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Prime Minister Keir Starmer and Finance Minister Rachel Reeves to his right, looking visibly upset, in the House of Commons on Wednesday.Image sourced under the Open Parliament Licence v3.0All eyes are now on the U.K.’s ruling Labour Party for any sign of further political fractures that could rattle Britain’s economic stability, after the extraordinary sight of the country’s finance minister crying in parliament on Wednesday.U.K. bond yields spiked and the pound sank against the dollar and euro as tears fell down Chancellor Rachel Reeves’ face, as an apparently unaware Prime Minister Keir Starmer failed to back her when asked about…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is a former banker and author of ‘Traders, Guns & Money’, ‘Extreme Money’ and ‘Banquet of Consequences’In the lead up to the global financial crisis, the systemic risks building in markets were overlooked by many. Those risks proved calamitous. Today, there are multiple financial vulnerabilities and faultlines. First, investors have increasingly borrowed low-cost funds, often in foreign currencies, to invest in higher yielding investments in ubiquitous carry trades, that are now vulnerable to moves in asset prices and currency values.Second,…

[HONG KONG] Stocks struggled in Asia on Thursday as investors gave a lukewarm reception to the US-Vietnam trade deal, while the dollar eased ahead of key US jobs data that could impact Federal Reserve interest rates plans.Attention was also on Washington as Republicans struggled to push Donald Trump’s tax-slashing budget bill through the House of Representatives amid warnings it will inflate an already ballooning national debt.While the Vietnam agreement provided hope that other governments can reach agreements with Washington, dealers were cautious as it emerged that the country must still pay tolls of as much as 40 per cent for certain…

At the world’s biggest asset manager, a Bitcoin exchange-traded fund now generates more revenue than its signature tracker of the S&P 500 Index.The roughly $75 billion iShares Bitcoin Trust ETF (ticker IBIT) has seen a torrent of cash from institutional and retail investors alike, drawing inflows in all but one of the last 18 months. With an expense ratio of 0.25%, the fund brings in an estimated $187.2 million in annual fees, based on back-of-the-envelope math calculated by Bloomberg as of July 1. That slightly edges out the $187.1 million made by BlackRock’s iShares Core S&P 500 ETF (IVV), which…

[NEW YORK] A turf war is breaking out in the vast world of digital payments – and the incumbents are suddenly on defence. Tech firms and crypto startups are moving in on territory long dominated by Visa and Mastercard, powered by a new type of currency – the stablecoin – and a pitch merchants can’t ignore: lower fees, faster settlement and a way to bypass the big two altogether. It’s a tech threat and a financial threat. Digital tokens, which are typically pegged to the US dollar, allow consumers to pay merchants directly from their crypto wallets – without routing payments…

[SINGAPORE] The world’s largest digital assets exchange Binance, plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state.The Monetary Authority of Singapore (MAS) recently announced a hard deadline of Jun 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh shifting staff overseas. The new rules are expected to have a negligible impact on Binance’s operations in Singapore, according to sources familiar with the company’s operations who asked not to be identified discussing confidential information. Hundreds of Singapore-based…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump’s top trade officials are scaling back their ambitions for comprehensive reciprocal deals with foreign countries, seeking narrower agreements to avert the looming reimposition of US tariffs.Four people familiar with the talks said US officials were seeking phased deals with the most engaged countries as they race to find agreements by July 9, when Trump has vowed to reimpose his harshest levies.The narrower, piecemeal plan for new deals marks a retreat from the White House’s vow to strike 90…

In a world defined by rapid shifts and constant transformation, agility is key to business success. To adapt and grow in an ever-changing landscape, businesses must be future-ready and customer-driven. At the 2025 FedEx Asia Pacific Small Business Grant Contest (SBGC), held alongside the Forbes Asia 100 to Watch Forum, Kawal Preet, President of Asia Pacific at FedEx, emphasized three strategic priorities for small businesses navigating this environment. First, building strategic agility through technology, by harnessing data and digital tools, enables faster, smarter decision-making. Second, adapting to shifting trade patterns is essential, particularly in dynamic markets like Southeast Asia, where…

Some crypto startups have raised concerns about Kenya’s proposed Virtual Asset Service Providers (VASP) Bill, warning that it could grant disproportionate influence to a Binance-linked lobby group and jeopardize fair competition in the country’s digital asset sector.According to disclosures seen by The Kenyan Wall Street, a private think tank called the Virtual Asset Chamber of Commerce (VAC) will be included on the regulatory board established under the draft law.Some crypto stakeholders in Kenya claim that VAC has run Binance-sponsored regulatory talks, lacks independence and acts as a proxy for the exchange.“All regulation convos by VAC that happened recently have been…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.South Korea’s stock market has been supercharged by an investor frenzy over won-based digital money this month, following newly elected President Lee Jae-myung’s pledge to allow crypto assets backed by the national currency.Stocks that have been involved in the Bank of Korea’s digital currency project, including Kakao Pay and LG CNS, have been on a wild ride. Kakao Pay shares more than doubled this month and LG CNS rose almost 70 per cent, before paring some gains this week on profit-taking.On the…