financial times （6do encyclopedia）

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The Financial Times is a world-renowned daily newspaper that covers global financial news and markets, as well as political and economic news. The newspaper was first published in 1888 and has been consistently recognized for its quality reporting and analysis.

Over the years, the Financial Times has grown to become one of the largest and most influential financial news organizations in the world. In addition to its print publication, the newspaper also has a strong online presence, with FT.com receiving over 700,000 paid subscribers globally. The Financial Times has won numerous journalism awards, including the Pulitzer Prize.

History

The Financial Times was first published on January 13th, 1888, by James Sheridan and Horatio Bottomley. The newspaper originally focused on financial news, but later expanded its coverage to include political and economic news. The newspaper was initially known for its pink paper and is still commonly referred to as the “Pink Paper” today.

In 1945, the Financial Times merged with its main competitor, the Financial News. The newspaper continued to expand its coverage and launched its first overseas edition in 1979, which covered the Middle East. Today, the paper has several international editions, including the FT Weekend, which covers lifestyle and culture.

Ownership

The ownership of the Financial Times has changed hands multiple times throughout its history. In 1957, the newspaper was purchased by the Financial Times Limited, which was in turn owned by Pearson PLC. Pearson PLC is an international media and education company, and the Financial Times remains a subsidiary of the company today.

In 2015, Pearson announced that it would be selling the Financial Times to Nikkei Inc. for £844 million. Nikkei Inc. is a Japanese media company that publishes the Nikkei newspaper. The acquisition was completed in November 2015 and marked a significant change for the newspaper’s ownership and direction.

Content and Coverage

The Financial Times is primarily known for its coverage of global financial markets and news. The newspaper has a global network of correspondents who report on the latest economic, business, and political news from every corner of the world. The newspaper regularly provides in-depth analysis and commentary on major financial events and trends.

The Financial Times also covers a wide range of topics beyond financial news. The newspaper has a dedicated team of journalists who cover politics, technology, science, and lifestyle news. The newspaper’s weekly supplement, FT Weekend, features in-depth profiles of influential individuals, international travel, and reviews of books, art, and culture.

The Financial Times has embraced new technologies in recent years, including the launch of a dedicated app for smartphones and tablets. The app provides access to the latest news and analysis from the Financial Times, tailored to the needs of its readership. In addition, the newspaper has built a strong online presence, with FT.com becoming a popular source of financial news and analysis.

Criticism

The Financial Times has faced criticism over the years for various reasons. Some have accused the newspaper of being too focused on the opinions of the business elite and not paying enough attention to the concerns of ordinary people. Others have criticized the newspaper for its support of neoliberal economic policies.

In recent years, the newspaper has come under fire for its coverage of Brexit and its aftermath. Some have accused the newspaper of being too biased towards the Remain campaign during the referendum, while others have criticized the newspaper’s coverage of the negotiations and the impact of Brexit on the economy.

Despite these criticisms, the Financial Times remains one of the most respected and influential newspapers in the world. Its coverage of global financial news and markets continues to set the standard for other news organizations, and its analysis and commentary are widely regarded as authoritative and insightful.

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Oaktree’s Howard Marks warns of crunch time for private credit

Financial Times

23-05-14 11:20

Oaktree founder Howard Marks has warned that a test is coming for private credit as higher interest rates and slower US economic growth heap pressure on corporate America. Marks said: "Did the managers make good credit decisions, ensuring an adequate margin of safety, or did they invest fast because they could accumulate more capital? We’ll see... It’s only when the tide goes out that you discover who's been swimming naked,” he added. Data provider Preqin estimates the private credit market has grown from $440 bn a decade ago to $1.5 tn now, and has been exceeding $150 bn in fundraising since 2019.

https://www.ft.com/content/7ee93e71-e6b1-40e9-8e81-9b9a7054274e

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Tiger Global looks to cash in part of $40bn portfolio of private companies

Financial Times

23-05-14 11:19

New York-based hedge fund Tiger Global is looking into a potential sell-off of some of the more than $40bn portfolio of private holdings it owns, including investments in Chinese tech firm ByteDance, US software group Databricks and payments firm Stripe, according to sources. The sale would enable the firm to return funds to some of Tiger's investors but any deal would likely be complicated because of the difficulties in valuing Tiger's private holdings. Firms are increasingly looking to utilise the secondary market to return cash to investors as investing in fast-growing start-ups has become less straight-forward due to slowing IPO activity.

