Companies

<!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>Companies</title><meta name="description" content="News from the world's largest and most influential companies. Get the latest from global brands across various industries, including Amazon, Netflix, Disney, Adidas, and more."/><link rel="canonical" href="https://www.ft.com/companies"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"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="Companies"/><meta property="og:description" content="News from the world's largest and most influential companies. Get the latest from global brands across various industries, including Amazon, Netflix, Disney, Adidas, and more."/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fopen-graph%2Fft-v1.jpg?source=next-opengraph&fit=scale-down&width=900"/><meta property="og:url" content="https://www.ft.com/companies"/><meta property="og:type" content="website"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/companies"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/companies?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&font_name=MetricWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=page-kit&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=/companies" 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=/companies" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">Trump to proceed with extra 50% tariff on China as trade war escalates</a></li><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/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="link">Musk slams Trump’s trade tsar in sign of rift over US tariffs</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/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </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 & 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/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">Trump to proceed with extra 50% tariff on China as trade war escalates</a></li><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/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="link">Musk slams Trump’s trade tsar in sign of rift over US tariffs</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/d96d4a44-2b75-4222-b77a-afe72c1b9174" data-trackable="link">Trump’s tariffs will damage the world </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" aria-label="Companies, current page" aria-current="page" 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" aria-label="Companies Home, current page" aria-current="page" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="link">Musk slams Trump’s trade tsar in sign of rift over US tariffs</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/c94e851c-8f02-424e-a0c6-09bbbedcf4ba" data-trackable="link">Quant hedge fund Renaissance suffers steep losses in tariff tumult</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-trackable="link">Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown</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="/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/111dc9d7-9c55-4d75-8cde-94c4dd4433ed" data-trackable="link">Bain Capital clinches $2.6bn deal to buy Blackstone-backed HealthEdge</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/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/31d94b0b-b769-4c44-b25d-f39626d2de4a" data-trackable="link">How do we really feel about robots?</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">Trump to proceed with extra 50% tariff on China as trade war escalates</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/c94e851c-8f02-424e-a0c6-09bbbedcf4ba" data-trackable="link">Quant hedge fund Renaissance suffers steep losses in tariff tumult</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-trackable="link">Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown</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="/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/d96d4a44-2b75-4222-b77a-afe72c1b9174" data-trackable="link">Trump’s tariffs will damage the world </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/c592bf92-7da3-408a-904d-72d5c8f26f52" data-trackable="link">Trump’s self-defeating tariffs on south-east Asia</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/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/0e890b18-060b-4d12-85b3-f77cc02691e8" data-trackable="link">My Milan, by Salone del Mobile president Maria Porro</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></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/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><div class="o-header__subnav" role="navigation" aria-label="Sub navigation" data-o-header-subnav="true" data-trackable="header-subnav"><div class="o-header__container"><div class="o-header__subnav-wrap-outside"><div class="o-header__subnav-wrap-inside" data-o-header-subnav-wrapper="true"><div class="o-header__subnav-content"><ol class="o-header__subnav-list o-header__subnav-list--breadcrumb" aria-label="Breadcrumb" data-trackable="breadcrumb"><li class="o-header__subnav-item"><a class="o-header__subnav-link o-header__subnav-link--highlight" href="/companies" aria-label="Companies, current page" aria-current="page" data-trackable="Companies">Companies</a></li></ol><ul class="o-header__subnav-list o-header__subnav-list--children" aria-label="Subsections" data-trackable="subsections"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/health" data-trackable="Health">Health</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/media" data-trackable="Media">Media</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/transport" data-trackable="Transport">Transport</a></li></ul></div></div><button class="o-header__subnav-button o-header__subnav-button--left" title="scroll left" aria-label="scroll left" aria-hidden="true" disabled=""></button><button class="o-header__subnav-button o-header__subnav-button--right" title="scroll right" aria-label="scroll right" aria-hidden="true" disabled=""></button></div></div></div></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/companies" 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":{"hasRecommendedStories":true,"hasMostRead":true,"isDeduped":true,"isPage":1,"hasTopSection":{"config":"default","hasOpinionAndAnalysis":true},"useCssGridSection":true,"hasSidebarContent":true}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title " data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> Companies </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="c47f4dfc-6879-4e95-accf-ca8cbe6a1f69" action="/myft/add/c47f4dfc-6879-4e95-accf-ca8cbe6a1f69" data-js-action="/__myft/api/core/followed/concept/c47f4dfc-6879-4e95-accf-ca8cbe6a1f69?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 Companies." data-unpressed-text="No longer following Companies." ></div> <button aria-pressed="false" aria-label="Add to myFT: Companies" title="Add Companies to myFT" data-alternate-label="Added Companies to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="c47f4dfc-6879-4e95-accf-ca8cbe6a1f69" data-trackable="follow" type="submit">Add to myFT</button> </form> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="c47f4dfc-6879-4e95-accf-ca8cbe6a1f69"> <div class="o-grid-container"> <div class="o-grid-row"> <div data-o-grid-colspan="12"> <div class="css-grid__container">  <div class="css-grid__item-top"> <div class="o-grid-row"> <div class="o-teaser-collection o-teaser-collection--no-border js-track-scroll-event" data-o-grid-colspan="12" data-trackable="lead-story" > <h2 class="o-normalise-visually-hidden">Lead story in Companies</h2> <div class="o-teaser o-teaser--article o-teaser--top-story o-teaser--landscape o-teaser--has-image js-teaser" data-id="c94e851c-8f02-424e-a0c6-09bbbedcf4ba"><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/c94e851c-8f02-424e-a0c6-09bbbedcf4ba" data-trackable="heading-link" class="js-teaser-heading-link">Quant hedge fund Renaissance suffers steep losses in tariff tumult</a></div><p class="o-teaser__standfirst"><a href="/content/c94e851c-8f02-424e-a0c6-09bbbedcf4ba" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Computer-driven asset manager’s institutional equity strategy down 8% in April</a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c94e851c-8f02-424e-a0c6-09bbbedcf4ba" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fbd11433c-422d-4c54-b13f-35eb77557bdf.jpg?source=next&fit=scale-down&dpr=2&width=640" alt="A trader works on the floor of the New York Stock Exchange"/></div></a></div></div> </div> <div class=" js-track-scroll-event" data-o-grid-colspan="12 L6"> <div class="o-teaser-collection" data-trackable="top-stories-column-one"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width" aria-label="Latest News in Companies"> News </h2> <div class="o-teaser o-teaser--article o-teaser--large o-teaser--has-image js-teaser" data-id="59680d34-adb9-473a-8c95-9f89ac9e1555"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/mergers-acquisitions" aria-label="Category: Mergers & Acquisitions">Mergers & Acquisitions</a></div><div class="o-teaser__heading"><a href="/content/59680d34-adb9-473a-8c95-9f89ac9e1555" data-trackable="heading-link" class="js-teaser-heading-link">KKR nears €2.6bn deal with EQT for E45 maker Karo Healthcare </a></div><p class="o-teaser__standfirst"><a href="/content/59680d34-adb9-473a-8c95-9f89ac9e1555" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">US private equity group bests rival bid from PAI Partners for Stockholm-based healthcare company </a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/59680d34-adb9-473a-8c95-9f89ac9e1555" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fbb980252-574d-404c-ac7d-2e4348e20733.