011 Modello 4

Wealth advisers made more than $2bn from private capital fees

FT analysis of 16 funds shows extent of fees paid to banks and brokerages

Rift within AfD deepens as anti-Nato wing appears to prevail ahead of September vote in eastern states

European Commission also recommends heat pumps and public transport subsidies

The ‘devout’ Christians in the US president’s life are really just fawning sycophants

Increase comes as government agency steps up efforts to close ‘tax gap’

Medical data sits in different software systems — connecting the dots should save time, beds and money

We must find our own amusements in dealing with spam, robocalls and chatbots

England’s water companies are lagging behind other more water-stressed nations, says Estelle Brachlianoff

Military journals provide tantalising glimpses into what Tehran’s military thinks and its priorities, including drones

World’s biggest asset manager had been more bullish on the region at start of year but says stocks are no longer cheap

Venture backed by OpenAI’s Sam Altman and tech billionaire Peter Thiel says it is on track to deliver electricity to Microsoft

Max Hollein is overseeing $1.5bn of development projects at the New York art institution

The company is focusing on high-end products to keep manufacturing in France, but workers fear Chinese competition

Policymakers fret about ‘large-scale’ movement back to rural interior amid weakening domestic demand

169-year-old luxury hat producer Borsalino plans to open its first store in Shanghai

Payments scheme pushes for ‘co-badging’ that allows French bank cards to run on both international and local networks

Match Group boss Spencer Rascoff says attracting female users is ‘priority focus’ in push to turn around flagship dating app

Companies are reining in benefits, but workers are unlikely to miss some of them as much as you might think

Consumers await cheaper generics after expiry of patent for Ozempic ingredient

Donald Trump warns Tehran not to ‘blackmail’ Washington

Power and developments

Exchange rates

Planned launch of government-backed app creates uncertainty