Letter: America needs a fiscal intervention, not a Fed rate cut
From Jigisha Pawa, Denison University, Granville, OH, US
Letter: A total ban on advanced chip sales won’t stop China
From Lt Gen (Ret) Dan Leaf, Cybersecurity Consultant, Honolulu, HI, US
Letter: Growth does not make nations any happier
From Andrew Oswald, Professor of Economics and Behavioural Science, University of Warwick, UK
Letter: Why US politics has a hiring problem
From Clayton Apgar, Partner in the talent consultancy Billy Clark, La Jolla, CA, US
Letter: Principal-agent dichotomy — a fund manager’s view
From Richard Buxton, London N1, UK
Letter: Setting young people up for success in the jobs market
From Sarah Porretta, CEO, Young Enterprise, London WC1, UK
Letter: With mobiles, it’s the ‘hook’ that’s so pernicious
From Rajiv Radhakrishnan, London NW8, UK
Chinese spy agency warns nation’s young people against dropping out
‘Foreign forces’ blamed for rising number of disaffected youths who are quitting their careers to ‘lie flat’
More and more jobs at risk of replacement from AI
‘I’d be surprised if AI actually wanted my job’
Huawei’s AI chip sales surge as Nvidia stalls in China
Chinese tech companies place large orders for the Shenzhen-based group’s latest range of AI processors
Apple credits ‘most popular’ ever iPhone for booming sales
John Ternus pledges to continue ‘deliberateness and discipline’ in first comments since being named next CEO
South East Water’s management should be sacked, MPs say
Shareholders in utility group should also ‘take share of blame’ for failures, says parliamentary report
FT Crossword: Number 18,360
Bolsonaro’s prison time likely to be curbed as Brazil lawmakers block Lula veto
Leftist president had sought to stymie legislation changing how criminal sentences are calculated
FirstFT: Yen surges amid reports that Tokyo intervened to support currency
Also in today’s newsletter: Israel deployed laser system to UAE, and China sales power Apple results
Trump drops Scotch whisky tariffs ‘in honour’ of King Charles
US president lifts duties on the drink following the British monarch’s trip to Washington
UK terror threat level raised to ‘severe’ after Golders Green attack
Police confirm man arrested over stabbings was previously referred to the government’s counter-extremism programme
Blue Owl draws in $9bn as private credit market cools
Growth in headline figure obscures worse than expected $700mn increase in fee-paying assets
US stocks hit record highs in Wall Street’s best month since 2020
Investors bet blockbuster AI spending will overshadow fallout from Middle East conflict
US Republicans break ranks to challenge Trump administration on Iran war
Some from president’s own party have begun to demand accountability in the unpopular conflict
Israel rushed laser system to UAE to fend off Iran’s missiles
Deployment of equipment is one of the first examples of major defence co-operation between the two states
The Fed holds steady
Jay Powell’s final rate conference
Eli Lilly profits more than double as weight-loss revenue soars
First-quarter sales of medication Zepbound increased 80% to $4.2bn
Trump sons to take stake in Kazakh miner that won $1.6bn US backing
Donald Jr and Eric have sought to capitalise on sectors supported by father’s presidential administration