US state department to begin mass lay-offs ‘in coming days’
Dismissals will target staff deemed redundant or out of sync with Trump’s agenda
UK F-35 jet fleet dogged by delays and staff shortages, watchdog says
Aircraft programme ‘shortcomings’ are undermining the effectiveness of Britain’s armed forces, NAO says
Reeves puts reform of UK cash ISAs on hold following backlash
Chancellor had planned to cut the £20,000 annual tax-free savings allowance but now wants to consult with industry
Heathrow seeks rise in landing charges to fund £10bn expansion
Airlines expected to oppose airport’s request to regulators to increase the levies
Heat alert issued as temperatures hit 33C
‘The main thing is to keep hydrated’
FT Crossword: Number 18,104
Two top BCG executives stripped of leadership roles over Gaza project
Consulting group’s chief risk officer and head of social impact practice lose their titles
US judge blocks Trump order limiting birthright citizenship
The ruling is the latest twist in a battle that has already made its way through the Supreme Court
FirstFT: Europe is ‘losing’ the battle to rival US and China, warns Dimon
Also in today’s newsletter, Uniqlo basks in consumers buying ‘summer all year’ clothes, and the Bank of Korea’s interest rate dilemma
Pentagon strikes investment deal with US critical minerals producer
Unusual agreement follows growing concern in Washington over Chinese dominance of crucial weapons materials
White House opens new front in attack on Fed chief Powell
Trump ally Russell Vought accuses US central bank of ‘ostentatious’ refurbishment of its headquarters
Delta shares jump as demand for flights rebounds
US carrier restores financial guidance as economic uncertainty that followed April’s ‘liberation day’ tariffs recedes
Lula seizes Trump tariff threat to revive re-election push
Unpopular government uses US president’s intervention to brand conservative opponents as traitors
Citadel Securities buys Morgan Stanley’s options market making unit
Deal highlights the growing dominance of high-frequency trading groups on Wall Street
Portugal restarts plan to privatise airline TAP
Previous attempt at a stake sale attracted interest from IAG, Air France-KLM and Lufthansa
Iran poses ‘persistent’ threat to UK, warns intelligence committee
Parliamentary report says there has been a ‘significant’ rise in risk faced by dissidents and Jewish people in Britain
At couture week, a taste for the strange and macabre
While some brands were absent or between designers, there was still creativity at play
US accuses Houthis of ‘kidnapping’ crew members from sunk vessel
Yemeni rebels have scaled up assaults on commercial shipping this week
Climate change poses growing threat to UK economy, says BoE official
Sarah Breeden cites evidence that extreme weather events push up inflation in ways central banks find difficult to combat
El Chapo’s son expected to plead guilty to US criminal charges
Ovidio Guzmán, whose father ran Mexico’s notorious Sinaloa Cartel, is due in a Chicago court on Friday
Heat deaths in England could rise 50-fold in next half-century, study warns
Cooler homes and cities are needed to mitigate the dangers of rising temperatures, say researchers
Starmer and Macron announce migrant returns deal
‘One in, one out’ pilot scheme between UK and France to launch in coming weeks
Defence drives a Franco-British rapprochement
European security depends on joint leadership from London and Paris
Jamie Dimon tells Europe: ‘You’re losing’
JPMorgan Chase boss warns on EU competitiveness and market complacency over tariffs