308" data-trackable="link">In the ethical arms industry we don’t sell weapons, we sell freedom</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d715e7e3-882b-4d53-8413-e66bd89ac120" data-trackable="link">FTSE 100 companies push to boost executive pay and fast-track reviews</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 &amp; Arts">Life &amp; 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 &amp; 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 &amp; 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 &amp; 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 &amp; Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/44a6ed2a-5611-44a2-b479-8b702ed71cf6" data-trackable="link">Protecting ‘Australianess’ in the Netflix age </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7aed2567-4d9c-4444-8b5f-3f5b717ef2eb" data-trackable="link">Proof that postcode snobbery is real— as if we needed it </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/07e5f7e0-47d8-4eae-b5f3-1d4e96327b39" data-trackable="link">Hot property: five thatched homes for sale</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3c1d1afa-9822-4d16-b1c2-1ea50824383d" data-trackable="link">George Clooney offers a warning from the past in Good Night, and Good Luck</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 &amp; Careers" tabindex="-1">Work &amp; 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 &amp; Arts" tabindex="-1">Life &amp; 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=/rana-foroohar" 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 class="o-ads advert--mini-billboard" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="FullBleedResponsive,OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large=false data-o-ads-formats-extra=false aria-hidden="true"> </div> <script type="application/json" id="stream-page-meta"> {"pageAttributes":{"isPage":1,"hasSubHeader":"author"}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header sub-header--author" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title sub-header__section--has-img sub-header__section--has-strapline" data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> Rana Foroohar </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="d24990d1-2aec-4d72-8330-cb1c73532f49" action="/myft/add/d24990d1-2aec-4d72-8330-cb1c73532f49" data-js-action="/__myft/api/core/followed/concept/d24990d1-2aec-4d72-8330-cb1c73532f49?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 Rana Foroohar." data-unpressed-text="No longer following Rana Foroohar." ></div> <button aria-pressed="false" aria-label="Add to myFT: Rana Foroohar" title="Add Rana Foroohar to myFT" data-alternate-label="Added Rana Foroohar to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="d24990d1-2aec-4d72-8330-cb1c73532f49" data-trackable="follow" type="submit">Add to myFT</button> </form> <div class="sub-header__image-wrapper--author"> <img alt="" aria-role="presentation" class="sub-header__image--author" src=https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FRanaFaroohar-byline_cutout-48f06865-5fb8-49e2-99f1-e2781d64d566.png?source&#x3D;next-stream-page&amp;width&#x3D;200&amp;height&#x3D;200&amp;quality&#x3D;highest> </div> <h2 class="sub-header__strapline"> Global Business Columnist and Associate Editor </h2> <div class="sub-header__description"><p>Rana Foroohar is global business columnist and associate editor at the Financial Times, based in New York. She is also CNN’s global economic analyst. Her first book, “Makers and Takers: The Rise of Finance and the Fall of American Business,” was shortlisted for the Financial Times McKinsey Book of the Year award in 2016. Her second book, “Don’t Be Evil: How Big Tech Betrayed Its Founding Principles – And All of Us,” released in 2019, was named Porchlight Business Book of the year. Her third book, “Homecoming: The Path to Prosperity in a Post-Global World,” was published by Crown in October 2022. </p><p>Prior to joining the FT and CNN, Foroohar spent 6 years at TIME, as assistant managing editor and economic columnist. She also spent 13 years at Newsweek, as an economic and foreign affairs editor and a foreign correspondent covering Europe and the Middle East. She is the recipient of the German Marshall Fund’s Peter Weitz Prize for transatlantic reporting, and has received awards and fellowships from institutions such as the Society for Advancing Business Editing and Writing (SABEW), the Newswoman’s Club of New York, the Johns Hopkins School of International Affairs and the East West Center.</p><p><a href="https://subs.ft.com/meet-the-journalists/rana-foroohar" target="">Meet Rana</a></p></div> <div class="sub-header__content--links"> <a href="mailto:rana.foroohar@ft.com" class="sub-header__content__link sub-header__content__link--email-address" data-trackable="send-email" > <i></i> <span>Email Rana Foroohar</span> </a> <a target="_blank" href="https://twitter.com/RanaForoohar" class="sub-header__content__link sub-header__content__link--twitter-handle" data-trackable="twitter-page" > <i></i> <span>@RanaForoohar</span><span class="o-normalise-visually-hidden">&nbsp; on Twitter (link opens in a new browser window)</span> </a> </div> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="d24990d1-2aec-4d72-8330-cb1c73532f49"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-07T13:00:46.334Z">Monday, 7 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="936726db-f099-44fc-ba9d-b4c7244d88e5" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="936726db-f099-44fc-ba9d-b4c7244d88e5"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/936726db-f099-44fc-ba9d-b4c7244d88e5" data-trackable="heading-link" class="js-teaser-heading-link">Are we finally seeing the fall of Elon Musk?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/936726db-f099-44fc-ba9d-b4c7244d88e5" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Democrats have used Tesla to undermine the entrepreneur and to highlight oligarchs’ role in the Trump administration</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="936726db-f099-44fc-ba9d-b4c7244d88e5" data-myft-ui="saved" action="/myft/save/936726db-f099-44fc-ba9d-b4c7244d88e5" data-js-action="/__myft/api/core/saved/content/936726db-f099-44fc-ba9d-b4c7244d88e5?method=put" data-myft-ui-save-config=""> <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 Are we finally seeing the fall of Elon Musk? to myFT for later" aria-label="Save Are we finally seeing the fall of Elon Musk? to myFT for later" data-alternate-label="Are we finally seeing the fall of Elon Musk? