The year in review (part two)
Our 2025 predictions, reviewed
HSBC board member who led search for chair to retire
Ann Godbehere will step down as a director at next year’s annual meeting
Dotcom tycoon to bankruptcy court: the fall and fall of Robert Bonnier
Amid claims of AudioBoom share price manipulation, a judge found Bonnier lied to secure investment from Nick Candy
FirstFT: AI debt boom pushes US corporate bond sales close to record
Also in today’s newsletter: ByteDance’s AI spending spree and private credit firms
Ares Management chief eyes private equity as group’s next target
Michael Arougheti says private credit-focused firm has ‘a lot of financial capacity to buy’
EU moves against cheap plastics imports as recycling plants shut
European Commission plans additional checks and stricter rules to shore up ailing industry
Whisky galore: Trump’s tariffs and cost of living create glut of undrunk Scotch
Concern over rural economies as distilleries left with a surplus that has forced some to pause or scale back production
‘A stream of negativity and abuse’: why are Labour MPs still sticking with X?
Despite concerns, politicians continue to use Elon Musk’s platform in search of a ‘civilised debate’ with constituents
The good, the bad and the ugly of Britain’s labour market reforms
It’s the detail of the new Employment Rights Act that will matter — and the timing
Venture philanthropy can transform small charities
Investment funds such as The Fore and Impetus bring financial innovation to worthy causes
America’s risky bet on hydrocarbons might hurt it in the AI race
US strategy could be costly in terms of higher electricity prices, increased water stress and potential food insecurity
60 watches we loved in 2025
Dialling up HTSI’s top timepieces
Private credit firms pile into consumer debt as risk-taking mounts
Growth raises concerns about underwriting and risk management at fast-expanding groups
Nuclear fusion is a brainteaser for investors as well as scientists
Valuing Trump Media & Technology Group after the merger with TAE will be a double step into the unknown
Dynastic Jewels combines stunning stones with compelling stories
The choicest European and Asian regal jewels from the Al Thani Collection are on show in Paris
Christmas Day — a raw, discursive study of British Jewish identity
A festive family get-together becomes an arena for ideological debate in this finely tuned play at the Almeida
Align on design to stay afloat, Europe’s largest shipbuilder says
Common design requirements would boost competitiveness by lowering costs and increasing efficiency
John Elkann’s year to forget: a pile-up of problems from family to Ferrari
Tax fraud charges escalate schism within Agnelli dynasty as troubles mount across billionaire’s business empire
AI debt boom pushes US corporate bond sales close to record
Investment-grade borrowers have issued $1.7tn of bonds this year, closing in on 2020’s Covid debt rush
Year in a word: AI bubble
The high priests of Silicon Valley and Wall Street are beginning to acknowledge the excesses of Big Tech valuations
Schooling joins casualties of Gaza war
Palestinians with ‘huge appetite’ for education struggle against the odds to study and pass exams
Norwegian architect firm Snøhetta is reaching for the skies
New residential projects in the snowiest of resorts are pushing chalet design to new highs
Jürgen Habermas: Germany’s political and cultural phenomenon
Two new books bring fresh insights into the philosopher who has towered over seven decades of German public life
Hats off!
Can berets and baker boy caps be worn unironically in 2026? Gen Z seem to think so