FirstFT: The world’s largest sovereign restructuring
Also in today’s newsletter, US-Iran hotline and Germany’s warship fiasco
Most energy roads lead to another increase from the ECB
Read the June forecast from the FT’s Monetary Policy Radar team
The scoop on the largest restructuring in history
Venezuela is set to reveal a $240bn debt pile, much higher than previously thought
Transcript: Venezuela faces world’s largest debt restructuring
Sonja Hutson talks to James Fontanella-Khan and Kate Duguid
UK business rejects call to set maximum workplace temperature as heatwave deepens
Three unions say more than 1,000 people have signed up to stage a walkout on hottest day of year with a high of 39C forecast
Heatwave shows we are marinating in a crisis of our own making
Political inaction in the battle against climate change is costly and getting costlier
Burnham draws up plans for devolution blitz ahead of key City speech
Likely next prime minister has signalled he wants to draw on Manchester example and shift power away from Westminster
Struggling European carmakers have options, none of them good
Forging alliances with China would help the struggling sector offload some of its bloated costs. It may be the pick of a bad bunch
Qatar says US-Iran hotline essential to reopen Strait of Hormuz
Prime Minister Sheikh Mohammed says Gulf state will resume normal LNG production within weeks
Parents have shouldered VAT on school fees with a groan
The decline in privately educated pupils has not been as big as many — including me — anticipated
The rise and fall of US hegemony
On the eve of its 250th birthday, America and the world order it created are in crisis
Gilt investors shouldn’t think so much about British politics
The risks of decisions in Westminster are overplayed compared with global turmoil
Venezuela to reveal $240bn debt pile in world’s largest restructuring
Caracas to disclose it has much more borrowing than expected after overthrow of Maduro
The decade that made Andy Burnham
What 10 years covering the Manchester mayor’s many reinventions taught me about the man who wants to lead Britain
Experts know less than they like to think
In a world of untested treatments, disputed policies and untried inventions, it can’t be hard to remember why evidence is so important
Recipe: Butter tarts — Canada’s sticky point of pride
Ontario-born chef Jonny Lake, of the two-Michelin-star Trivet restaurant in Bermondsey, shares his take on the country’s national treat
Colombia’s ‘El Tigre’ aims to mimic rightwing firebrands Milei and Bukele
President-elect Abelardo de la Espriella wants to take a chainsaw to the state and build mega-prisons in the Amazon
To cool or not to cool: French politicians draw battle lines over aircon
As heatwave intensifies, far-right champions air conditioning while the left calls for renovations and green spaces
BT’s pension fund lost £300mn on Thames Water
One of UK’s biggest private schemes wrote off stake in beleaguered utility in 2024
The red flags at HSBC over funds linked to Lebanese central bank scandal
The lender’s Swiss unit is under formal investigation over whether it helped Riad Salame embezzle funds
How a $20bn bet paid off for Africa’s richest man
Critics dub Aliko Dangote a crony capitalist. He says he is pioneering Asian-style economic development
Time lords: the forever allure of a watch
Classic, contemporary, graphic, sleek – there’s a timepiece for every wrist
The scandalous Modigliani that’s still making waves
Does a Sotheby’s sale of works amassed by billionaire Joe Lewis and his daughter Vivienne signal the top of the market?
Private equity’s move into youth sports brings some truths home
Investments create benefits but also lead to higher costs and risk of inequality