FT subscribers can click on right here to obtain FirstFT daily by e-mail.
Qatar’s sovereign wealth fund is on the hunt for brand spanking new offers, signalling an ambition to reclaim its place as one of many Gulf’s most acquisitive traders.
The Qatar Funding Authority is ramping up funding plans in North America and Asia, and making a unit to seek for alternatives in rising markets in Latin America, Africa and Asia, echoing the method that earned the fund its aggressive and swashbuckling fame a decade in the past.
The spending spree was curtailed when a strategic shift in the direction of third-party fund managers coincided with a fall in oil costs and a home royal succession.
However now the QIA is refocusing on direct investments in firms and different property, together with in know-how, the flagship fund’s chairman Sheikh Mohammed bin Abdulrahman al-Thani (pictured above) instructed the FT. (FT)
Within the information
US-Iran tensions escalate
Donald Trump ordered 1,000 extra troops to the Center East to counter hostility from Iran, which on Monday introduced that it will breach uranium enrichment limits set beneath the 2015 nuclear pact. Nick Butler says renewed Gulf tensions have created a new regular for the oil market. Elsewhere, the specter of US sanctions has not deterred Russia’s gasoline pipeline plans in Europe. (FT)
Join right here to Market Forces, our each day evaluation of what’s transferring world markets
PE teams goal for mega funds
The largest European non-public fairness teams are dashing to lift new mega funds forward of an anticipated market downturn, the FT has learnt. Luxembourg-based CVC Capital Companions is trying to lift what can be Europe’s largest ever fund — doubtlessly greater than €18bn — as early as subsequent yr. (FT)
CMA will get new penalty powers
UK competitors regulators will probably be given energy to impose fines on firms that overcharge or mislead prospects, Theresa Could introduced on Tuesday, a part of a pledge to guard prospects, who’re allegedly paying £4bn a yr to stay with their banks, insurers and telecoms suppliers. In the meantime chancellor Phillip Hammond is “ready to resign” over the PM’s legacy spending plans. (FT, ITV)
Odebrecht recordsdata for chapter safety
Odebrecht, one of many firms on the coronary heart of Brazil’s large Automobile Wash corruption scandal, on Monday filed for chapter safety to restructure some $13bn of debt in what can be one of many area’s largest in-court debt restructurings. (FT, Reuters)
Deposed Egyptian president dies
Mohamed Morsi, the previous Egyptian president and Muslim Brotherhood chief has died after attending a courtroom session, in line with state media. Morsi, 67, was elected in 2012 within the nation’s first free presidential election earlier than being ousted by the army in 2013. (FT)
KPMG fined for ‘moral failures’
The agency agreed to pay $50m to settle claims that it altered audits it had already accomplished utilizing stolen knowledge from a watchdog that exposed they have been about to be inspected. (FT)
Patrick Drahi to purchase Sotheby’s
The billionaire founding father of telecoms group Altice has agreed to purchase public sale home Sotheby’s for $three.7bn, returning the corporate to personal possession after 31 years. The takeover means the world’s two largest public sale homes are owned by French billionaires, together with the intensely non-public Mr Drahi, whose private assortment contains works by Picasso, Matisse and Delacroix. (FT)
Ethical Cash Launch
Ethical Cash, a brand new e-newsletter headed by the FT’s award-winning editor-at-large Gillian Tett, is your trusted information each Wednesday to the revolution in finance and enterprise as executives, traders, policymakers and financiers discover methods to behave in a extra accountable and sustainable method.
Join right here for a weekly information to the revolution each investor, govt, policymaker and financier wants to know.
The day forward
Conservative social gathering race continues
The second spherical of voting to pick Theresa Could’s successor as Tory social gathering chief and UK prime minister will happen on Tuesday. Rory Stewart has unexpectedly upended the race, which now revolves round second place and the prospect to face frontrunner Boris Johnson, whose odds have despatched the pound sliding. Right here’s the place the candidates stand. Robert Shrimsley says everybody is aware of that Mr Johnson is mendacity — the issue is nobody is bound who to.