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="936726db-f099-44fc-ba9d-b4c7244d88e5" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/936726db-f099-44fc-ba9d-b4c7244d88e5" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3b5aa198-00a7-4f8a-95c6-7b4c873adbdd.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A man places a sign outside a Tesla dealership during a protest against Tesla and Elon Musk outside a Tesla dealership in Los Angeles"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-07T04:00:34.721Z">Monday, 7 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4310f0d8-7747-48b8-8835-7ad0c6796a26" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="4310f0d8-7747-48b8-8835-7ad0c6796a26"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/education" aria-label="Category: Education">Education</a></div><div class="o-teaser__heading"><a href="/content/4310f0d8-7747-48b8-8835-7ad0c6796a26" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s attack on higher education</a></div><p class="o-teaser__standfirst"><a href="/content/4310f0d8-7747-48b8-8835-7ad0c6796a26" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">His targets are wrong, but reform is sorely needed</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4310f0d8-7747-48b8-8835-7ad0c6796a26" data-myft-ui="saved" action="/myft/save/4310f0d8-7747-48b8-8835-7ad0c6796a26" data-js-action="/__myft/api/core/saved/content/4310f0d8-7747-48b8-8835-7ad0c6796a26?method=put" data-myft-ui-save-config=""> <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 Trump’s attack on higher education to myFT for later" aria-label="Save Trump’s attack on higher education to myFT for later" data-alternate-label="Trump’s attack on higher education is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="4310f0d8-7747-48b8-8835-7ad0c6796a26" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4310f0d8-7747-48b8-8835-7ad0c6796a26" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F52b7ea42-df07-4834-afaa-65012bd6e5fa.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of a big glass building on a green casting a shadow over a small, old school building"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-05T04:00:38.566Z">Saturday, 5 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="51651288-a5b3-4141-a736-270575329ccd" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="51651288-a5b3-4141-a736-270575329ccd"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/19b2cbcf-4db2-4f7c-ba36-94270de66989" aria-label="Category: The best books of the week">The best books of the week</a></div><div class="o-teaser__heading"><a href="/content/51651288-a5b3-4141-a736-270575329ccd" data-trackable="heading-link" class="js-teaser-heading-link">When the Going Was Good by Graydon Carter — excesses, expenses and the glory days of New York’s mag men</a></div><p class="o-teaser__standfirst"><a href="/content/51651288-a5b3-4141-a736-270575329ccd" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The former Vanity Fair editor takes a nostalgic look back at an era when print was king and the publishing industry thrived</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="51651288-a5b3-4141-a736-270575329ccd" data-myft-ui="saved" action="/myft/save/51651288-a5b3-4141-a736-270575329ccd" data-js-action="/__myft/api/core/saved/content/51651288-a5b3-4141-a736-270575329ccd?method=put" data-myft-ui-save-config=""> <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 When the Going Was Good by Graydon Carter — excesses, expenses and the glory days of New York’s mag men to myFT for later" aria-label="Save When the Going Was Good by Graydon Carter — excesses, expenses and the glory days of New York’s mag men to myFT for later" data-alternate-label="When the Going Was Good by Graydon Carter — excesses, expenses and the glory days of New York’s mag men is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="51651288-a5b3-4141-a736-270575329ccd" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/51651288-a5b3-4141-a736-270575329ccd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2391%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5f9daaae-1214-4283-a420-fede03681677.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-31T13:00:50.303Z">Monday, 31 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="8197a9e7-870c-4005-9b47-dbc5d4885d1b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-trackable="heading-link" class="js-teaser-heading-link">Tariffs and their discontents</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">If it’s about ‘fairness’ rather than ‘inflation’, views shift</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-myft-ui="saved" action="/myft/save/8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-js-action="/__myft/api/core/saved/content/8197a9e7-870c-4005-9b47-dbc5d4885d1b?method=put" data-myft-ui-save-config=""> <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 Tariffs and their discontents to myFT for later" aria-label="Save Tariffs and their discontents to myFT for later" data-alternate-label="Tariffs and their discontents is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="8197a9e7-870c-4005-9b47-dbc5d4885d1b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/8197a9e7-870c-4005-9b47-dbc5d4885d1b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8c089e61-3e7c-4a0a-a053-f3bd6641042f.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-31T04:00:16.036Z">Monday, 31 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/trump-tariffs" aria-label="Category: Trump tariffs">Trump tariffs</a></div><div class="o-teaser__heading"><a href="/content/60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-trackable="heading-link" class="js-teaser-heading-link">The realpolitik of Trump’s tariffs</a></div><p class="o-teaser__standfirst"><a href="/content/60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The president’s trade policy is about power and security, not economics</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-myft-ui="saved" action="/myft/save/60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-js-action="/__myft/api/core/saved/content/60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92?method=put" data-myft-ui-save-config=""> <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 The realpolitik of Trump’s tariffs to myFT for later" aria-label="Save The realpolitik of Trump’s tariffs to myFT for later" data-alternate-label="The realpolitik of Trump’s tariffs is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/60bf5b3d-5e2b-44b8-a119-ffbd6dd6ba92" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F70916b9f-c4a8-4a00-8722-83974689d3a3.