How Warhammer won
The maker of the fantasy figurine game is now valued at £5.25bn. What keeps the battle raging on?
Why I changed my mind on the case for a net migration target
Labour should explain why it wants a shrinking population and how it will affect choices on tax, spending and public services
Ede & Ravenscroft, the specialist serving the bar since 1689
Meet the family institution behind the legal wig and the King’s coronation robes
The secret life of the sumo topknot
Nothing gets between a wrestler and his hairstylist
Trading on CME halted after exchange hit by data centre outage
Chicago-based exchange handles futures tied to interest rates, Treasuries, energy and equities
Labour retreats on ‘day one’ rights for workers
Backbenchers accuse government of violating manifesto after it replaces immediate protection from unfair dismissal with six-month qualifying period
Anti-corruption authorities raid house of top Zelenskyy aide
Search carried out at home of presidential chief of staff Andriy Yermak
Death toll in Hong Kong blaze rises to at least 128
Emergency services work to extinguish what is Chinese territory’s deadliest fire in its modern history
FTAV’s further reading
AI toys; European separation; nonbank lending; tech lit; slop science; visualisation; close reading
Trump threatens sweeping immigration crackdown
President says in social media post that he will ‘remove anyone who is not a net asset to the United States’
Lessons from the Bank of England’s QE programme
Letter writing, accountability and a postmortem of QE
Rutte hails ‘renewed energy’ on Ukraine peace as Putin pours cold water
Also in this newsletter: Denmark pushed for deal on new gene editing techniques for crops
FirstFT: OpenAI partners’ $100bn debt pile
Also in today’s newsletter, JPMorgan’s London tower and FC Barcelona faces sponsorship backlash
BoE has room to cut despite an unhelpful Budget
Read the November forecast from the FT’s Monetary Policy Radar team
The housing crisis is pushing Gen Z into crypto and economic nihilism
Locked out of home ownership, young adults are turning to risky financial behaviour
German spy drone maker Quantum Systems secures €3bn valuation
Defence-tech start-up becomes one of Europe’s most valuable drone makers
Getty warns over UK operations if Shutterstock deal is blocked
CEO says competition watchdog is overlooking how quickly AI is reshaping image generation
Will private capital create a crisis in 401ks?
Plus, OpenAI’s partners approach $100bn in borrowing for data centre spending
JPMorgan’s Dimon approved London tower after UK assurances
Keir Starmer’s business envoy visited US bank boss in New York last week
Changes to business rates lead to accusations of a new stealth tax
UK government has cut the pandemic-era discount on levy for small companies
Salary sacrifice shake-up: what it means for staff and employers
From 2029, workers will only be able to pay £2,000 into the scheme and receive tax relief
The horror of the work blunder
Few mishaps compare to leaking a Budget, but many employees can relate to the OBR slip-up this week
Business investment to fall for first time since Covid, UK fiscal watchdog says
The OBR’s estimate contrasts with Rachel Reeves’ ambition to use private investment to drive economic growth
The ‘princess’ accused of trafficking South Africans to Russia
Allegations against Duduzile Zuma-Sambudla, heir apparent to her father Jacob Zuma’s political dynasty, have shocked the nation