Larry Summers’ extraordinary fall from grace
The reputation of one of America’s leading economists is in tatters since the emergence of emails to Jeffrey Epstein
Transcript: Did globalisation kill neoliberalism? With Branko Milanovic
Martin Sandbu speaks to Branko Milanovic and Mischa Frankl-Duval
The bear case for 2026
Plus, the (late) jobs report
US open to dropping EU food tariffs to lower domestic prices
Also in this newsletter: EU strikes a metal and minerals deal with South Africa
FTAV’s further reading
3I/ATLAS; Grok loves Musk; AI NEST; interactive world history atlas; MrBeast’s theme park
FirstFT: US peace plan for Ukraine-Russia urges Kyiv to cede land
Also in today’s newsletter, Trump’s Davos attendance and Clifford Chance job cuts
Transcript: The Big Tech stock rollercoaster
Marc Filippino talks to Katie Martin, Chris Miller and Victoria Craig
Could Washington pop the AI bubble?
Plus, Patrick Drahi’s deal dance with French trio and the musical chairs inside Abu Dhabi’s deal machine
Britain’s tax system combines the worst of the US and Scandinavia
The UK’s experiment in eating the rich while shrinking the state has left everyone worse off
Trump and Mamdani set for high-stakes Oval Office face-off
Meeting marks the first in-person meeting between the US president and New York City’s mayor-elect
Wall Street is banking on too many Fed rate cuts, Vanguard warns
Asset management giant’s bond chief says ‘massive’ spending on AI will bolster the US economy
Brussels set to issue formal warning to Italy over ‘golden power’ rules
European Commission believes Rome’s regulations enabling it to scrutinise foreign takeovers may breach EU law
What is Venezuela’s ‘Cartel of the Suns’?
Caracas benefits from cocaine smuggling, say experts — but they question whether Maduro runs a ‘terrorist’ cartel
Behind the AI bubble, another tech revolution could be brewing
Today’s eye-popping valuations are based on the assumption that LLMs are the only game in town
Three classic St John recipes
Fergus Henderson’s recipes for bone marrow salad, Welsh rarebit and madeleines
Has Pixar lost its buzz?
Thirty years after the trailblazing studio heralded a new age of animation, the hits have (mostly) dried up and yet another ‘Toy Story’ sequel is on the way
Davos assured Trump ‘woke’ topics were off the agenda
US officials told organisers that President’s attendance in January depended on programme
How the Bank of England could be clearer on the rates outlook
A policy projection would improve monetary policy transparency and reduce guesswork for businesses and investors
European chemicals go from breaking bad to breaking worse
There’s little sign Europe’s leaders can restore the sector’s competitive edge
Western allies seek to forge joint defence against cheap Chinese steel
‘Heightened sense of urgency’ as global steel production capacity to exceed demand by 38% by 2027
French telcos explore wider bid for billionaire Drahi’s assets
Orange, Bouygues and Free consider new proposal for multiple Altice assets after €17bn bid for SFR was rejected
Clifford Chance cites AI as it axes 10 per cent of back-office staff
Magic circle legal firm also shifts work to lower-cost hubs in Poland and India
Comeback King: a new hotel for the man behind the fallen Birch
Chris King’s Birch brand was hailed as ‘the future of the British hotel’ — then swiftly went bust. As he launches Crafted, a new retreat in East Sussex, he tells Simon Usborne what went wrong
St John’s founders are stepping back. What comes next for the trailblazing nose-to-tail restaurant?
Fergus Henderson and Trevor Gulliver are retiring from day-to-day operations after 31 years