A hedge fund that was sued by a trader for refusing to pay a performance-related bonus, despite him making 97 per cent of its revenue, has been ordered to pay him $5.4mn plus interest by the High Court in London. Robert Gagliardi sued his former employer, Evolution Capital Management, in London, alleging that it acted … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Retail investors are helping drive gold and US stocks towards “bubble” territory, raising the risk of a disorderly reversal, the Bank for International Settlements has warned. In its latest quarterly review published on Monday, the … Read more
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world The Trump administration’s new national security strategy has got lousy reviews in Europe. Nonetheless, it is a genuinely interesting document. It attempts to do something very ambitious — which is to redefine national … Read more
In early 2024, two hard-nosed lawyers who had just helped defeat a $55bn pay package for Tesla chief executive Elon Musk gave an exultant talk at Columbia Law School detailing their stunning triumph over the world’s richest man. Now those two star partners, Greg Varallo and Jeroen van Kwawegen, are at the centre of an … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Veteran investment manager Todd Combs is to leave Berkshire Hathaway and join JPMorgan Chase, as Warren Buffett prepares to step back from running the conglomerate. Combs is currently investment manager of Berkshire and chief executive … Read more
A flashy provincial entrepreneur who tried to catapult a small Brazilian bank into the big league, Daniel Vorcaro’s heady rise was almost as spectacular as his downfall. The 42-year-old basked in the trappings of wealth, investing in a luxury hotel and football team, as the rapid expansion of his Banco Master raised eyebrows among luminaries … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A Reform UK councillor’s business has been handed a £40,000 fine after the company was found to have hired someone without the legal right to work in the UK. Michael Andrew Harrison, who represents Seaham … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Reform UK has denied breaking electoral law after a former member of Nigel Farage’s campaign team said the party leader had breached spending limits when he won a seat in parliament in last year’s general … Read more
Many utility companies are pinning their short-term hopes on “demand response” solutions that require companies to curtail activity at peak times. AI model builders typically run data centres at full capacity during “training runs” — where they feed LLMs with vast amounts of data to improve accuracy. These rises in activity can clash with consumption … Read more
We need to look at the causes of the country’s dire economic performance