FirstFT: Bridgewater overhaul after Dalio | Financial Times

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Good morning.

Today we start with the news that Bridgewater Associates, the world’s largest hedge fund, is gearing up for the most significant company reshuffle since founder Ray Dalio ceded control.

And scroll down to see our latest scoop on the Adani Group, which continues to dismiss claims of short sellers of fraud and stock price manipulation to little effect.

Here’s what to watch in the coming days:

  • foreign affairs: G20 Foreign Ministers Meeting ends today in Delhi. Separately, Indian Prime Minister Narendra Modi will receive his Italian counterpart Georgia Meloni.

  • Data on rapid inflation in the EU: Consumer price data show that in Europe inflation is likely to continue in anticipation of the publication of the February data on inflation in the euro area today.

  • Income: Results are expected from companies such as Anheuser-Busch InBev, China Tower, London Stock Exchange, Merck, Salvatore Ferragamo and Universal Music Group.

Thanks for all the feedback on the new look for FirstFT. Continue in the same spirit:

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Today’s top news

1. Bridgewater will cut about 100 jobs and its Pure Alpha fund will stop accepting new money once it reaches a certain size., one person familiar with said plan. The fund will be capped at a threshold that is 20 to 30 percent below its $100 billion maximum. Find out what played a role in the decision.

2. Exclusive: India’s Adani Group has told bondholders it has access to a $3 billion credit line. from sponsors, including at least one sovereign wealth fundhow he tries allay concerns about your financial health in connection with the seller’s negative report on the shorts, accusing him of fraud.

3. Swiss prosecutors have charged four bankers with helping to hide tens of millions of Swiss francs on behalf of Vladimir one of the first court cases in the West directly related to assets allegedly owned by the Russian president. More about four people.

4. Belgium’s cybersecurity agency linked Chinese-sponsored hackers to an attack on prominent Belgian politician Samuel Kogolaty. as European governments are increasingly willing to challenge Beijing over alleged cybercrimes. Keep reading.

5. Factory activity in China grew at the fastest rate in a decade. in February. The data is an early sign of the country’s recovery following the lifting of strict Covid restrictions in December, but enthusiasm for China’s economic recovery is not public.

Big Read

Montage to describe the strike and central banks
© FT installation/dpa

Can workers around the world press their demands for higher wages? This the single biggest question facing central banks around the world as they struggle to contain the pace of price increases.

We also read and listen. . .

  • Lab Leak Theory: Whether Covid came from a lab or a seafood market is almost irrelevant. writes Edward Luce. It is in the interest of humanity to prevent the next pandemic from occurring.

  • Mansion for sale: The hill, located on four acres of London’s Regent’s Park, could become most expensive home in the UK capital ever sold.

  • 🎧 “Cash Throw”: In this episode of the Money Clinic podcast, host Claire Barrett talks to “cashier” Euphemia Senna about pros and cons of budgeting this way (and digital equivalent).

Schedule of the day

The world’s largest crypto exchange is under pressure. Investors have pulled out more than 6 billion dollars from a Binance-branded digital token, known as BUSD, last month, a sign that recent U.S. regulatory action on digital assets has made a lot of noise.

Bar chart of net flows of BUSD tokens on Binance (M) showing that net flows of BUSD tokens on Binance turned south as New York regulators capped the tokens

Take a break from the news

You have responded to an advertisement for a crew for a dangerous sea expedition. A flyer about a polar trip promised months of darkness, low wages, and a slim chance of a safe return. From the start of the game Pale beyondit’s clear that you’ll be lucky to even survive.

Screenshot from the film

Trapped in Ice: “Pale Beyond”

Additional contributions by Gordon Smith and Ti Zhuo.

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