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="Montage of EQT’s Christian Sinding, Marcus Wallenberg and Conni Jonsson"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="b05d9645-8e1b-4f3b-b5da-a853bd51e00d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/food-beverage" aria-label="Category: Food & Beverage">Food & Beverage</a></div><div class="o-teaser__heading"><a href="/content/b05d9645-8e1b-4f3b-b5da-a853bd51e00d" data-trackable="heading-link" class="js-teaser-heading-link">Largest US egg seller reports soaring profits amid price-fixing inquiry</a></div><p class="o-teaser__standfirst"><a href="/content/b05d9645-8e1b-4f3b-b5da-a853bd51e00d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Cal-Maine Foods reported a 247% increase in net income totalling $508.5mn for the December-February period</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="56bd66df-35a5-4b3c-bc0a-1e2a0899cac9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/grenfell-tower-disaster" aria-label="Category: Grenfell Tower disaster">Grenfell Tower disaster</a></div><div class="o-teaser__heading"><a href="/content/56bd66df-35a5-4b3c-bc0a-1e2a0899cac9" data-trackable="heading-link" class="js-teaser-heading-link">Companies sued for £360mn in damages over Grenfell Tower fire</a></div><p class="o-teaser__standfirst"><a href="/content/56bd66df-35a5-4b3c-bc0a-1e2a0899cac9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Kensington and Chelsea council in London launches lawsuits against businesses involved in refurbishing the building </a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="412abace-dab7-4499-8d72-a7a907d0904a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/a75b8d19-270c-444d-b033-d1a72719e006" aria-label="Category: Revolut Ltd">Revolut Ltd</a></div><div class="o-teaser__heading"><a href="/content/412abace-dab7-4499-8d72-a7a907d0904a" data-trackable="heading-link" class="js-teaser-heading-link">Revolut fined €3.5mn over money laundering control failures </a></div><p class="o-teaser__standfirst"><a href="/content/412abace-dab7-4499-8d72-a7a907d0904a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Lithuania’s regulator identifies ‘violations and shortcomings’ in fintech’s processes </a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="111dc9d7-9c55-4d75-8cde-94c4dd4433ed"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/a91bdf7e-7dcb-4363-9a2c-c7a2aa3835e2" aria-label="Category: Bain Capital">Bain Capital</a></div><div class="o-teaser__heading"><a href="/content/111dc9d7-9c55-4d75-8cde-94c4dd4433ed" data-trackable="heading-link" class="js-teaser-heading-link">Bain Capital clinches $2.6bn deal to buy Blackstone-backed HealthEdge</a></div><p class="o-teaser__standfirst"><a href="/content/111dc9d7-9c55-4d75-8cde-94c4dd4433ed" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Sale of US healthcare software company grants two-fold return on investment</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-08T22:58:41+0000">3 hours ago</time></div></div></div> </div> <div class="o-ads advert--top-small-medium" data-o-ads-name="top-small" 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="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small-medium" 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="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" data-o-grid-colspan="12" aria-hidden="true"> </div> </div> <div class=" js-track-scroll-event" data-o-grid-colspan="12 L6"> <div class="o-teaser-collection" data-trackable="opinion-and-analysis"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width centred" aria-label="Latest Opinion & Analysis in Companies"> Opinion & Analysis </h2> <div class="o-teaser o-teaser--article o-teaser--large o-teaser--has-image js-teaser" data-id="6bab180c-f76c-40a3-b04c-c93008591cc9"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Interview</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ceo" aria-label="Category: The CEO">The CEO</a></div><div class="o-teaser__heading"><a href="/content/6bab180c-f76c-40a3-b04c-c93008591cc9" data-trackable="heading-link" class="js-teaser-heading-link">Virgin Atlantic’s Shai Weiss: ‘In aviation, you need to be paranoid’</a></div><p class="o-teaser__standfirst"><a href="/content/6bab180c-f76c-40a3-b04c-c93008591cc9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Airline boss has returned company to profit but challenges loom</a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/6bab180c-f76c-40a3-b04c-c93008591cc9" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fca9497f2-db6c-4c63-a4d0-a863300b848b.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="Shai Weiss"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="c6fee2b2-5860-40ae-a2de-813f5898dc86"><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/c6fee2b2-5860-40ae-a2de-813f5898dc86" data-trackable="heading-link" class="js-teaser-heading-link">Nike’s ‘Made in Vietnam’ trainers run into Trump tariff wall</a></div><p class="o-teaser__standfirst"><a href="/content/c6fee2b2-5860-40ae-a2de-813f5898dc86" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Nike, Adidas and Puma shifted production to Vietnam for its cheap labour but will now be hit by 46% levy</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="f5e23b51-05ae-45e2-b300-0794d5c3b04f"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/dfc453a1-7242-4104-afa8-30c92c0cdcde" aria-label="Category: Jes Staley">Jes Staley</a></div><div class="o-teaser__heading"><a href="/content/f5e23b51-05ae-45e2-b300-0794d5c3b04f" data-trackable="heading-link" class="js-teaser-heading-link">Staley awaits judgment in courtroom battle over ‘Uncle Jeffrey’ Epstein</a></div><p class="o-teaser__standfirst"><a href="/content/f5e23b51-05ae-45e2-b300-0794d5c3b04f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The former Barclays chief tried to clear his name in a high-profile challenge against the FCA. Was it worth it?</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="b9f39568-6029-4016-9c5f-0242dd8b9174"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/5efa88f4-3de4-4e86-b61b-1c269bf3aac5" aria-label="Category: EDF">EDF</a></div><div class="o-teaser__heading"><a href="/content/b9f39568-6029-4016-9c5f-0242dd8b9174" data-trackable="heading-link" class="js-teaser-heading-link">New EDF boss at mercy of ‘to-do list’ that ousted predecessor </a></div><p class="o-teaser__standfirst"><a href="/content/b9f39568-6029-4016-9c5f-0242dd8b9174" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bernard Fontana must repair relations with the French state after the stormy end to the rein of Luc Rémont</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="70e602c7-768c-4b1c-846f-eaf64d38984b"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/electric-vehicles" aria-label="Category: Electric vehicles">Electric vehicles</a></div><div class="o-teaser__heading"><a href="/content/70e602c7-768c-4b1c-846f-eaf64d38984b" data-trackable="heading-link" class="js-teaser-heading-link">The relentless innovation fuelling China’s ‘brutal’ car wars</a></div><p class="o-teaser__standfirst"><a href="/content/70e602c7-768c-4b1c-846f-eaf64d38984b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Top 10 local EV makers dominate sales and drive home advantage with faster charging and autonomous systems </a></p></div></div> </div> </div> <div class="o-teaser-collection" data-o-grid-colspan="12" data-trackable="section-promoted-content" > <h2 class="o-teaser-collection__heading o-teaser-collection__heading--half-width"> Promoted Content </h2> <div class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L9 Loffset3"> <div class="o-teaser o-teaser--native-ad " data-o-ads-name="promoted-content" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </div> </div> </div>  <div class="css-grid__sidebar"> <div class="css-grid__sidebar-item"> <div class="recommended-stories--stream o-teaser-collection js-track-scroll-event" data-trackable="recommended-stories"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width o-teaser-collection__heading--centre"> Recommended </h2> <div class="o-grid-row"> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="d58a24f7-016a-47d9-bbc7-6c62a2409db9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-banks" aria-label="Category: UK banks">UK banks</a></div><div class="o-teaser__heading"><a href="/content/d58a24f7-016a-47d9-bbc7-6c62a2409db9" data-trackable="heading-link" class="js-teaser-heading-link">‘The caterpillar’: British banks’ £50bn answer to falling rates</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d58a24f7-016a-47d9-bbc7-6c62a2409db9" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F62eb17ad-7d85-4278-9fcc-98cd7145a3fb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Barclays, Lloyds and NatWest logos on green background"/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="fb55f297-7e29-4215-a67f-4217e1a026d6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/automobiles" aria-label="Category: Automobiles">Automobiles</a></div><div class="o-teaser__heading"><a href="/content/fb55f297-7e29-4215-a67f-4217e1a026d6" data-trackable="heading-link" class="js-teaser-heading-link">How Trump’s tariffs threaten an iconic US pick-up truck</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/fb55f297-7e29-4215-a67f-4217e1a026d6" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3db6309d-1fa6-436e-a2f2-98d9dc6b7111.