HSBC sells Singapore insurance business to Allianz for $2.1bn
Deal is latest example of lender’s ‘ongoing simplification’ under Georges Elhedery
Oil hits $100 as Trump weighs ‘massive attack’
US stocks and bonds also sold off as Middle East tensions increase
Letter: Ukraine’s reliance on Chinese drone parts must be temporary
From Jonas Malmgren, CEO of Front Ventures and investor in AeroMotors, Stockholm, Sweden
Letter: Climate should be treated like other emerging risks
From Natasha Landell-Mills and Cllr Doug McMurdo
Letter: Healey’s surname is not the only echo of the 1970s
From Steven Fogel, London NW11, UK
Letter: Claims that gas costs less reveal short memories
From Bob Ward, Policy and Communications Director, Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, London WC2, UK
Letter: Why the demand side matters in Europe vs US
From Dimitri Zenghelis, Partner, Independent Economics, London SW1A, UK
Letter: Weak rules on AI ignore lessons from history
From Benjamin Kienzle, Reader in Security Co-operation, King’s College London, London SW19, UK
OpenAI loses control of rogue model
Meta faces higher borrowing costs in latest $12bn data centre financing
BlackRock-led deal meets investor anxiety over rising AI exposure
Intel posts fastest growth in 15 years as AI data centres demand fuels sales
Chipmaker’s revenue jumped 25% in the second quarter
Sewage discharges flout guidance near 65 beaches in England since May
Overflows at bathing sites come as tourists flock to coastal areas for summer holidays
After the Brat juggernaut, Charli XCX’s Music, Fashion, Film is a skimpy follow-up
The 30-minute album has flashes of wit and brilliance, but feels like it was dispatched in a rush
Sun, football and Burnham push UK consumer confidence higher
Survey was conducted in first half of July before new prime minister took office and ahead of latest escalation in US-Iran conflict
FT Crossword: Number 18,434
US hits 60 countries with new duties as Trump rebuilds tariff wall
Administration pins measures on forced labour probe after Supreme Court struck down blanket levies
FirstFT: China’s Xi Jinping pursues AI diplomacy to woo developing countries
Also in today’s newsletter: US hits 60 countries with new tariffs and Modi vows ‘swift’ justice for India exam leaks
Chinese AI models will slash adoption costs, says Singapore’s GIC
Sovereign wealth fund expects strong growth in Chinese AI companies but is cautious about start-ups
China’s Xi pursues AI diplomacy to woo global south
Beijing makes most ambitious offer yet to build alternative global order
Dangote secures record $2.5bn investment to expand Lagos refinery
Billionaire Nigerian businessman is planning to grow capacity from about 650,000 barrels per day to 1.4mn b/d by 2028
FDA panel supports access to peptides over scientist objections
Vote is first step in broadening public access to so-called Wolverine peptide despite warnings about risks
How JPMorgan won
The astonishing success of the US’s largest bank
How Andy Burnham’s rise to PM was helped by those axed by Starmer
List of people sacked or cast aside includes Louise Haigh, Lucy Powell and Anneliese Midgley, some of new premier’s most powerful allies
EU fines Google €890mn in test of Trump’s threats to protect Big Tech
EU competition chief says it is bloc’s ‘duty to defend rule of law’ while delivering ‘strong message’ to search giant