Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Tom Hayes, the trader jailed for rigging Libor benchmark rates, has taken his long-standing fight to clear his name to the UK’s highest court, arguing that the original trial that led to his conviction was “fatally compromised”.Lawyers for the former UBS and Citigroup trader are trying to convince a panel of five senior judges at the Supreme Court in London to overturn his conviction from 10 years ago. A three-day hearing started on Tuesday.Hayes, 45, was the first person in the world…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Blackstone has made a final £489mn bid to acquire listed landlord Warehouse Reit, in private equity’s latest swoop on the commercial property sector following a brutal downturn. The US group, which is the world’s largest commercial property investor, has made four previous offers alongside private equity firm Sixth Street — which were all rejected by Warehouse Reit. Sixth Street said in a statement on Tuesday that it was dropping out of the pursuit of the company, which owns warehouses in industrial hubs…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK accounting regulator has fined PwC £2.9mn for failures in its audit of Wyelands Bank, the lender that was owned by steel magnate Sanjeev Gupta and collapsed in scandal. The Big Four firm admitted it had breached several requirements relating to the audit of the Wyelands Bank’s 2019 accounts, including in its risk assessment and vetting of the lender’s related party transactions, the Financial Reporting Council said on Tuesday. Gupta established Wyelands Bank in 2016, with the stated ambition of supporting UK…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Segro has announced a joint venture with Oaktree-owned Pure Data Centres to develop a £1bn fully fitted data facility, with the FTSE 100 commercial property group describing the potential for high returns in this area as “too large to ignore”. Segro, the UK’s largest listed landlord known for logistics, has for many years leased what are called “powered shells”, or buildings with enough electricity to be fitted out as data centres by its customers. The step up to its first “fully fitted” centre, which…

Stay informed with free updatesSimply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox.Sunac, one of China’s biggest property developers, has launched a second restructuring of its offshore debt in an unprecedented move that shows the country’s real estate slowdown is dragging on longer than expected.The developer had unveiled its first offshore restructuring of around $10bn in debt in late 2023, bolstering hopes of recovery nearly two years after the default of its peer Evergrande ignited a sector-wide cash crunch.But Sunac recently warned it was struggling to make offshore payments and faces a…

Do you want to see a wild chart? Of course you do. This one is a humdinger.As the key indicates, the blue line shows the market capitalisation of Taiwan Semiconductor Manufacturing Co in US dollars. The pink line also shows the market capitalisation of Taiwan Semiconductor Manufacturing Co in US dollars. The only difference is that the blue line is derived from TSMC’s Taiwan-listed shares, and the pink one from the company’s New York-listed shares. You do occasionally see divergences between two listings, mostly due to one being more liquid than the other, certain types of shares not enjoying voting…

This article is an on-site version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. If you haven’t yet read that story of how senior US officials, including the vice-president and defence secretary, accidentally shared classified details about last week’s bombing of Yemen with a journalist in an unofficial messaging group, it’s an absolute marmalade-dropper. Sticking to the standard Trumpworld script, they accused Europeans of being “freeloaders” who should be sent the bill for keeping…

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.More than 100 pages of regulations covering consumer finance, investments and mortgage lending will be “retired” by the UK financial watchdog in response to calls from businesses and the government to streamline its rules.The Financial Conduct Authority said it would also withdraw hundreds of supervisory publications and review its “prescriptive disclosure rules” to give firms more flexibility in areas such as online transactions.The announcement, which is rare for a regulator better known for creating new rules than destroying them, came after…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.When a company announces a big acquisition, a share price fall of more than 15 per cent rather suggests it is based on shaky foundations. That’s the situation Dublin-headquartered, Chicago-based and Australia-listed building materials provider James Hardie Industries finds itself in, following its $8.75bn cash-and-shares deal for US decking maker Azek. In part, that’s because James Hardie is offering its target the best room in the house. Under the proposed deal, Azek shareholders get $3.8bn of cash, plus 26 per cent of a…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Wealthy Americans both in the US and abroad are drawing up contingency plans to move assets to Switzerland over uncertainty caused by the Trump administration. Private bankers, multi-family offices and asset management groups said they had seen a large increase in clients wanting to set up Swiss-based bank and investment accounts, especially ones that are compliant with US tax rules. Josh Matthews, UK-based co-founder of Maseco, which provides wealth management for Americans abroad, said that the last time he had seen this…