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":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="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.e95fdf411b11.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8bb60777e746.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.72a58fc8be72.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.cd273f7294e3.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.91c0ae6f7c03.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.2bd3a12fc5b2.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-myft-client.f5ac916a0a9d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.af838ca85c81.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.b9c5e39ef3aa.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.ffae2cfafe36.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.103801e3ac89.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.a461cbc5ea89.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.ab9a050d6406.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.89299101937d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.2b733fdd8c1d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.e23e1f1503bb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.66551fa7de4f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.f35a414f7044.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.d73a14959b97.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.249a2d8e27a9.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.fe197d0ba7d4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.e3540d819ef5.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.e182c9e3c0db.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.e95fdf411b11.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8bb60777e746.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.72a58fc8be72.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.cd273f7294e3.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.91c0ae6f7c03.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.2bd3a12fc5b2.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-myft-client.f5ac916a0a9d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.af838ca85c81.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.b9c5e39ef3aa.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.ffae2cfafe36.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.103801e3ac89.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.a461cbc5ea89.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.ab9a050d6406.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.89299101937d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.2b733fdd8c1d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.e23e1f1503bb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.66551fa7de4f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.f35a414f7044.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.d73a14959b97.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.249a2d8e27a9.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.fe197d0ba7d4.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } if (/enhanced/.test(doc.className)) { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><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/dc981cd9-857d-4af0-a9f1-a01ce6242471" data-trackable="link">Trump calls Zelenskyy a ‘dictator’ as US rift with Ukraine deepens</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2506b4ae-52f3-4adb-9dd2-7f07a153316d" data-trackable="link">Trump signals Ukraine to blame for war with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9d097840-cad0-49d2-8d27-5f59b4628f10" data-trackable="link">Trump makes push for control of independent US regulators</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fda734fc-6023-4ad9-b3ae-33234ee40505" data-trackable="link">Chinese warships sail within 150 nautical miles of Sydney</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/dc981cd9-857d-4af0-a9f1-a01ce6242471" data-trackable="link">Trump calls Zelenskyy a ‘dictator’ as US rift with Ukraine deepens</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2506b4ae-52f3-4adb-9dd2-7f07a153316d" data-trackable="link">Trump signals Ukraine to blame for war with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9d097840-cad0-49d2-8d27-5f59b4628f10" data-trackable="link">Trump makes push for control of independent US regulators</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6dc1a080-babf-445a-9409-f18a835eabdc" data-trackable="link">France and UK plan air power-backed ‘reassurance force’ in postwar Ukraine</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" 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/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a60f44f5-81ca-4e66-8193-64c956b09820" data-trackable="link">Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cd79948f-2ec3-4d30-9733-032cef4d16b3" data-trackable="link">Trump administration moves to halt New York congestion scheme</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/59390d30-3848-4c03-9922-54e4d2450ac6" data-trackable="link">Wood Group’s CFO steps down after inaccurate claims about qualifications</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-trackable="link">KKR confronts €449mn earnings hole as flagship Italian deal sours</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/a60f44f5-81ca-4e66-8193-64c956b09820" data-trackable="link">Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="link">BYD’s strategy shift is bad news for global automakers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/669dd6dd-68fc-4110-875d-af679f6f5c58" data-trackable="link">Former OpenAI technology chief Mira Murati launches rival start-up</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/30d6f79f-d1ee-49dc-bff5-719f18c1a9e5" data-trackable="link">Europe’s dependence on US tech is a critical weakness</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-trackable="link">Google builds AI ‘co-scientist’ tool to speed up research</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9d097840-cad0-49d2-8d27-5f59b4628f10" data-trackable="link">Trump makes push for control of independent US regulators</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/533f9322-f098-4b82-823f-a7a8ef9350f1" data-trackable="link">BlackRock and Vanguard halt meetings with companies after SEC cracks down on ESG</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a13eeda8-3e54-463b-9563-e811a30a056c" data-trackable="link">Bond investors brace for Europe’s defence spending ‘bazooka’</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f24122a5-7cac-4fff-a057-5cdceadee947" data-trackable="link">Trump’s late-night posts send currency traders to Asian markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="link">EU agrees new Russia sanctions in the face of US push to end Ukraine war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/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/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="link">BYD’s strategy shift is bad news for global automakers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2be871f2-f7c0-48ae-a39a-822207a3cb88" data-trackable="link">Europe and the crumbling Atlantic alliance</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9ac3fc3b-2a95-40e0-ad73-03263fde67f7" data-trackable="link">Elon Musk’s wrecking ball</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/24b73c01-2a5a-4eb8-acc4-e2e53bda33e9" data-trackable="link">Britain’s productivity puzzle is turning into a crisis</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fa493a30-f0d7-4ce2-8d7f-84c2c4d41463" data-trackable="link">Who will now stabilise the world economy?</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/668f67d0-eafe-4970-9e9a-210015a8919d" data-trackable="link">KPMG’s US business removes diversity reports from its website</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8e35f2ce-9331-4026-968c-246daf6b79ec" data-trackable="link">Maria Callas and Paris: a love story</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a8822d89-73d7-4c62-962a-62ddc8af582b" data-trackable="link">‘It’s gonna be some work’: David Rhodes on saving Sky News from a TV grave</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" data-trackable="link">Diet Coke is a symbol of modern office culture </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f4615bfd-b3dd-4d12-9e5c-55bbd8bc6bd9" data-trackable="link">How Trump’s war on DEI is changing corporate culture</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/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/baa9f97b-9ccd-4dbd-a753-d7f2128ed3ec" data-trackable="link">British country attire is in fashion — but does it beat the real thing?