The strangely disappointing EM inflows
Tough crowd
FTAV’s further reading
Tax; civil war; summits; Japanese nukes; railway bonds; fruit flies; underpants
China’s export surge sets stage for record annual surplus
Data released ahead of crucial meeting between Donald Trump and Xi Jinping on extending tariff truce
Antitrust not the enemy of industrial policy, says EU competition enforcer
Also in this newsletter: Austria’s far-right leader revels in AfD success
Mistral raises record €3bn as Europe strains to keep pace in AI race
New funding round led by Samsung comes as French AI model maker continues to challenge US and Chinese rivals
Offshore borrowing in renminbi hits record high of nearly $150bn
Issuance of ‘dim sum’ and ‘panda’ bonds rises past $149bn so far this year
FirstFT: Top credit rating sought for Anthropic and OpenAI
Also in today’s newsletter: China’s answer to ASML and CDU in crisis
Trump calls for Bombardier boycott as Canada hits US with tariffs
President’s post on social media comes hours before Ottawa’s retaliatory trade measures against Washington
Climate tech explained
Your guide to the technologies and solutions that will help the planet reach net zero
Colin from Accounts season 3 — a fond farewell to one of the best comedies on television
After amassing a global audience and making stars of leads Patrick Brammall and Harriet Dyer, this Sydney-based romcom is bowing out on a high
Transcript: Is the global maritime order breaking down?
Josh Gabert-Doyon talks to Kaye Wiggins and Barbara Moens
Labour’s muddled migration policy won’t stop thuggery
A government that can’t distinguish between ‘legitimate concerns’ and open racism is only making things worse
AI is ushering in an era of mass toe-treading at work
Boundaries between different occupations are blurring at the cost of a collaborative company culture
Global shipping rules are collapsing, say maritime nations
Wars and the growth of the shadow fleet are causing a ‘structural shift’ in global trade, according to 18 maritime authorities
The cost of being Apollo
US academics have calculated the price that the private equity group’s portfolio companies pay for its reputation
Why Japan Inc can brush off interest-rate hikes — and America can’t
Divergent reactions underline the importance of the narrative behind rate rises
The crisis for Merz and the CDU
‘Giving up is not an option for me,’ says German chancellor as AfD routs conservatives in eastern stronghold
‘Apollo premium’ drives up debt costs for group’s portfolio companies
Reputation for harsh treatment of creditors costs group about one percentage point in higher borrowing costs, research shows
Hedge fund Millennium seeks tax deal to boost Geneva presence
Swiss cantons locked in competition to woo high-net-worth individuals
The wild and unexpected delight of being a virtual farmer
Farming simulator game ‘Fields of Mistria’ has already sold 1mn copies — but can it compete with ‘Stardew Valley’, one of the bestselling games of all time?
EU opens door to bigger corporate mergers
Top competition official says deals that help companies scale up and innovate will get a closer hearing as EU seeks to keep pace with US and China
The world’s $2tn interest bill
Many countries now spend more on debt servicing than defence, including the US, France and the UK
Obsessed with: London’s stationery boom
Six essential shops for back-to-school week — and grown-ups drawn to the analogue pleasures of beautifully designed notebooks, stylish pens and more
Britain’s grid operator gave Palantir contract without inviting rival bids
Neso cited a legal exemption that removes the requirement to consider other suppliers if dependencies leave no alternative