‘The brakes failed and they’ve crashed the car’: how the Big Four’s wheels fell off Down Under
Australian operations prove an ongoing source of scandal and embarrassment for KPMG, PwC, EY and Deloitte
Canada unveils plans for new oil pipeline to break dependence on US
Project to supply Asia with 1mn barrels per day is part of push to reduce over-reliance on US amid trade hostilities
India’s Persistent Systems attempts a big acquisition
Also in this newsletter: Deutsche Bank exits India retail business
Letter: Britain’s AI sovereignty lies with work frontier labs won’t do
From Professor Geraint Rees, UCL Vice-Provost (Research, Innovation & Global Engagement), London WC1, UK
Letter: Malaise is structural and cross-party, as is the fix
From Alan Coppin, Fellow, Windsor Leadership; Former Non-Executive Director, Berkeley Group, Bourne End, Buckinghamshire, UK
Letter: European rearmament and the role of dynastic capital
From Arturo Gómez, Financial and Defence Journalist, Madrid, Spain
Letter: Where’s the UK visa route for start-up entrepreneurs?
From Natasha Chell, Senior Partner, Head of UK Practice, Laura Devine, London EC4, UK
Letter: With stablecoin, no two issuers pose the same risks
From Mark Fairless, Chief Executive Officer, ClearBank, London EC2, UK
Letter: The ONS permanent secretary’s right of reply
From Darren Tierney, Permanent Secretary, Office for National Statistics, London SW1, UK
Letter: ‘Humanitarian’ weddings
From Cormac Meehan, Bundoran, County Donegal, Ireland
July heatwave on its way
‘Heat dome’ over eastern US sends electricity prices soaring
More than 150,000 households left without power as temperatures near 40C strain utility grids
UK finds lost US Declaration of Independence copy after 250 years
Document revealed by National Archives ahead of its anniversary on Saturday
FT Crossword: Number 18,416
FirstFT: Chinese energy group raises $3.6bn in Asia’s biggest IPO this year
Also in today’s newsletter, Narendra Modi and Sanae Takaichi meet, and US labour market cools
Blackstone’s QTS ends Virginia data centre project after protests
Proposed campus becomes the latest casualty of growing backlash to the facilities in the US
Lockheed in lead to buy naval tech group Ultra Maritime in $3.5bn deal
Agreement for defence company could be announced as soon as early next week
US economy undershoots forecasts with 57,000 jobs added in June
Hiring slows after 3-month streak of overperformance
Halftime for the markets
What have we learned in the first six months of 2026?
Burnham insists he will be disciplined with UK public finances
Prime minister in waiting says he will stick by Labour’s manifesto promises on tax
Russia unleashes huge bombardment on Kyiv
Attack with 74 missiles and nearly 500 drones follows Zelenskyy’s warning that Moscow was preparing ‘massive strike’
Healthcare group owned by Ardian has its bank accounts seized
Creditors told of investigation into Santé Cie and subsidiaries over dealings with healthcare professionals
Sandwich chain Jersey Mike’s files for IPO as Blackstone eyes windfall
Private equity group targets valuation of up to $12bn for purveyor of cheesesteaks and cold-cut heroes
UK’s culture secretary and department quit X citing concerns over democracy
Move by Lisa Nandy marks first exit of a major cabinet department from the platform