Author: Lily Harper

One big event to start: We’re hosting the definitive event this autumn on private capital in London, where industry leaders will debate where the market’s headed, how to track down opportunities and what might be at risk of blowing up next. Want to be there? It’s invite-only, but as a DD subscriber, you can apply here to attend the summit on October 14.And a scoop: Two Wall Street asset managers have emerged as final bidders for Brighthouse Financial, a life insurer viewed as a crown jewel for firms looking to boost their profiles in the private credit industry.Welcome to Due…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Two Wall Street asset managers have emerged as final bidders for Brighthouse Financial, a life insurer viewed as a crown jewel for firms looking to boost their profiles in the private credit industry.TPG and Aquarian Holdings, an asset manager backed by Abu Dhabi’s Mubadala Capital, both submitted offers at a small premium to Brighthouse’s market value in the final round of bidding earlier this month, according to people briefed on the matter.Brighthouse, with more than $100bn in assets and a $3.5bn-plus market…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Clean energy is in trouble. Faced with huge capital needs, elevated interest rates and eroding political support, green enterprises are finding that public equity markets are not as hospitable as they used to be. Salvation comes from an unusual place: sharp-elbowed private equity groups.Among these unlikely do-gooders are Apollo, KKR, Blackstone and Brookfield. All have become lenders in order to lean into the broadening market for private credit. Apollo, for example, says it will invest $100bn in clean energy and climate investments…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The Spanish government has thrown a new obstacle into the path of BBVA’s €11bn hostile bid for rival lender Sabadell, declaring that the would-be acquirer cannot merge the two entities for at least three years.Spain’s economy minister Carlos Cuerpo said that after a 30-day review the cabinet had decided that the two entities would have to “maintain separate legal identities and assets, as well as autonomy in the management of their activities” for three years and possibly more.The decision means BBVA must…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldTop central bankers have delivered a scathing assessment of stablecoins, saying they “perform badly” on key requirements for being widely used as money, disavowing US President Donald Trump’s push to make them a pillar of mainstream finance.The Bank for International Settlements said stablecoins fail the three main tests of any money because they are not backed by central banks, lack sufficient guardrails against illicit usage and do not have the flexibility of funding needed to generate loans.Stablecoins are designed to…

This article is an on-site version of our Chris Giles on Central Banks newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersDonald Trump said on Thursday that Jay Powell was “one of the dumbest, and most destructive, people in Government”, before doubling down at the weekend when he added that the Federal Reserve chair was “a Total and Complete Moron!” Central bankers have rallied around the Fed. Banque de France governor François Villeroy de Galhau told the FT that Powell “shows admirably what…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Indian billionaire Gautam Adani is pressing ahead with major investment plans and shrugging off the threat from US criminal charges, telling shareholders on Tuesday that his conglomerate’s governance met global standards.The Adani Group chair announced capital spending of $15bn to $20bn a year for the next five years, at the infrastructure-focused company’s annual meeting. Separately, $1bn in financing was revealed for its airports business from funds managed by Apollo and BlackRock.The confidence shown by leading international financial groups, along with the revenue…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.China has appointed a former anti-corruption official, known as the “tiger-fighting lady general”, to lead the Asian Infrastructure Investment Bank, Beijing’s answer to the World Bank.Zou Jiayi, a former vice-finance minister and senior official in the Chinese Communist party’s anti-corruption body, was elected president of the AIIB on Tuesday at a meeting of its board of governors.She was the sole nominee for the role, and will replace the AIIB’s founding president Jin Liqun, who will step down in January after a decade…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Revolut chief executive Nik Storonsky started his career as an equity derivatives trader, a business that was built on the idea of making bets with limited downside and potentially massive pay-offs. Investors offering him a multibillion-dollar bonus if he can turn his UK challenger bank into a giant are making a similar calculation.Storonsky is in line to receive shares worth up to 10 per cent of the company if he hits targets including bringing Revolut to a valuation of about $150bn, the…

Stay informed with free updatesSimply sign up to the European banks myFT Digest — delivered directly to your inbox.The European Commission is examining the Italian government’s controversial sale of shares in Monte dei Paschi di Siena last year, following claims that large investors were shut out of the bidding process.UniCredit, Norway’s oil fund and BlackRock were among the investors that were interested in buying shares when the Treasury sold a 15 per cent stake last November but were told that the bidding had been already closed by Banca Akros, the small local bank that was running the process, according to…