Author: Lily Harper

US President Donald Trump sealed a trade deal with Indonesia and the UK had a secret plan to immigrate Afghans to Britain after a data leak. Plus, tariffs have finally hit US inflation, and climate change is driving the sale of catastrophe bonds. Mentioned in this podcast:Donald Trump announces trade deal with Indonesia Catastrophe bond sales hit record as insurers offload climate risksUK set up secret Afghan immigration scheme after data leak and gagged mediaUS inflation reaches 2.7% as Trump tariffs hitToday’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Blake Maples,…

When €19bn software group Visma last month chose London as the venue for its future initial public offering, it signalled a success for the UK capital in more ways than one. The decision was an obvious boost for the UK’s beleaguered capital markets, where IPOs have become vanishingly rare — let alone ones of multibillion-pound tech companies. However, it was also a milestone for Visma’s British backer, Hg: the London-headquartered private equity firm that has quietly built itself into a specialist software investor and is on track to surpass $100bn in assets under management this month. That is bigger than…

Deutsche Bank chief executive Christian Sewing has become embroiled in a €152mn lawsuit that alleges he was involved in a decade-old cover-up of financial crisis-era transactions.A new civil case in Germany brought against Deutsche by Dario Schiraldi, a former senior banker, claims that Sewing presided over a flawed internal audit which formed an important part of the evidence used to convict Schiraldi in Italy in 2019.Schiraldi’s conviction was overturned in 2022 and he is seeking damages for alleged harm to his career caused by the criminal proceedings and outcome. Five other Deutsche bankers convicted and then acquitted in Italy are…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Consumers involved in landmark “no-win, no-fee” legal claims against Britain’s biggest banks over mis-sold car loans may be charged as much as £175 an hour if they withdraw from the lawsuits.Claimants in cases against Lloyds, Barclays, Close Brothers, Santander UK and other lenders could be hit with significant “exit fees” by law firms and claims management companies (CMCs) if they pull out of their case more than two weeks after joining. While “no-win, no-fee” promises — where a claimant only pays a…

One scoop to start: Brandon Lutnick, son of US commerce secretary Howard Lutnick, is nearing a roughly $4bn deal with an early bitcoin supporter to buy billions of dollars in the digital tokens using a vehicle backed by Cantor Fitzgerald.And another thing: Securities and Exchange Commission head Paul Atkins has pushed out the chief US audit regulator, who came under fire for imposing tougher sanctions on big accounting firms during her tenure.Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can sign up here to…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is chancellor of the exchequer Today I announced the Leeds reforms. The widest ranging set of changes to financial regulation in over a decade, they form a prospectus for driving growth for the UK in an increasingly uncertain and competitive global market.  Our vision for each of the eight high-potential sectors identified in the modern Industrial Strategy, including financial services, can be summed up as follows: a laser-like focus on the global strengths that we possess and a determination to double down…

Stay informed with free updatesSimply sign up to the US financial regulation myFT Digest — delivered directly to your inbox.The head of the Securities and Exchange Commission, Paul Atkins, has pushed out the chief US audit regulator, who came under fire for imposing tougher sanctions on big accounting firms during her tenure.Erica Williams told staff at the Public Company Accounting Oversight Board on Tuesday that Atkins had asked her to resign and that she would be leaving the agency she has led since 2022.This is a developing story Source link

Stay informed with free updatesSimply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox.The EU’s plan to raise more money for Ukraine by putting frozen Russian state funds into riskier investments would amount to “expropriation”, the institution holding the bulk of the assets has warned. Euroclear chief executive Valérie Urbain told the Financial Times that plans to reinvest cash generated by the assets to yield higher profits could risk further retaliation from Moscow, and undermine the central securities depository’s key position in the financial system. “If you increase the revenues, you increase the risks.…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Wall Street bank earnings, which kicked off on Tuesday, reveal a truth about volatility. Fluctuating asset prices are great for Wall Street trading desks but less so for businesses that need to make investment decisions, or consumers looking to make big-ticket purchases.JPMorgan and Citigroup both reaped bumper gains from their bond and stock-flipping businesses during the second quarter. But Wells Fargo, the country’s fourth-biggest bank by deposits, relies more on traditional kinds of banking. It lowered its full-year interest income target, as…

Stay informed with free updatesSimply sign up to the US banks myFT Digest — delivered directly to your inbox.JPMorgan Chase and Citigroup struck an upbeat tone on the strength of US consumers, underscoring how the world’s biggest economy has remained resilient despite the effects of Donald Trump’s tariffs. The duo of Wall Street banks said there were signs that Americans’ financial footing was solid even as they contend with persistently elevated prices, high interest rates and broader economic uncertainty. “The strength of the US economy, driven by the American entrepreneur and a healthy consumer, has certainly been exceeding expectations of…