China’s vast air clean-up marred by wartime coal power surge
FT analysis shows extent of enormous progress since ‘airpocalypse’ — and latest emissions increase
Dr Reddy’s runs into trouble with its weight-loss drug
Also in this newsletter, the UK-India trade deal goes live this week
Letter: Strong carbon pricing underpins Europe’s competitiveness
From Eliot Whittington, Director, Corporate Leaders Groups, University of Cambridge Institute for Sustainability Leadership, Cambridge, UK
Letter: Pension surpluses could ease the fiscal squeeze
From Charles Mercey, Tellisford, Somerset, UK
Letter: Why the artists’ pool was always unbalanced
From Henry Ma, Manila, Philippines
Wildfires rage across Europe
Letter: The growth trap for liberal democracies
From Peter D Gorman, Mount Merrion, County Dublin, Ireland
US launches air strikes as Iran targets tankers with cruise missiles
Donald Trump said Washington would hit the Islamic republic ‘hard’ on Monday and Tuesday nights
FT Crossword: Number 18,425
Judge says Trump’s IRS lawsuit had no ‘basis in law or fact’
Ruling casts doubt on whether president and his family can benefit from immunity deal
Andy Burnham tells Labour MPs he will rein in Britain’s outsourcing industry
PM-in-waiting tells hustings he will appoint a ‘broad church’ ministerial team and bring government contracts in-house
What will Burnham do on immigration?
Likely next prime minister is looking to satisfy calls for tougher borders while appealing to Labour’s liberal supporters
FirstFT: Investors cut back bets on Asia’s chipmakers
Also in today’s newsletter: companies turn to Chinese AI models to cut costs and Jane Fraser’s ruthless remake of Citigroup
Stocks and bonds drop as mounting US-Iran tensions spook investors
Oil rises as US-Iran hostilities escalate and investors go into ‘risk-off’ mode
US court revives lawsuits linking painkiller Tylenol to autism
Federal panel in New York finds trial judge wrongly excluded expert testimony in dismissing litigation
Oil surges past $80 on Trump threat to impose 20% Hormuz fee
President claims Washington will be ‘guardian’ of waterway and seek reimbursement to provide security for vessels
Mexican food chain Chipotle takes its burritos and bowls to Mexico
Company expands in international push as domestic sales growth slows amid high inflation
Yemen’s Houthis fire missiles at Saudi Arabia
Four-year truce under threat as pro-Iran militants respond to strike on Sana’a International Airport
Shell sells Indian wind and solar business for $1.8bn
Aditya Birla Renewables takes on Shell’s renewable assets in India as energy major continues to refocus on oil and gas
Democratic states sue to block Paramount’s $110bn WBD acquisition
Lawsuit could delay deal and cost studio tens of millions of dollars
Top Fed official warns ‘hot’ inflation could trigger rate rise
Christopher Waller says a further elevated reading may prompt central bank to tighten policy
Fees for seas: a history of taxing waterways
From Ottoman sultans to Danish kings, Iran’s toll system for Strait of Hormuz revives an old maritime fight
El Salvador’s Bukele set to run for third term
Authoritarian leader wins party primary unopposed
The deceptive promises of America’s democratic socialists
The way forward for the party is not to swing to the left