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The Latest Breaking News from the Financial Times

Meta fires staffer on $400K a year for spending $25 meal credits on toothpaste and tea

Meta employees online alleged the fired staffers spent their in-office meal credits on goods even when working from home.

Fortune

No 10 rejects claim Labour misled voters about tax plans in manifesto – as it happened

Labour set out plans to raise taxes by £7.3bn in its manifesto – but Treasury briefing suggests £40bn in tax rises and spending cuts needed

The Guardian - UK

1 Stock to Buy as AI Data Centers Send Water Demand Soaring

We’ve all heard about how data centers connected to AI are sending demand for electricity soaring. But what has been largely ignored is how these same data centers are driving up demand for scarce water supplies, too. One major beneficiary of this trend is Veralto.

Barchart

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Trump’s transition team will require ‘loyalty’ if people want to work in possible White House return

Prospectice appointees will be handed roles based on ‘fidelity and loyalty to the policy, as well as to the man,’ Trump transition co-chair says

The Independent UK

China Demands Teachers Surrender Passports: Shocking Move to Control Travel and Limit Foreign Influence

China has enforced a policy requiring teachers and public sector employees to surrender their passports as part of President Xi Jinping's broader effort to control international travel and limit foreign influence on civil society.

International Business Times UK

Big AI thins out the competition as startups quit the race to build large language models

Character.AI said it’s abandoning its efforts to build LLMs because it’s gotten “insanely expensive” to compete with the big guys.

Fortune

Labour donor expects honour after bankrolling party, wife claims

THE estranged wife of green energy tycoon Dale Vince has claimed he expects to receive an honour from the Labour Party after giving them millions of…

The National (Scotland)

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Pink Floyd agree to sell music rights to Sony in deal worth 400 million dollars

After years of discussions, Pink Floyd have finally sold the rights to their recorded music

Louder

Crude Posts Moderate Gains on Dollar Weakness

Nov WTI crude oil (CLX24 ) Friday closed up +0.51 (+0.75%), and Nov RBOB gasoline (RBX24 ) closed down -0.78 (-0.40%). Crude oil and gasoline prices settled mixed on Friday. Short covering emerged in crude oil Friday after the dollar index (DXY00) tumbled to a 14-month low. Crude also had...

Barchart

Crude Prices Slightly Higher on Dollar Weakness

Nov WTI crude oil (CLX24 ) today is up +0.12 (+0.18%), and Nov RBOB gasoline (RBX24 ) is up +0.10 (+0.05%). Crude oil and gasoline prices today are slightly higher. Short covering emerged in crude oil today after the dollar index (DXY00) tumbled to a 14-month low. Crude also has...

Barchart

Crude Prices Retreat on Report of Higher Saudi Arabian Oil Production

Nov WTI crude oil (CLX24 ) Thursday closed down -2.02 (-2.90%), and Nov RBOB gasoline (RBX24 ) closed down -3.93 (-2.00%). Crude oil and gasoline prices Thursday fell sharply, with crude posting a 2-week low and gasoline posting a 1-week low. Crude prices tumbled Thursday after the Financial Times reported...

Barchart

Crude Falls on the Potential Return of Full Saudi Arabia Output

Nov WTI crude oil (CLX24 ) today is down -1.79 (-2.57%), and Nov RBOB gasoline (RBX24 ) is down -2.65 (-1.34%). Crude oil and gasoline prices today are moderately lower, with crude falling to a 2-week low and gasoline falling to a 1-week low. Crude prices tumbled today after the...

Barchart

Economists have urged Rachel Reeves to loosen the purse strings – here’s why it’s not that easy

A group of economists has publicly urged chancellor Rachel Reeves to reverse her stance on public investment, and relax the Treasury rules that constrain it. They argue in a letter to the Financial Times that low investment is the root cause of Britain’s productivity stagnation, and that the government must…

The Conversation

IMF postpones Russia visit after heavy criticism across Europe

Trip to Moscow to review economy delayed indefinitely after protests it would ‘normalise relations with aggressor’

The Guardian - UK

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The Guardian - UK

Wednesday briefing: Why Labour seems to be walking the walk on the climate crisis

In today’s newsletter: The party talked up its plans for the climate during this summer’s election – and now seems to be backing that up with real action

The Independent UK

Rupert Cornwell Prize 2024: Samuel McIlhagga named as this year’s winner

The annual award is aimed at younger journalists at the start of their careers

The Independent UK

World order under threat ‘not seen since Cold War’, say heads of MI6 and CIA

Britain and US face ‘an unprecedented array of threats’, warn Sir Richard Moore and Bill Burns in unprecedented joint op-ed

The Guardian - UK

Telegram chief’s arrest sends a clear message: tech titans are not above the law

The detainment of the murky messaging service’s founder in France shows the online moguls can no longer act with impunity

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The Guardian - AU

‘Everyone failed them’: what the papers say on report into deadly Grenfell Tower fire

British papers home in on push for criminal charges after inquiry blames 2017 disaster on government failures and dishonesty of companies

International Business Times

Telegram: The Global Rise Of Libertarian Chat App

The boss of social media platform Telegram has been arrested in France, accused of allowing the sharing of illegal content.

Fortune

Ship captain who saw Mike Lynch's yacht sink blames 'extreme mast'

"The center of gravity is too high with this extreme mast," Dutch ship captain Karsten Börner told the Financial Times.

Fortune

PwC, a ‘Big 4’ auditing firm, is reportedly bracing for a 6-month ban in China

The ban stems from PwC’s work with Evergrande, the bankrupt real estate developer whose default helped trigger China’s real estate crisis.

The Guardian - UK

Paris Olympics boosts eurozone economic growth; UK business activity accelerates –as it happened

Olympic Games has delivered France’s best month of growth since March 2023, while UK economy is also strengthening in August

Al Jazeera

OpenAI strikes deal to use content from The New Yorker, Vogue, Vanity Fair

AI startup’s announcement follows similar deals with The Financial Times, the Associated Press and News Corp.

Tom’s Hardware

SoftBank's Intel AI processor plans in doubt as insiders say it is now considering a TSMC partnership

SoftBank had to start talks with TSMC after it canceled plans to produce AI processors with Intel as the company failed to meet production requirements.

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