011 Modello 4

Bolsonaro’s prison time likely to be curbed as Brazil lawmakers block Lula veto

Leftist president had sought to stymie legislation changing how criminal sentences are calculated

FirstFT: Yen surges amid reports that Tokyo intervened to support currency

Also in today’s newsletter: Israel deployed laser system to UAE, and China sales power Apple results

Apple credits ‘most popular’ ever iPhone for booming sales

John Ternus pledges to continue ‘deliberateness and discipline’ in first comments since being named next CEO

Trump drops Scotch whisky tariffs ‘in honour’ of King Charles

US president lifts duties on the drink following the British monarch’s trip to Washington

UK terror threat level raised to ‘severe’ after Golders Green attack

Police confirm man arrested over stabbings was previously referred to the government’s counter-extremism programme

Blue Owl draws in $9bn as private credit market cools

Growth in headline figure obscures worse than expected $700mn increase in fee-paying assets

US stocks hit record highs in Wall Street’s best month since 2020

Investors bet blockbuster AI spending will overshadow fallout from Middle East conflict

US Republicans break ranks to challenge Trump administration on Iran war

Some from president’s own party have begun to demand accountability in the unpopular conflict

Israel rushed laser system to UAE to fend off Iran’s missiles

Deployment of equipment is one of the first examples of major defence co-operation between the two states

Eli Lilly profits more than double as weight-loss revenue soars

First-quarter sales of medication Zepbound increased 80% to $4.2bn

Trump sons to take stake in Kazakh miner that won $1.6bn US backing

Donald Jr and Eric have sought to capitalise on sectors supported by father’s presidential administration

First Brands’ creditor sues BDO over car parts maker’s collapse

Hedge fund Black Diamond claims at least $70mn in damages against audit firm

Oil falls back after surging to $126 on supply fears

Brent crude hit new conflict high as blockade of Strait of Hormuz continues before dropping in wildly volatile trading

‘Dad, is it safe for me to get the bus?’ Stabbings solidify anxiety among London’s Jews

Apprehension in Golders Green, a main centre for the UK’s 300,000-strong Jewish community, was widespread

Ministers explore High Court shake-up in efficiency drive

Proposals to revamp 150-year-old Chancery Division come after criticism that organisation can be hard to follow

ECB and BoE warn of rate rises as they grapple with Middle East shock

Policymakers indicate they may need to raise borrowing costs if energy price surge triggers persistent inflation

BoE cannot shield households from Iran energy crisis, Bailey says

Central bank can wait for now but its modelling points to higher interest rates this year, analysts say

Mexico rules out extraditing politician on US drugs charges

Claudia Sheinbaum rejects ‘meddling’ and suggests accusations against senior officials are political

Jay Powell’s defiant curtain call

Kevin Warsh still needs to prove that he can stand up to the US president

Back to the catwalk with ‘The Devil Wears Prada 2’; ‘Severance’ star Adam Scott in Irish-set horror ‘Hokum’; Belgian boxing drama ‘Wild Foxes’; Japanese chiller ‘Exit 8’; Anne Hathaway and Michaela Coel in intense two-hander ‘Mother Mary’; a CIA man reveals all in ‘The Last Spy’. Reviews by Jonathan