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="bdba0fc4-f651-41fa-9706-acaa4dc15bd0"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/german-economy" aria-label="Category: German economy">German economy</a></div><div class="o-teaser__heading"><a href="/content/bdba0fc4-f651-41fa-9706-acaa4dc15bd0" data-trackable="heading-link" class="js-teaser-heading-link">German manufacturing job losses deepen fears over industrial decline</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/bdba0fc4-f651-41fa-9706-acaa4dc15bd0" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5fb8ac34-97a7-471a-b0ef-7617b264fbce.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Part of the huge BASF chemical plant in Ludwigshafen-am-Rhein"/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="79b6363b-3de0-4712-9107-3b6dcb4d5a37"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ipos" aria-label="Category: IPOs">IPOs</a></div><div class="o-teaser__heading"><a href="/content/79b6363b-3de0-4712-9107-3b6dcb4d5a37" data-trackable="heading-link" class="js-teaser-heading-link">Class of 2025? The IPO hopefuls that could revive London</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/79b6363b-3de0-4712-9107-3b6dcb4d5a37" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdeb139b5-eff7-4cf8-8d45-0a1b4fbaf335.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of various corporate logos"/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="711f21e3-3c2a-4e12-8647-625d0925887d"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Explainer</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/private-equity" aria-label="Category: Private equity">Private equity</a></div><div class="o-teaser__heading"><a href="/content/711f21e3-3c2a-4e12-8647-625d0925887d" data-trackable="heading-link" class="js-teaser-heading-link">Carried interest: private equity’s tax break</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/711f21e3-3c2a-4e12-8647-625d0925887d" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F50f5b0ea-1a92-46f7-b4c0-6620baf85e46.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The image features two businesspeople shaking hands, standing on a stack of large US dollar bills. To the right, there is a diagram illustrating the structure of a “buyout fund” valued at $100mn"/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image o-teaser--extra-article js-teaser" data-id="f7cb25ba-7329-4291-b7d3-8a34ef84f9f0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/e86a8960-fd66-494b-9580-a7098d4a40bd" aria-label="Category: New titans of Wall Street — an FT series">New titans of Wall Street — an FT series</a></div><div class="o-teaser__heading"><a href="/content/f7cb25ba-7329-4291-b7d3-8a34ef84f9f0" data-trackable="heading-link" class="js-teaser-heading-link">How Jane Street rode the ETF wave to ‘obscene’ riches</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f7cb25ba-7329-4291-b7d3-8a34ef84f9f0" 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" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9da26dc2-6c7d-42d5-91d4-579a3aa53020.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A montage of the Jane Street logo with a high-rise building and various denominations of dollar bills in the background"/></div></a></div></div> </div> </div> </div> </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="css-grid__sidebar-item"> <div class="js-track-scroll-event"> <div class="o-teaser-collection o-teaser-collection--numbered" data-trackable="most-popular"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width"> Most Read </h2> <ol class="o-teaser-collection__items"> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="634e7274-4873-4fb7-bd43-9b170f85a955"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="heading-link" class="js-teaser-heading-link">Former Google chief Eric Schmidt buys £42mn London mansion</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="a86385b3-4479-41f1-84a1-0c9af42c78b6"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="heading-link" class="js-teaser-heading-link">Musk slams Trump’s trade tsar in sign of rift over US tariffs</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="849a4845-f05a-41d1-87fb-05b7c130e117"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="heading-link" class="js-teaser-heading-link">Japan secures priority tariff negotiations with Trump</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="07f90b17-6348-40f0-bd45-15e48b82b827"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/07f90b17-6348-40f0-bd45-15e48b82b827" data-trackable="heading-link" class="js-teaser-heading-link">Prices for used Teslas drop in US and Britain</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="c2b4129c-d58c-4c9e-9aee-6f2e10c25785"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="heading-link" class="js-teaser-heading-link">Markets could get a lot worse — and quickly</a></div></div></div> </li> </ol> </div> </div> <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> <aside data-o-grid-colspan="12" class="aside--community" data-trackable="aside-section"> <div class="o-teaser-community__header"> <div> <h2 class="o-teaser-community__heading"> <a data-trackable="aside-section-title" href="https://events.ft.com/events-list">Join us at an FT Live event</a> </h2> </div> <div class="aside--community__subsection-header"> <p class="aside--community__subsection-strapline">Discover unmissable flagship events and members only communities to expand your thinking and elevate your career</p> </div> </div> <div class="o-teaser-community__content"> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="c0807fb4-73a3-47f1-a859-d887205f1466" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://europeanequitymarkets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://europeanequitymarkets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="The Resurgence of European Equity Markets">The Resurgence of European Equity Markets</a></div><span class="event-teaser__standfirst">What's driving the new growth cycle and what opportunities does it bring? </span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-09T14:00:00.000Z">Wednesday, 9 April</time></span><span class="event-teaser__location">Online</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="e8cb17ed-0ba4-446a-a096-62aa0f981b1d" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://asiaenergytransition.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://asiaenergytransition.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Asia's Energy Transition in a Changing World">Asia's Energy Transition in a Changing World</a></div><span class="event-teaser__standfirst">What does the US withdrawal from global climate leadership mean for Asia?</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-16T04:30:00.000Z">Wednesday, 16 April</time></span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="c37f6931-1822-4cc6-9680-cdbaf74ee951" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://agenticai.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://agenticai.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Agentic AI: Financial Services Disruptor?">Agentic AI: Financial Services Disruptor?</a></div><span class="event-teaser__standfirst">Challenges and opportunities in risk mitigation and customer engagement</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-22T12:15:00.000Z">Tuesday, 22 April</time></span><span class="event-teaser__location">335 Madison Ave, New York, NY 10017, United States</span></div></div></div> </div> <div class="o-teaser-community__button-wrapper"> <a class="aside--community__community-button" data-trackable="aside-section--button" href="https://events.ft.com/events-list"> Explore all events </a> </div> </aside> <div class="css-grid__sidebar-item"> <div class="o-ads advert--sidebar advert--sidebar-mid1 advert--extra-padding" 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 class="css-grid__item-bottom"> <div class="js-track-scroll-event" id="stream" data-has-stream-list-title > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--half-width" aria-label="More Companies (all genres)"> More Companies </h2> <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="2025-04-09T01:29:45.808Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="9fae64f6-7f0f-4f50-aedb-d4fa21f39502"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/natural-gas" aria-label="Category: Natural gas">Natural gas</a></div><div class="o-teaser__heading"><a href="/content/9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-trackable="heading-link" class="js-teaser-heading-link">Trump revokes licences for BP and Shell projects in Venezuelan waters </a></div><p class="o-teaser__standfirst"><a href="/content/9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Washington’s decision could leave Trinidad and Tobago’s Atlantic LNG sites vulnerable to gas shortages </a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T01:29:45+0000">1 hour ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-myft-ui="saved" action="/myft/save/9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-js-action="/__myft/api/core/saved/content/9fae64f6-7f0f-4f50-aedb-d4fa21f39502?