Markets

UK fund manager Terry Smith was paid more than £36mn last year as his investment boutique Fundsmith posted a bumper profit.The fund company, which Smith established in 2010, reported record annual profit after tax of £58.2mn in the 12 months to the end of March…

Good morning. Scenes in Brasília over the weekend brought back painful memories of two years ago in Washington. Trump might be receding into the rear-view mirror, but anti-democratic populism is not. Send me some good news, please: robert.armstrong@ft.com.The news on wage growth was not all…

One thing to start: Happy New Year everyone! I’m Brooke Masters, the US financial editor. Harriet Agnew is on a much deserved sabbatical, so Laurence Fletcher, the FT’s hedge fund correspondent, and I will be taking turns writing the newsletter for the next month. Ten…

Experts joke that some Russian-mined gold in British vaults “is so old it has double-headed Imperial eagles stamped on it”. Ownership shifted into non-Russian hands decades ago, they say. But investors are worried that Russian gold could be used for sanctions busting. The London Bullion…

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