Money (volume) isn’t everything (for valuations)
And sports betting apps
The ONS reported a huge jump in vehicle taxes and nobody is happy
The City gets road rage
Nintendo sells out Switch 2 console at global launch
Mario fans queue at midnight store openings after games company apologises for not meeting pre-order demand
Inside the collapse of Microsoft-backed UK tech unicorn Builder.ai
Top investors including Qatar are realising they may have backed a business that largely reported artificial revenues
Nato defence ministers to discuss path to 5% military spending
Also in this newsletter: How Moldova’s new power line takes it one step further away from Russia’s grasp
Transcript: What drives China’s strongman leader?
Gideon Rachman talks to Rana Mitter
FirstFT: Trump fears spark ‘rethink’ of US exposure among big investors
Also in today’s newsletter, Trump bans travel from 12 countries while the ECB meets to decide on interest rates
Africa’s Fastest-Growing Companies
The 2025 ranking reveals two main trends: the prevalence of fintechs and the outsized performance of the continent’s two biggest economies — Nigeria and South Africa. Plus a Rwanda-based microfinance start-up helps a boatmaker in South Sudan and how Covid helped turn one entrepreneur’s dream into re
Panama port owner’s deal fuels fears of dominance by world’s top shipping group
CK Hutchison’s $23bn sale has raised worries of MSC’s increased control of global port infrastructure
Akio Toyoda takes the wheel
How the scion of Toyota’s founding family has expanded his influence since becoming chair
The new nicotine hit that could save Big Tobacco
Industry leaders hope the rising popularity of nicotine pouches like Zyn will boost revenues. But will the high be fleeting?
The UBS empire’s decisive week
Plus, Temasek scales back start-up investing
On the waterfront: the rise of lagoon living
Developers are increasingly looking to turn inland residential projects into waterside ones with artificial lagoons and lakes. What was once a trickle is now becoming a steady stream. But not everyone has the same approach
The 10 best summer bags for the city
Get carried away in Lisbon
Lex Greensill to testify in $440mn Credit Suisse legal battle against SoftBank
SoftBank accused in London lawsuit of coordinating with Greensill at the expense of investors
UK ministers consider electricity bill discounts for heat pump owners
Households replacing gas boilers may not have to pay green levies on power costs
Fossil fuel spending to fall for first time since pandemic
Decline is led by oil sector, where lower prices are forcing companies to reassess their plans, says IEA
Cape Town’s cluster effect is key draw for businesses
Top universities, good infrastructure and a relaxed lifestyle ensure South Africa’s start-up hub rivals Lagos and Nairobi
Transcript: Bulgaria moves into the Eurozone
Marc Filippino talks to Martin Arnold and Paola Tamma
A Covid lockdown in Tangier helped a tech founder turn his idea into reality
Abdelilah Hlallouch launched Tingis Web in Morocco when pandemic restrictions prevented his return to the Netherlands
Biden’s activist treasury issuance continues under Trump
Despite past criticism by Scott Bessent and Stephen Miran, the debt strategy persists and is spreading internationally
Rising tide of microfinance helps lift South Sudanese boatmaker
Rwanda-based lender Inkomoko operates in five countries and is looking to expand in west and central Africa
Why does Maga world hate Europe?
Donald Trump’s team is taking its US culture war across the Atlantic with implications for the western alliance
Nigeria’s PalmPay thrives on ‘ultimate competition’ of cash
Chinese-backed payment app has focused on customers excluded by traditional banks, growing to 35mn users