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 revokes licences for BP and Shell projects in Venezuelan waters to myFT for later" aria-label="Save Trump revokes licences for BP and Shell projects in Venezuelan waters to myFT for later" data-alternate-label="Trump revokes licences for BP and Shell projects in Venezuelan waters is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="9fae64f6-7f0f-4f50-aedb-d4fa21f39502" > <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/9fae64f6-7f0f-4f50-aedb-d4fa21f39502" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2253%;"><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%2F7325ee60-7ea7-447e-a008-187a4abb7268.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Atlantic LNG Natural Gas Plant in Point Fortin, on the south-west coast of Trinidad"/></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="2025-04-09T00:42:20.386Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4ebac441-d5a8-4c6a-950c-a160274d389b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="4ebac441-d5a8-4c6a-950c-a160274d389b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/robotics" aria-label="Category: Robotics">Robotics</a></div><div class="o-teaser__heading"><a href="/content/4ebac441-d5a8-4c6a-950c-a160274d389b" data-trackable="heading-link" class="js-teaser-heading-link">China gains dexterous upper hand in humanoid robot tussle with US</a></div><p class="o-teaser__standfirst"><a href="/content/4ebac441-d5a8-4c6a-950c-a160274d389b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Cheaper components, fast-paced innovation and Beijing-led financing mean lifelike bots could mirror EV success</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T00:42:20+0000">2 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4ebac441-d5a8-4c6a-950c-a160274d389b" data-myft-ui="saved" action="/myft/save/4ebac441-d5a8-4c6a-950c-a160274d389b" data-js-action="/__myft/api/core/saved/content/4ebac441-d5a8-4c6a-950c-a160274d389b?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 China gains dexterous upper hand in humanoid robot tussle with US to myFT for later" aria-label="Save China gains dexterous upper hand in humanoid robot tussle with US to myFT for later" data-alternate-label="China gains dexterous upper hand in humanoid robot tussle with US is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4ebac441-d5a8-4c6a-950c-a160274d389b" > <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/4ebac441-d5a8-4c6a-950c-a160274d389b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2348%;"><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%2F4c387c60-82af-454a-8ab0-4eebf438ad6f.jpg?source=next&fit=scale-down&dpr=2&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="2025-04-08T23:01:04.516Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="be018506-d8a8-4ae4-8293-d1eaba9f44a9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-economy" aria-label="Category: UK economy">UK economy</a></div><div class="o-teaser__heading"><a href="/content/be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-trackable="heading-link" class="js-teaser-heading-link">UK hails new theme park as ‘vote of confidence’ in Britain</a></div><p class="o-teaser__standfirst"><a href="/content/be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Sir Keir Starmer to confirm Universal visitor attraction that will bring an estimated £50bn boost for the economy</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-08T23:01:04+0000">3 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-myft-ui="saved" action="/myft/save/be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-js-action="/__myft/api/core/saved/content/be018506-d8a8-4ae4-8293-d1eaba9f44a9?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 UK hails new theme park as ‘vote of confidence’ in Britain to myFT for later" aria-label="Save UK hails new theme park as ‘vote of confidence’ in Britain to myFT for later" data-alternate-label="UK hails new theme park as ‘vote of confidence’ in Britain is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="be018506-d8a8-4ae4-8293-d1eaba9f44a9" > <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/be018506-d8a8-4ae4-8293-d1eaba9f44a9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2893%;"><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%2F8958a88d-d973-4238-ba1b-85ada2fe0ea7.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="a view of Universal Orlando Theme Park"/></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="2025-04-08T23:01:04.511Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="086dee7e-efb1-4926-9da0-1f70210a5627" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="086dee7e-efb1-4926-9da0-1f70210a5627"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/health" aria-label="Category: Health">Health</a></div><div class="o-teaser__heading"><a href="/content/086dee7e-efb1-4926-9da0-1f70210a5627" data-trackable="heading-link" class="js-teaser-heading-link">Many NHS staff struggle to use electronic records effectively, report finds </a></div><p class="o-teaser__standfirst"><a href="/content/086dee7e-efb1-4926-9da0-1f70210a5627" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Poor training and lack of investment are main challenges to successful deployment, says think-tank</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-08T23:01:04+0000">3 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="086dee7e-efb1-4926-9da0-1f70210a5627" data-myft-ui="saved" action="/myft/save/086dee7e-efb1-4926-9da0-1f70210a5627" data-js-action="/__myft/api/core/saved/content/086dee7e-efb1-4926-9da0-1f70210a5627?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 Many NHS staff struggle to use electronic records effectively, report finds to myFT for later" aria-label="Save Many NHS staff struggle to use electronic records effectively, report finds to myFT for later" data-alternate-label="Many NHS staff struggle to use electronic records effectively, report finds is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="086dee7e-efb1-4926-9da0-1f70210a5627" > <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/086dee7e-efb1-4926-9da0-1f70210a5627" 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%2Fe1b28c0c-93be-4ae0-8c68-2490863c3d52.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Staff using computers on a hospital ward"/></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="2025-04-08T23:00:16.614Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-stream-item> <div class="o-teaser o-teaser--live-blog-package o-teaser--small o-teaser--has-image o-teaser--live js-teaser" data-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-live-news" aria-label="Category: FT live news">FT live news</a></div><div class="o-teaser__heading"><a href="/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-trackable="heading-link" class="js-teaser-heading-link">US assets sell off ahead of sweeping tariffs</a></div><div class="o-teaser__timestamp o-teaser__timestamp--live"><span class="o-teaser__timestamp-prefix"> Live </span></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-myft-ui="saved" action="/myft/save/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-js-action="/__myft/api/core/saved/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7?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 US assets sell off ahead of sweeping tariffs to myFT for later" aria-label="Save US assets sell off ahead of sweeping tariffs to myFT for later" data-alternate-label="US assets sell off ahead of sweeping tariffs is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" > <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/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" 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%2F042ee872-ba71-4c13-84aa-ae2d200a1353.png?source=next&fit=scale-down&dpr=2&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> <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="2025-04-08T22:17:04.094Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="af048c03-e180-49d1-916e-a946ebcb4697" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="af048c03-e180-49d1-916e-a946ebcb4697"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/af048c03-e180-49d1-916e-a946ebcb4697" data-trackable="heading-link" class="js-teaser-heading-link">US Treasuries drop for second straight day after weak demand at $58bn auction</a></div><p class="o-teaser__standfirst"><a href="/content/af048c03-e180-49d1-916e-a946ebcb4697" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Lower than expected purchases of three-year government debt add to investor angst</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="af048c03-e180-49d1-916e-a946ebcb4697" data-myft-ui="saved" action="/myft/save/af048c03-e180-49d1-916e-a946ebcb4697" data-js-action="/__myft/api/core/saved/content/af048c03-e180-49d1-916e-a946ebcb4697?