Letter: Private credit can ride out the tech storm
From Nick Baldwin, Managing Director, Valuations & Opinions, Lincoln International, London WC2, UK
Letter: Costa’s ‘masterclass in political rebranding’
From Antonio Vieira Lima, Beja, Portugal
Letter: It looks like these turkeys are voting for Christmas
From David Starkie, Andover, Hampshire, UK
Letter: How Carney channelled his inner Quintilian
From Sonya Branch, London TW10, UK
Letter: A valuable insight into why China backs Putin
From Jon Johannessen, Venice, CA, US
Letter: An opportunity where AI, drones and satellites meet
From Will Marshall, Co-founder & CEO, Planet, San Francisco, CA, US
Letter: The case for taking direct equity stakes in companies
From James Ashton, Chief Executive, Quoted Companies Alliance, London EC1, UK
Letter: Poland’s education system
From Pawel Konzal, Warsaw, Poland
Letter: America is not, and never was, a socialist country
From David Spirakis, Venice, CA, US
Bots talk to each other
‘Say what you like about AI — it never would have invented snowboarding’
Blair think-tank calls for end to ban on new UK North Sea licences
Institute says new oil and gas exploration is needed to protect workers and slow the decline of the basin
FT Crossword: Number 18,293
US and Taiwan sign trade agreement to seal chip investment
Deal will reduce American tariffs on a range of Taiwanese food products
Citigroup raises CEO Jane Fraser’s pay to record $42mn
Increase in remuneration makes her among the best-paid CEOs at a Wall Street bank
FirstFT: CIA releases video targetting Chinese military officers to spy for US
Also in today’s newsletter: US tech sell-off resumes, and Anthropic raises $30bn at a $350bn valuation
US businesses and consumers pay 90% of tariff costs, NY Fed says
Central bank’s research undercuts Trump’s claims that foreign companies will pay for levies
South Africa to put soldiers on streets in two biggest economic hubs
President Ramaphosa says deployment necessary to tackle gang violence and illegal mining despite a growing economy
US stocks fall sharply as tech sell-off resumes
Gold and silver also drop while Treasuries rally
Is AI creating jobs?
Somebody has to build the data centres
CIA releases new video in attempt to lure Chinese military officers to spy for US
US intelligence agency seeks to tap into frustration over extensive purges at People’s Liberation Army
Chicago crashes the Square Mile’s club with deal to buy Schroders
US asset manager Nuveen has swooped on one of London’s most historic names
Trump scraps legal basis underpinning US climate regulation
Environmental Protection Agency repeals ‘endangerment finding’ that has been in place since 2009
Mustafa Suleyman plots AI ‘self-sufficiency’ as Microsoft loosens OpenAI ties
Big Tech group’s AI chief predicts white-collar work could be automated within 18 months
Saudi Arabia appoints new investment minister
Riyadh is seeking to increase the amount of foreign capital coming to the kingdom as part of its modernisation plan