China borrows as cheaply as US in dollar bond market
Beijing raises $4bn as debt costs relative to Treasuries fall to historically low levels
FirstFT: Argentina’s Javier Milei rejects free float of peso
Also in today’s newsletter: Nvidia chief says China will win AI race and ‘poison pills’ in US trade pacts
The inevitable politics of ending quantitative tightening
A large Fed balance sheet and a large budget deficit mean monetary policy and politics will stay entwined
Rival robotaxi start-ups’ shares tank after Hong Kong listing
Uber-backed groups Pony.ai and WeRide fall as much as 15% as analysts raise concerns about profitability
Diversity Leaders
800 companies make the seventh annual list; European companies walk a tightrope; GSK’s retreat on diversity targets; long-term focus delivering results for Zalando; investors stand firm against attack; US inclusion specialists face uncertain future; DEI not dead, just reincarnating
Supreme Court questions emergency Trump tariffs
Case could determine the future of the US president’s global trade agenda
Santander to appoint insider as next UK boss
Shortlisting of two bank executives signals change of tack after series of external hires
The UK breakthrough fuelling a $10bn bidding war
Plus, Wall Street’s five stages of Zohran Mamdani grief and leading financiers offer pearls of wisdom in Hong Kong
Think-tank linked to Reform UK says Britain is heading for debt crisis
Former Tory minister Sir John Redwood and City executive Mark Dowding contribute to CFABB report
RedBird taps Apollo to fund £500mn Telegraph takeover
US buyer secures funding ahead of government decision on referring takeover to regulators
Switzerland is crossing the crypto Rubicon
Can the country replicate its culture of trust in an era that thrives on code and decentralisation?
Rosalía’s Lux steps daringly between the rave and the opera house
The Catalan artist’s ambitious, genre-busting new album has Björk as its guiding spirit
US adds ‘poison pills’ to Asia trade pacts to counter China
Conditions inserted by Washington into tariff deals with Cambodia and Malaysia seen as ‘loyalty test’
Japan’s adventures in Trump’s irrational-rational land
A shiny Ford pick-up truck has become the symbol of Sanae Takaichi’s diplomatic dance with the US
Milei defies calls to float Argentine peso freely
Libertarian president vows to double down on transformation of country’s economy
China’s flying taxi leader aims to launch airport services within 3 years
EHang says its uncrewed electric aircraft could carry passengers into major Chinese cities for as little as $30
KPMG axes ‘busy season’ overtime pay for junior auditors
Big Four firm says move reflects better management of workloads
Leverage creeps into gilts market as insurers seek to boost returns
Use of derivatives to enhance bets on UK government bonds raises parallels with strategies that fuelled 2022 meltdown
This season’s high jewellery is lush, plush and extra-bold
Furnish yourself with statement gems
Uptown dunk: Zürich’s top fondue spots
The Swiss city’s gooey-cheese offerings are legion at this time of year, from comforting classics to champagne-soaked blowouts
Postcard from Manchester: a Landmark Trust retreat at the heart of railway history
A house that was at the centre of the 19th-century rail revolution can now be yours for the weekend
Are bubbles good, actually?
On Jeff Bezos’s defence of AI mania
Vedanta shifts copper mines to US entity to tap Trump mining push
Indian group will move Zambian copper mines to US-domiciled subsidiary CopperTech Metals
London should embrace its status as a haven for dull IPOs
The city’s market is an apt home for solid names that private equity can’t shift