Coinbase to cut 14% of staff over impact of AI and volatile markets

Crypto exchange’s CEO says technology is speeding up its processes, meaning fewer employees are needed

HSBC profits hit by $400mn ‘fraud-related’ exposure

Loss came via Apollo lending to collapsed mortgage lender MFS

Does the art market need AI?

Some artists are embracing the technology but many galleries are lagging badly behind — and may be forced to confront it

UK long-term borrowing costs hit highest level since 1998

Yields on 30-year gilts hit 28-year high on expectations BoE will raise rates two or three times to counter inflation threat

Defence group rejects short-seller’s IPO disclosure claims as shares slide

Hunterbrook alleges ammunition maker withheld information from investors

Glencore zinc smelter hit by deadly explosion

Blast killed two people and injured five, according to Kazakhstan’s government

Nissan to cut 10% of Europe workforce in global restructuring

Japanese carmaker will also combine its two production lines in UK’s Sunderland plant

Romanian PM loses confidence vote as Socialists team up with far right

Ilie Bolojan tried to push through austerity measures to rein in EU’s highest deficit

Fragile US-Iran ceasefire on even shakier ground after latest strikes

Also in today’s newsletter, how America’s small businesses are being left out of the Trump tariff refunds

And the FTAV chart quiz winner is . . .

Tee bagged

Goldman expands size of management committee

Bank elevates global heads of M&A and risk for investment banking and trading

Labour urges Green Party to expel candidates who have spread ‘antisemitic hatred’

Criticism of populist leftwing party intensifies on issue ahead of key elections

Current affairs merge with fantasy on Tori Amos’s new album In Times of Dragons

Following a relationship with a billionaire tyrant, the project is an allegorical tale for our times

Google, xAI and Microsoft agree to US national security reviews of new AI models

Agreement with the tech groups follows concerns about Anthropic’s latest Mythos model

Central banks prepare for a long war

Officials are softening people up for difficult decisions ahead. Also in this newsletter, how oil prices work

Magnus Carlsen defeated in return to classical chess at Malmo

Puzzle: find the grandmaster’s brilliancy

The growing risk of a ‘non-linear spike’ in oil prices

The global economy will soon be running on fumes

How a beer tax fuelled an Australian debate over energy exports

Also in today’s newsletter, oil surges after US and Iran exchange fire

Padel is a new cash cow for farmers

Repurposing agricultural barns as courts for the UK’s fastest growing sport is becoming a popular revenue stream

What’s it like to be a pearl? Sci-fi documentarian Stephanie Comilang taps into the non-human mind

Pineapples, butterflies and Elvis impersonators populate the work of the Filipino-Canadian artist and filmmaker, on show at Frieze New York

The age of the American Pharaoh

It would be strange if dynastic succession were not on Trump’s mind

Can GameStop’s meme stock king pull off a $56bn takeover of eBay?

Ryan Cohen is trying to engineer a $56bn deal to merge video game retailer GameStop with online marketplace eBay

US bankruptcy fights are heading to London

The use of foreign venues is the new frontier for debt restructurings at American companies

FirstFT: Consumers to face more pain, company executives warn

Also in today’s newsletter: HSBC reports lower profits and Australia raises interest rates