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Pfizer grapples with ‘a world of hurt’ after Covid triumph

Sliding vaccine revenues and fears it overpaid for new drugs pile pressure on boss Albert Bourla

Decision widens rift between Pedro Sánchez’s government and rightwing Italian premier Giorgia Meloni

You can’t fight macro with FX interventions

Vote follows tense fight that exposed bipartisan concerns about installing an ally of President Donald Trump

Also in today’s newsletter: LIV Golf’s lifeline

Counterterror officers have identified ‘relevant’ information missed during an investigation last year

A special summer issue of FT Weekend Magazine — it’s playtime!

The 20th-anniversary edition of the event championed underwear as street style, smart sustainability and cycling chic everywhere

Many expect to provide more than £50,000 towards tuition fees and living expenses, says survey

Caracas experiencing power cuts for first time in 7 years despite government pledges to invest in grid

Allianz Trade’s planned move could exacerbate squeeze on cash flow of struggling company

UK’s second-largest supermarket has spent the last two decades delivering distinctly terrestrial returns

One in three starts a family before having a home of their own

Why hasn’t all the chaos in the real world inspired more interesting art?

Merely returning to normal won’t be enough if the government wants to meet its ambitious construction targets

Do not invite pre-Budget speculation for third year running, City bosses warn new PM

Yen intervention points to the squishy underbelly of American weakness

Solve this Texas-sized puzzle — then solve its nationwide meta-puzzle

Too often mistaken for something sharp or austere, cider can be as expressive as wine — shaped by fruit, orchard, vintage and make

Successful movement of 350,000 people in Europe puts focus on need for drills and alerts in a warmer world

We need to find ways to lift the financial and resource constraints on new homebuilding