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 US Treasuries drop for second straight day after weak demand at $58bn auction to myFT for later" aria-label="Save US Treasuries drop for second straight day after weak demand at $58bn auction to myFT for later" data-alternate-label="US Treasuries drop for second straight day after weak demand at $58bn auction is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="af048c03-e180-49d1-916e-a946ebcb4697" > <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/af048c03-e180-49d1-916e-a946ebcb4697" 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%2Feff032fa-33e7-44ed-aa8e-aeef45c12e94.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A montage of the US Treasury building and the logo of the Department of the Treasury on a red 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="2025-04-08T22:04:08.876Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="1df217c4-2732-41d5-89a2-9f51fbd45e7e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-trackable="heading-link" class="js-teaser-heading-link">The Treasury basis trade rears its head again</a></div><p class="o-teaser__standfirst"><a href="/content/1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bills and bonds and Treasury basis trades, oh my!</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-myft-ui="saved" action="/myft/save/1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-js-action="/__myft/api/core/saved/content/1df217c4-2732-41d5-89a2-9f51fbd45e7e?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 Treasury basis trade rears its head again to myFT for later" aria-label="Save The Treasury basis trade rears its head again to myFT for later" data-alternate-label="The Treasury basis trade rears its head again is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="1df217c4-2732-41d5-89a2-9f51fbd45e7e" > <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/1df217c4-2732-41d5-89a2-9f51fbd45e7e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.1869%;"><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%2F8fc6d315-8911-417c-83a9-7c1905df4443.jpg?source=next&fit=scale-down&dpr=2&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="2025-04-08T21:40:08.052Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f9621976-830f-4de3-8f48-11ae0443d573" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f9621976-830f-4de3-8f48-11ae0443d573"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/firstft" aria-label="Category: FirstFT">FirstFT</a></div><div class="o-teaser__heading"><a href="/content/f9621976-830f-4de3-8f48-11ae0443d573" data-trackable="heading-link" class="js-teaser-heading-link">FirstFT: Trump to push ahead with extra 50% tariff on China</a></div><p class="o-teaser__standfirst"><a href="/content/f9621976-830f-4de3-8f48-11ae0443d573" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Also in today’s newsletter, Singapore warns over end of free trade era, and Musk slams Trump’s trade tsar</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f9621976-830f-4de3-8f48-11ae0443d573" data-myft-ui="saved" action="/myft/save/f9621976-830f-4de3-8f48-11ae0443d573" data-js-action="/__myft/api/core/saved/content/f9621976-830f-4de3-8f48-11ae0443d573?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 FirstFT: Trump to push ahead with extra 50% tariff on China to myFT for later" aria-label="Save FirstFT: Trump to push ahead with extra 50% tariff on China to myFT for later" data-alternate-label="FirstFT: Trump to push ahead with extra 50% tariff on China is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f9621976-830f-4de3-8f48-11ae0443d573" > <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/f9621976-830f-4de3-8f48-11ae0443d573" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2667%;"><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%2Fe8d77db8-aac7-4570-afc4-e98bce4f29da.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A fishing boat with a Chinese flag is near the shore, with a person pointing towards it. In the background, numerous shipping containers and large gantry cranes are visible at the Yangshan Deepwater Port in Shanghai."/></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="2025-04-08T21:11:25.670Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="870396ee-b3b4-4d5f-a856-93b1ec456fdb" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="870396ee-b3b4-4d5f-a856-93b1ec456fdb"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/b564e2c2-40f1-4d00-b3cf-6fdacbf9ab6c" aria-label="Category: Cryptocurrencies">Cryptocurrencies</a></div><div class="o-teaser__heading"><a href="/content/870396ee-b3b4-4d5f-a856-93b1ec456fdb" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s justice department to scale back enforcement of crypto cases </a></div><p class="o-teaser__standfirst"><a href="/content/870396ee-b3b4-4d5f-a856-93b1ec456fdb" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">US law enforcement will no longer target crypto exchanges or other entities ‘for the acts of their end users’ </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="870396ee-b3b4-4d5f-a856-93b1ec456fdb" data-myft-ui="saved" action="/myft/save/870396ee-b3b4-4d5f-a856-93b1ec456fdb" data-js-action="/__myft/api/core/saved/content/870396ee-b3b4-4d5f-a856-93b1ec456fdb?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 justice department to scale back enforcement of crypto cases to myFT for later" aria-label="Save Trump’s justice department to scale back enforcement of crypto cases to myFT for later" data-alternate-label="Trump’s justice department to scale back enforcement of crypto cases is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="870396ee-b3b4-4d5f-a856-93b1ec456fdb" > <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/870396ee-b3b4-4d5f-a856-93b1ec456fdb" 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%2F83b17eef-3b0f-497a-b851-ac7da41cc503.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Donald Trump speaking at a Bitcoin conference last year."/></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="2025-04-08T20:13:28.369Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" data-stream-item> <div class="o-teaser o-teaser--live-blog-package o-teaser--small o-teaser--has-image js-teaser" data-id="50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-live-news" aria-label="Category: FT live news">FT live news</a></div><div class="o-teaser__heading"><a href="/content/50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" data-trackable="heading-link" class="js-teaser-heading-link">Trump tariffs day 5 as it happened: US to proceed with extra 50% tariff on China; US stocks resume sell-off</a></div><p class="o-teaser__standfirst"><a href="/content/50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Treasuries also slide after weak auction for three-year US government debt </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" data-myft-ui="saved" action="/myft/save/50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" data-js-action="/__myft/api/core/saved/content/50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee?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 tariffs day 5 as it happened: US to proceed with extra 50% tariff on China; US stocks resume sell-off to myFT for later" aria-label="Save Trump tariffs day 5 as it happened: US to proceed with extra 50% tariff on China; US stocks resume sell-off to myFT for later" data-alternate-label="Trump tariffs day 5 as it happened: US to proceed with extra 50% tariff on China; US stocks resume sell-off is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" > <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/50a3e1f6-5c10-4fe9-b2b8-4659f6f26aee" 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%2F47f470c5-1db6-4f29-adea-1002248c4da5.png?source=next&fit=scale-down&dpr=2&width=240" alt="A trader on the floor of the New York Stock Exchange watches a television screen showing Donald Trump speaking at the White House. Multiple monitors display financial data and news"/></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="2025-04-08T17:22:42.402Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="169f93cf-c562-4224-989a-185882ef25f0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="169f93cf-c562-4224-989a-185882ef25f0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-financial-regulation" aria-label="Category: UK financial regulation">UK financial regulation</a></div><div class="o-teaser__heading"><a href="/content/169f93cf-c562-4224-989a-185882ef25f0" data-trackable="heading-link" class="js-teaser-heading-link">UK financial watchdog cuts fees for first time in more than a decade</a></div><p class="o-teaser__standfirst"><a href="/content/169f93cf-c562-4224-989a-185882ef25f0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Move by FCA reflects record amount of money it will keep from penalties issued to companies </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="169f93cf-c562-4224-989a-185882ef25f0" data-myft-ui="saved" action="/myft/save/169f93cf-c562-4224-989a-185882ef25f0" data-js-action="/__myft/api/core/saved/content/169f93cf-c562-4224-989a-185882ef25f0?