Tesla reports weaker than expected 6% rise in global deliveries
First-quarter increase comes as Chinese rival BYD’s electric vehicle sales fell 25% amid intensifying competition
UK, Italy and Japan sign first contract with industry for fighter jet project
Funding limited to three months while Britain finalises delayed defence investment plan
US will hit Iran ‘extremely hard’ in coming weeks, says Trump
Also in today’s newsletter, one year on from the US president’s ‘liberation day’, how has the global economy changed?
Macron says taking Hormuz by force is ‘unrealistic’
French president’s remarks come after Trump pressures Europe to deal with Iran’s blockage
A spokesperson could not be reached for comment (possibly because she doesn’t exist)
The curious case of Emilia Carrière, alleged comms professional
Blue Owl struck by $5.4bn of redemption requests
Private credit firm caps withdrawals after investors attempted to pull more than 40% from one fund
Nick Candy sells Chelsea mansion for more than £275mn
Deal for Providence House in central London marks capital’s most expensive house sale
Goldman and Citi tell Paris staff to work from home after thwarted BofA attack
US authorities warned the banks of potential security threats
Farage sacks Reform UK housing spokesperson over ‘everyone dies’ Grenfell comments
Simon Dudley’s remarks provoke anger from bereaved families
AA attracts interest from EQT as it prepares for £5bn sale
UK roadside recovery business attracts multiple suitors as owners seek exit
Transcription by Ben Lerner — the contested ground between fact and fiction
The US novelist probes the porous border between the real and the unreal in this thrilling hall of mirrors
Will AI make it harder for non-graduates to climb the jobs ladder?
Gateway roles to white-collar work appear particularly exposed to disruption
Another peek into Two Sigma’s amazingly messy civil war
yikes
Italy fines Revolut over misleading ‘0% commission’ trading adverts
Competition watchdog singles out advertisements suggesting customers could trade with no commission
Can UK house prices survive another economic shock?
The housing market looks to have made it through the crises of the 2020s unscathed — but they have weakened it significantly
A $750mn solar fund provides lifeline for capital-starved US projects
LA investment firm Forest Road will focus on smaller projects struggling after Trump’s ‘Big Beautiful Bill’
Can Starmer steady the ship? Submit your questions
Take part in a live Ask an Expert Q&A with Stephen Bush, Miranda Green and Robert Shrimsley today at 3pm BST
An all too special relationship
Maga leaders obsess over an imagined version of a long-lost Britain
FirstFT: Oil rises and stocks fall after Trump threatens to hit Iran ‘extremely hard’
Also in today’s newsletter: 100% tariffs on certain medicines to be unveiled and the Americas’ fastest growing companies
Five sparkling alternatives to champagne
The HTSI drinks writer on the wines that really pop
Much ado about marshmallows
Good news, it’s s’more VAT nonsense
‘End of an era’ as ECB’s emergency pandemic stimulus unwinds
Nearly €3tn of excess liquidity will have drained from financial system by 2027, according to ECB estimates
The Super Mario Galaxy Movie — ungainly sequel plumbs the depths of a neon hell
Follow-up to the $1.3bn-grossing 2023 hit is a surreal but mechanical ride into space
Trump says the Iran war may be ending soon: mission accomplished?
How to reopen the Strait of Hormuz remains an open question