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The illegal gold rush driving up global chocolate prices

In late 2019, hedge fund trader Chris Rokos convened his top portfolio managers at the firm’s Mayfair offices. Performance at his four-year-old hedge fund Rokos Capital Management had been poor, and it was time for the firm’s mercurial founder to take matters into his own hands. Rokos told his assembled lieutenants that all key investment … Read more

Why rare earths matter to Trump and the west

Can the Fed stay independent?

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Germany’s financial watchdog has fined Deutsche Bank €23mn over a series of violations of the country’s securities and payments laws, the latest sign that Germany’s largest lender is struggling to move past its history of … Read more

Businesses have begun stockpiling materials, reviewing manufacturing footprints and preparing to raise prices as Donald Trump’s trade war has entered “uncharted territory” with sweeping tariffs on Canada, Mexico and China. Sectors including manufacturing, retail and food were among those to highlight shocks to their supply chains after the US president imposed 25 per cent duties … Read more

Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world US stocks on Tuesday wiped out all of the gains accumulated after Donald Trump’s election, after the president’s tariffs on Washington’s biggest trading partners sparked fears of serious damage to the global economy. … Read more

US farmers reacted with fury to President Donald Trump’s tariffs on imports from Canada, Mexico and China, saying a trade war will threaten their markets, push up the cost of inputs such as fertiliser and “take a toll on rural America”. Farmers expressed particular concern about the impact of retaliatory tariffs, saying they will restrict … Read more

Wall Street stocks fell for the second day in a row on rising concerns Donald Trump’s tariffs will deal a blow to the US economy. The blue-chip S&P 500 was down around 0.9 per cent on Tuesday afternoon, while the tech-heavy Nasdaq Composite dipped 0.2 per cent. The S&P 500 briefly on Tuesday fell below … Read more

The Magnitude 7 Metals aluminium plant near the banks of the Mississippi is eerily quiet these days, its electrolysis cells dark and devoid of people, its once white-hot smelters cold to the touch. “It breaks my heart, ‘cos I’ve seen it in all its glory,” said Greg Lester, the facility’s manager, gesturing upwards to its … Read more