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-trackable="link">Marbella 2.0: beyond the bling?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/88a3ffd4-d5cd-4aee-aaa0-4efab27056a0" data-trackable="link">Run to the sun: on board Amtrak’s new 47-hour Chicago-Miami sleeper </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c11a117d-590b-4469-9e0b-9d48a4ccd561" data-trackable="link">Russia Starts Here — ordinary lives on the edge of Putin’s empire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8e35f2ce-9331-4026-968c-246daf6b79ec" data-trackable="link">Maria Callas and Paris: a love story</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><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="668f67d0-eafe-4970-9e9a-210015a8919d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/0e110c05-b3e6-4d8c-90e0-6632f398f1ac" aria-label="Category: KPMG LLP">KPMG LLP</a></div><div class="o-teaser__heading"><a href="/content/668f67d0-eafe-4970-9e9a-210015a8919d" data-trackable="heading-link" class="js-teaser-heading-link">KPMG’s US business removes diversity reports from its website</a></div><p class="o-teaser__standfirst"><a href="/content/668f67d0-eafe-4970-9e9a-210015a8919d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Big Four firm becomes latest government contractor to ditch DEI targets</a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/668f67d0-eafe-4970-9e9a-210015a8919d" 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%2F0c06473b-31ca-4b72-8a29-b4a7b2cb1eab.jpg?source=next&fit=scale-down&dpr=2&width=640" alt="The KPMG logo on a building"/></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="48943204-99c3-45d1-a13b-05e48b5e3dd3"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/86dd7150-8240-48aa-8ac1-b9399e25741a" aria-label="Category: Nikola Corp">Nikola Corp</a></div><div class="o-teaser__heading"><a href="/content/48943204-99c3-45d1-a13b-05e48b5e3dd3" data-trackable="heading-link" class="js-teaser-heading-link">Nikola files for bankruptcy protection and plans intellectual property sale</a></div><p class="o-teaser__standfirst"><a href="/content/48943204-99c3-45d1-a13b-05e48b5e3dd3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">EV maker says it is down to $47mn in cash and that efforts to keep business going had failed</a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/48943204-99c3-45d1-a13b-05e48b5e3dd3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2278%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcb6469fd-54c8-452b-943d-088d16cab3a2.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="A hydrogen-powered Artic truck by Nikola is displayed at a transportation fair"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="30b5af78-e8dc-412c-be04-556eb4b497ef"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/mining" aria-label="Category: Mining">Mining</a></div><div class="o-teaser__heading"><a href="/content/30b5af78-e8dc-412c-be04-556eb4b497ef" data-trackable="heading-link" class="js-teaser-heading-link">Rio Tinto urges shareholders to reject proposal to drop London listing</a></div><p class="o-teaser__standfirst"><a href="/content/30b5af78-e8dc-412c-be04-556eb4b497ef" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Recommendation to vote against activist investor’s resolution comes as weak iron ore prices hit mining group’s earnings</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="59390d30-3848-4c03-9922-54e4d2450ac6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/adf16e46-1e15-494b-8dac-140628bc83ce" aria-label="Category: John Wood Group PLC">John Wood Group PLC</a></div><div class="o-teaser__heading"><a href="/content/59390d30-3848-4c03-9922-54e4d2450ac6" data-trackable="heading-link" class="js-teaser-heading-link">Wood Group’s CFO steps down after inaccurate claims about qualifications</a></div><p class="o-teaser__standfirst"><a href="/content/59390d30-3848-4c03-9922-54e4d2450ac6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Engineering group accepts Arvind Balan’s resignation in statement on London stock exchange</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="68f8f011-d615-41fb-8ad8-65aa9b49b9ef"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-energy" aria-label="Category: UK energy">UK energy</a></div><div class="o-teaser__heading"><a href="/content/68f8f011-d615-41fb-8ad8-65aa9b49b9ef" data-trackable="heading-link" class="js-teaser-heading-link">Owners of UK energy networks made billions in excess returns, says watchdog</a></div><p class="o-teaser__standfirst"><a href="/content/68f8f011-d615-41fb-8ad8-65aa9b49b9ef" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Citizen’s Advice says ‘policy failure’ by regulator meant companies secured a windfall of almost £4bn</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="533f9322-f098-4b82-823f-a7a8ef9350f1"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/esg-investing" aria-label="Category: ESG investing">ESG investing</a></div><div class="o-teaser__heading"><a href="/content/533f9322-f098-4b82-823f-a7a8ef9350f1" data-trackable="heading-link" class="js-teaser-heading-link">BlackRock and Vanguard halt meetings with companies after SEC cracks down on ESG</a></div><p class="o-teaser__standfirst"><a href="/content/533f9322-f098-4b82-823f-a7a8ef9350f1" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Regulator’s rules are part of broader effort to rein in power of largest fund managers</a></p></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="f9d35d4d-a4cc-42cf-a5c6-a51977c28ca3"><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/d3e3d907-c39b-43fe-8142-9baf61049872" aria-label="Category: China Vanke Co Ltd">China Vanke Co Ltd</a></div><div class="o-teaser__heading"><a href="/content/f9d35d4d-a4cc-42cf-a5c6-a51977c28ca3" data-trackable="heading-link" class="js-teaser-heading-link">Struggling Chinese builder Vanke turns to state managers to ‘stop the decline’</a></div><p class="o-teaser__standfirst"><a href="/content/f9d35d4d-a4cc-42cf-a5c6-a51977c28ca3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Default of property developer so closely linked to government would be blow to economic confidence</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="2025-02-20T02:26:42+0000">2 hours ago</time></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f9d35d4d-a4cc-42cf-a5c6-a51977c28ca3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2200%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8a73fb40-debb-4d01-9123-c4b52b53439f.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="Aerial view of multiple high-rise buildings in Zhengzhou, China, with red roofs arranged in a symmetrical pattern, surrounded by landscaped green spaces, pathways and recreational areas"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="ced78ce6-238f-493b-b042-20b4415aae42"><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="/electric-vehicles" aria-label="Category: Electric vehicles">Electric vehicles</a></div><div class="o-teaser__heading"><a href="/content/ced78ce6-238f-493b-b042-20b4415aae42" data-trackable="heading-link" class="js-teaser-heading-link">GM battery guru says carmaker can cut Tesla’s market share without government aid</a></div><p class="o-teaser__standfirst"><a href="/content/ced78ce6-238f-493b-b042-20b4415aae42" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Detroit carmaker is still committed to chief executive Mary Barra’s vision of “an all-electric future”, Kurt Kelty says</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="2bc85543-d3a2-401b-b7cb-88c834657408"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Business Insight</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/june-yoon" aria-label="Category: June Yoon">June Yoon</a></div><div class="o-teaser__heading"><a href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="heading-link" class="js-teaser-heading-link">BYD’s strategy shift is bad news for global automakers</a></div><p class="o-teaser__standfirst"><a href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The Chinese company is undercutting rivals by making advanced driver assistance systems a standard feature at no extra cost</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="d939392a-173f-4976-9a6b-660a3425d3b2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/pharmaceuticals" aria-label="Category: Pharmaceuticals sector">Pharmaceuticals sector</a></div><div class="o-teaser__heading"><a href="/content/d939392a-173f-4976-9a6b-660a3425d3b2" data-trackable="heading-link" class="js-teaser-heading-link">The