https://www.ft.com/content/683914a3-134f-40b6-989b-21e0ba1dc403

Accessibility helpSkip to navigationSkip to contentSkip to footer

  * Sign In
  * Subscribe

Open side navigation menuOpen search bar
 
myFT
Search the FT[                    ]SearchClose search bar
  * Home
  * World
    Sections
      + World Home
      + Global Economy
      + UK
      + US
      + China
      + Africa
      + Asia Pacific
      + Emerging Markets
      + Europe
      + Americas
      + Middle East and North Africa
    Most Read
      + Derek Chauvin convicted of murdering George Floyd
      + Xi warns against economic decoupling and calls for new world
        order
      + Covid vaccines and the race to understand blood clots
      + MI5 warns of spy threat from professional networking sites
      + Armin Laschet to run as candidate to succeed Merkel after
        rival backs out
  * US
    Sections
      + US Home
      + US Economy
      + US Companies
      + US Politics & Policy
    Most Read
      + Derek Chauvin convicted of murdering George Floyd
      + Berkshire directors rebuked over pay for likely Buffett
        successors
      + Xi warns against economic decoupling and calls for new world
        order
      + Netflix shares slide on angst over subscriber growth
      + Corporate America's woke moment won't last
  * Companies
    Sections
      + Companies Home
      + Energy
      + Financials
      + Health
      + Industrials
      + Media
      + Professional Services
      + Retail & Consumer
      + Tech Sector
      + Telecoms
      + Transport
    Most Read
      + Leaked Super League plans reveal goal of US-style football
        finances
      + Super League plan collapses as more clubs pull out
      + How Credit Suisse rolled the dice on risk management -- and
        lost
      + Berkshire directors rebuked over pay for likely Buffett
        successors
      + Super League rebels shift the goalposts of European football
  * Tech
  * Markets
    Sections
      + Markets Home
      + Alphaville
      + Markets Data
      + Capital Markets
      + Commodities
      + Currencies
      + Equities
      + Fund Management
      + Trading
      + Moral Money
      + ETF Hub
    Most Read
      + Huarong debacle tests Beijing's resolve to bail out state
        groups
      + Japan says 'no' to strawberry and grape copycats
      + Whether it's football or chips, let's be upfront about our
        national interests
      + Hawks press ECB to scale back bond buying despite rising
        Covid wave
      + US government bond investors left bewildered by 'bonkers'
        market move
  * Climate
  * Opinion
    Sections
      + Opinion Home
      + Columnists
      + The FT View
      + The Big Read
      + Lex
      + Obituaries
      + Letters
    Most Read
      + Super League would break football's essential promise
      + Corporate America's woke moment won't last
      + Robinhood traders might have had a point on Hertz
      + Economic recovery masks the dangers of a divided world
      + TikTok's India ban should be a warning for tech companies
  * Work & Careers
    Sections
      + Work & Careers Home
      + Business School Rankings
      + Business Education
      + Entrepreneurship
      + Recruitment
      + Business Books
      + Business Travel
    Most Read
      + The new frontiers of hybrid work take shape
      + Get ready for the new politics of resentment in the office
      + Gaming inspires new worlds of virtual work
      + Watch this slam dunk example of great management
      + Ethiopia's human rights chief: 'It's not an easy ride for us.
        We get a lot of heat '
  * Life & Arts
    Sections
      + Life & Arts Home
      + Arts
      + Books
      + Food & Drink
      + FT Magazine
      + House & Home
      + Style
      + Travel
      + FT Globetrotter
    Most Read
      + VTubers and the women behind the masks
      + Scotland faces up to life after oil
      + China's keyboard warriors like to fight . . .  each other
      + Anne Boden: 'Cash will disappear'
      + The vanishing billionaire: how Jack Ma fell foul of Xi
        Jinping
  * How to Spend It

  * Sign In
  * Subscribe

MenuSearch

  * Home
  * World
  * US
  * Companies
  * Tech
  * Markets
  * Climate
  * Opinion
  * Work & Careers
  * Life & Arts
  * How to Spend It

Financial Times

  * Sign In
  * Subscribe

Search the FT[                    ]SearchClose search bar
Become an FT subscriber to read:

    'It is much worse this time': India's devastating second wave

A new way to get the Financial Times, tailored to your needs and your
budget. Try our new suite of curated, digestible mini subscriptions
available for a limited time.

Cancel anytime.

[https]

Choose your subscription

Today's Briefing

$12 per month
3 month subscription
Access our pick of the most crucial global news, comment and analysis
of the moment, updated three times a day.
Select

Get access to the FT's daily newsletter with guided explanation of
and links to the day's top stories written by FT editors.

In addition to FT content, our editors select key stories from around
the web that you shouldn't miss.

