The Fed’s not making a profit

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is an FT contributing editor This month the Federal Reserve decided it would cut its own workforce by a tenth over the next several years. The move has been reported as a way … Read more

JBS says shareholders approve US listing for world’s largest meatpacker

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The world’s largest meat processor JBS said shareholders approved a plan to list its shares in New York, fulfilling a long-held desire of the Brazilian billionaire brothers who transformed their family slaughterhouse into a global … Read more

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