copycat brands that are replacing Ozempic in Russia</a></div><p class="o-teaser__standfirst"><a href="/content/d939392a-173f-4976-9a6b-660a3425d3b2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Local pharma groups have taken over a lucrative niche market</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="d93310b5-91eb-4d76-8450-c82627261338"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Markets Insight</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/2f27be43-ccbd-4361-ba65-bfa8d73924de" aria-label="Category: Trinh Nguyen">Trinh Nguyen</a></div><div class="o-teaser__heading"><a href="/content/d93310b5-91eb-4d76-8450-c82627261338" data-trackable="heading-link" class="js-teaser-heading-link">The emerging winners in Asia amid the trade wars</a></div><p class="o-teaser__standfirst"><a href="/content/d93310b5-91eb-4d76-8450-c82627261338" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Vietnam, Malaysia, Singapore and increasingly India stand to gain </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="6ed22d3a-f70b-431c-9de6-40ed163307e2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/hedge-funds" aria-label="Category: Hedge funds">Hedge funds</a></div><div class="o-teaser__heading"><a href="/content/6ed22d3a-f70b-431c-9de6-40ed163307e2" data-trackable="heading-link" class="js-teaser-heading-link">Last men standing: the short sellers who remain after Hindenburg’s exit</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/6ed22d3a-f70b-431c-9de6-40ed163307e2" 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%2F06eaac68-eaf5-4e2c-a9bd-90d4bb1c8e53.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Nate Anderson, with logos of Muddy Waters, Shadowfall, General Industrial Partners and Quintessential"/></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 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 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="a3eeb268-5daa-4525-858b-eab93b28d3c7"><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="/chinese-business-finance" aria-label="Category: Chinese business & finance">Chinese business & finance</a></div><div class="o-teaser__heading"><a href="/content/a3eeb268-5daa-4525-858b-eab93b28d3c7" data-trackable="heading-link" class="js-teaser-heading-link">Chinese airlines rush into Europe as western carriers retreat</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a3eeb268-5daa-4525-858b-eab93b28d3c7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2198%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F00ac6339-6bc4-4389-bf68-1bfb4afd0112.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An Air China plane flies over residential properties as it approaches Heathrow Airport in London"/></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="4598afaf-8f1c-45b3-8e69-d4b246ebeb92"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/aerospace-defence" aria-label="Category: Aerospace & Defence">Aerospace & Defence</a></div><div class="o-teaser__heading"><a href="/content/4598afaf-8f1c-45b3-8e69-d4b246ebeb92" data-trackable="heading-link" class="js-teaser-heading-link">Musk’s attack on F-35s fuels debate over expensive fighter jets</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4598afaf-8f1c-45b3-8e69-d4b246ebeb92" 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%2F025760c9-1ec2-4fb1-8aee-f751f8db3100.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US Air Force F-35 fighter jet performs during the 2024 Airpower international Europesís airshow in Austria"/></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="beb38eb8-408c-4cdb-8086-77545d52099f"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="heading-link" class="js-teaser-heading-link">How Europe can defend itself without US help</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="d8d21b17-ec77-40a0-bc29-b99bbb6a41e0"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-trackable="heading-link" class="js-teaser-heading-link">KKR confronts €449mn earnings hole as flagship Italian deal sours</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="533f9322-f098-4b82-823f-a7a8ef9350f1"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/533f9322-f098-4b82-823f-a7a8ef9350f1" data-trackable="heading-link" class="js-teaser-heading-link">BlackRock and Vanguard halt meetings with companies after SEC cracks down on ESG</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="2bc85543-d3a2-401b-b7cb-88c834657408"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="heading-link" class="js-teaser-heading-link">BYD’s strategy shift is bad news for global automakers</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="d3b6e6b5-eddb-4230-b866-932d284cef9c"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/d3b6e6b5-eddb-4230-b866-932d284cef9c" data-trackable="heading-link" class="js-teaser-heading-link">German trains are less punctual than Britain’s ‘broken’ railways</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="8866f62a-33f6-47e7-904d-05a63d59a341" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://intelligent-retail.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://intelligent-retail.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Transitioning to Intelligent Retail ">Transitioning to Intelligent Retail </a></div><span class="event-teaser__standfirst">How can retailers separate reality from hype to harness AI growth?</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-02-20T09:00:00.000Z">Thursday, 20 February</time></span><span class="event-teaser__location">Digital Conference</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="9fc902ab-eb63-4e1b-b075-d165b4eab0bb" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://energysecurity.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://energysecurity.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Energy Security and Decarbonisation in Southeastern Europe">Energy Security and Decarbonisation in Southeastern Europe</a></div><span class="event-teaser__standfirst">Balancing priorities in a volatile world</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-02-27T11:00:00.000Z">Thursday, 27 February</time></span><span class="event-teaser__location">Free Webinar</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="c58c1c9b-3a40-43e5-afe2-6a6bd301b3a9" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://mwc25barcelona.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://mwc25barcelona.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Sport in the Age of AI and Mobile Experiences">Sport in the Age of AI and Mobile Experiences</a></div><span class="event-teaser__standfirst">Exclusive In-Person Networking Reception at MWC Barcelona </span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-03-03T17:30:00.000Z">Monday, 3 March</time></span><span class="event-teaser__location">MACBA, Plaça dels Àngels, 1, 08001 Barcelona, Spain</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="2025-02-20T04:01:36.451Z">Thursday, 20 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="4cfcfd1c-f789-43d8-95e7-180d86cc6975"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/fa30a477-7548-41d7-b719-ebcdaabb4d55" aria-label="Category: GFG Alliance">GFG Alliance</a></div><div class="o-teaser__heading"><a href="/content/4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-trackable="heading-link" class="js-teaser-heading-link">Australia to pump $1.5bn into Gupta steelworks after taking control</a></div><p class="o-teaser__standfirst"><a href="/content/4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">GFG Alliance head says he is taking legal advice after state government’s ‘unexpected and unprecedented’ seizure of Whyalla</a></p><div class="o-teaser__timestamp o-teaser__timestamp--new"><span class="o-teaser__timestamp-prefix"> new </span><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-02-20T04:01:36+0000"></time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-myft-ui="saved" action="/myft/save/4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-js-action="/__myft/api/core/saved/content/4cfcfd1c-f789-43d8-95e7-180d86cc6975?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 Australia to pump $1.5bn into Gupta steelworks after taking control to myFT for later" aria-label="Save Australia to pump $1.5bn into Gupta steelworks after taking control to myFT for later" data-alternate-label="Australia to pump $1.5bn into Gupta steelworks after taking control is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4cfcfd1c-f789-43d8-95e7-180d86cc6975" > <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/4cfcfd1c-f789-43d8-95e7-180d86cc6975" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2534%;"><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%2Fc39a350b-baf2-4d4f-9607-5eb64ddf30d5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Whyalla steelworks, featuring large industrial buildings with metal roofs and chimneys emitting smoke. In the foreground, there are freight train cars on tracks, and vegetation is visible around the site."