https://www.ft.com/content/2f51e568-024d-4431-aef1-063477807e51

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Pressure grows on UK to stop ‘abusive litigation’ by oligarchs against critics

Financial Times

23-05-14 10:19

The UK government has introduced new sanctions measures to prevent Russian oligarchs from pursuing legal actions against journalists, author and campaigners. Since 2022, 1,300 people and entities linked to President Vladimir Putin have been subject to sanctions in the UK. The country’s Office of Financial Sanctions Implementation has amended its Russian and Belarusian legal services general licence, removing authorisation for legal fees relating to defamation cases. UK law firms have faced lawsuits designed to “harass or intimidate” writers into silence, with the threat of lengthy litigation and high costs used against them. Freedom of speech campaigners argue that the measures should go further.

https://www.ft.com/content/99e45700-b610-47f1-a7e6-160451355ae1

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Emilia-Romagna: Exploring Italy’s gastronomic gem one bite at a time

The Independent

23-05-14 08:31

Trattoria chain Big Mamma sources its Parmesan Reggiano cheese from family-run supplier Caseificio Gennari, situated outside Parma, which produces 100 wheels a day. The factory collects milk from cows grazing on native grasses and hay, and uses three different breeds that produce different flavours. The resulting cheese is infused with salt in a trough for 21 days and then aged for at least a year, and up to 100 months. The failures that cannot be labelled as true Parmigiano Reggiano are taken away and used in other ways.

Prosciutto processor San Nicola Prosciuttificio del Sole is situated in the Emilia-Romagna region an hour’s drive away into the mountains from Gennari. The aging process used to create the pork legs spans up to three years. An inspector from a body which protects the authenticity of Prosciutto ensures batches meet its stringent guidelines, which include feeding pigs offcuts of Parmesan rather than leftovers from even a nearby pizzeria. The pigs are housed in clean mountain air since the resulting meat is sweeter. Venturini Baldini, situated between Parma and Reggio Emilia, supplies Big Mamma with Balsamic Vinegar of Modena and Lambrusco (fizzy red and rosé wine). Must from freshly pressed grapes is boiled in huge cauldrons to reduce the volume and concentrate the sugars, then fed in wooden barrels to ferment for 12-25 years. True Balsamic Vinegar of Modena is known as “liquid gold” in Italy for its unique flavours.

https://www.independent.co.uk/indy-eats/carlotta-big-mamma-parmesan-prosciutto-wine-b2338511.html

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From Hollywood to Scudetto — how an Italian movie producer revived Napoli’s fortunes

Financial Times

23-05-14 04:22

Napoli's €37m turnaround under film veteran De Laurentiis who took over at the Serie A club in 2004 in the wake of the team's relegation to Serie C is profiled by the Financial Times (paywall). He turned the club's fortunes around using "what I learned from the movie business in many years to the football world,” he said. “My goal was to win, while remaining sustainable financially." Though hard-headed, his business strategy has won plaudits: Napoli spent €860m on new signings over the past decade, according to Transfermarkt, recouping around €648mn from player sales. However, De Laurentiis's casting director eye is on additions including an American and a Japanese player. Market research firm Nielsen estimated Napoli already had an international fan base of 83mn supporters in western countries and this season's victory will have grown that to at least 120mn.

https://www.ft.com/content/175fc339-d1c5-4e71-9a6c-02aec4ffc50a

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G7 host Japan seeks unity on threat from China

Financial Times

23-05-16 01:23

Japanese Prime Minister Fumio Kishida’s key aim during the annual G7 summit this weekend is to establish a united G7 response to China's military ambitions and "economic coercion," as the country continues to seek closer ties with NATO and imposes sanctions against Moscow as a result of the ongoing war in Ukraine. China’s interventionism has driven Japan to adopt a very cautious approach, revamping its military organisation and increasing security cooperation with nations in Southeast Asia and Europe. However, it is anticipated that the G7 will not agree on any specific new economic tools of security, and crucially, China will not be named in the statement. This widespread caucus approach aims to support countries being bullied by China rather than being completely focused on an offensive strategy. The EU, as well as other G7 members, remain very reluctant to adopt a more antagonistic stance, preferring to improve relations with emerging economies, particularly from Asia, Africa and South America.