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A Matt Kenyon illustration of Donald Trump standing in front of a checkpoint gate with the US flag as a backdrop"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=top;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-24T13:00:15.743Z">Monday, 24 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="da357db5-77a0-4194-8bfd-05c4a60620ea" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="da357db5-77a0-4194-8bfd-05c4a60620ea"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/da357db5-77a0-4194-8bfd-05c4a60620ea" data-trackable="heading-link" class="js-teaser-heading-link">Will Trump make ships great again?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/da357db5-77a0-4194-8bfd-05c4a60620ea" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Every day brings a new drumbeat of maritime risk</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="da357db5-77a0-4194-8bfd-05c4a60620ea" data-myft-ui="saved" action="/myft/save/da357db5-77a0-4194-8bfd-05c4a60620ea" data-js-action="/__myft/api/core/saved/content/da357db5-77a0-4194-8bfd-05c4a60620ea?method=put" data-myft-ui-save-config=""> <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 Will Trump make ships great again? to myFT for later" aria-label="Save Will Trump make ships great again? to myFT for later" data-alternate-label="Will Trump make ships great again? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="da357db5-77a0-4194-8bfd-05c4a60620ea" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/da357db5-77a0-4194-8bfd-05c4a60620ea" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2083%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F890bf26e-c83b-4d2c-ac21-c12b344d9028.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="US Coast Guard Icebreaker Healy on a research cruise in the Chukchi Sea of the Arctic Ocean"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-23T16:00:54.192Z">Sunday, 23 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="37bfc009-cf92-434b-81a1-04b40ecc49c4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="37bfc009-cf92-434b-81a1-04b40ecc49c4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics &amp; policy">US politics &amp; policy</a></div><div class="o-teaser__heading"><a href="/content/37bfc009-cf92-434b-81a1-04b40ecc49c4" data-trackable="heading-link" class="js-teaser-heading-link">Why ships are the new chips</a></div><p class="o-teaser__standfirst"><a href="/content/37bfc009-cf92-434b-81a1-04b40ecc49c4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The Trump administration wants to make America’s maritime capacity great again </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="37bfc009-cf92-434b-81a1-04b40ecc49c4" data-myft-ui="saved" action="/myft/save/37bfc009-cf92-434b-81a1-04b40ecc49c4" data-js-action="/__myft/api/core/saved/content/37bfc009-cf92-434b-81a1-04b40ecc49c4?method=put" data-myft-ui-save-config=""> <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 Why ships are the new chips to myFT for later" aria-label="Save Why ships are the new chips to myFT for later" data-alternate-label="Why ships are the new chips is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="37bfc009-cf92-434b-81a1-04b40ecc49c4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/37bfc009-cf92-434b-81a1-04b40ecc49c4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb18ce5b7-248b-4979-ad5a-f7fd3d9ba463.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="An illustration of a person standing on a shrinking piece of ice at the North Pole, surrounded by container ships navigating through melted ice waters"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-22T04:00:00.000Z">Saturday, 22 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="971136df-f080-4d6c-9ab0-5e23ad98323b" data-stream-item> <div class="o-teaser o-teaser--audio o-teaser--small o-teaser--has-image js-teaser" data-id="971136df-f080-4d6c-9ab0-5e23ad98323b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-news-briefing" aria-label="Category: FT News Briefing podcast">FT News Briefing podcast</a><span class="o-teaser__tag-suffix">14 min listen</span></div><div class="o-teaser__heading"><a href="/content/971136df-f080-4d6c-9ab0-5e23ad98323b" data-trackable="heading-link" class="js-teaser-heading-link" aria-label="Listen to podcast Swamp Notes: Why Democrats can’t get their act together">Swamp Notes: Why Democrats can’t get their act together</a></div><p class="o-teaser__standfirst"><a href="/content/971136df-f080-4d6c-9ab0-5e23ad98323b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">President Trump is transforming the US at lightning speed. Democrats are struggling to keep up.</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="971136df-f080-4d6c-9ab0-5e23ad98323b" data-myft-ui="saved" action="/myft/save/971136df-f080-4d6c-9ab0-5e23ad98323b" data-js-action="/__myft/api/core/saved/content/971136df-f080-4d6c-9ab0-5e23ad98323b?method=put" data-myft-ui-save-config=""> <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 Swamp Notes: Why Democrats can’t get their act together to myFT for later" aria-label="Save Swamp Notes: Why Democrats can’t get their act together to myFT for later" data-alternate-label="Swamp Notes: Why Democrats can’t get their act together is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="971136df-f080-4d6c-9ab0-5e23ad98323b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/971136df-f080-4d6c-9ab0-5e23ad98323b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FNB_FT%2520App-Master%2520size_NEW%2520SYSTEM-9c7d96c6-0a45-4f7f-b529-a95cfed1b3a5.jpeg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-17T13:00:59.659Z">Monday, 17 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a86bf059-6f27-4ff8-b3c1-6e55610da92d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-trackable="heading-link" class="js-teaser-heading-link">What’s Trump’s strategy beyond tariffs?