A Reader of the FT

ft.comHow are AI agents changing work inside Anthropic?The company is hiring relatively fewer junior-level staff while increasing the number of managers and meetings

How are AI agents changing work inside Anthropic?—I was also struck by the fact that hiring managers are shifting emphasis towards judgment and autonomy and away from… www.ft.com/content/a543... @sarahoconnorft.ft.com @jburnmurdoch.ft.com @financialtimes.com

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…domain expertise. I’m a little unsure how one develops good judgment without domain expertise.

ft.comProfits rise for US insurers as benefits for elderly Americans face cutsBurden of inflation on seniors is set to worsen as US health insurers raise prices

Profits rise for US insurers as benefits for elderly Americans face cuts—For elderly Americans on a fixed income, the sudden sticker shock for health insurance… www.ft.com/content/b101... Patrick Temple–West @financialtimes.com

…is arriving weeks ahead of midterm elections that have inflation and high living costs at the centre of the campaigns.

ft.comAnthropic begins countdown to IPO with prospectus filing240,000-word prospectus lays out explosive growth alongside steep losses and daunting risk factors

Anthropic begins countdown to IPO with prospectus filing—Anthropic has fired the starting gun on one of the largest-ever initial public offerings, laying out explosive growth, heavy losses and… www.ft.com/content/f6ec... @tim.fo @financialtimes.com

…a daunting array of risks as it kick-starts the biggest test so far of investor appetite for the AI boom. @georgehammond.bsky.social

ft.comDavos in the Desert’s ‘old fox’ Richard Attias faces his latest testPower broker behind kingdom’s flagship investment conference has weathered scandal and setbacks. Now he must contend with war and spending cuts

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Davos in the Desert’s ‘old fox’ Richard Attias faces his latest test-Moroccan-born Attias, who arrived in the Middle East almost two decades ago in the wake of a tabloid scandal in France, is plotting another reinvention… www.ft.com/content/4707... Chloe Cornish @financialtimes.com

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…He told the FT he had launched a boutique consultancy, North Street Advisory, aimed at helping global leaders diversify their economies, attract foreign investment and boost digital inclusion. Nicholas Parasie

ft.comMercuria challenging the ‘Dow Jones of shipping’ in court after Hormuz lossesCase will test the Baltic Exchange’s decision to keep publishing price estimates for shipping oil through the Strait of Hormuz during the war

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Mercuria challenging the ‘Dow Jones of shipping’ in court after Hormuz losses-If Mercuria is successful, the Baltic’s lawyers have said it would have “chaotic marketwide consequences”. www.ft.com/content/eedb... @alicemhancock.bsky.social @financialtimes.com

ft.comChart of the Week: French government and corporate bond yields are convergingSome companies’ bonds now yield less than government bonds

French government and corporate bond yields are converging-Goldman Sachs estimated this month that more than a third of French companies are currently able to borrow long-term at rates lower than the sovereign. www.ft.com/content/473c... @dairemacfadden.bsky.social @financialtimes.com

ft.comAudi to build $4bn US plant as it grapples with tariffsMove announced at Trump rally in Georgia comes as carmaker and its parent Volkswagen seek relief from president’s levies

Audi to build $4bn US plant as it grapples with tariffs-The levies are a flagship part of Trump’s economic policy but his trade war has come under fire from some Republicans… www.ft.com/content/8f03... Kana Inagaki @financialtimes.com

…in tight midterm Senate races as they try to distance themselves from the broader affordability crisis harming their election chances.

ft.comChina’s villages pay the price for Beijing’s AI ambitionsResidents in remote region of Shaoguan hope country’s AI infrastructure push will deliver boom that has long eluded them

China’s villages pay the price for Beijing’s AI ambitions-Local governments in hinterland cities from Guangdong to Inner Mongolia view the data centre boom as a chance to attract investment, convert low-productivity land into… www.ft.com/content/51a0... William Langley @financialtimes.com

…revenue-generating tech hubs and spur growth. The collapse of the country’s massive property sector, which previously supported land sales that generated about one-third of local government revenues, has made that opportunity more enticing.

ft.comUS executives quit $25bn gas venture over claims of secret Russian controlFormer CEO of Polar Train LNG tells FT that energy giant Novatek financed and held reins of strategic Alaska project without Washington’s approval

US executives quit $25bn gas venture over claims of secret Russian control—The venture was launched with the involvement of Gentry Beach, an investor with ties to Donald Trump’s family… www.ft.com/content/e9cf... @jamiesmythft.bsky.social @financialtimes.com