Read more

Inbox Only

$19 per month
3 month subscription
Get the best of the FT with editor-written newsletters on 6 key
global themes: trends in responsible investing, mergers &
acquisitions, tech in Asia, energy, global trade and the business of
sports.
Select

Get access to these 6 newsletters and any article featured within
them:

  * Moral Money - Your trusted source for news and analysis about
    socially responsible business, sustainable finance and ESG
    trends. Twice Weekly.
  * Due Diligence - The curated, must-read content on corporate
    finance, mergers & acquisitions, and private equity with scoops
    and news you can't find elsewhere.
  * #techAsia - The essential newsletter offering deep and exclusive
    insight into the billions being made and lost in Asia's
    technology sectors. Brought to you weekly from the FT and Nikkei.
  * Energy Source - From scoops on Saudi Aramco to punchy columns on
    Opec, Energy Source delivers the FT's best in class energy
    journalism, forward-thinking analysis and insider intelligence
    twice a week.
  * Trade Secrets - Trade Secrets is the FT's must-read daily
    briefing on the changing face of international trade and
    globalisation.
  * Scoreboard - The must-read weekly briefing on the business of
    sport that goes deep on the key financial issues and exclusive
    scoops affecting clubs, franchises, competitions, owners,
    investors and more.

Read more

Digital

$40 per month
Unlimited access to all standard-access articles, columns and
features

OR

BEST VALUE - SAVE 20%

$372 for 1 year
Select

  * MyFT - track the topics most important to you
  * FT Weekend - full access to the weekend content
  * Mobile & Tablet Apps - download to read on the go
  * Gift Article - share up to 10 articles a month with family,
    friends and colleagues

Read more
Full Terms and Conditions apply to all Subscriptions.

Or, if you are already a subscriber

Sign in

Other options

Premium DigitalPremium Digital + PrintPremium Digital + Weekend Print
Weekend Print

Useful links

Support

View Site TipsHelp CentreContact UsAbout UsAccessibilitymyFT Tour
Careers

Legal & Privacy

Terms & ConditionsPrivacy PolicyCookiesCopyrightSlavery Statement &
Policies

Services

FT LiveShare News Tips SecurelyIndividual SubscriptionsGroup
SubscriptionsRepublishingContracts & Tenders
Executive Job SearchAdvertise with the FTFollow the FT on TwitterFT
TransactSecondary Schools

Tools

PortfolioToday's Newspaper (ePaper)Alerts HubBusiness School Rankings
Enterprise ToolsNews feedNewslettersCurrency Converter
More from the FT Group
Markets data delayed by at least 15 minutes. (c) THE FINANCIAL TIMES
LTD 2021. FT and 'Financial Times' are trademarks of The Financial
Times Ltd.
The Financial Times and its journalism are subject to a
self-regulation regime under the FT Editorial Code of Practice.
[px]
Close drawer menuFinancial Times

International Edition

Search the FT[                    ]Search
  * Switch to UK Edition

  * Top sections
  * Home
  * WorldShow more World
      + Global Economy
      + UK
      + US
      + China
      + Africa
      + Asia Pacific
      + Emerging Markets
      + Europe
      + Americas
      + Middle East and North Africa
  * USShow more US
      + US Economy
      + US Companies
      + US Politics & Policy
  * CompaniesShow more Companies
      + Energy
      + Financials
      + Health
      + Industrials
      + Media
      + Professional Services
      + Retail & Consumer
      + Tech Sector
      + Telecoms
      + Transport
  * Tech
  * MarketsShow more Markets
      + Alphaville
      + Markets Data
      + Capital Markets
      + Commodities
      + Currencies
      + Equities
      + Fund Management
      + Trading
      + Moral Money
      + ETF Hub
  * Climate
  * OpinionShow more Opinion
      + Columnists
      + The FT View
      + The Big Read
      + Lex
      + Obituaries
      + Letters
  * Work & CareersShow more Work & Careers
      + Business School Rankings
      + Business Education
      + Entrepreneurship
      + Recruitment
      + Business Books
      + Business Travel
  * Life & ArtsShow more Life & Arts
      + Arts
      + Books
      + Food & Drink
      + FT Magazine
      + House & Home
      + Style
      + Travel
      + FT Globetrotter
  * Personal FinanceShow more Personal Finance
      + Property & Mortgages
      + Investments
      + Pensions
      + Tax
      + Banking & Savings
      + Advice & Comment
      + Next Act
  * How to Spend It
  * Special Reports
  * FT recommends
  * Graphics
  * Lex
  * Alphaville
  * Lunch with the FT
  * FT Globetrotter
  * #techAsia
  * Moral Money
  * FTfm
  * Newsletters
  * Video
  * Podcasts
  * News feed
  * myFT
  * Portfolio
  * Today's Newspaper (ePaper)
  * Crossword
  * Our Apps

  * Help Centre
  * Subscribe
  * Sign In