https://www.ft.com/content/0998ac9a-58eb-44e2-b362-42cf5a0d468b

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UK policing minister pushes for greater use of facial recognition

Financial Times

23-05-15 23:19

The UK's policing minister, Chris Philp, has called for the national rollout of facial recognition technology across police forces, according to an academic report submitted to parliament on Tuesday. The systems have faced concerns over their legality and accuracy, and the European Union is soon to ban facial recognition in public spaces due to privacy and rights concerns. The report found Philp "expressed his desire to embed facial recognition technology in policing and is considering what more the government can do to support the police on this".

https://www.ft.com/content/b8477e16-349d-442d-8e69-59b328ba9189

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North Sea 'taxed to death', warns Sir Jim Ratcliffe

Telegraph

23-05-15 23:00

Sir Jim Ratcliffe, billionaire owner of chemical company Ineos, has lambasted the UK’s decision to introduce a windfall tax on the North Sea oil and gas industry; moves that he believes threaten future investment. Taxes are now so high, he said, that profits no longer fund future investment, claiming instead that “what the country needs is energy security, which means encouraging developments in our strategic energy reserves in the North Sea. There has been no thought given to the long-term consequences of this ‘tax it to death’ move.” Other companies have also complained, with Harbour Energy stating that the windfall tax had all but wiped out its profits.

https://www.telegraph.co.uk/business/2023/05/15/north-sea-taxed-to-death-warns-sir-jim-ratcliffe/

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Should UK boards take Apollo seriously?

Financial Times

23-05-16 04:35

Apollo Global has developed a reputation in the UK for abandoning deals at the eleventh hour. That has only been underscored after the US investment giant saw two possible take-privates collapse in the past four days. On Monday, Apollo said it wouldn’t follow through with its offer for UK oil engineering company Wood Group, causing the company’s share price to fall by more than a third. Taking publicly traded UK companies private has proven a lucrative source of deal flow for some of Wall Street’s biggest names in recent years. But Apollo hasn’t capitalised on the trend. Instead, the Wood Group and THG represent Apollo’s latest failed efforts to buy UK companies. The $598bn investment firm has also failed to follow through on deals for publisher Pearson, gambling company William Hill and packaging business RPC Group.

https://www.ft.com/content/1f598dc2-7156-4196-90e3-d05e6ad1d634

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High Court judges invested in tax avoidance schemes

Financial Times

23-05-16 04:33

Three UK High Court judges have been found to have invested in controversial tax avoidance schemes challenged by HM Revenue & Customs. Justices Joanna Smith, Simon Bryan and Martin Griffiths invested in the schemes, whilst two other High Court judges had also made similar investments in tax schemes that have since closed. The revelations raise questions about the judgment of the UK’s judiciary and the High Court appointment process as well as the absence of formal disclosure rules requiring UK judges to make formal disclosures about their financial affairs. The investment by the judges was uncovered by the Financial Times which searched Companies House for information about the more than 100 judges of the High Court. The UK does not require judges to make disclosures about their interests.

https://www.ft.com/content/6d3b5582-5653-4dcb-8fbb-5ff5b6d0e0fa

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Norway’s $1.4tn oil fund to step up ESG proposals to US companies

Financial Times

23-05-16 04:24

Norway’s $1.4tn oil fund is planning to file more climate-related shareholder proposals with US companies, after testing the strategy this year. The company, which owns an average of 1.5% of all listed firms around the world, filed shareholder motions on climate with four US firms in 2021, but did not publicise them until now. The fund withdrew proposals from Marathon Petroleum and Packaging Corporation of America after both made climate commitments. It won a 28% shareholder vote in favour of its motion at lubricant and fuel additive producer NewMarket and is still awaiting results from chemicals and plastics firm Westlake. The fund’s focus on shareholder proposals reflects an increasingly active approach to environmental, social and governance (ESG) issues.