…It has also featured in high-level negotiations between Washington and Moscow over potential business deals that could help secure an end to Russia’s war in Ukraine, according to people familiar with the discussions. @maxseddon.bsky.social

ft.comSchwarzenegger urges nuclear power for California to ‘terminate pollution’Former governor who launched carbon trading says the state must be more aggressive in meeting climate targets

Schwarzenegger urges nuclear power for California to ‘terminate pollution’—California’s leaders are attempting to cut emissions by at least 40 per cent from 1990 levels by 2030 and hope to achieve carbon neutrality by 2045. www.ft.com/content/7e3f... @ericgplatt.ft.com @financialtimes.com

ft.comSingapore goes after companies over toxic hazeSmog-choked city-state is threatening groups behind land burning in Indonesia

Singapore goes after companies over toxic haze— Singapore’s air quality has been classified by the government as “very unhealthy” this month, at times ranking the worst in the world, according to… www.ft.com/content/b9a4... @owenwalker0.ft.com @financialtimes.com

…monitoring platform IQAir. Outdoor activities and sports events have been cancelled and hospital admissions for respiratory complaints have surged. Diana Mariska

ft.comMark Carney’s energy ambitions boosted by Conservative victory in British ColumbiaParty leader wants to end emissions limits and replace province’s carbon tax framework

Mark Carney’s energy ambitions boosted by Conservative victory in British Columbia—Carney, previously a UN climate envoy and proponent of green investment, posted on X… www.ft.com/content/397d... Ilya Gridneff @financialtimes.com

…that he looked forward to working with Doerkson to “unleash our full potential as an energy superpower”.

ft.comTurkey markets $10,000 drone defenceState-backed defence company Aselsan says its Korkut gun system is deployed in nine countries

Turkey markets $10,000 drone defence—Ahmet Akyol, chief executive of Aselsan, Turkey’s most valuable defence company, told the FT its Korkut gun system — which can defend… www.ft.com/content/0fd3... @jprathbone.bsky.social @financialtimes.com

…against mass-produced “kamikaze” drones modelled on Iran’s Shahed — was operational in nine countries and had eliminated “maybe hundreds of drones”. @fabricedeprez.bsky.social

ft.comAustralia’s treasurer says middle powers should co-operate to avoid being hostage to geopoliticsJim Chalmers argues economic security and bolstering supply chains would benefit consumers

Australia’s treasurer says middle powers should co-operate to avoid being hostage to geopolitics—His comments come as countries struggle to insulate themselves… www.ft.com/content/653f... @robinh.bsky.social @financialtimes.com

…from geopolitical turmoil, given that investing in stockpiles and resilient supply chains may push up prices at a time when the public is already struggling with inflation.

ft.comBlack Sea is now the world’s deadliest shipping routeFatalities of commercial sailors caught in battle between Russia and Ukraine are outstripping deaths in the Gulf

Black Sea is now the world’s deadliest shipping route— Crew in oil tankers, cargo ships and grain carriers entering the sea close to the EU and Nato must run a gauntlet of attacks by drones, missiles or explosive-laden boats… www.ft.com/content/8c87... @alicemhancock.bsky.social @financialtimes.com

…as Russia and Ukraine step up their battle for the vital route. Some estimates put the number of attacks in the Black Sea as more than six times higher than in the Gulf. @sdbernard.bsky.social

ft.comVenezuelan opposition leader María Corina Machado returns from exileNobel laureate’s arrival poses a challenge to the country’s Trump-backed interim government

Venezuelan opposition leader María Corina Machado returns from exile—Machado arrived in the country on Sunday and in the late evening appeared in the capital Caracas, where thousands took to the streets to welcome her. www.ft.com/content/f691... Ana Rodriguez Brazón Joe Daniels @financialtimes.com

ft.comXi Jinping gathers China’s top communist cadres with focus on disciplineCentral committee meeting to be closely watched ahead of party congress next year and leader’s expected fourth term

Xi Jinping gathers China’s top communist cadres with focus on discipline—China is now one year away from a quinquennial party leadership congress, where Xi, 73, is widely expected to commence… www.ft.com/content/d11b... Edward White @financialtimes.com

…a fourth five-year term as CCP leader. His third term, which began in 2022, shattered the two-term limit norm for modern party leaders.

ft.comUS voters worried about corruption under Trump — FT pollAmericans link graft to affordability crisis as midterm elections loom

US voters worried about corruption under Trump — FT poll— About 69 per cent of registered voters, and almost 50 per cent of those who voted for the president in 2024, said they were “very” or “somewhat” concerned… www.ft.com/content/2770... @fteva.bsky.social @financialtimes.com

