US to ‘guide’ stranded ships out of Strait of Hormuz, says Trump

President says ‘humanitarian’ effort to begin on Monday as ‘very positive discussions’ continue with Iran

Inside China’s massive $3tn overseas acquisition spree

Pwned by Beijing

AI + Halo = $$$

A techno-industrial boomlet

Transcript: Labour braces for ballot box bloodbath

Lucy Fisher talks to Miranda Green, Robert Shrimsley and Stephen Bush

More than double the gas stuck in Hormuz is wasted each year, IEA says

Capping methane emissions would alleviate energy and climate crisis

EU leaders to meet Starmer eyeing Ukraine, migration and steel pacts

Also in this newsletter: Discussions on migrant deportations to third countries

Transcript: Global industries squeezed as Iran war enters third month

Victoria Craig speaks to Stephanie Findlay and Lucy Fisher

FirstFT: US to ‘guide’ ships out of Hormuz, says Trump

Also in today’s newsletter: Airlines slash 2mn seats and EU urged to adapt to economic shifts

AI in Practice

Water utilities jettison listening sticks; restaurants aim to cut waste and reduce costs; recruiters’ quest to find the perfect connection; start-ups move fast with AI-generated code; hedge funds seek an edge; wealth managers insist AI can work in their favour

The best of TV and streaming this week

‘Widow’s Bay’ is a superb horror comedy; ‘The Cage’ is an assured casino-set thriller; campus drama ‘Rooster’ stars Steve Carell; ‘Half-Man’ is a gruesome drama from the ‘Baby Reindeer’ stable; Whoopi Goldberg and Jason Schwartzman voice animated comedy ‘Kevin’. Reviews by Rebecca Nicholson

Trouble for Labour across a scrambled political map

Breadth of previous support for the party makes it vulnerable to losing everywhere, to everyone, this week

UAE fertiliser giant resorts to trucks to shift product out of Gulf

Abu Dhabi’s Fertiglobe switches to land cargo to avoid Strait of Hormuz as soaring prices allow it to shoulder extra costs

Greg Abel tells Berkshire holders, be patient

Plus, Elliott likens Iran war to battling Nazis, Wall Street piles into Treasuries, and Raphael at The Met

Putin hunkers down for fear of assassination

Security around Russia’s president has tightened after Ukraine’s audacious drone attacks

Who are Reform UK’s voters?

Six Britons tell the FT about what attracts them to Nigel Farage’s populist party, which is ahead in opinion polls

UK pub groups betting on World Cup to counter sluggish consumer demand

Optimism comes as a result of early bookings despite the sector enduring tepid sales growth in March

Airlines slash flights as fuel shortage fears mount

Millions of seats cut as Middle East crisis throws global travel into disarray

Meloni fails to hit high note in Italy’s culture wars

Opera houses, museums and Venice Biennale roiled by rightwing government’s bid to control the arts

How the UK’s ‘King of Trainers’ ran into trouble

The athleisure boom turned JD Sports into a global powerhouse but slowing sales have led to conflict in the boardroom

What sunglasses tribe are you?

Ibiza dreamer, Fitness bro, wannabe James Bond – there’s a frame for every persuasion

Gilt traders warn of ‘swing to the left’ as Labour faces electoral losses

Investors warn loosening fiscal rules or change of prime minister could add to pressure on UK borrowing costs

America’s retail army now rules the stock market

Unbowed by the Iran war and other shocks, individual investors are buying their way to new heights of influence

Testing children for lead poisoning would be ‘game-changer’, says ex-US diplomat

Samantha Power urges countries to gather data on levels of exposure as vital first step in tackling the issue

The law firm that shaped Wall Street and the world

With fewer than 300 lawyers, Wachtell racked up bumper profits and exercised outsize influence. Now its model is being challenged as never before