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">A shoot from the hip approach is unlikely to rebuild US industry</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-myft-ui="saved" action="/myft/save/a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-js-action="/__myft/api/core/saved/content/a86bf059-6f27-4ff8-b3c1-6e55610da92d?method=put" data-myft-ui-save-config=""> <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 What’s Trump’s strategy beyond tariffs? to myFT for later" aria-label="Save What’s Trump’s strategy beyond tariffs? to myFT for later" data-alternate-label="What’s Trump’s strategy beyond tariffs? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="a86bf059-6f27-4ff8-b3c1-6e55610da92d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a86bf059-6f27-4ff8-b3c1-6e55610da92d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc6fed1cc-2898-4ac6-8d7b-561d8c54696f.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="US President Donald Trump holds an executive order, flanked by commerce secretary Howard Lutnick, in the Oval Office"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-17T05:00:59.405Z">Monday, 17 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/d3022c39-5296-4f1b-bb29-e104acd9e9ee" aria-label="Category: Democratic Party US">Democratic Party US</a></div><div class="o-teaser__heading"><a href="/content/c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-trackable="heading-link" class="js-teaser-heading-link">The Democrats must make a choice</a></div><p class="o-teaser__standfirst"><a href="/content/c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">If they want to fight Trump, they have to know what they stand for</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-myft-ui="saved" action="/myft/save/c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-js-action="/__myft/api/core/saved/content/c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc?method=put" data-myft-ui-save-config=""> <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 The Democrats must make a choice to myFT for later" aria-label="Save The Democrats must make a choice to myFT for later" data-alternate-label="The Democrats must make a choice is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c4036ae5-22a0-4c9a-9afe-f3dc7e7979fc" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4f6d4628-446e-486a-af23-49e0b486a3e8.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of the Democratic party’s donkey logo, but with a head on both ends"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-10T13:00:24.903Z">Monday, 10 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="765b43ee-c055-49fb-bcd8-e6a94b263d4e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-trackable="heading-link" class="js-teaser-heading-link">What will a tripolar world look like? </a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">It will not go down well for US markets or for relations with traditional allies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-myft-ui="saved" action="/myft/save/765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-js-action="/__myft/api/core/saved/content/765b43ee-c055-49fb-bcd8-e6a94b263d4e?method=put" data-myft-ui-save-config=""> <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 What will a tripolar world look like? to myFT for later" aria-label="Save What will a tripolar world look like? to myFT for later" data-alternate-label="What will a tripolar world look like? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="765b43ee-c055-49fb-bcd8-e6a94b263d4e" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/765b43ee-c055-49fb-bcd8-e6a94b263d4e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2387%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F98d0c59d-5f14-49c0-95b5-d8324806b3a2.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="President Donald Trump speaks before signing an executive order in the Oval Office"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-10T05:00:32.844Z">Monday, 10 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="872966a0-fea5-464a-9392-f7e5e3335076" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="872966a0-fea5-464a-9392-f7e5e3335076"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/fund-management" aria-label="Category: Fund management">Fund management</a></div><div class="o-teaser__heading"><a href="/content/872966a0-fea5-464a-9392-f7e5e3335076" data-trackable="heading-link" class="js-teaser-heading-link">What will Trump mean for personal wealth? </a></div><p class="o-teaser__standfirst"><a href="/content/872966a0-fea5-464a-9392-f7e5e3335076" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Pension funds, retail investors and money managers are worrying about the future of American capital markets</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="872966a0-fea5-464a-9392-f7e5e3335076" data-myft-ui="saved" action="/myft/save/872966a0-fea5-464a-9392-f7e5e3335076" data-js-action="/__myft/api/core/saved/content/872966a0-fea5-464a-9392-f7e5e3335076?method=put" data-myft-ui-save-config=""> <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 What will Trump mean for personal wealth? to myFT for later" aria-label="Save What will Trump mean for personal wealth? to myFT for later" data-alternate-label="What will Trump mean for personal wealth? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="872966a0-fea5-464a-9392-f7e5e3335076" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/872966a0-fea5-464a-9392-f7e5e3335076" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4054625e-7586-40dd-8f77-39ced81e5cb9.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Matt Kenyon illustration of a broken jar on a shelf with gold coins falling out of the crack as an exasperated figure looks on"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-07T04:30:16.694Z">Friday, 7 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="922a8052-f0a6-4a5f-898e-7c3939e735ec" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="922a8052-f0a6-4a5f-898e-7c3939e735ec"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Special Report</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/f69487cd-377c-4367-9a39-8350f29830e1" aria-label="Category: Women in Business">Women in Business</a></div><div class="o-teaser__heading"><a href="/content/922a8052-f0a6-4a5f-898e-7c3939e735ec" data-trackable="heading-link" class="js-teaser-heading-link">Working women in the US and the new corporate culture</a></div><p class="o-teaser__standfirst"><a