Mukesh Ambani points to succession plan for Reliance Industries
Also in this newsletter, Modi’s great hopes for Indian arms manufacturing
Apollo’s flagship private credit fund hit by 17% redemption requests
Vehicle meets less than a third of withdrawal requests as investor exodus accelerates
Keir Starmer resigns as UK prime minister
Letter: Case for common European bonds is urgent
From Paola Subacchi, Essential Economics, London, UK, and Sciences Po, Paris, France
Letter: Mediators come out on top in a fragmented world
From Dr Zeelaf Munir, Chairperson of Pakistan Business Council, Karachi, Pakistan
Letter: Flash charging is a triumph but grid safety matters too
From Rafael Narezzi, CEO and co-founder of Centrii, London W6, UK
Letter: What use is training if it doesn’t lead to a job?
From Nigel Kendall, Worplesdon, Surrey, UK
Hedge fund to pay Avis $650mn in settlement after wild stock swings
Pentwater Capital rapidly sold shares in US car rental group as price soared then plummeted
FT Crossword: Number 18,407
FirstFT: Burnham poised to become UK prime minister after Starmer resigns
Also in today’s newsletter: Indian entrepreneur to lead WhatsApp, and China restricts trading with some US rare earth companies
SpaceX sheds $400bn in market value as debut rally hits reverse
Shares in Elon Musk’s AI and rockets group tumble more than 16% following fresh rise in US bond yields
Burnham poised to succeed Starmer as UK prime minister
Outgoing Greater Manchester mayor gears up for talks with civil service as he prepares to enter Number 10 within weeks
AbbVie buys Apogee for $10.9bn to acquire inflammatory disease drug
Drugmaker’s largest deal in more than half a decade comes amid surge of M&A in sector
Building materials group CRH agrees historic $8.5bn deal for Arcosa
Irish company to purchase Dallas-based construction group
Starmer resignation as it happened: Burnham poised to become UK prime minister
Outgoing Greater Manchester mayor could enter Downing Street within weeks
Transcript: Exit Starmer, enter Burnham
Lucy Fisher talks to George Parker and Jim Pickard
CRH digs deep for a bigger share of the US construction boom
Irish building materials group’s deal for Arcosa is worth doing
EasyJet should hold out for a tad more from Castlelake
UK budget airline has minimal debt and is expected to grow operating profit sevenfold from this year’s depressed level
Labour MPs celebrate as Burnham returns to Westminster
Greater Manchester mayor finds a clear path to replace Keir Starmer in Downing Street
Streeting seen as frontrunner to become UK’s next chancellor
Ex-health secretary favourite after ruling out leadership run but Labour’s centre-left prefers Ed Miliband
Met Office issues rare red weather warning as heatwave hits UK
Temperatures expected to break June records, prompting concerns about public health
Indian entrepreneur to lead WhatsApp as Zuckerberg brings in new blood
Fintech founder Kunal Shah to replace Will Cathcart who steps down after seven years leading the Meta-owned messaging app
The revolving door of Downing Street
To survive longer than Keir Starmer, Andy Burnham will need vision and a plan
EasyJet and its investors hold out for £600mn more from Castlelake
Shareholders call for private credit group’s £4.7bn approach to be increased to at least £7-a-share