Oil prices soar above $100 a barrel as hope fades of end to Iran war
Crude had stabilised on optimism that a deal could be reached to reopen the Strait of Hormuz
Who is Péter Magyar, Orbán’s nemesis?
Ally-turned-foe has unseated Hungary’s long-serving leader
Oil prices are a growth problem
Plus, diversification is hard
Hungary’s Orbán concedes defeat as opposition secures landslide win
Tisza party led by Péter Magyar projected to win two-thirds majority in crushing loss for EU’s longest-serving prime minister
Private credit has calmed the credit cycle
We’d miss it if it went
Viktor Orbán ousted after 16 years in landslide defeat for anti-EU torchbearer
Also in this newsletter: Brussels’ energy crisis remedies and Green Deal architect returns
Bill Ackman plays to the market
Plus, Nest’s private credit mandate, US small caps jump and Rothko in Florence
The risks of Trump’s Strait of Hormuz blockade plan
Naval embargo designed to cut off Iran’s exports threatens to destabilise global energy markets
FirstFT: Viktor Orbán concedes defeat in Hungarian election
Also in today’s newsletter: Hormuz naval blockade and an AI Zuckerberg
How the Federal Reserve could shrink its balance sheet
Suggestions for how the US central bank can lower its influence in financial markets are coming thick and fast
Transcript: Hungary ousts longtime prime minister Viktor Orbán
Victoria Craig speaks to Marton Dunai and Akila Quinio
Five UK water companies spent more than £32mn on appeal to raise bills
Utilities argued for additional increases to attract investors and avoid breaching licence conditions
Weight-loss drugs and Mars bars: Novo Nordisk’s comeback bid
The maker of Wegovy and Ozempic wants to learn lessons from consumer groups to crack the US market
UK government urges companies to work with it on protecting undersea cables
Defence secretary gathers business leaders to discuss ‘rising threats’ to critical submarine infrastructure
We are stuck in a currency doom loop
Without the dollar, bad situations could be made even worse
Who lost the UK bond market?
The volatility of gilts is a big problem for the country and must be tackled
Pret A Manger owner JAB books $6bn in 2025 from JDE Peet’s sale
Wealth manager for billionaire Reimann family has overhauled its investment focus from consumer sector to insurers
Boss of state-controlled postal group defends €10bn bid for Telecom Italia
Matteo Del Fante: ‘We have demonstrated that we are a market company’
Luxury retailer Mytheresa has sights on Middle East growth despite conflict
New CEO wants to increase investment given concentration of wealthy potential clients in the Gulf
What happens in Sudan will not stay in Sudan
The disintegration of the country would complete an arc of ungovernable lands across the Sahel
How to get the perfect pout, according to HTSI’s beauty guru
Adeela Crown shares her top lip balms, masks and plumpers
Carson Block sees new dawn for short sellers in AI disruption
Muddy Waters founder says bets against US stocks will have ‘wind at their backs’ as technology upends markets
UK state-backed fund Nest invests £450mn in US private credit
Workplace pension scheme targets 30% allocation to private markets by 2030 despite growing strains on asset class
How Strathberry put Scottish handbags on the luxury map
The label’s ‘high-end quality at accessible prices’ ethos is resonating with shoppers disillusioned with top luxury houses