Norway’s oil fund became the first major shareholder to declare how it would vote at all the annual meetings of the companies it owns, in advance of those meetings. The fund, which owns an average 1.5% of every publicly-listed company worldwide, has stepped up its demands for companies to set targets ensuring net zero carbon emissions by 2050. Its 2021 trial of shareholder proposals asked companies to adopt such targets. The fund said it may expand the use of such proposals to other ESG issues.

Filing a shareholder proposal was a last resort, the fund said. It relies most heavily on voting at annual meetings and dialogue with companies and boards. The fund has filed 21 shareholder motions at 13 US firms since 2009, including proposals on proxy access and splitting the roles of chief executive and chair. These were aimed at improving corporate governance, rather than specific ESG issues. Companies are “inadequately informed” on ESG and task “overworked” sustainability and reporting teams with identifying issues to address, argued a recent report by the Corporate Human Rights Benchmark resource.

https://www.ft.com/content/62e3c629-44cf-43f7-9682-a056f9b5c634

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The digital euro: a solution seeking a problem?

Financial Times

23-05-16 04:24

The European Central Bank's (ECB) plan to issue a digital euro has sparked controversy among citizens, financiers, and politicians who question the benefits of the scheme and fear it could replace cash and threaten decentralisation. Although the ECB plans to pilot the digital currency in coming months, its overall launch may not happen for another five to six years, and as such, the ECB is reportedly struggling to communicate the benefits of the programme. While officials believe that the digital euro will modernise European payments and provide a universal alternative to cash that is backed by the central bank, some opponents say it is unclear what problem it is seeking to solve. Additionally, there are concerns that it could create inefficiencies and complexity by creating a parallel payments system that would only be used by the digital euro.

The ECB, which is eager to promote the euro’s prominence globally, cites declining cash usage as a key motivation for the digital euro initiative. According to an ECB survey, cash usage has fallen from 79% of all point-of-sale transactions in the eurozone in 2016 to 59% in 2020. Policymakers worry that Europe is overly reliant on non-European payment providers like Visa, Mastercard, and even PayPal. Furthermore, as cash usage declines, some people may switch to other means of payment, such as stablecoins (digital tokens backed by fiat currency) or digital currencies launched by rival countries.

The ECB is keen to stress that the digital euro is intended to complement cash, not replace it. Still, bankers are reportedly worried that it could increase the likelihood of bank runs and require them to shoulder the costs of such a substantial project with little upside, especially as basic payments with the digital euro should be free. In any case, the ECB is poised to announce an implementation plan and pilot scheme in October, and this summer, the European Commission plans to set out legislative proposals that specify some of the key design features of the digital currency.

https://www.ft.com/content/7c892d3b-c646-4247-9504-5f755e486101

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How a publicity-shy chair is revamping Deutsche Bank

Financial Times

23-05-16 04:23

Alexander Wynaendts, Deutsche Bank's chairman, has gained respect among insiders and investors by taking a "low public profile" and keeping his focus on issues such as control flaws and costs. Wynaendts has so far stayed out of public spats, unlike his predecessor Paul Achleitner, who attempted to compromise behind the scenes, and he has won praise for cutting the bonuses of top Deutsche executives. However, some investors remain wary of Wynaendts' outsider status.

https://www.ft.com/content/566a0cee-2c69-4d39-af47-7939bbb3e6a9

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Ecuador’s president set to face impeachment trial

Financial Times

23-05-16 09:19

Ecuador's president, Guillermo Lasso, is facing impeachment proceedings related to embezzlement charges and is due to appear before lawmakers. Lasso, who denies the charges, needs supermajority support from at least 92 out of the 137 lawmakers to survive the impeachment process, with a vote expected at the weekend. A host of political factions have now been garnered to present him with significant opposition. If he loses the vote, he would become the latest in a series of Latin American presidents to be ousted in recent years.

https://www.ft.com/content/bc637693-e4a3-478e-afc8-3a8649921c9c

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The consumer wobbles, a bit

Financial Times

23-05-16 06:19

US consumer spending fell by 1.2% YoY in April, according to data released by Bank of America. The decline, the first since February of this year, could suggest the “final, stubborn economic shoe” is dropping, said Unhedged, but analysts said it was important to distinguish a slowdown from wider stress. "Lower-income households continue to outperform higher-income households in terms of YoY spending growth" a BofA note said. Home Depot, Target and Walmart are among the retailers reporting this week. Inflation-beset consumers had thus far refused to cut back spending, but some analysts argued that a change could be on the way.