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-20T01:55:07.714Z">Thursday, 20 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="fdd5d865-08e6-4d65-b670-a816d8b97173" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="fdd5d865-08e6-4d65-b670-a816d8b97173"><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="/hong-kong-economy" aria-label="Category: Hong Kong economy">Hong Kong economy</a></div><div class="o-teaser__heading"><a href="/content/fdd5d865-08e6-4d65-b670-a816d8b97173" data-trackable="heading-link" class="js-teaser-heading-link">Will Hong Kong’s property slump force it to raise taxes?</a></div><p class="o-teaser__standfirst"><a href="/content/fdd5d865-08e6-4d65-b670-a816d8b97173" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Years of budget deficits have weighed on fiscal health, forcing government to look further afield for revenue</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="2025-02-20T01:55:07+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="fdd5d865-08e6-4d65-b670-a816d8b97173" data-myft-ui="saved" action="/myft/save/fdd5d865-08e6-4d65-b670-a816d8b97173" data-js-action="/__myft/api/core/saved/content/fdd5d865-08e6-4d65-b670-a816d8b97173?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Will Hong Kong’s property slump force it to raise taxes? to myFT for later" aria-label="Save Will Hong Kong’s property slump force it to raise taxes? to myFT for later" data-alternate-label="Will Hong Kong’s property slump force it to raise taxes? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="fdd5d865-08e6-4d65-b670-a816d8b97173" > <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/fdd5d865-08e6-4d65-b670-a816d8b97173" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2558%;"><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%2F6ed9cc00-5a18-4d12-93d8-9d48ed9ec409.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Skyscrapers in Hong Kong are illuminated as dusk falls, with a clear sky in the background. In the foreground, a person is taking a photo with a smartphone."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-20T00:11:43.611Z">Thursday, 20 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="70151e6c-bd34-4830-a558-bb7de2f296e6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="70151e6c-bd34-4830-a558-bb7de2f296e6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-foreign-policy" aria-label="Category: US foreign policy">US foreign policy</a></div><div class="o-teaser__heading"><a href="/content/70151e6c-bd34-4830-a558-bb7de2f296e6" data-trackable="heading-link" class="js-teaser-heading-link">US congressional committee warns on new Chinese embassy in London</a></div><p class="o-teaser__standfirst"><a href="/content/70151e6c-bd34-4830-a558-bb7de2f296e6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Plans raise ‘significant’ security concerns for financial services industry, says Washington</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="70151e6c-bd34-4830-a558-bb7de2f296e6" data-myft-ui="saved" action="/myft/save/70151e6c-bd34-4830-a558-bb7de2f296e6" data-js-action="/__myft/api/core/saved/content/70151e6c-bd34-4830-a558-bb7de2f296e6?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 congressional committee warns on new Chinese embassy in London to myFT for later" aria-label="Save US congressional committee warns on new Chinese embassy in London to myFT for later" data-alternate-label="US congressional committee warns on new Chinese embassy in London is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="70151e6c-bd34-4830-a558-bb7de2f296e6" > <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/70151e6c-bd34-4830-a558-bb7de2f296e6" 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%2Fa84b46ae-466a-4363-a5de-64bd615cf183.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Royal Mint Court office complex in London"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T19:47:06.316Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="cd79948f-2ec3-4d30-9733-032cef4d16b3" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="cd79948f-2ec3-4d30-9733-032cef4d16b3"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/new-york-city" aria-label="Category: New York City">New York City</a></div><div class="o-teaser__heading"><a href="/content/cd79948f-2ec3-4d30-9733-032cef4d16b3" data-trackable="heading-link" class="js-teaser-heading-link">Trump administration moves to halt New York congestion scheme</a></div><p class="o-teaser__standfirst"><a href="/content/cd79948f-2ec3-4d30-9733-032cef4d16b3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Metropolitan Transportation Authority files lawsuit against federal government’s ‘mystifying’ decision </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="cd79948f-2ec3-4d30-9733-032cef4d16b3" data-myft-ui="saved" action="/myft/save/cd79948f-2ec3-4d30-9733-032cef4d16b3" data-js-action="/__myft/api/core/saved/content/cd79948f-2ec3-4d30-9733-032cef4d16b3?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 administration moves to halt New York congestion scheme to myFT for later" aria-label="Save Trump administration moves to halt New York congestion scheme to myFT for later" data-alternate-label="Trump administration moves to halt New York congestion scheme is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="cd79948f-2ec3-4d30-9733-032cef4d16b3" > <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/cd79948f-2ec3-4d30-9733-032cef4d16b3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F015185ac-1e0b-4478-8278-d4d16436b0d1.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Cars and cyclists 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="2025-02-19T17:52:12.340Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="28858916-ff4f-4cce-b49d-b6ea109f1548" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="28858916-ff4f-4cce-b49d-b6ea109f1548"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">The FT View</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/28858916-ff4f-4cce-b49d-b6ea109f1548" data-trackable="heading-link" class="js-teaser-heading-link">Who will build Britain?</a></div><p class="o-teaser__standfirst"><a href="/content/28858916-ff4f-4cce-b49d-b6ea109f1548" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The UK needs to develop a pipeline of construction skills and knowledge</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="28858916-ff4f-4cce-b49d-b6ea109f1548" data-myft-ui="saved" action="/myft/save/28858916-ff4f-4cce-b49d-b6ea109f1548" data-js-action="/__myft/api/core/saved/content/28858916-ff4f-4cce-b49d-b6ea109f1548?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 Who will build Britain? to myFT for later" aria-label="Save Who will build Britain? to myFT for later" data-alternate-label="Who will build Britain? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="28858916-ff4f-4cce-b49d-b6ea109f1548" > <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/28858916-ff4f-4cce-b49d-b6ea109f1548" 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%2F3390a42c-5335-470d-83e0-b9722bc522ab.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Prime Minister Sir Keir Starmer views plans during a visit to the housing construction development of Elverby, near Newport Pagnell"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T17:50:09.994Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="28c256b9-7e81-4296-9047-58207a9f1bd9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="28c256b9-7e81-4296-9047-58207a9f1bd9"><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="/mining" aria-label="Category: Mining">Mining</a></div><div class="o-teaser__heading"><a href="/content/28c256b9-7e81-4296-9047-58207a9f1bd9" data-trackable="heading-link" class="js-teaser-heading-link">Miners’ hunt for new listing venues is as old as the hills</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/28c256b9-7e81-4296-9047-58207a9f1bd9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Glencore is considering moving its primary listing location from London to New York</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="28c256b9-7e81-4296-9047-58207a9f1bd9" data-myft-ui="saved" action="/myft/save/28c256b9-7e81-4296-9047-58207a9f1bd9" data-js-action="/__myft/api/core/saved/content/28c256b9-7e81-4296-9047-58207a9f1bd9?