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 UK financial watchdog cuts fees for first time in more than a decade to myFT for later" aria-label="Save UK financial watchdog cuts fees for first time in more than a decade to myFT for later" data-alternate-label="UK financial watchdog cuts fees for first time in more than a decade is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="169f93cf-c562-4224-989a-185882ef25f0" > <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/169f93cf-c562-4224-989a-185882ef25f0" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2819%;"><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%2F58bd631b-336a-4c0a-9851-05045f0ddbf4.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Financial Conduct Authority logo"/></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="2025-04-08T16:52:02.595Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="bcbaedc7-9707-4e1d-b5a5-aa1d9642e808"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-manufacturing" aria-label="Category: UK manufacturing">UK manufacturing</a></div><div class="o-teaser__heading"><a href="/content/bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-trackable="heading-link" class="js-teaser-heading-link">UK considers nationalising British Steel</a></div><p class="o-teaser__standfirst"><a href="/content/bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Starmer vows to do ‘everything we can to ensure there’s a bright future’ for steelmaker’s main site in Scunthorpe</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-myft-ui="saved" action="/myft/save/bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-js-action="/__myft/api/core/saved/content/bcbaedc7-9707-4e1d-b5a5-aa1d9642e808?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 UK considers nationalising British Steel to myFT for later" aria-label="Save UK considers nationalising British Steel to myFT for later" data-alternate-label="UK considers nationalising British Steel is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" > <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/bcbaedc7-9707-4e1d-b5a5-aa1d9642e808" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2024%;"><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%2Fb69da712-642a-49d2-8c34-b534427c228a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="British Steel’s plant in Scunthorpe"/></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="2025-04-08T16:18:49.979Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a86385b3-4479-41f1-84a1-0c9af42c78b6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a86385b3-4479-41f1-84a1-0c9af42c78b6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/fdf71598-69ee-4801-a704-df53f01ef286" aria-label="Category: Elon Musk">Elon Musk</a></div><div class="o-teaser__heading"><a href="/content/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="heading-link" class="js-teaser-heading-link">Musk slams Trump’s trade tsar in sign of rift over US tariffs</a></div><p class="o-teaser__standfirst"><a href="/content/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Billionaire dubs Peter Navarro a ‘moron’ as feud over policy intensifies </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a86385b3-4479-41f1-84a1-0c9af42c78b6" data-myft-ui="saved" action="/myft/save/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-js-action="/__myft/api/core/saved/content/a86385b3-4479-41f1-84a1-0c9af42c78b6?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 Musk slams Trump’s trade tsar in sign of rift over US tariffs to myFT for later" aria-label="Save Musk slams Trump’s trade tsar in sign of rift over US tariffs to myFT for later" data-alternate-label="Musk slams Trump’s trade tsar in sign of rift over US tariffs is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a86385b3-4479-41f1-84a1-0c9af42c78b6" > <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/a86385b3-4479-41f1-84a1-0c9af42c78b6" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2638%;"><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%2Fd00d7417-5427-4d73-be0c-94b56d605bcb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Elon Musk, standing, looks at Donald Trump, seated, who is speaking, 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 class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-08T15:13:03.320Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a368f1e1-da1f-4988-8c76-e814c4fe20c9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/etf-stream" aria-label="Category: Exchange traded funds">Exchange traded funds</a></div><div class="o-teaser__heading"><a href="/content/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-trackable="heading-link" class="js-teaser-heading-link">Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown</a></div><p class="o-teaser__standfirst"><a href="/content/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Risky funds drop almost a quarter of their value as Trump’s trade war hits market</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-myft-ui="saved" action="/myft/save/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-js-action="/__myft/api/core/saved/content/a368f1e1-da1f-4988-8c76-e814c4fe20c9?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 Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown to myFT for later" aria-label="Save Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown to myFT for later" data-alternate-label="Investors lose $25bn in leveraged ETFs in sector’s biggest meltdown is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a368f1e1-da1f-4988-8c76-e814c4fe20c9" > <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/a368f1e1-da1f-4988-8c76-e814c4fe20c9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2652%;"><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%2F4bf59369-2992-4bd0-975b-6879389c63eb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Traders work on the floor of the American Stock Exchange"/></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="2025-04-08T14:06:38.390Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="632a8ed3-400c-4e6a-a10a-581d472e1660" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="632a8ed3-400c-4e6a-a10a-581d472e1660"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/4c23e17c-2a56-41d8-9694-61ac965d65f1" aria-label="Category: Porsche">Porsche</a></div><div class="o-teaser__heading"><a href="/content/632a8ed3-400c-4e6a-a10a-581d472e1660" data-trackable="heading-link" class="js-teaser-heading-link">Porsche sales drop despite jump in US demand</a></div><p class="o-teaser__standfirst"><a href="/content/632a8ed3-400c-4e6a-a10a-581d472e1660" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Sports-car maker hit by sharp decline in China and Germany</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="632a8ed3-400c-4e6a-a10a-581d472e1660" data-myft-ui="saved" action="/myft/save/632a8ed3-400c-4e6a-a10a-581d472e1660" data-js-action="/__myft/api/core/saved/content/632a8ed3-400c-4e6a-a10a-581d472e1660?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 Porsche sales drop despite jump in US demand to myFT for later" aria-label="Save Porsche sales drop despite jump in US demand to myFT for later" data-alternate-label="Porsche sales drop despite jump in US demand is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="632a8ed3-400c-4e6a-a10a-581d472e1660" > <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/632a8ed3-400c-4e6a-a10a-581d472e1660" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2472%;"><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%2F9873fe8a-c230-4380-a5b3-4debc947f6a7.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Silver and pink Porsche cars are displayed inside a brightly lit showroom in New York City"/></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="2025-04-08T14:00:19.288Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="954135ee-f280-49d7-a7af-d5d34dbe22ac" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="954135ee-f280-49d7-a7af-d5d34dbe22ac"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/chinese-business-finance" aria-label="Category: Chinese business & finance">Chinese business & finance</a></div><div class="o-teaser__heading"><a href="/content/954135ee-f280-49d7-a7af-d5d34dbe22ac" data-trackable="heading-link" class="js-teaser-heading-link">Chinese banks are feeling the strain</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/954135ee-f280-49d7-a7af-d5d34dbe22ac" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investment case for the country’s state-owned lenders is no longer straightforward</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="954135ee-f280-49d7-a7af-d5d34dbe22ac" data-myft-ui="saved" action="/myft/save/954135ee-f280-49d7-a7af-d5d34dbe22ac" data-js-action="/__myft/api/core/saved/content/954135ee-f280-49d7-a7af-d5d34dbe22ac?