Spotify profits hit by heavy spending as fears build over streaming growth
US group’s user growth forecasts miss estimates as it invests in AI tools to build its subscriber base
The Fed goes Wacko
Warsh’s Awful Communications: Knowingly Opaque. Also in this newsletter, the BoE shows how it’s done
Fifa executive criticises Infantino’s ‘reproachable’ stake sale plan
Comments from secretary-general Mattias Grafström add to pressure on Fifa president
Japan’s fusion industry seeks state backing amid Middle East energy strain
Also in today’s newsletter, oil bosses draw Trump’s ire after blockbuster earnings
Great Granny Webster — Caroline Blackwood’s twisted, aristocratic fairy tale
This Booker-shortlisted 1977 novel, now reissued by Virago Modern Classics, reads like a memoir refracted through gothic fantasy
Petal — Ariana Grande turns ‘unfiltered rage’ into seductive pop
Ukrainian drones hit Wildberries warehouses in overnight strikes
Russian retailer has become key target for Kyiv as it aims to bring Putin’s war closer to home
FirstFT: Progressives versus traditionalists in Michigan
Also in today’s newsletter: Google’s finance machine and the US’s new era of ‘currency activism’
Bessent’s yen intervention signals new era of US ‘currency activism’
Bid to support Japan’s currency shows US is ready to scupper trades that push against its interests
Apollo misses out on big asset sales that have boosted rivals
Private capital group says it ‘prudently delayed’ sales ‘amid an evolving exit environment’
OpenAI hits back at Apple over ‘oddly personal’ trade secrets fight
Legal clash deepens after an AI partnership over devices gives way to acrimony
The Democrats’ civil war over Israel is getting worse
While the party fractures over Middle East policy, it is ignoring the threat posed by AI and social media
11 art shows off the beaten track
Country manors, island villas, pine forests – you can see an exhibition anywhere this summer
Tax consumption, not income or AI
If the US needs more revenue, it should overhaul its broken taxation system
The ‘brutally honest’ feedback CEOs cannot get enough of
Mentoring offers executives the chance to hear the truth even if they might not like it
India seeks to widen tax exemptions to woo investors such as Apple
New Delhi wants to extend holiday for foreign tech companies that supply equipment to local contract manufacturers
Toyota plans $6.3bn buyback as weak yen boosts outlook
World’s biggest carmaker expects to sell more than 5mn hybrid electric vehicles this year
Burnham bars serious sex offenders from early release scheme
Prime minister insists ‘keeping the public safe’ is his priority after campaigners raised concerns
Segro accepts £14bn takeover offer from US rival Prologis
Deal adds to spate of takeovers of London-listed companies after acquisitions of Schroders and Intertek
BP to sell $4bn US biogas business as profits more than double
UK oil major has had several approaches for its North Sea assets, says chief
Will lab-grown gems bury diamond mining? | FT Transact
The impact extends far beyond jewellery retailers where demand for natural stones has fallen
FTAV’s further reading
Climate change; stablecoins; China; Trump/BBC; airport parking; trade policy; Bernard Arnault; and lightbulbs
HSBC resumes share buybacks as quarterly profits soar to $10.1bn
Wealth management and insurance business in Hong Kong boosts Europe’s biggest lender
Yen intervention = US self-preservation
More thoughts on why it’s happening