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 Miners’ hunt for new listing venues is as old as the hills to myFT for later" aria-label="Save Miners’ hunt for new listing venues is as old as the hills to myFT for later" data-alternate-label="Miners’ hunt for new listing venues is as old as the hills is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="28c256b9-7e81-4296-9047-58207a9f1bd9" > <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/28c256b9-7e81-4296-9047-58207a9f1bd9" 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%2F484155c5-37a8-43a0-b493-6a746458f8f6.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Workers walk at a Glencore facility in Democratic Republic of Congo"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T17:41:13.462Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5261df64-35dd-4d52-a331-bc5dad748c1b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="5261df64-35dd-4d52-a331-bc5dad748c1b"><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/5261df64-35dd-4d52-a331-bc5dad748c1b" data-trackable="heading-link" class="js-teaser-heading-link">European dairy boss says uncertainty about green rules holding back investment</a></div><p class="o-teaser__standfirst"><a href="/content/5261df64-35dd-4d52-a331-bc5dad748c1b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Chief executive of Arla blames drop in milk production on lack of clarity about EU regulation </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5261df64-35dd-4d52-a331-bc5dad748c1b" data-myft-ui="saved" action="/myft/save/5261df64-35dd-4d52-a331-bc5dad748c1b" data-js-action="/__myft/api/core/saved/content/5261df64-35dd-4d52-a331-bc5dad748c1b?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 European dairy boss says uncertainty about green rules holding back investment to myFT for later" aria-label="Save European dairy boss says uncertainty about green rules holding back investment to myFT for later" data-alternate-label="European dairy boss says uncertainty about green rules holding back investment is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="5261df64-35dd-4d52-a331-bc5dad748c1b" > <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/5261df64-35dd-4d52-a331-bc5dad748c1b" 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%2F0ff3ee1c-4717-4fd0-b6ac-a499a799374f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Calves are fed at Newlands farm in Bozeat, England which is part of Arla"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T17:37:46.162Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="88126d74-0fa1-4652-b80f-6d21928b20f1" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="88126d74-0fa1-4652-b80f-6d21928b20f1"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/fbc41f4b-1fac-4eb7-9ba3-88d1df72014b" aria-label="Category: Thames Water">Thames Water</a></div><div class="o-teaser__heading"><a href="/content/88126d74-0fa1-4652-b80f-6d21928b20f1" data-trackable="heading-link" class="js-teaser-heading-link">KKR submits £4bn bid to take majority stake in Thames Water</a></div><p class="o-teaser__standfirst"><a href="/content/88126d74-0fa1-4652-b80f-6d21928b20f1" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Private equity firm plans to keep debt-laden utility in one piece, in contrast to other bidders</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="88126d74-0fa1-4652-b80f-6d21928b20f1" data-myft-ui="saved" action="/myft/save/88126d74-0fa1-4652-b80f-6d21928b20f1" data-js-action="/__myft/api/core/saved/content/88126d74-0fa1-4652-b80f-6d21928b20f1?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 KKR submits £4bn bid to take majority stake in Thames Water to myFT for later" aria-label="Save KKR submits £4bn bid to take majority stake in Thames Water to myFT for later" data-alternate-label="KKR submits £4bn bid to take majority stake in Thames Water is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="88126d74-0fa1-4652-b80f-6d21928b20f1" > <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/88126d74-0fa1-4652-b80f-6d21928b20f1" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><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%2F5d5d9fde-2353-4f23-ae0b-d07b417c1f3e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A Thames Water van"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T16:18:14.567Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c40ea755-7623-408f-a840-f367c0eb62de" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="c40ea755-7623-408f-a840-f367c0eb62de"><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="/industrials" aria-label="Category: Industrials">Industrials</a></div><div class="o-teaser__heading"><a href="/content/c40ea755-7623-408f-a840-f367c0eb62de" data-trackable="heading-link" class="js-teaser-heading-link">It is bulldozers at dawn in the acquisitive world of equipment rental </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/c40ea755-7623-408f-a840-f367c0eb62de" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Fragmented market creates fertile hunting grounds for would-be consolidators</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c40ea755-7623-408f-a840-f367c0eb62de" data-myft-ui="saved" action="/myft/save/c40ea755-7623-408f-a840-f367c0eb62de" data-js-action="/__myft/api/core/saved/content/c40ea755-7623-408f-a840-f367c0eb62de?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 It is bulldozers at dawn in the acquisitive world of equipment rental to myFT for later" aria-label="Save It is bulldozers at dawn in the acquisitive world of equipment rental to myFT for later" data-alternate-label="It is bulldozers at dawn in the acquisitive world of equipment rental is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="c40ea755-7623-408f-a840-f367c0eb62de" > <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/c40ea755-7623-408f-a840-f367c0eb62de" 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%2F46d8ef01-6430-45a6-b1a0-9d2cab69c9b8.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The sign outside of the United Rentals store in Denver, Colorado"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T16:06:16.020Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d8d21b17-ec77-40a0-bc29-b99bbb6a41e0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/51d10a56-b7de-482e-9603-6e5f31e625ee" aria-label="Category: KKR & Co LP">KKR & Co LP</a></div><div class="o-teaser__heading"><a href="/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-trackable="heading-link" class="js-teaser-heading-link">KKR confronts €449mn earnings hole as flagship Italian deal sours</a></div><p class="o-teaser__standfirst"><a href="/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Private equity group clashed with management over diverging forecasts for telecoms business</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-myft-ui="saved" action="/myft/save/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-js-action="/__myft/api/core/saved/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0?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 KKR confronts €449mn earnings hole as flagship Italian deal sours to myFT for later" aria-label="Save KKR confronts €449mn earnings hole as flagship Italian deal sours to myFT for later" data-alternate-label="KKR confronts €449mn earnings hole as flagship Italian deal sours is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" > <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/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" 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%2F2dfe3f49-f5f3-4098-b120-ee2045ea9ce5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Fibre optic cables being fitted by FiberCop workers in downtown Rome"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T16:00:50.546Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a60f44f5-81ca-4e66-8193-64c956b09820" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a60f44f5-81ca-4e66-8193-64c956b09820"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/quantum-technologies" aria-label="Category: Quantum technologies">Quantum technologies</a></div><div class="o-teaser__heading"><a href="/content/a60f44f5-81ca-4e66-8193-64c956b09820" data-trackable="heading-link" class="js-teaser-heading-link">Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle</a></div><p class="o-teaser__standfirst"><a href="/content/a60f44f5-81ca-4e66-8193-64c956b09820" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">US tech giant says it has harnessed a new state of matter to create the basic building blocks of a quantum machine</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a60f44f5-81ca-4e66-8193-64c956b09820" data-myft-ui="saved" action="/myft/save/a60f44f5-81ca-4e66-8193-64c956b09820" data-js-action="/__myft/api/core/saved/content/a60f44f5-81ca-4e66-8193-64c956b09820?