3i shares tumble after sales growth slows at discount retailer Action
Private equity group has relied on Dutch retailer to power its returns in recent years
Russia pummels Ukraine with missiles and drones as ceasefire collapses
Bombardment by more than 1,400 drones and 56 missiles over 24 hours is one of war’s largest aerial attacks
UK first-quarter GDP gives BoE no urgency to cut rates
Stronger headline growth and deflator figures suggest rate setters’ main concern should be price growth not activity
UK economy grew 0.6% in first quarter despite Middle East energy crisis
Expansion picks up after a lacklustre second half last year
Swap lines are geopolitical infrastructure
The Great Game 3.0
Xi tells Nvidia, Tesla and Apple CEOs that China will ‘open wider’
US business leaders praise ‘great importance’ of Chinese market on visit to Beijing alongside Donald Trump
How could a challenge to Starmer’s premiership play out?
Under Labour rules, someone seeking the party leadership needs the nominations of at least 81 MPs
Angela Rayner says she has been cleared over tax affairs
News opens way for her to potentially enter a contest to topple Keir Starmer
US-China relations depend on Taiwan, Xi warns Trump
Chinese president tells US counterpart there are ‘no winners’ in trade war
What Xi and Trump want from their Beijing summit
Chinese and US leaders to discuss trade, technology, Iran and Taiwan
Starmer prepares to fight leadership bid by Streeting
Health secretary expected to resign while former deputy prime minister Angela Rayner says HMRC has cleared her over tax case
Honda slumps to first annual loss on near-$10bn EV charge
Japan’s second-biggest carmaker reports worse than expected result but forecasts return to profit this year
Mortgage refixing, longer lags and eggs
Plus, US oil producers aren’t drilling
FTAV’s further reading
Jane Street interview simulator; Von der Leyen; Dawkins and AI; Magnus the Wandering Walrus; Eurobonds revisited
What is the future of UK politics? Submit your questions
Our Ask an Expert Q&A with Stephen Bush, Miranda Green and Robert Shrimsley will take place today at 1pm (BST)
FirstFT: Trump meets Xi for high-stakes summit
Also in today’s newsletter: Starmer faces leadership challenge and Warsh’s Fed confirmation
Treasury repo investments could be another route to a slightly smaller Fed balance sheet
The US Treasury has proposed investing some of the idle cash it keeps at the Federal Reserve into money markets
Private equity backers slam ‘runaway’ legal costs from top law firms
Body for pension and sovereign wealth funds wants costs shared between investors and buyout groups
Why Big Oil is opening new frontiers | FT Film
Suriname, South America’s smallest and greenest country, is tying its future to a $10.5bn offshore oil development led by TotalEnergies
UK manufacturers warn of ‘significant problems’ from steel tariff changes
Ministers should reconsider import measures due to take effect in July, says British Chambers of Commerce
The new circular trade in private credit
Private capital groups have a new opportunity to buy significant risk transfers tied to credit funds
Transcript: Trump returns to Beijing — what’s at stake
Gideon Rachman speaks to James Crabtree
China’s fuel exports fail to rebound after Beijing signals easing of ban
Data suggests shipments of refined fuels are not picking up in blow to Asian economies starved of supplies by Iran war
Transcript: Germany’s far-right boosted by stance against Iran war
Sonja Hutson talks to Martin Arnold and Anne-Sylvaine Chassany