…about “corruption, self-dealing or conflicts of interest” in the Trump administration, according to a nationwide survey conducted by the FT and Focaldata. James Politi

ft.comFrance’s Le Pen vows national ‘renewal’ in campaign launchFar-right leader casts herself as only presidential candidate able to restore order and unity

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France’s Le Pen vows national ‘renewal’ in campaign launch—She made her pitch as France’s government and its embattled president Emmanuel Macron struggle… www.ft.com/content/fd1c... Leila Abboud @financialtimes.com

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…to contain multiple crises, including a stuttering economy, a bond market sell-off of French debt and weeks of street protest. @iancjohnston.bsky.social

ft.comLuxury groups’ value drops by €250bn as Chinese consumer demand fadesSlowdown in China and cooling global stock markets are exacerbating a downturn for European sector

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Luxury groups’ value drops by €250bn as Chinese consumer demand fades—Demand from shoppers in China was the industry’s motor of growth for over a decade but a prolonged property slump… www.ft.com/content/1c30... Adrienne Klasa @financialtimes.com

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…and weak stock market performance have undermined domestic demand over the past few years.

ft.comChina’s luxury brands are ready to elbow western rivals asideInvestors are questioning whether appeal of homegrown Chinese luxury is a durable shift or a shortlived trend

Lex: China’s luxury brands are ready to elbow western rivals aside—Bain estimates that mainland China’s personal luxury market contracted around 19 per cent in 2024 and as much as 5 per cent last year. Still, it is striking… www.ft.com/content/995e... June Yoon @financialtimes.com

…that in the meantime Chinese luxury brands have managed to expand sales and market share.

ft.comA little bit of luck is lifting UK Budget expectationsHealey is poised to deliver his plans just as this year’s drag on global bonds appears to be turning

A little bit of luck is lifting UK Budget expectations—Healey’s room for manoeuvre is also constrained by this year’s long global sell-off in government bonds, led by the US, that has jacked up borrowing costs for everyone. www.ft.com/content/6a05... @katie0martin.ft.com @financialtimes.com

ft.comThe ledger problemTokenisation doesn’t suspend the laws of finance

The ledger problem—In September, the Securities and Exchange Commission announced a temporary exemption to its rule books that would allow companies to make markets in tokenised stocks, without running… www.ft.com/content/e3bd... @bhgreeley.bsky.social @financialtimes.com

…the risk of being treated, legally, as an exchange. This would enable stocks to be tradeable on a blockchain — a public ledger.

ft.comCiti wins long-awaited approval for China securities businessGreen light comes ahead of expected meeting between Donald Trump and Xi Jinping next month

Citi wins long-awaited approval for China securities business—The green light comes as the US and China seek to manage strained ties after trade tensions last year erupted… www.ft.com/content/4fa0... Thomas Hale @financialtimes.com

…into a full-blown tariff war. This month, Visa also gained long-awaited approval to set up card operations in China.

ft.com‘Disrupter’ exchanges battle for ETFs in challenge to NYSE and NasdaqCboe captures nearly half of US listings as intensifying competition reflects rapid growth in derivative-heavy funds

‘Disrupter’ exchanges battle for ETFs in challenge to NYSE and Nasdaq—The rise of the Cboe as a “significant disrupter” in ETF listings and the emergence of the TXSE mean “we are seeing… www.ft.com/content/8dd8... Steve Johnson @financialtimes.com

…an attempt to break up” the dominance of NYSE and Nasdaq, said @bryanarmour.bsky.social director of passive strategies research at Morningstar.

A Reader of the FT reposted

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Breaking news: Anthropic has fired the starting gun on one of the largest-ever initial public offerings, unveiling its pitch for a listing that is set to be the biggest test so far of investor appetite for the AI boom. ft.trib.al/jzVxecR

ft.comAirfares will not return to pre-Iran war levels, American Airlines warnsSome industry chiefs say travellers should expect a further rise in ticket prices next year

Airfares will not return to pre-Iran war levels, American Airlines warns-Leading US carriers have also benefited from booming demand for premium travel as wealthier consumers shrug off… www.ft.com/content/d114... @petercampbell1.bsky.social @financialtimes.com

…the rising cost of tickets. Airlines have raced to offer upgraded cabins, lounges and perks such as superior wines and champagnes. Christian Davies

ft.comUS pension giant Calpers retreats from Big Tech as AI rally faltersCalifornia’s retirement fund slashed Magnificent 7 holdings as doubts grow about lofty valuations and soaring spending

US pension giant Calpers retreats from Big Tech as AI rally falters-Calpers’ shift highlights the growing angst among many investors about the sustainability of a rally in tech stocks fuelled by… www.ft.com/content/e842... Sun Yu @financialtimes.com