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 Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle to myFT for later" aria-label="Save Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle to myFT for later" data-alternate-label="Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a60f44f5-81ca-4e66-8193-64c956b09820" > <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/a60f44f5-81ca-4e66-8193-64c956b09820" 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%2F62f8250e-b39c-40b5-b97f-e0791e659bca.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of Microsoft logo, chief executive Satya Nadella and Majorana 1 processor"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T15:23:04.889Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="53ce06df-a0f5-4425-a684-bee954a7ab11" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="53ce06df-a0f5-4425-a684-bee954a7ab11"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/95355fed-3264-48e0-888d-9ab31bc00acc" aria-label="Category: Manchester United PLC">Manchester United PLC</a></div><div class="o-teaser__heading"><a href="/content/53ce06df-a0f5-4425-a684-bee954a7ab11" data-trackable="heading-link" class="js-teaser-heading-link">Man Utd swings to loss after sacking and missing out on Champions League</a></div><p class="o-teaser__standfirst"><a href="/content/53ce06df-a0f5-4425-a684-bee954a7ab11" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Team records net loss of £27.7mn in the second quarter as broadcast revenue declines</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="53ce06df-a0f5-4425-a684-bee954a7ab11" data-myft-ui="saved" action="/myft/save/53ce06df-a0f5-4425-a684-bee954a7ab11" data-js-action="/__myft/api/core/saved/content/53ce06df-a0f5-4425-a684-bee954a7ab11?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 Man Utd swings to loss after sacking and missing out on Champions League to myFT for later" aria-label="Save Man Utd swings to loss after sacking and missing out on Champions League to myFT for later" data-alternate-label="Man Utd swings to loss after sacking and missing out on Champions League is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="53ce06df-a0f5-4425-a684-bee954a7ab11" > <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/53ce06df-a0f5-4425-a684-bee954a7ab11" 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%2Fad88b79c-122d-4caa-88ca-e412c2c9c1ea.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="2025-02-19T15:07:16.521Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8c10966e-f7cb-4793-a7e5-7e8ff59a8909" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="8c10966e-f7cb-4793-a7e5-7e8ff59a8909"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Unhedged</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/jennifer-hughes" aria-label="Category: Jennifer Hughes">Jennifer Hughes</a></div><div class="o-teaser__heading"><a href="/content/8c10966e-f7cb-4793-a7e5-7e8ff59a8909" data-trackable="heading-link" class="js-teaser-heading-link">The trouble with IPOs</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/8c10966e-f7cb-4793-a7e5-7e8ff59a8909" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Is it really all that bad out there?</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8c10966e-f7cb-4793-a7e5-7e8ff59a8909" data-myft-ui="saved" action="/myft/save/8c10966e-f7cb-4793-a7e5-7e8ff59a8909" data-js-action="/__myft/api/core/saved/content/8c10966e-f7cb-4793-a7e5-7e8ff59a8909?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 trouble with IPOs to myFT for later" aria-label="Save The trouble with IPOs to myFT for later" data-alternate-label="The trouble with IPOs is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="8c10966e-f7cb-4793-a7e5-7e8ff59a8909" > <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/8c10966e-f7cb-4793-a7e5-7e8ff59a8909" 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%2F2d1f59b4-6cbd-48da-b60a-f1c017563ad7.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The New York Stock Exchange 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="2025-02-19T14:47:44.734Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="badc4daf-1766-4d49-9875-b3722c660ceb" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="badc4daf-1766-4d49-9875-b3722c660ceb"><div class="o-teaser__content"><div class="o-teaser__meta"><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/badc4daf-1766-4d49-9875-b3722c660ceb" data-trackable="heading-link" class="js-teaser-heading-link">Melrose founders’ Rosebank in talks to buy US engineering group for $2bn</a></div><p class="o-teaser__standfirst"><a href="/content/badc4daf-1766-4d49-9875-b3722c660ceb" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">A deal to buy Electrical Components International would be first for London-listed vehicle since it was founded last year </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="badc4daf-1766-4d49-9875-b3722c660ceb" data-myft-ui="saved" action="/myft/save/badc4daf-1766-4d49-9875-b3722c660ceb" data-js-action="/__myft/api/core/saved/content/badc4daf-1766-4d49-9875-b3722c660ceb?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 Melrose founders’ Rosebank in talks to buy US engineering group for $2bn to myFT for later" aria-label="Save Melrose founders’ Rosebank in talks to buy US engineering group for $2bn to myFT for later" data-alternate-label="Melrose founders’ Rosebank in talks to buy US engineering group for $2bn is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="badc4daf-1766-4d49-9875-b3722c660ceb" > <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/badc4daf-1766-4d49-9875-b3722c660ceb" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2587%;"><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%2Fe56d842e-258b-470f-9912-89d258f7cde7.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Rosebank Industries chief executive Simon Peckham with two colleagues in the background"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T14:35:11.304Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/oil-gas" aria-label="Category: Oil & Gas industry">Oil & Gas industry</a></div><div class="o-teaser__heading"><a href="/content/3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-trackable="heading-link" class="js-teaser-heading-link">Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’</a></div><p class="o-teaser__standfirst"><a href="/content/3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Move is ‘encouraging’ but billions of pounds will be needed to turn facility into green industrial site, say insiders </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-myft-ui="saved" action="/myft/save/3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-js-action="/__myft/api/core/saved/content/3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a?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 Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’ to myFT for later" aria-label="Save Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’ to myFT for later" data-alternate-label="Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’ is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" > <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/3a8ee9fd-a5ef-4f55-a485-3cc99ca5989a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2555%;"><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%2F52ca0145-7e14-40d0-84e5-7ba00b7cdcf3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Grangemouth petrochemical plant in Scotland"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T14:06:46.539Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="47731c47-08dd-460d-b570-5b134064863e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="47731c47-08dd-460d-b570-5b134064863e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/isas" aria-label="Category: Isas">Isas</a></div><div class="o-teaser__heading"><a href="/content/47731c47-08dd-460d-b570-5b134064863e" data-trackable="heading-link" class="js-teaser-heading-link">Fund managers step up calls for Reeves to ‘simplify’ UK tax-free savings</a></div><p class="o-teaser__standfirst"><a href="/content/47731c47-08dd-460d-b570-5b134064863e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Ministers are looking at scrapping popular cash Isas to encourage investment in London stock market</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="47731c47-08dd-460d-b570-5b134064863e" data-myft-ui="saved" action="/myft/save/47731c47-08dd-460d-b570-5b134064863e" data-js-action="/__myft/api/core/saved/content/47731c47-08dd-460d-b570-5b134064863e?