St James’s Place inflows drop as UK pensions tax change looms
Wealth manager notes an increase in withdrawals as people take money from their pension pots
Tech rout roils markets after SK Hynix profits disappoint
South Korean chip giant misses analyst expectations but insists risk of memory oversupply remains ‘limited’
Hermès sales rise as luxury group weathers slowdown in Middle East
Demand in Europe, US and Japan helps offset impact of US-Iran war
Asia’s richest man Adani weighs bid for UK’s top port operator
Indian industrialist considers offer for Associated British Ports as two Canadian pension funds prepare to sell stakes
UBS joins Wall Street rivals in trading-led profit surge
Swiss bank unveils $3bn share buyback after volatile stock market drives record second-quarter revenues
AI isn’t taking jobs, yet
Plus, oil is a problem again
FTAV’s further reading
Hugging Face; AI ingest; gambling; debt; the Borg; The Odyssey; ancient worlds; and boiling
EU crisis chief warns wildfires are a risk from scaling back green agenda
Also in this newsletter: Hungary slows Ukraine’s EU accession despite Orbán’s departure
Bank of Japan normalisation will continue amid market tensions
Read the BoJ’s July forecast from the FT’s Monetary Policy Radar team
The LLM FOMC votes to raise
Silicon Warsh is a hawk
Standard Chartered launches $1bn buyback as bank embraces AI
Asia-focused UK lender has embarked on cost-cutting plan that includes reducing back-office jobs
FirstFT: AI sell-off sparks hedge fund collateral calls
Also in today’s newsletter: anger at Fifa plan and firefighting aircraft shortages
Transcript: The canal that shaped American finance
Robin Wigglesworth and Gillian Tett talk to financial historian Richard Sylla
The Story of Money
Watch the latest episode from the FT podcast exploring the history of finance
PwC published ‘thought leadership’ reports marred by AI hallucinations
Big Four consultant is latest firm found to have produced slapdash work while marketing expertise on the technology
Transcript: The Big Tech earnings dilemma
Sonja Hutson talks to Robert Armstrong and Stephen Foley
Nuclear revival needs $250bn a year, industry says
Banks urged to unlock private capital as governments eye more atomic energy projects
China’s commercial space boom poses strategic challenge for the US
Research warns Washington should be alarmed at military implications of the sector’s rapid expansion
Bank of England probes Asian equity risk at prime brokers
Regulator to review exposure to AI sector at hedge funds and other clients of investment banks operating in UK
Fifa puts the World Cup up for sale
Football’s global governing body looks to sell a 20% stake in a new commercial entity
Mamdani’s pro-business push
The Democratic socialist mayor of New York is targeting support at small companies — the likes of the food truck or corner bodega
Bags or baubles? How AI wealth divides luxury stocks
Richemont looks better placed than LVMH if the technology creates a K-shaped economy
European wildfires expose shortage of Canadair water-bomber planes
Lack of amphibious aircraft sparks political backlash as France and Spain fight blazes
TfL demands £1bn from carmakers over allegedly unpaid Ulez charges
London transport authority claims leading manufacturers misled authorities over diesel emissions