EU rebuffs Carney’s ‘unique alliance’ with Canada
Some governments balk at prime minister’s call for ‘middle powers’ to join forces against US and China
Financial Times
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With AI, ‘I told you so’ will be too late
Reducing the speed of innovation is going to be hard, both practically and politically, but it is the right decision
Fed should defy Trump with rate rise, top economists say
The vast bulk of respondents in FT-Booth poll say the central bank should lift borrowing costs in a bid to tame inflation
US billionaires line up to bankroll Republicans’ election push
Ultra-wealthy overwhelmingly back Donald Trump’s party over Democrats as money floods into midterms race
How Switzerland turned tax competition into a national sport
The country’s 26 cantons compete fiercely for companies, wealthy residents and the taxes they bring
Can the US and China work together on AI risks?
Technological rivalry between Washington and Beijing makes it harder to agree how to manage potentially existential dangers
US charges five people linked to Russian ‘assassination network’
Indictment marks a rare accusation of Kremlin-backed plots on American soil
Bessent to meet He Lifeng in New York ahead of Trump-Xi summit
US Treasury secretary and Chinese vice-premier to hold talks as one-year expiry in trade war truce nears
OpenAI weighs funding round at $1.2tn valuation before IPO
Sam Altman’s start-up could capitalise on demand for its technology after new model launches
US House panel votes to hold Leon Black in contempt over Epstein subpoena
Committee unanimously passes resolution, advancing the measure to the full chamber
Landmark US crypto bill fails as Senate splits over Trump ethics concerns
Defeat is a massive setback to an industry that has spent record sums lobbying for a favourable market structure
Nvidia CEO says battle over AI innovation and safety is ‘false choice’
Jensen Huang has distanced himself from OpenAI, Anthropic and SpaceX’s efforts to slow research
UK ‘actively’ exploring joining Canada-led global defence bank
The Defence, Security and Resilience Bank aims to provide low-cost financing for military initiatives
US says Chinese groups used Binance to launder $61mn from Iranian oil deals
US Justice Department files forfeiture lawsuit to seize $61mn in alleged proceeds processed through cryptocurrency platform
Iran war has left US with munitions ‘shortfall’, Pentagon watchdog says
Inspector general warns of ‘industrial base bottlenecks’ after military spent $22bn on ordnance in first four months of conflict
Sullivan & Cromwell hires team of Kirkland partners in private equity push
White-shoe law firm had largely avoided acting for buyout groups even as the industry’s boom propelled rival firms to rapid growth
Scott Bessent’s wobbly house
Politics seems to be messing with the US Treasury secretary’s head
Russian warship fires flares at Danish helicopter over Baltic Sea
Denmark says one of the flares passed the aircraft at close range, branding the action as ‘reckless’
The ex-JPMorgan banker facing Wall Street’s toughest turnaround job
Takis Georgakopoulos became chief executive of Fiserv just as it confronted big cultural and structural challenges
Global bonds follow US Treasuries lower
Japan 10-year yield surpasses 3% as investors continue to sell government debt after landmark rise in American borrowing costs