Anaemic gains in private-label groceries also suggested consumers were not pushing back hard against higher prices from suppliers, said retail analyst Rahul Sharma. Sharma said previous patterns of lower spending around discretionary goods during times of economic downturn were not currently in evidence in the US, but dramatic fluctuations in supply chains and pricing were still possible. Meanwhile, Walmart reported a reduction in price increase requests from suppliers in recent weeks but a continuing shift in sales from discretionary goods to groceries.

Although Uber confirmed that insurance claims made up the largest component of its cost of revenues in most markets, Unhedged readers argued the deeper question was not the costs themselves but the supply and demand dynamics that set the returns, after costs, of Uber versus Airbnb. They made the point that a car ride was a commodity product whose main feature in the eyes of customers was price, whereas houses and apartments had crucial variable features. Airbnb set prices, while Uber customers would pay more for special occasions or geographies where elasticities of preference for price were low.

https://www.ft.com/content/98e93810-3329-486d-ad88-d8bb53ecb347

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Oxford university drops Sackler name from buildings after investigation

Financial Times

23-05-16 11:19

Oxford University is to remove the name of the Sackler family from its campuses. The news follows protests over the family’s ownership of Purdue Pharma, whose drug OxyContin has been implicated in helping to fuel the US opioid crisis. The international stature of Oxford, where the Sackler Trust has given several million pounds since the 1970s, made it a particular focal point for campaigners protesting against the family’s philanthropic activities. The Sackler name will be removed from the Ashmolean Museum and Bodleian Libraries, although it will remain on the Clarendon Arch and Ashmolean donor boards to recognise donations to the university.

https://www.ft.com/content/28ea87bb-f873-4693-a767-5dc79c5b3b92

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Labour demands full investigation into Teesside freeport project

Financial Times

23-05-16 11:19

UK opposition party Labour has requested that the National Audit Office undertake a comprehensive investigation into the Teesworks scheme in the Teesside freeport. The move followed an investigation by the Financial Times that uncovered allegations of poor value for money, cronyism, corruption and secrecy concerning the project. The 4,500-acre Teesworks site is the UK's biggest brownfield area and forms a significant part of the Teesside freeport in north-east England, aiming to regenerate the former Redcar steelworks. The project is overseen by Conservative mayor for Tees Valley Ben Houchen, who is battling growing criticism of the scheme's financial model.

https://www.ft.com/content/0308d5e4-1e7e-44e8-aa07-e76960adcbdd

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UK competition tsar calls for crackdown on utilities ‘ripping off’ customers

Financial Times

23-05-16 10:19

The UK’s official advisor on competition reform, John Penrose, has said regulators should be empowered to tackle companies “causing harm to the economy”. Penrose stated that the current economic regulatory system was “too soft” and did not do enough to prevent “rip-offs.” Although the government’s digital markets, competition and consumers bill addresses modern monopolies such as Google, it does not yet address the regulation of water and energy utilities. Campaigners are calling for greater public ownership of water, rail and energy while the Conservative government is promoting the idea of increased competition in the sector.

https://www.ft.com/content/2723bd15-7c41-4593-9021-8a07e328cb09

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Stop India reselling Russian oil to Europe, EU official urges

Telegraph

23-05-16 18:19

The EU’s high representative for foreign policy, Josep Borrell, has urged the European Union to take action to close a loophole that enables India to be a centre for Russian oil that is resold as refined fuels to Europe, violating sanctions on Russia following its invasion of Ukraine. India has emerged as a top purchaser of Russian oil in the past year, which has been rejected by western states such as the US and its allies. Access to cheap oil has enabled Indian refineries to boost profits by exporting refined fuel to Europe.

https://www.telegraph.co.uk/world-news/2023/05/16/india-russian-oil-reselling-europe/