Who do you suppose ought to succeed Theresa Could? Have your say in our newest ballot. (FT)
ECB summit in Sintra
The European Central Financial institution’s annual discussion board in Portugal, which continues on Tuesday, is an unofficial three-day toast this yr to outgoing president Mario Draghi. However earlier than he exits in October, Mr Draghi is hoping stimulus hints can revitalise sluggish markets. (NYT, FT)
Federal Reserve meets
Few economists anticipate the Fed to chop rates of interest at its Open Market committee assembly on Tuesday and Wednesday this week, the place the affect of commerce tensions will weigh closely. However traders are looking ahead to alerts that chairman Jay Powell will steer the US central financial institution in the direction of financial easing later this yr. (Bloomberg, FT)
Join right here to Tech Scroll Asia on your orientation to the billions being made and misplaced on this planet of Asia tech from the FT and Nikkei. And don’t miss our FT Information Briefing podcast — a brief each day rundown of the highest world tales.
What else we’re studying
The actual property growth is ending
When China’s Greenland Group launched its £800m, 67-storey Spire undertaking close to Canary Wharf in 2016, it promised “a brand new iconic landmark on the London skyline”. However the Spire website has fallen silent — one in every of many indicators that the worldwide actual property growth is ebbing, after a decade of low-cost cash adopted the monetary disaster. (FT)
The autumn of Japan’s banking chief
When Haruhiko Kuroda was appointed the Financial institution of Japan governor in 2013, many believed his shock-and-awe ways might finish Japan’s extended deflation. Six years later, his credibility has eroded and the financial institution is struggling to discover a method ahead. (Reuters)
Migrants delivering meals
In France, the place meals supply apps are thriving, couriers are renting their accounts to substitute cyclists, typically migrants and asylum seekers prepared to work lengthy hours for a reduce of already-low wages. “I’m doing this as a result of I’ve to eat.” (NYT)
Deutsche seeks respiratory house
Following the monetary disaster, many main lenders arrange “unhealthy banks” to cleanse stability sheets of trillions in poisonous property. Deutsche Financial institution is attempting the trick once more, the FT reported on Monday, looking for to divest an additional €50bn as a part of chief govt Christian Stitching’s “Plan B”. However will it’s sufficient to revive Germany’s largest lender? (FT)
MBA grads in debt
Almost half the scholars at top-ranked enterprise faculties accumulate at the very least $100,000 in debt, in line with a brand new survey that sheds mild on the monetary burdens aspiring executives and entrepreneurs are prepared to take for the prized credential. Right here’s a breakdown by establishment. (Bloomberg)
Google’s data-driven opioid technique
The OneFifteen campus on Dayton, Ohio appears to be like extra like a tech firm than a healthcare facility. In truth, the centre represents the primary try by Verily, Google’s life sciences sister firm, to convey a data-driven method to treating opioid habit. (FT)
‘Good evening. Malaysian three-seven-zero’
5 years after flight MH370 vanished into the Indian Ocean, its exact whereabouts stay unknown. Police investigations into pilot Zaharie Ahmad Shah, who had a flight simulator in his home, has revealed unsettling particulars. (Atlantic)
Ladies’s World Cup
Hosts France completed atop Group A after Wendie Renard’s twice-taken penalty clinched a victory over Nigeria, Norway knocked out South Korea, and Spain and China each superior on a scoreless draw after Germany defeated South Africa. Pilita Clark writes that the attractive recreation dangers turning ugly for ladies as its new-found reputation brings in massive cash. (BBC, AP, FT)
City mobility is being remodeled beneath floor, on the streets and within the air. Right here’s an concept of what your commute might seem like in 2050 and 5 holidays chances are you’ll be reserving. Learn extra in our Particular Report: How we are going to stay in 2050. (FT)
Podcast of the day
AI in medication
Hannah Kuchler talks to American heart specialist Eric Topol about his e-book Deep Medication, which appears to be like on the potential for synthetic intelligence to assist docs spend extra time with their sufferers. (FT)