Fed’s July minutes revealed growing concerns over elevated inflation
‘Many’ members of the FOMC thought a rate increase would soon be warranted if inflation remains high
FirstFT: Moderna’s ‘landmark’ cancer treatment leads to share price surge
Also in this newsletter: US national debt tops $40tn and China’s Unitree makes trading debut
Hudson River posts $11.4bn trading windfall as it seizes on market tumult
Wall Street firm benefited from swings in AI stocks and volatility triggered by Iran war
Green activist who celebrated Iran’s ‘resistance’ elected to party council
Eleanora Folan had praised Tehran’s ‘courageous fight against the imperialist dogs’
US government debt hits $40tn as borrowing rises at historic rate
Public spending surges despite Donald Trump’s vow to stabilise America’s public finances
Moderna shares nearly triple on skin cancer vaccine success
Drugmaker’s melanoma shot developed with Merck delivers positive outcome in late-stage trial
Zelenskyy fires top aide as corruption allegations pile up
Raid on Ukrainian official’s home came after ousted defence minister launches a blistering attack on wartime president
Stripe to buy start-up OpenRouter in $8bn deal
Payment processor’s largest-ever acquisition is part of broader effort to expand into AI economy
Meet Gregory Fenelon, the (self-declared) $14bn man
He has big stakes. We have big questions.
Fed officials express rising concern over persistently high inflation
Minutes from July central bank meeting show ‘many’ policymakers are prepared to increase borrowing costs
US Treasury to boost long-term bond purchases in bid to steady market
Move reflects Washington’s concerns about sharp rise in borrowing costs, investors say
BlackRock and Oaktree take keys of top supplier to Hollywood studios
Private credit groups take over MBS Group as entertainment industry slowdown knocks soundstage servicer
Israel to probe troops over killing of Palestinian child Hind Rajab
Critics dismiss IDF call for two criminal investigations into notorious Gaza killings as a ‘charade’
Virgin Atlantic and Trainline investigated over ‘drip pricing’
Competition and Markets Authority reviews charges added later in buying process
Private credit risks remain at large
Regulators and investors should pay attention to the strain in the direct loan market
Don’t mess up London’s knowledge economy
Oxford, Cambridge and Manchester are seen as innovation powerhouses but there’s a city we don’t mention
Grain prices surge as Ukraine war chokes off Black Sea ports
Analysts fear global food price shock if attacks on terminals and ships continue
The US munitions crisis goes back further than Iran
Eye-watering levels of defence funding and better production targets do not solve the problem
Humanoid robots don’t deserve their superhuman valuations
Machines are currently far too pricey for industrial viability, let alone consumers
Why recruiting is going retro in the age of AI
CVs and cover letters all look the same. Overwhelmed recruiters are returning to personal recommendations
Israel-Turkey rivalry bursts into the open over Syria strikes
Israeli attack on air base near Turkish border intensifies power contest between two of the region’s strongest militaries
Google strikes $12bn AI chip deal with Marvell
Tech giant agrees expanded partnership with US chipmaker that includes option to buy shares
Charlesbank nears law firm deal as private equity pushes deeper into US legal sector
Investment in insurance defence specialist WSHB expands non-lawyer ownership beyond personal injury firms