href="/content/922a8052-f0a6-4a5f-898e-7c3939e735ec" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Underlying trends will make it hard for politics to halt the feminisation of work</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="922a8052-f0a6-4a5f-898e-7c3939e735ec" data-myft-ui="saved" action="/myft/save/922a8052-f0a6-4a5f-898e-7c3939e735ec" data-js-action="/__myft/api/core/saved/content/922a8052-f0a6-4a5f-898e-7c3939e735ec?method=put" data-myft-ui-save-config=""> <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 Working women in the US and the new corporate culture to myFT for later" aria-label="Save Working women in the US and the new corporate culture to myFT for later" data-alternate-label="Working women in the US and the new corporate culture is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="922a8052-f0a6-4a5f-898e-7c3939e735ec" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/922a8052-f0a6-4a5f-898e-7c3939e735ec" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2801%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fee67f588-270e-4def-b6c3-a74f2d47469e.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A protester wearing a blue winter jacket holds a sign that reads “Diversity is Strength” in colorful letters"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-03T14:00:59.657Z">Monday, 3 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="89859469-4b81-4f22-a397-d7a8cd31bd42" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="89859469-4b81-4f22-a397-d7a8cd31bd42"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/89859469-4b81-4f22-a397-d7a8cd31bd42" data-trackable="heading-link" class="js-teaser-heading-link">What next for Ukraine?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/89859469-4b81-4f22-a397-d7a8cd31bd42" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Kyiv’s minerals deal with Washington is now on hold after Trump and Zelenskyy’s Oval Office clash</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="89859469-4b81-4f22-a397-d7a8cd31bd42" data-myft-ui="saved" action="/myft/save/89859469-4b81-4f22-a397-d7a8cd31bd42" data-js-action="/__myft/api/core/saved/content/89859469-4b81-4f22-a397-d7a8cd31bd42?method=put" data-myft-ui-save-config=""> <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 What next for Ukraine? to myFT for later" aria-label="Save What next for Ukraine? to myFT for later" data-alternate-label="What next for Ukraine? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="89859469-4b81-4f22-a397-d7a8cd31bd42" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/89859469-4b81-4f22-a397-d7a8cd31bd42" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2636%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F746fb9e5-0be2-4711-ab06-22a3bcdc1c0b.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Vice-president JD Vance speaks with Ukrainian President Volodymyr Zelenskyy in the Oval Office as President Donald Trump listens"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-03T05:00:37.301Z">Monday, 3 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="809cd697-8f3e-459a-bb2f-82754282ace5" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="809cd697-8f3e-459a-bb2f-82754282ace5"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/35edec46-ef7b-4f9b-b85a-25174e6e07fa" aria-label="Category: Tesla Inc">Tesla Inc</a></div><div class="o-teaser__heading"><a href="/content/809cd697-8f3e-459a-bb2f-82754282ace5" data-trackable="heading-link" class="js-teaser-heading-link">What Tesla’s tarnish tells us about America Inc</a></div><p class="o-teaser__standfirst"><a href="/content/809cd697-8f3e-459a-bb2f-82754282ace5" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Elon Musk’s company, like the US itself, seems like a sell </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="809cd697-8f3e-459a-bb2f-82754282ace5" data-myft-ui="saved" action="/myft/save/809cd697-8f3e-459a-bb2f-82754282ace5" data-js-action="/__myft/api/core/saved/content/809cd697-8f3e-459a-bb2f-82754282ace5?method=put" data-myft-ui-save-config=""> <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 What Tesla’s tarnish tells us about America Inc to myFT for later" aria-label="Save What Tesla’s tarnish tells us about America Inc to myFT for later" data-alternate-label="What Tesla’s tarnish tells us about America Inc is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="809cd697-8f3e-459a-bb2f-82754282ace5" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/809cd697-8f3e-459a-bb2f-82754282ace5" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F90766694-d108-4995-92e2-29bcca0ee06b.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of a Tesla driving down a sinking red graph line and going into quicksand"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-24T14:00:19.032Z">Monday, 24 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-trackable="heading-link" class="js-teaser-heading-link">Is Europe about to soar?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The future of the world might depend on its success </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-myft-ui="saved" action="/myft/save/6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-js-action="/__myft/api/core/saved/content/6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d?method=put" data-myft-ui-save-config=""> <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 Is Europe about to soar? to myFT for later" aria-label="Save Is Europe about to soar? to myFT for later" data-alternate-label="Is Europe about to soar? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/6d6d83f6-5f2e-4c7e-a2e7-f4152f67311d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb82b7123-c950-4708-863c-1af9ec7dcd28.