US debt fears put dollar on track for worst week since tariffs sell-off

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investor jitters about the state of the US public finances have put the dollar on track for its worst week since President Donald Trump’s “liberation day” tariffs announcement rocked markets at the beginning of April. … Read more

Legal & General merges divisions and cuts jobs across asset management

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Legal & General, one of Europe’s largest asset managers, is merging two investment units and culling about 80 roles as part of a broader restructuring to cut costs and refocus the business on higher-profit markets. … Read more

The delusion of private equity IRRs

Ludovic Phalippou is professor of financial economics at the University of Oxford’s Saïd Business School. A decade ago, Steven Davidoff Solomon, a UC Berkeley corporate law professor, published in the New York Times an article entitled: “Private Equity Fees Are Sky-High, Yes, but Look at Those Returns”. The message was simple. Retail investors were understandably … Read more

What retailers are telling us

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. The House of Representatives narrowly passed Donald Trump’s “big, beautiful bill” yesterday, leaving the Senate as the final … Read more

Investors shift away from US bond market on fears over Donald Trump’s policies

Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world Big investors say they are diversifying their bond portfolios to include greater exposure to markets outside the US as Donald Trump’s trade war and the country’s growing deficit erode the appeal of the … Read more

Brazilian brothers await crunch vote on US listing for meatpacker JBS

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A quest by the Brazilian billionaire brothers behind the world’s largest meatpacker JBS for a prestigious Wall Street stock listing is on a knife edge, following an opposition campaign by governance and environmental advocates. Minority … Read more