Accessibility helpSkip to navigationSkip to contentSkip to footer
  • Sign In
  • Subscribe
Open side navigation menuOpen search bar
Financial Times
SubscribeSign InmyFT
  • Home
  • World
    Sections
    • World Home
    • Middle East war
    • Global Economy
    • UK
    • US
    • China
    • Africa
    • Asia Pacific
    • Emerging Markets
    • Europe
    • War in Ukraine
    • Americas
    • Middle East & North Africa
    Most Read
    • China stops buying liquefied gas from US
    • Trump ratchets up pressure on Fed chair Powell to cut rates
    • Harvard balks at Trump administration’s demand for foreign students’ data
    • Could Trump fire the Federal Reserve chair?
    • Yuval Noah Harari: Trump’s world of rival fortresses
  • US
    Sections
    • US Home
    • US Economy
    • US Companies
    • US Politics & Policy
    Most Read
    • China stops buying liquefied gas from US
    • Trump ratchets up pressure on Fed chair Powell to cut rates
    • Harvard balks at Trump administration’s demand for foreign students’ data
    • Could Trump fire the Federal Reserve chair?
    • Yuval Noah Harari: Trump’s world of rival fortresses
  • Companies
    Sections
    • Companies Home
    • Energy
    • Financials
    • Health
    • Industrials
    • Media
    • Professional Services
    • Retail & Consumer
    • Tech Sector
    • Telecoms
    • Transport
    Most Read
    • China stops buying liquefied gas from US
    • Is there life after banking?
    • Trading in two stocks surged before Trump family appointments announced
    • Astronomers claim strongest evidence yet of extraterrestrial life
    • Nvidia chief Jensen Huang flies to Beijing for talks
  • Tech
    Sections
    • Tech Home
    • Artificial intelligence
    • Semiconductors
    • Cyber Security
    • Social Media
    Most Read
    • Nvidia chief Jensen Huang flies to Beijing for talks
    • Number of UK consumers streaming sports illegally has gone ‘through the roof’, police say
    • OpenAI’s mind-boggling growth masks challenges
    • UK bans EVs from some military bases over Chinese spy fears
    • Google ‘wilfully’ monopolised online advertising market, US judge rules
  • Markets
    Sections
    • Markets Home
    • Alphaville
    • Markets Data
    • Crypto
    • Capital Markets
    • Commodities
    • Currencies
    • Equities
    • Monetary Policy Radar
    • Wealth Management
    • Moral Money
    • ETF Hub
    • Fund Management
    • Trading
    Most Read
    • China stops buying liquefied gas from US
    • Trading in two stocks surged before Trump family appointments announced
    • Is the world losing faith in the almighty US dollar?
    • Few US CEOs bought the dip as tariffs rattled markets
    • BP suffers biggest AGM protest vote in five years
  • Climate
  • Opinion
    Sections
    • Opinion Home
    • Columnists
    • The FT View
    • The Big Read
    • Lex
    • Obituaries
    • Letters
    Most Read
    • Yuval Noah Harari: Trump’s world of rival fortresses
    • Americans, it’s time to move to Europe
    • Tariffs ignore the reality of global tech supply chains
    • OpenAI’s mind-boggling growth masks challenges
    • Donald Trump’s gift to globalisation
  • Lex
  • Work & Careers
    Sections
    • Work & Careers Home
    • Business School Rankings
    • Business Education
    • Europe's Start-Up Hubs
    • Entrepreneurship
    • Recruitment
    • Business Books
    • Business Travel
    • Working It
    Most Read
    • Few US CEOs bought the dip as tariffs rattled markets
    • Three ideas to energise British tech
    • A food tour of the Jersey Shore with Hailee Catalano, the internet’s favourite cooking teacher
    • Bonuses surge for top traders at EU investment firms after cap is lifted
    • Are your team ‘playing you’?
  • Life & Arts
    Sections
    • Life & Arts Home
    • Arts
    • Books
    • Food & Drink
    • FT Magazine
    • House & Home
    • Style
    • Puzzles
    • Travel
    • FT Globetrotter
    Most Read
    • Is there life after banking?
    • Americans, it’s time to move to Europe
    • Is there such a thing as a British video game?
    • ‘A reliable, old-school Italian’ — Jay Rayner reviews Da Mario, Kensington
    • The World of the Cold War — timely reading in an age of US, Russia and China tensions
  • HTSI
MenuSearch
  • Home
  • World
  • US
  • Companies
  • Tech
  • Markets
  • Climate
  • Opinion
  • Lex
  • Work & Careers
  • Life & Arts
  • HTSI
Financial Times
SubscribeSign In

Appears we are having some issues loading our cookie management widget

Return to the FT homepage

Useful links

Support

View Site TipsHelp CentreContact UsAbout UsAccessibilitymyFT TourCareersSuppliers

Legal & Privacy

Terms & ConditionsPrivacy PolicyCookie PolicyManage CookiesCopyrightSlavery Statement & Policies

Services

Share News Tips SecurelyIndividual SubscriptionsProfessional SubscriptionsRepublishingExecutive Job SearchAdvertise with the FTFollow the FT on XFT ChannelsFT Schools

Tools

PortfolioFT AppFT Digital EditionFT EditAlerts HubBusiness School RankingsSubscription ManagerNews feedNewslettersCurrency Converter

Community & Events

FT Live EventsFT ForumsFT Leaders Academy

More from the FT Group

Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.
The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.
Financial Times

International Edition

Subscribe for full access
  • Switch to UK Edition

Top sections

  • Home
  • World
    • Middle East war
    • Global Economy
    • UK
    • US
    • China
    • Africa
    • Asia Pacific
    • Emerging Markets
    • Europe
    • War in Ukraine
    • Americas
    • Middle East & North Africa
  • US
    • US Economy
    • US Companies
    • US Politics & Policy
  • Companies
    • Energy
    • Financials
    • Health
    • Industrials
    • Media
    • Professional Services
    • Retail & Consumer
    • Tech Sector
    • Telecoms
    • Transport
  • Tech
    • Artificial intelligence
    • Semiconductors
    • Cyber Security
    • Social Media
  • Markets
    • Alphaville
    • Markets Data
    • Crypto
    • Capital Markets
    • Commodities
    • Currencies
    • Equities
    • Monetary Policy Radar
    • Wealth Management
    • Moral Money
    • ETF Hub
    • Fund Management
    • Trading
  • Climate
  • Opinion
    • Columnists
    • The FT View
    • The Big Read
    • Lex
    • Obituaries
    • Letters
  • Lex
  • Work & Careers
    • Business School Rankings
    • Business Education
    • Europe's Start-Up Hubs
    • Entrepreneurship
    • Recruitment
    • Business Books
    • Business Travel
    • Working It
  • Life & Arts
    • Arts
    • Books
    • Food & Drink
    • FT Magazine
    • House & Home
    • Style
    • Puzzles
    • Travel
    • FT Globetrotter
  • Personal Finance
    • Property & Mortgages
    • Investments
    • Pensions
    • Tax
    • Banking & Savings
    • Advice & Comment
  • HTSI
  • Special Reports

FT recommends

  • Alphaville
  • FT Edit
  • Lunch with the FT
  • FT Globetrotter
  • #techAsia
  • Moral Money
  • Visual and data journalism
  • Newsletters
  • Video
  • Podcasts
  • News feed
  • FT Schools
  • FT Live Events
  • FT Forums
  • FT Leaders Academy
  • myFT
  • Portfolio
  • FT Digital Edition
  • Crossword
  • Our Apps
  • Help Centre
  • Subscribe
  • Sign In