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 Chinese banks are feeling the strain to myFT for later" aria-label="Save Chinese banks are feeling the strain to myFT for later" data-alternate-label="Chinese banks are feeling the strain is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="954135ee-f280-49d7-a7af-d5d34dbe22ac" > <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/954135ee-f280-49d7-a7af-d5d34dbe22ac" 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%2Fe918c4ae-4206-4f5d-8142-dd831a03e87c.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A tall signboard displaying the Industrial and Commercial Bank of China logo is seen in front of a modern building in Shanghai. In the foreground, a woman and a man are walking near the 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="2025-04-08T13:12:48.868Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="bad648c6-7778-4142-bbcc-302a332e4cef" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="bad648c6-7778-4142-bbcc-302a332e4cef"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/markets-volatility" aria-label="Category: Markets volatility">Markets volatility</a></div><div class="o-teaser__heading"><a href="/content/bad648c6-7778-4142-bbcc-302a332e4cef" data-trackable="heading-link" class="js-teaser-heading-link">Exchanges could provide haven in wild markets</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/bad648c6-7778-4142-bbcc-302a332e4cef" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">High volatility will boost trading and widen spreads, potentially drawing in more traders</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="bad648c6-7778-4142-bbcc-302a332e4cef" data-myft-ui="saved" action="/myft/save/bad648c6-7778-4142-bbcc-302a332e4cef" data-js-action="/__myft/api/core/saved/content/bad648c6-7778-4142-bbcc-302a332e4cef?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 Exchanges could provide haven in wild markets to myFT for later" aria-label="Save Exchanges could provide haven in wild markets to myFT for later" data-alternate-label="Exchanges could provide haven in wild markets is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="bad648c6-7778-4142-bbcc-302a332e4cef" > <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/bad648c6-7778-4142-bbcc-302a332e4cef" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2582%;"><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%2Fb6621150-5087-450d-ac93-21cff224c85b.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="CME Group headquarters in Chicago, Illinois"/></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="2025-04-08T12:29:59.831Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="67616e19-9827-47d7-a4e0-ccaf344b7f57" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="67616e19-9827-47d7-a4e0-ccaf344b7f57"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/67616e19-9827-47d7-a4e0-ccaf344b7f57" data-trackable="heading-link" class="js-teaser-heading-link">Avoiding Kindleberger’s Trap</a></div><p class="o-teaser__standfirst"><a href="/content/67616e19-9827-47d7-a4e0-ccaf344b7f57" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Why doubts over the Fed’s dollar swap lines are such a big deal</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="67616e19-9827-47d7-a4e0-ccaf344b7f57" data-myft-ui="saved" action="/myft/save/67616e19-9827-47d7-a4e0-ccaf344b7f57" data-js-action="/__myft/api/core/saved/content/67616e19-9827-47d7-a4e0-ccaf344b7f57?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 Avoiding Kindleberger’s Trap to myFT for later" aria-label="Save Avoiding Kindleberger’s Trap to myFT for later" data-alternate-label="Avoiding Kindleberger’s Trap is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="67616e19-9827-47d7-a4e0-ccaf344b7f57" > <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/67616e19-9827-47d7-a4e0-ccaf344b7f57" 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%2F118669bc-20e8-4d37-9bf1-4986856ce784.jpg?source=next&fit=scale-down&dpr=2&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="2025-04-08T12:20:39.292Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="094ce5bd-35bc-45aa-aae3-d063b0133cfe" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="094ce5bd-35bc-45aa-aae3-d063b0133cfe"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/9d8da406-2611-4165-b5a6-71657254dcb5" aria-label="Category: Aston Martin">Aston Martin</a></div><div class="o-teaser__heading"><a href="/content/094ce5bd-35bc-45aa-aae3-d063b0133cfe" data-trackable="heading-link" class="js-teaser-heading-link">Debt default insurance costs soar as investors flee Europe’s car industry</a></div><p class="o-teaser__standfirst"><a href="/content/094ce5bd-35bc-45aa-aae3-d063b0133cfe" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Aston Martin’s bond prices drop to record lows and cost of insuring VW’s debt against default jumps</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="094ce5bd-35bc-45aa-aae3-d063b0133cfe" data-myft-ui="saved" action="/myft/save/094ce5bd-35bc-45aa-aae3-d063b0133cfe" data-js-action="/__myft/api/core/saved/content/094ce5bd-35bc-45aa-aae3-d063b0133cfe?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 Debt default insurance costs soar as investors flee Europe’s car industry to myFT for later" aria-label="Save Debt default insurance costs soar as investors flee Europe’s car industry to myFT for later" data-alternate-label="Debt default insurance costs soar as investors flee Europe’s car industry is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="094ce5bd-35bc-45aa-aae3-d063b0133cfe" > <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/094ce5bd-35bc-45aa-aae3-d063b0133cfe" 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%2Fb024b019-75d0-446b-a718-ce07b5b08b25.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A person peers into a showroom window at a blue Aston Martin DB11"/></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="2025-04-08T12:04:31.790Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f43933ac-a311-4970-8e8d-9f641f2f6d4b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f43933ac-a311-4970-8e8d-9f641f2f6d4b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/shipping" aria-label="Category: Shipping">Shipping</a></div><div class="o-teaser__heading"><a href="/content/f43933ac-a311-4970-8e8d-9f641f2f6d4b" data-trackable="heading-link" class="js-teaser-heading-link">Shipping groups clash over regulatory cost of using LNG to power vessels</a></div><p class="o-teaser__standfirst"><a href="/content/f43933ac-a311-4970-8e8d-9f641f2f6d4b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Rules to cut emissions have for years divided some of the world’s largest economies </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f43933ac-a311-4970-8e8d-9f641f2f6d4b" data-myft-ui="saved" action="/myft/save/f43933ac-a311-4970-8e8d-9f641f2f6d4b" data-js-action="/__myft/api/core/saved/content/f43933ac-a311-4970-8e8d-9f641f2f6d4b?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 Shipping groups clash over regulatory cost of using LNG to power vessels to myFT for later" aria-label="Save Shipping groups clash over regulatory cost of using LNG to power vessels to myFT for later" data-alternate-label="Shipping groups clash over regulatory cost of using LNG to power vessels is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f43933ac-a311-4970-8e8d-9f641f2f6d4b" > <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/f43933ac-a311-4970-8e8d-9f641f2f6d4b" 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%2F2db62946-45ee-4be2-9af4-6bf37475d11a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An LNG ship docked at an energy plant"/></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="2025-04-08T11:00:39.290Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="724ef0e5-6002-414e-9065-18847a35887c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="724ef0e5-6002-414e-9065-18847a35887c"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/energy-source" aria-label="Category: Energy Source">Energy Source</a></div><div class="o-teaser__heading"><a href="/content/724ef0e5-6002-414e-9065-18847a35887c" data-trackable="heading-link" class="js-teaser-heading-link">What Trump’s return to ‘maximum pressure’ means for Venezuelan oil</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/724ef0e5-6002-414e-9065-18847a35887c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The US president’s moves pose a major challenge to crude production in the South American nation </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="724ef0e5-6002-414e-9065-18847a35887c" data-myft-ui="saved" action="/myft/save/724ef0e5-6002-414e-9065-18847a35887c" data-js-action="/__myft/api/core/saved/content/724ef0e5-6002-414e-9065-18847a35887c?