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A man walks through the underground connection between the German parliament ‘Reichstag’ building and the Paul Loebe House"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-24T05:00:17.749Z">Monday, 24 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="63a413b7-1d02-4865-917e-1a99bbb0e135" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="63a413b7-1d02-4865-917e-1a99bbb0e135"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics &amp; policy">US politics &amp; policy</a></div><div class="o-teaser__heading"><a href="/content/63a413b7-1d02-4865-917e-1a99bbb0e135" data-trackable="heading-link" class="js-teaser-heading-link">Doge versus business</a></div><p class="o-teaser__standfirst"><a href="/content/63a413b7-1d02-4865-917e-1a99bbb0e135" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Fair competition, regulatory certainty, industry subsidies and financial security are all under attack</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="63a413b7-1d02-4865-917e-1a99bbb0e135" data-myft-ui="saved" action="/myft/save/63a413b7-1d02-4865-917e-1a99bbb0e135" data-js-action="/__myft/api/core/saved/content/63a413b7-1d02-4865-917e-1a99bbb0e135?method=put" data-myft-ui-save-config=""> <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 Doge versus business to myFT for later" aria-label="Save Doge versus business to myFT for later" data-alternate-label="Doge versus business is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="63a413b7-1d02-4865-917e-1a99bbb0e135" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/63a413b7-1d02-4865-917e-1a99bbb0e135" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd6c3d482-2d7d-453c-80db-2646bc47a691.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Matt Kenyon illustration of a handshake between two businessmen. One hand has the word Doge written on it and the other has crossed fingers"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-17T14:00:32.330Z">Monday, 17 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="252dc1a9-1ea6-420d-ad19-db7a15c85564" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="252dc1a9-1ea6-420d-ad19-db7a15c85564"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/252dc1a9-1ea6-420d-ad19-db7a15c85564" data-trackable="heading-link" class="js-teaser-heading-link">Will crypto trigger the next financial meltdown?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/252dc1a9-1ea6-420d-ad19-db7a15c85564" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">If there is a liquidity crisis in crypto, there is no lender of last resort</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="252dc1a9-1ea6-420d-ad19-db7a15c85564" data-myft-ui="saved" action="/myft/save/252dc1a9-1ea6-420d-ad19-db7a15c85564" data-js-action="/__myft/api/core/saved/content/252dc1a9-1ea6-420d-ad19-db7a15c85564?method=put" data-myft-ui-save-config=""> <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 Will crypto trigger the next financial meltdown? to myFT for later" aria-label="Save Will crypto trigger the next financial meltdown? to myFT for later" data-alternate-label="Will crypto trigger the next financial meltdown? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="252dc1a9-1ea6-420d-ad19-db7a15c85564" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/252dc1a9-1ea6-420d-ad19-db7a15c85564" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6a19301b-8e05-47eb-b272-6ea88cb3d8ba.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-17T05:00:23.389Z">Monday, 17 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5b50af30-ff54-47bf-a2f9-c8f118361fcd"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-trade" aria-label="Category: Global trade">Global trade</a></div><div class="o-teaser__heading"><a href="/content/5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-trackable="heading-link" class="js-teaser-heading-link">Trade isn’t all about Trump</a></div><p class="o-teaser__standfirst"><a href="/content/5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">World business and commerce are changing in ways that have nothing to do with the US president’s tariff threats</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-myft-ui="saved" action="/myft/save/5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-js-action="/__myft/api/core/saved/content/5b50af30-ff54-47bf-a2f9-c8f118361fcd?method=put" data-myft-ui-save-config=""> <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 Trade isn’t all about Trump to myFT for later" aria-label="Save Trade isn’t all about Trump to myFT for later" data-alternate-label="Trade isn’t all about Trump is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="5b50af30-ff54-47bf-a2f9-c8f118361fcd" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5b50af30-ff54-47bf-a2f9-c8f118361fcd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4687678a-771b-4f76-af3f-faf21db381fb.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of three figures pushing three globes of the world away from each other."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-10T14:00:48.671Z">Monday, 10 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="02217acf-ac64-49c2-acd5-ef4f107f014c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="02217acf-ac64-49c2-acd5-ef4f107f014c"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/02217acf-ac64-49c2-acd5-ef4f107f014c" data-trackable="heading-link" class="js-teaser-heading-link">The strange political philosophy motivating Musk</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/02217acf-ac64-49c2-acd5-ef4f107f014c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Inside the rise of the Dark Enlightenment’s ‘neo-reactionary movement’</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="02217acf-ac64-49c2-acd5-ef4f107f014c" data-myft-ui="saved" action="/myft/save/02217acf-ac64-49c2-acd5-ef4f107f014c" data-js-action="/__myft/api/core/saved/content/02217acf-ac64-49c2-acd5-ef4f107f014c?method=put" data-myft-ui-save-config=""> <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 The strange political philosophy motivating Musk to myFT for later" aria-label="Save The strange political philosophy motivating Musk to myFT for later" data-alternate-label="The strange political philosophy motivating Musk is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="02217acf-ac64-49c2-acd5-ef4f107f014c" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/02217acf-ac64-49c2-acd5-ef4f107f014c" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdb6d2c4d-ed5e-4d85-98e6-66d6bbeddabf.