Shein’s IPO pitch should be more Meta than H&M
Its rivals are not just clothes retailers but any business that provides screen-addicted users with a dopamine hit
FT Crossword: Number 18,461
SEC subpoenas Wall Street banks over Situational Awareness
Leopold Aschenbrenner’s AI-focused hedge fund nearly collapsed in July before striking a deal with Citadel
US Supreme Court allows Trump restrictions on mail-in ballots
Justices lift decision to block president’s order to restrict eligibility to a new federal list of voters
FirstFT: Shein targets $27bn valuation in Hong Kong IPO
Also in this newsletter: US-Canada trade war erupts and Singapore’s effort to boost birth rates
Morgan Stanley and Schroders back Australia’s largest venture capital round
Blackbird Ventures raises $750mn, with early-stage investor attracting US and UK funds
Trump says US to increase tariffs on Canadian cars to 50%
Move marks further escalation of Washington’s trade war with Ottawa
First Brands forced into liquidation by bankruptcy court
Federal judge in Texas said litigation trust plan floated by company and senior lenders ‘was unconfirmable under any circumstances’
Burnham compromises on council homes plan
Prime minister opts not to rip up programme drawn up under Sir Keir Starmer that mostly relies on housing associations
Scott Bessent threatens Iran’s economic partners with more sanctions
US Treasury secretary had billed announcement as ‘D-Day’ for Tehran but stopped short of sweeping action
Burnham rules out early election as he admits UK faces ‘challenging’ financial outlook
Prime minister stops short of ruling out tax increases in October’s Budget, saying his policies will be ‘funded’
Treasury market interventions are only a band-aid
Bessent’s moves on the yen and long-dated bonds do little to assuage markets long-term
UK seeks to tighten security of supply chains after Iran-linked cyber attack
Potential veto poses challenge for energy companies reliant on Chinese supplies
Britain gains access to Ukraine battlefield data
Trove of combat imagery used to train AI models to identify and strike Russian targets
Meloni wants a snap election to hide her economic failures
Her proposed electoral reform could shore up the governing coalition despite its poor record in power
Haribo Kimchi — four-course Korean meal doubles as a quirky exploration of memory and home
A crooning gummy bear features in Jaha Koo’s Edinburgh International Festival production, where food becomes a conjuring trick
Little Bird — moving drama about Indigenous children separated from their families
Based on real stories of the Sixties Scoop in Canada, this affecting show follows one woman’s search for her lost family
Shipping industry warns small battery exemption increases fire risk on vessels
Container lines push regulator to change rules where laptops or power banks with batteries do not need to be declared
Can Democrats seize Congress from Trump?
The races, the money and the issues that will determine the final half of Trump’s second term
Canadian businesses fear ‘vortex of downward pressures’ from Trump’s tariffs
Renewed trade war has inflicted pain and uncertainty on companies that deal with US
How Shein’s $100bn dream unravelled
Once high-flying fast-fashion retailer is listing in Hong Kong at quarter of peak value after years of false starts
Reform UK’s ‘Farage Fest’ went ahead without permission from council
Organisers face potential enforcement after rally to celebrate leader’s Clacton by-election win was denied an events licence
Starmer considered letting 100,000 young Europeans come to UK every year
British officials reveal sweeping Brussels negotiating plan drawn up in former prime minister’s last days in office
As dieters slim down, protein prices bulk up
A lot of people are finding an appetite for whey