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 Trump’s return to ‘maximum pressure’ means for Venezuelan oil to myFT for later" aria-label="Save What Trump’s return to ‘maximum pressure’ means for Venezuelan oil to myFT for later" data-alternate-label="What Trump’s return to ‘maximum pressure’ means for Venezuelan oil is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="724ef0e5-6002-414e-9065-18847a35887c" > <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/724ef0e5-6002-414e-9065-18847a35887c" 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%2Fcb483092-b436-4bfe-b3af-18f6a361a9c6.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An oil pumpjack on Lake Maracaibo in Venezuela"/></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="2025-04-08T10:35:57.827Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/939d6195-d7aa-470b-8e1f-be66bbf77138" aria-label="Category: BDO LLP">BDO LLP</a></div><div class="o-teaser__heading"><a href="/content/36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-trackable="heading-link" class="js-teaser-heading-link">BDO probed over its audit of crisis-hit homeless housing fund</a></div><p class="o-teaser__standfirst"><a href="/content/36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Financial Reporting Council is reviewing firm’s 2021 audit of Home Reit, which is being wound down </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-myft-ui="saved" action="/myft/save/36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-js-action="/__myft/api/core/saved/content/36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02?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 BDO probed over its audit of crisis-hit homeless housing fund to myFT for later" aria-label="Save BDO probed over its audit of crisis-hit homeless housing fund to myFT for later" data-alternate-label="BDO probed over its audit of crisis-hit homeless housing fund is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" > <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/36a30c88-3d3a-4ee7-b6c1-c4dfb3b73e02" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2591%;"><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%2F4845d29f-fc41-4c5e-88f2-a9ba23e9b15a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A logo sign outside of a facility occupied by BDO in Vienna, Austria"/></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="2025-04-08T10:30:32.448Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="2a0f946f-cab1-43e5-8156-cbd856ff7825" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="2a0f946f-cab1-43e5-8156-cbd856ff7825"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/355979ae-ac7f-4548-bb29-17eb6ea8fdb0" aria-label="Category: Trenitalia">Trenitalia</a></div><div class="o-teaser__heading"><a href="/content/2a0f946f-cab1-43e5-8156-cbd856ff7825" data-trackable="heading-link" class="js-teaser-heading-link">Italian state train operator joins challenge to Eurostar monopoly</a></div><p class="o-teaser__standfirst"><a href="/content/2a0f946f-cab1-43e5-8156-cbd856ff7825" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Trenitalia aims to beat rivals and break into cross-Channel high-speed market by 2029 </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="2a0f946f-cab1-43e5-8156-cbd856ff7825" data-myft-ui="saved" action="/myft/save/2a0f946f-cab1-43e5-8156-cbd856ff7825" data-js-action="/__myft/api/core/saved/content/2a0f946f-cab1-43e5-8156-cbd856ff7825?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 Italian state train operator joins challenge to Eurostar monopoly to myFT for later" aria-label="Save Italian state train operator joins challenge to Eurostar monopoly to myFT for later" data-alternate-label="Italian state train operator joins challenge to Eurostar monopoly is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="2a0f946f-cab1-43e5-8156-cbd856ff7825" > <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/2a0f946f-cab1-43e5-8156-cbd856ff7825" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2673%;"><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%2Fc29f2b4d-0099-4603-b737-096443512368.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A Trenitalia train and passengers arriving in Rome, Italy"/></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="2025-04-08T10:08:31.944Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="264c2b98-6717-43c9-a0d9-99f0fdb64e39"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/firstft" aria-label="Category: FirstFT">FirstFT</a></div><div class="o-teaser__heading"><a href="/content/264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-trackable="heading-link" class="js-teaser-heading-link">FirstFT: China vows ‘fight to the end’ after Trump’s extra 50% tariff threat</a></div><p class="o-teaser__standfirst"><a href="/content/264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Also in today’s newsletter, US to hold talks with Iran and the Fed’s dilemma</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-myft-ui="saved" action="/myft/save/264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-js-action="/__myft/api/core/saved/content/264c2b98-6717-43c9-a0d9-99f0fdb64e39?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 FirstFT: China vows ‘fight to the end’ after Trump’s extra 50% tariff threat to myFT for later" aria-label="Save FirstFT: China vows ‘fight to the end’ after Trump’s extra 50% tariff threat to myFT for later" data-alternate-label="FirstFT: China vows ‘fight to the end’ after Trump’s extra 50% tariff threat is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="264c2b98-6717-43c9-a0d9-99f0fdb64e39" > <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/264c2b98-6717-43c9-a0d9-99f0fdb64e39" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2667%;"><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%2Fe8d77db8-aac7-4570-afc4-e98bce4f29da.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A fishing boat with a Chinese flag is near the shore, with a person pointing towards it. In the background, numerous shipping containers and large gantry cranes are visible at the Yangshan Deepwater Port in Shanghai."/></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="2025-04-08T09:50:25.079Z">Tuesday, 8 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="3475332b-2ba5-4584-95c1-faba61dac30f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="3475332b-2ba5-4584-95c1-faba61dac30f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-retail-industry" aria-label="Category: UK retail industry">UK retail industry</a></div><div class="o-teaser__heading"><a href="/content/3475332b-2ba5-4584-95c1-faba61dac30f" data-trackable="heading-link" class="js-teaser-heading-link">Philip Green fails in attempt to challenge UK parliamentary privilege</a></div><p class="o-teaser__standfirst"><a href="/content/3475332b-2ba5-4584-95c1-faba61dac30f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">European court rules human rights convention not violated after peer linked former Arcadia chair to sexual misconduct allegations</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="3475332b-2ba5-4584-95c1-faba61dac30f" data-myft-ui="saved" action="/myft/save/3475332b-2ba5-4584-95c1-faba61dac30f" data-js-action="/__myft/api/core/saved/content/3475332b-2ba5-4584-95c1-faba61dac30f?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 Philip Green fails in attempt to challenge UK parliamentary privilege to myFT for later" aria-label="Save Philip Green fails in attempt to challenge UK parliamentary privilege to myFT for later" data-alternate-label="Philip Green fails in attempt to challenge UK parliamentary privilege is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="3475332b-2ba5-4584-95c1-faba61dac30f" > <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/3475332b-2ba5-4584-95c1-faba61dac30f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2249%;"><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%2F8c72c4ef-7c5e-42f2-9607-c4a8b493fa36.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Philip Green at a football match in September 2024"/></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=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> </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 & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%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 & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li></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--selected o-header__drawer-menu-link--parent" href="/companies" aria-label="Companies, current page" aria-current="page" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--selected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="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 & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li></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=/companies" 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:variant-3","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"c47f4dfc-6879-4e95-accf-ca8cbe6a1f69","conceptType":"http://www.ft.com/ontology/Topic"}</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,"adsmvt2":"variant-3"}</script></body></html>

CINXE.COM

Companies