Europe must pay more for medicines, says Bayer

German group’s pharma business expected to generate most of its revenues from US after strategic shift

Earnings forecasts up, stocks . . .  down

Snoozefest or losefest?

The growing crackdown on corporate child exploitation

A golden age for lucrative kids’ marketing is coming to an overdue end

Starmer signals major UK pivot towards EU after Trump taunts

British prime minister says closer ties between London and Brussels are ‘in our long-term national interest’

Our euro, your solution

Reducing the world’s dependency on the dollar is in the interest of every country that buys energy, issues debt or trades

Iran war shock is intensifying risks to financial system, says BoE

Central bank warns conflict likely to hit economic growth as Keir Starmer insists UK ‘well placed’ to weather crisis

FirstFT: Blockbuster quarter for megadeals

Also in today’s newsletter: markets rally on hopes for end to the Iran war and Germany rethinks nuclear power ban

Five essential pieces of workout gear

A revolutionary cycle helmet, muscle-analysing boots, custom-fit swim goggles and more

How beads outgrew granny’s jewellery box

String together a joyful wardrobe update

A spokesperson could not be reached for comment (possibly because she doesn’t exist)

The curious case of Emilia Carrière, alleged comms professional

German minister urges nuclear rethink as energy prices soar

Katherina Reiche’s call comes as Berlin launches investment summit to help revive Europe’s largest economy

Political drama reaches heart of UK’s nuclear deterrent

Captain steps back after his link to Chinese spy case triggers Royal Navy probe

Berkeley shares tumble as housebuilder halts land purchases

UK group blames Middle East conflict and deteriorating outlook for investment cuts

Airlines in crisis mode as Iran war hits jet fuel supplies

Carriers scale back expansion plans as oil prices soar

Stocks rally on hopes Iran war will end soon

Burst of investor optimism after Donald Trump says US to end conflict in Iran within ‘2 to 3 weeks’

BP should be ‘simpler, stronger and more valuable’, new CEO tells staff

Meg O’Neill’s first message to employees pledges improved performance in difficult geopolitical environment

Transcript: Finale — The collapse of India’s $22bn tech star

Michela Tindera talks to Chris Kay

The disappointing dollar

And the worst-case scenario for oil

FTAV’s further reading

Barbiefest; losing to Iran; the Claude Code leak; software bonkers; indie magazines

Strategy is entering its desperate stretch

Remember when regulators were a thing?

EU warns of prolonged crisis as Iran war adds €14bn to energy import bill

Also in this newsletter: US criticises ‘unfortunate’ conditions added to EU trade deal

European fiscal support for high energy prices still targeted and temporary

Central banks in the region have difficult trade-offs to make and government action generally complicates things

Sports Exchange

This series features insights from some of the most influential figures in sports ownership and leadership. In this instalment, Arun Singh Dhumal, chair of the Indian Premier League’s governing council, discusses changes to the international cricket calendar, media rights and its talent pool

Transcript: How a small US business navigated Trump’s tariffs

Marc Filippino speaks to Chris Giles, Rebecca Melsky and Eva St Clair