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A bust of SpaceX CEO Elon Musk stands on a roadside in Brownsville, Texas"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-10T05:00:35.500Z">Monday, 10 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f89aa067-0988-4b12-a66a-a1b192e0b207" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="f89aa067-0988-4b12-a66a-a1b192e0b207"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics &amp; policy">US politics &amp; policy</a></div><div class="o-teaser__heading"><a href="/content/f89aa067-0988-4b12-a66a-a1b192e0b207" data-trackable="heading-link" class="js-teaser-heading-link">The courts stand between Musk and a Treasury takeover </a></div><p class="o-teaser__standfirst"><a href="/content/f89aa067-0988-4b12-a66a-a1b192e0b207" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Doge’s efforts to infiltrate the plumbing of the federal government should scare everyone </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f89aa067-0988-4b12-a66a-a1b192e0b207" data-myft-ui="saved" action="/myft/save/f89aa067-0988-4b12-a66a-a1b192e0b207" data-js-action="/__myft/api/core/saved/content/f89aa067-0988-4b12-a66a-a1b192e0b207?method=put" data-myft-ui-save-config=""> <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 The courts stand between Musk and a Treasury takeover to myFT for later" aria-label="Save The courts stand between Musk and a Treasury takeover to myFT for later" data-alternate-label="The courts stand between Musk and a Treasury takeover is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="f89aa067-0988-4b12-a66a-a1b192e0b207" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f89aa067-0988-4b12-a66a-a1b192e0b207" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F254a87d8-c153-4de2-8894-215cda222b32.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Matt Kenyon illustration of two hands engaged in a game of rock, paper scissors"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-08T05:00:10.210Z">Saturday, 8 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="3dac20ca-a42e-4da9-97ae-32555581fa06" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="3dac20ca-a42e-4da9-97ae-32555581fa06"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/d2e507d5-638e-46a3-9977-f87f6d71b125" aria-label="Category: Arctic Supremacy">Arctic Supremacy</a></div><div class="o-teaser__heading"><a href="/content/3dac20ca-a42e-4da9-97ae-32555581fa06" data-trackable="heading-link" class="js-teaser-heading-link">10 days with the US Coast Guard on the new Arctic front lines </a></div><p class="o-teaser__standfirst"><a href="/content/3dac20ca-a42e-4da9-97ae-32555581fa06" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">As new sea passages open up, the commercial and defence possibilities are becoming irresistible. To take advantage, America desperately needs ships</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="3dac20ca-a42e-4da9-97ae-32555581fa06" data-myft-ui="saved" action="/myft/save/3dac20ca-a42e-4da9-97ae-32555581fa06" data-js-action="/__myft/api/core/saved/content/3dac20ca-a42e-4da9-97ae-32555581fa06?method=put" data-myft-ui-save-config=""> <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 10 days with the US Coast Guard on the new Arctic front lines to myFT for later" aria-label="Save 10 days with the US Coast Guard on the new Arctic front lines to myFT for later" data-alternate-label="10 days with the US Coast Guard on the new Arctic front lines is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="3dac20ca-a42e-4da9-97ae-32555581fa06" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/3dac20ca-a42e-4da9-97ae-32555581fa06" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2400%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1975bbd2-c285-47ed-8a79-edcaa8d45dd6.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A US Coast Guard icebreaker ship navigating calm waters with an overcast sky in the background"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-03T14:00:47.968Z">Monday, 3 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="37a7a038-bbc5-400d-acf7-33da789346ee" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="37a7a038-bbc5-400d-acf7-33da789346ee"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/37a7a038-bbc5-400d-acf7-33da789346ee" data-trackable="heading-link" class="js-teaser-heading-link">What we have learned from Trump’s first constitutional crisis</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/37a7a038-bbc5-400d-acf7-33da789346ee" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Five lessons from the debacle the president has sparked by trying to freeze federal and foreign aid </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="37a7a038-bbc5-400d-acf7-33da789346ee" data-myft-ui="saved" action="/myft/save/37a7a038-bbc5-400d-acf7-33da789346ee" data-js-action="/__myft/api/core/saved/content/37a7a038-bbc5-400d-acf7-33da789346ee?method=put" data-myft-ui-save-config=""> <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 What we have learned from Trump’s first constitutional crisis to myFT for later" aria-label="Save What we have learned from Trump’s first constitutional crisis to myFT for later" data-alternate-label="What we have learned from Trump’s first constitutional crisis is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="37a7a038-bbc5-400d-acf7-33da789346ee" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/37a7a038-bbc5-400d-acf7-33da789346ee" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcfced6a5-ba40-472a-9360-71ae93def461.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="President Donald Trump addresses the 2025 Republican Issues Conference at the Trump National Doral Miami on January 27"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-02T13:00:29.012Z">Sunday, 2 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="7e37b937-9ccd-44fd-bcbf-156b27fa90ec"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-economy" aria-label="Category: EU economy">EU economy</a></div><div class="o-teaser__heading"><a href="/content/7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-trackable="heading-link" class="js-teaser-heading-link">Europe’s perfect storm</a></div><p class="o-teaser__standfirst"><a href="/content/7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The continent needs its own industrial strategy to cope with challenges from China and the US</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-myft-ui="saved" action="/myft/save/7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-js-action="/__myft/api/core/saved/content/7e37b937-9ccd-44fd-bcbf-156b27fa90ec?method=put" data-myft-ui-save-config=""> <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 Europe’s perfect storm to myFT for later" aria-label="Save Europe’s perfect storm to myFT for later" data-alternate-label="Europe’s perfect storm is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="7e37b937-9ccd-44fd-bcbf-156b27fa90ec" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7e37b937-9ccd-44fd-bcbf-156b27fa90ec" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff7cdde07-5f90-48d9-9b5b-f7dc7ab1e98e.