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 Fund managers step up calls for Reeves to ‘simplify’ UK tax-free savings to myFT for later" aria-label="Save Fund managers step up calls for Reeves to ‘simplify’ UK tax-free savings to myFT for later" data-alternate-label="Fund managers step up calls for Reeves to ‘simplify’ UK tax-free savings is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="47731c47-08dd-460d-b570-5b134064863e" > <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/47731c47-08dd-460d-b570-5b134064863e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2597%;"><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%2F52fb2f6c-825a-491a-a0fa-2573759ea11d.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Chancellor Rachel Reeves"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T14:00:50.432Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="6e53cc55-9031-4ba4-9e7c-e5e9c02b3203"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/d6b12f0c-bf3f-4045-a07b-1e4e49103fd6" aria-label="Category: Google LLC">Google LLC</a></div><div class="o-teaser__heading"><a href="/content/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-trackable="heading-link" class="js-teaser-heading-link">Google builds AI ‘co-scientist’ tool to speed up research</a></div><p class="o-teaser__standfirst"><a href="/content/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Lab assistant powered by artificial intelligence can help generate scientific hypotheses </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-myft-ui="saved" action="/myft/save/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-js-action="/__myft/api/core/saved/content/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203?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 Google builds AI ‘co-scientist’ tool to speed up research to myFT for later" aria-label="Save Google builds AI ‘co-scientist’ tool to speed up research to myFT for later" data-alternate-label="Google builds AI ‘co-scientist’ tool to speed up research is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" > <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/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2527%;"><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%2Fb1ddf6fa-374a-4516-b221-f08f40e7bdfe.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Two men standing in front of a Google sign"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T14:00:26.548Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f4fe59c4-0c05-4adb-af28-6ff3dbfe628a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/508d923c-0268-40fe-a553-619bd7a3f9a7" aria-label="Category: Glencore">Glencore</a></div><div class="o-teaser__heading"><a href="/content/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-trackable="heading-link" class="js-teaser-heading-link">Glencore reviews London listing as miners sour on UK market </a></div><p class="o-teaser__standfirst"><a href="/content/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Chief Gary Nagle says mining group is seeking to boost its valuation</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-myft-ui="saved" action="/myft/save/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-js-action="/__myft/api/core/saved/content/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a?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 Glencore reviews London listing as miners sour on UK market to myFT for later" aria-label="Save Glencore reviews London listing as miners sour on UK market to myFT for later" data-alternate-label="Glencore reviews London listing as miners sour on UK market is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" > <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/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" 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%2Fc53bf860-91b0-4583-9cf8-25c13c5d788f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Glencore’s logo outside its headquarters in Baar, central Switzerland"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T13:54:52.328Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/2c9b30e1-fae8-4901-88e4-4146ad766ebf" aria-label="Category: BAE Systems PLC">BAE Systems PLC</a></div><div class="o-teaser__heading"><a href="/content/a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-trackable="heading-link" class="js-teaser-heading-link">BAE ready to meet increase in military spending by governments</a></div><p class="o-teaser__standfirst"><a href="/content/a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">UK group shrugs off Trump defence spending cuts and notes its emerging technologies include drones and AI</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-myft-ui="saved" action="/myft/save/a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-js-action="/__myft/api/core/saved/content/a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0?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 BAE ready to meet increase in military spending by governments to myFT for later" aria-label="Save BAE ready to meet increase in military spending by governments to myFT for later" data-alternate-label="BAE ready to meet increase in military spending by governments is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" > <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/a1bbdc4d-3ded-454b-a3d4-bf5de89d49c0" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2756%;"><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%2Fe37b28e0-aca1-4d86-88a7-03641bd6b588.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A Eurofighter Typhoon aircraft being assembled inside a large hangar, with staff working beneath it. The hangar is equipped with various tools and machinery."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T13:49:36.700Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f28dad59-3dd8-43a7-924a-30f9968363bd" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f28dad59-3dd8-43a7-924a-30f9968363bd"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-companies" aria-label="Category: US & Canadian companies">US & Canadian companies</a></div><div class="o-teaser__heading"><a href="/content/f28dad59-3dd8-43a7-924a-30f9968363bd" data-trackable="heading-link" class="js-teaser-heading-link">The quiet queen of American finance</a></div><p class="o-teaser__standfirst"><a href="/content/f28dad59-3dd8-43a7-924a-30f9968363bd" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Hi, Fidelity</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f28dad59-3dd8-43a7-924a-30f9968363bd" data-myft-ui="saved" action="/myft/save/f28dad59-3dd8-43a7-924a-30f9968363bd" data-js-action="/__myft/api/core/saved/content/f28dad59-3dd8-43a7-924a-30f9968363bd?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 quiet queen of American finance to myFT for later" aria-label="Save The quiet queen of American finance to myFT for later" data-alternate-label="The quiet queen of American finance is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f28dad59-3dd8-43a7-924a-30f9968363bd" > <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/f28dad59-3dd8-43a7-924a-30f9968363bd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2821%;"><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%2F70cd4eb3-1b2d-4ad5-93bd-5691430a0798.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="2025-02-19T13:17:45.489Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8735a325-2071-410a-9372-3362008965da" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="8735a325-2071-410a-9372-3362008965da"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/war-in-ukraine" aria-label="Category: War in Ukraine">War in Ukraine</a></div><div class="o-teaser__heading"><a href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="heading-link" class="js-teaser-heading-link">EU agrees new Russia sanctions in the face of US push to end Ukraine war</a></div><p class="o-teaser__standfirst"><a href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Latest package takes aim at Russian aluminium industry and tightens restrictions on oil exports</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8735a325-2071-410a-9372-3362008965da" data-myft-ui="saved" action="/myft/save/8735a325-2071-410a-9372-3362008965da" data-js-action="/__myft/api/core/saved/content/8735a325-2071-410a-9372-3362008965da?