Author: Lily Harper

Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) for a few weeks, and on Wednesday a journalist asked the US president about it. Trump did not like the question, not one bit. But the internet did. Now traders are worried Trump might not chicken out. Did Rob just crash the US economy? And, if so, would he like to apologise? Also, Katie goes long Elon Musk returning to his day job, and Rob goes short his 15 minutes of fame. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Fraud is a “blight” on the nation that requires a “systemic” solution, warn UK industry figures, as new data reveals that scammers are still swindling millions of pounds out of UK consumers.Criminals stole £1.17bn through fraud in 2024, in line with the previous year, said UK Finance, the financial services trade body, in its annual report published on Wednesday.But as losses in authorised push payment (APP) fraud fell to £450mn in 2024 from £460mn in 2023 due to rising awareness and investment…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The government is exploring plans to relax the rules for smaller building companies bidding to develop new sites across England, as it seeks to boost supply of houses amid a growing affordability crisis.Labour’s housing secretary Angela Rayner released a set of proposals on Tuesday that would make it easier for small and medium-sized housebuilding businesses to get permission for construction from local authorities. The proposed reforms would exempt smaller housebuilders from some environmental controls as well as the safety levy introduced in the…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Graham Robinson, a top biotech and technology lawyer, is set to depart Skadden Arps for Kirkland & Ellis, as the jockeying for talent among Big Law firms continues to heat up despite a slowdown in dealmaking, according to people familiar with the matter. Robinson, a high-ranking Skadden partner advising listed biotechs and high-profile clients, including WeWork, had informed the firm of his plans to leave, the people said. Robinson, who will depart alongside senior Skadden partners Laura Knoll and Chadé Severin, would…

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.Lenders that specialise in “buy now, pay later” services will have to abide by the same rules as mainstream banks under long-awaited legislation that will result in them being fully regulated by the Financial Conduct Authority. The UK government will on Monday bring forward legislation, more than four years after the previous Conservative administration announced plans to regulate the sector.Under the rules, lenders such as Klarna and Clearpay will be required to check shoppers’ affordability before offering loans, while borrowers will…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Legal & General, the British finance company that is one of Europe’s largest asset managers, has acquired a real estate investor as part of a strategic push into private markets under chief executive António Simões.L&G, which manages £1.1tn in assets, has taken a 75 per cent stake in Proprium Capital Partners, a $3.5bn global real estate private equity group, the companies have confirmed. Under the terms of the deal, which is subject to regulatory approval, L&G will eventually acquire 100 per cent…

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.Britain’s financial regulator is to create a new definition of insurance for big companies, bowing to insurers’ calls for more of their commercial policies to be excluded from costly conduct and compliance rules.The Financial Conduct Authority on Wednesday announced plans to scrap existing rules that cause confusion among insurers, push up insurance costs for companies and restrict the availability of cover for smaller groups.The regulator said the move was part of a wider set of proposals to remove “ineffective, outdated or…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Credit Suisse agreed to pay $511mn and plead guilty to helping American taxpayers hide more than $4bn from authorities under an agreement with the US Department of Justice, admitting it violated a deal struck a decade ago for similar reasons.UBS, which acquired its rival as part of an emergency rescue in 2023, said on Monday that Credit Suisse Services would pay two fines totalling just over half a billion dollars.That includes $372mn for helping to prepare false income tax returns and almost…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The European Court of Justice has ruled Malta’s “golden passport” scheme violates EU law, in a landmark decision set to force the island to scrap the commercialisation of EU citizenship.“A member state cannot grant its nationality — and indeed European citizenship — in exchange for pre-determined payments or investments, as this essentially amounts to rendering the acquisition of nationality a mere commercial transaction,” the court said.“By establishing and operating an institutionalised citizenship investment scheme,” Malta had “failed to fulfil its obligations” under…

Private acquisitions have stripped more than $1tn from European equity markets in the past decade, according to a new report underlining how stock markets are losing out in the private capital boom. The trend poses a “much bigger threat” for European capital markets than defections of listed companies to Wall Street, according to a new report by HSBC Global Research and think-tank New Financial. The report identified 1,013 European listed companies that have been acquired by private equity or unlisted companies in the past decade, compared with 130 that had moved to the US stock market.“The inability of public markets adequately to…