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Matt Kenyon illustration of three figures standing on a hill, hit by a stormy weather and dark clouds gathering from all sides and the EU flag above their heads"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-27T14:00:44.973Z">Monday, 27 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c122bd9b-e933-417f-97c3-67d766610f9a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="c122bd9b-e933-417f-97c3-67d766610f9a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/swamp-notes" aria-label="Category: FT Swamp Notes">FT Swamp Notes</a></div><div class="o-teaser__heading"><a href="/content/c122bd9b-e933-417f-97c3-67d766610f9a" data-trackable="heading-link" class="js-teaser-heading-link">The winners and losers of Trump 2.0 </a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/c122bd9b-e933-417f-97c3-67d766610f9a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Three leading indicators about what to expect from the president’s second administration based on his first week</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c122bd9b-e933-417f-97c3-67d766610f9a" data-myft-ui="saved" action="/myft/save/c122bd9b-e933-417f-97c3-67d766610f9a" data-js-action="/__myft/api/core/saved/content/c122bd9b-e933-417f-97c3-67d766610f9a?method=put" data-myft-ui-save-config=""> <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 The winners and losers of Trump 2.0 to myFT for later" aria-label="Save The winners and losers of Trump 2.0 to myFT for later" data-alternate-label="The winners and losers of Trump 2.0 is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="c122bd9b-e933-417f-97c3-67d766610f9a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c122bd9b-e933-417f-97c3-67d766610f9a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1a5dfb4e-2eb4-4b0a-8a8c-7d2ed8e79b53.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="US President Donald Trump, with First Lady Melania Trump, speaks to the press upon arrival at Asheville Regional Airport"/></div></a></div></div> </div> </div> </li> </ul> </div> <div data-stream-additions aria-live="polite" aria-relevant="additions" class="stream__a11y o-normalise-visually-hidden"> </div> <div data-pagination role="navigation" aria-label="Pagination" class="stream__pagination o-buttons-pagination"> <a data-pagination-previous data-trackable="previous-page" disabled class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-left o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Previous page</span> </a> <span class="stream__pagination-label"> You are on page <strong data-pagination-page>1</strong> </span> <a data-pagination-next data-trackable="next-page" href="?page&#x3D;2" class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-right o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Next page</span> </a> </div> </div> <div class="stream__right-hand " data-o-grid-colspan="12 L4 XL3 XLoffset1" > <div class="o-grid-row"> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid " data-o-ads-name="mid-non-responsive-large" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,HalfPage,OneByOne,Responsive" data-o-ads-formats-extra="MediumRectangle,HalfPage,OneByOne,Responsive" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid1 " data-o-ads-name="mid1-non-responsive-large" data-o-ads-targeting="pos=mid1" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,OneByOne,HalfPage,Responsive" data-o-ads-formats-extra="MediumRectangle,OneByOne,HalfPage,Responsive" aria-hidden="true"> </div> </div> </div> </div> </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 &amp; 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 &amp; Conditions"><span class="o-footer__matrix-link__copy">Terms &amp; 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 &amp; Policies"><span class="o-footer__matrix-link__copy">Slavery Statement &amp; 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&amp;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 &amp; 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%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--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 &amp; North Africa">Middle East &amp; 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="/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 &amp; Policy">US Politics &amp; Policy</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 &amp; Consumer">Retail &amp; 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="https://professional-monetary-policy-radar.ft.com/" data-trackable="Monetary Policy Radar">Monetary Policy Radar</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 &amp; Careers">Work &amp; 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 &amp; Careers">Show more Work &amp; 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&#x27;s Start-Up Hubs">Europe&#x27;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 &amp; Arts">Life &amp; 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 &amp; Arts">Show more Life &amp; 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 &amp; Drink">Food &amp; 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 &amp; Home">House &amp; Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property &amp; Mortgages">Property &amp; 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 &amp; Savings">Banking &amp; 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 &amp; Comment">Advice &amp; Comment</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=/rana-foroohar" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"stream-page","product":"next","edition":"international","appVersion":"de5ce6c1dd944a266c31c02e07cf3b3ce9646f7c","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,adsmvt2:control","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"d24990d1-2aec-4d72-8330-cb1c73532f49","conceptType":"http://www.ft.com/ontology/person/Person"}</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,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":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,"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,"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,"adsEnableMiniBillboardWeb":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,"enableSubscriptionTask":true,"articleDiscussionQuestion":true,"cpClientMetrics":true}</script></body></html>

Pages: 1 2 3 4 5 6 7 8 9 10