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 EU agrees new Russia sanctions in the face of US push to end Ukraine war to myFT for later" aria-label="Save EU agrees new Russia sanctions in the face of US push to end Ukraine war to myFT for later" data-alternate-label="EU agrees new Russia sanctions in the face of US push to end Ukraine war is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="8735a325-2071-410a-9372-3362008965da" > <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/8735a325-2071-410a-9372-3362008965da" 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%2F7a7ac85b-4a54-411a-bf3f-c48feefd557b.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A worker in protective gear is removing slag from an electrolysis bath at an aluminium smelter in Russia."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T12:56:58.673Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="044a6437-6534-457b-a3bf-7022b7770cf7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="044a6437-6534-457b-a3bf-7022b7770cf7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/environment" aria-label="Category: Environment">Environment</a></div><div class="o-teaser__heading"><a href="/content/044a6437-6534-457b-a3bf-7022b7770cf7" data-trackable="heading-link" class="js-teaser-heading-link">EU cracks down on fast fashion and food waste </a></div><p class="o-teaser__standfirst"><a href="/content/044a6437-6534-457b-a3bf-7022b7770cf7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Ecommerce groups will be forced to cover costs of collecting, sorting and recycling</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="044a6437-6534-457b-a3bf-7022b7770cf7" data-myft-ui="saved" action="/myft/save/044a6437-6534-457b-a3bf-7022b7770cf7" data-js-action="/__myft/api/core/saved/content/044a6437-6534-457b-a3bf-7022b7770cf7?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 EU cracks down on fast fashion and food waste to myFT for later" aria-label="Save EU cracks down on fast fashion and food waste to myFT for later" data-alternate-label="EU cracks down on fast fashion and food waste is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="044a6437-6534-457b-a3bf-7022b7770cf7" > <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/044a6437-6534-457b-a3bf-7022b7770cf7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2710%;"><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%2F40aab61a-6eab-425b-855a-ac2fff9aa063.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A large pile of used clothes discarded in the Atacama Desert, Chile"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T12:05:39.996Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d995c73b-58a7-4ff6-b34f-d94e707dbd4f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/european-prime-property" aria-label="Category: European prime property">European prime property</a></div><div class="o-teaser__heading"><a href="/content/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-trackable="heading-link" class="js-teaser-heading-link">Marbella 2.0: beyond the bling?</a></div><p class="o-teaser__standfirst"><a href="/content/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">New branded residences, international schools and a growing tech scene are leading the Andalusian hotspot’s reinvention as a year-round place to live</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-myft-ui="saved" action="/myft/save/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-js-action="/__myft/api/core/saved/content/d995c73b-58a7-4ff6-b34f-d94e707dbd4f?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 Marbella 2.0: beyond the bling? to myFT for later" aria-label="Save Marbella 2.0: beyond the bling? to myFT for later" data-alternate-label="Marbella 2.0: beyond the bling? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d995c73b-58a7-4ff6-b34f-d94e707dbd4f" > <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/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" 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%2F6b5391a4-a411-4c7b-be55-b285a5d835e8.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A steel kitchen with floors, walls and stools in a striking blue and white pattern. The window looks out towards green hills and blue water"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T12:04:37.133Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="25be65d3-df52-4bf4-9749-b98b05672530" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="25be65d3-df52-4bf4-9749-b98b05672530"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-house-prices" aria-label="Category: UK house prices">UK house prices</a></div><div class="o-teaser__heading"><a href="/content/25be65d3-df52-4bf4-9749-b98b05672530" data-trackable="heading-link" class="js-teaser-heading-link">London registers zero house price growth for 2024</a></div><p class="o-teaser__standfirst"><a href="/content/25be65d3-df52-4bf4-9749-b98b05672530" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">‘Stark’ divergence between UK capital and rest of country comes as affordability pressures weigh on buyers </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="25be65d3-df52-4bf4-9749-b98b05672530" data-myft-ui="saved" action="/myft/save/25be65d3-df52-4bf4-9749-b98b05672530" data-js-action="/__myft/api/core/saved/content/25be65d3-df52-4bf4-9749-b98b05672530?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 London registers zero house price growth for 2024 to myFT for later" aria-label="Save London registers zero house price growth for 2024 to myFT for later" data-alternate-label="London registers zero house price growth for 2024 is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="25be65d3-df52-4bf4-9749-b98b05672530" > <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/25be65d3-df52-4bf4-9749-b98b05672530" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2748%;"><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%2F2ec71ebb-6f6e-44ce-ac6a-9486fb55f981.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Residential homes in view of London’s city skyline"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-19T12:00:40.338Z">Wednesday, 19 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a252dbc5-dd85-4aba-b673-79e64798549f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a252dbc5-dd85-4aba-b673-79e64798549f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/moral-money" aria-label="Category: Moral Money">Moral Money</a></div><div class="o-teaser__heading"><a href="/content/a252dbc5-dd85-4aba-b673-79e64798549f" data-trackable="heading-link" class="js-teaser-heading-link">SEC rule change creates new barriers for shareholder proposals</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/a252dbc5-dd85-4aba-b673-79e64798549f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">US regulator’s move follows a sharp fall in support for environmental and social resolutions</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a252dbc5-dd85-4aba-b673-79e64798549f" data-myft-ui="saved" action="/myft/save/a252dbc5-dd85-4aba-b673-79e64798549f" data-js-action="/__myft/api/core/saved/content/a252dbc5-dd85-4aba-b673-79e64798549f?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 SEC rule change creates new barriers for shareholder proposals to myFT for later" aria-label="Save SEC rule change creates new barriers for shareholder proposals to myFT for later" data-alternate-label="SEC rule change creates new barriers for shareholder proposals is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a252dbc5-dd85-4aba-b673-79e64798549f" > <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/a252dbc5-dd85-4aba-b673-79e64798549f" 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%2F8638dc4d-8531-41d1-96c8-b17091978473.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The SEC logo at its headquarters in Washington DC"/></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="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--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="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/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":"dcd0a6cb2d81846197c64ce0b321407dbc799b80","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,adsmvt2:variant-1","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,"streamRecommendedStoriesList":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"myftIndustryRecs":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"myftIndustryRecsFeed":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsMarketsDataWidget":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"adsmvt2":"variant-1"}</script></body></html>

CINXE.COM

Companies