https://www.ft.com/content/80c39c74-8753-44bf-aeb0-cf6701a64f02 Accessibility helpSkip to navigationSkip to contentSkip to footer * Sign In * Subscribe Open side navigation menuOpen search bar SubscribeSign In Search the FT[ ]SearchClose search barClose * Home * World Sections + World Home + Middle East war + Global Economy + UK + US + China + Africa + Asia Pacific + Emerging Markets + Europe + War in Ukraine + Americas + Middle East & North Africa Most Read + America's rising 'moron premium' + 'Crazy' data rules hit German plans to boost army reserve + 'Sword of Damocles': Trump's Harvard attacks leave students anxious + Greenland says it will turn to China if US and EU shun its mining sector + US stocks jump as Trump touts 'positive' progress on EU trade talks * US Sections + US Home + US Economy + US Companies + US Politics & Policy Most Read + America's rising 'moron premium' + 'Sword of Damocles': Trump's Harvard attacks leave students anxious + US stocks jump as Trump touts 'positive' progress on EU trade talks + Wall Street vs private equity: can anyone stop the grad recruitment creep? + Citadel Securities profits jump 70% on surge in trading revenues * Companies Sections + Companies Home + Energy + Financials + Health + Industrials + Media + Professional Services + Retail & Consumer + Tech Sector + Telecoms + Transport Most Read + Greenland says it will turn to China if US and EU shun its mining sector + EU plans sweeping stress test of non-banks + Reform UK treasurer Nick Candy's start-up fund lost PS100mn over a decade + Wall Street vs private equity: can anyone stop the grad recruitment creep? + AI boom adds EUR150bn to value of four of Europe's oldest industrial groups * Tech Sections + Tech Home + Artificial intelligence + Semiconductors + Cyber Security + Social Media Most Read + AI boom adds EUR150bn to value of four of Europe's oldest industrial groups + EU investigates Pornhub and other porn sites over child safety + Cloud computing is too important to be left to the Big Three + Robot dogs proliferate, from production line to front line + Humanoid robots spark debate about safety, form and function * Markets Sections + Markets Home + Alphaville + Markets Data + Crypto + Capital Markets + Commodities + Currencies + Equities + Monetary Policy Radar + Wealth Management + Moral Money + ETF Hub + Fund Management + Trading Most Read + America's rising 'moron premium' + US stocks jump as Trump touts 'positive' progress on EU trade talks + EU plans sweeping stress test of non-banks + UK turns to shorter-term borrowing as fiscal pressure mounts + Citadel Securities profits jump 70% on surge in trading revenues * Climate * Opinion Sections + Opinion Home + Columnists + The FT View + The Big Read + Lex + Obituaries + Letters Most Read + America's rising 'moron premium' + Professionals are losing control of their work + The much-loved village post office that it hardly pays to run + Britain's two-child benefit cap must go + Trump's Harvard assault is closing America off from the world * Lex * Work & Careers Sections + Work & Careers Home + Business School Rankings + Business Education + Europe's Start-Up Hubs + Entrepreneurship + Recruitment + Business Books + Business Travel + Working It Most Read + Professionals are losing control of their work + Wall Street vs private equity: can anyone stop the grad recruitment creep? + The most expensive coffee is the one you don't buy + Gen Z and the rise of bookshop bars + 'Nowhere to hide': Why more CEOs are fronting videos * Life & Arts Sections + Life & Arts Home + Arts + Books + Food & Drink + FT Magazine + House & Home + Style + Puzzles + Travel + FT Globetrotter Most Read + Nine travellers' watches that adjust to your timezone + In search of the perfect cheeseburger + Want to quit your smartphone addiction? There's an app for that + Man arrested on suspicion of attempted murder following Liverpool crash + Mountainhead -- a Succession for our time of tech titans * HTSI MenuSearch * Home * World * US * Companies * Tech * Markets * Climate * Opinion * Lex * Work & Careers * Life & Arts * HTSI Financial Times SubscribeSign In Search the FT[ ]SearchClose search barClose Semicolons bring the drama; that's why I love them Subscribe to unlock this article Join FT Edit Only $49 a year Get 2 months free with an annual subscription at was $59.88 now $49. Access to eight surprising articles a day, hand-picked by FT editors. For seamless reading, access content via the FT Edit page on FT.com and receive the FT Edit newsletter. Subscribe today Explore more offers. [primary_pr] Standard Digital $45 per month Essential digital access to quality FT journalism on any device. Pay a year upfront and save 20%. SelectWhat's included * Global news & analysis * Expert opinion * FT App on Android & iOS * FT Edit app * FirstFT: the day's biggest stories * 20+ curated newsletters * Follow topics & set alerts with myFT * FT Videos & Podcasts * 10 monthly gift articles to share [primary_pr] Premium Digital $75 per month Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%. SelectWhat's included * Global news & analysis * Expert opinion * FT App on Android & iOS * FT Edit app * FirstFT: the day's biggest stories * 20+ curated newsletters * Follow topics & set alerts with myFT * FT Videos & Podcasts * 20 monthly gift articles to share * Lex: FT's flagship investment column * 15+ Premium newsletters by leading experts * FT Digital Edition: our digitised print edition Terms & Conditions apply Explore our full range of subscriptions. For individuals Discover all the plans currently available in your country DigitalPrintPrint + Digital For multiple readers Digital access for organisations. Includes exclusive features and content. FT Professional Check whether you already have access via your university or organisation. Why the FT? See why over a million readers pay to read the Financial Times. Find out why Useful links Support View Site TipsHelp CentreContact UsAbout UsAccessibilitymyFT Tour CareersSuppliers Legal & Privacy Terms & ConditionsPrivacy PolicyCookie PolicyManage CookiesCopyright Slavery Statement & Policies Services Share News Tips SecurelyIndividual SubscriptionsProfessional SubscriptionsRepublishingExecutive Job SearchAdvertise with the FT Follow the FT on XFT ChannelsFT Schools Tools PortfolioFT AppFT Digital EditionFT EditAlerts HubBusiness School RankingsSubscription ManagerNews feedNewslettersCurrency Converter Community & Events FT Live EventsFT ForumsFT Leaders Academy More from the FT Group Markets data delayed by at least 15 minutes. (c) THE FINANCIAL TIMES LTD 2025. 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 side navigation menuEdition:International UK Search the FT[ ]Search Subscribe for full access Top sections * Home * WorldShow more World + Middle East war + Global Economy + UK + US + China + Africa + Asia Pacific + Emerging Markets + Europe + War in Ukraine + Americas + Middle East & 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 * TechShow more Tech + Artificial intelligence + Semiconductors + Cyber Security + Social Media * MarketsShow more Markets + Alphaville + Markets Data + Crypto + Capital Markets + Commodities + Currencies + Equities + Monetary Policy Radar + Wealth Management + Moral Money + ETF Hub + Fund Management + Trading * Climate * OpinionShow more Opinion + Columnists + The FT View + The Big Read + Lex + Obituaries + Letters * Lex * Work & CareersShow more Work & Careers + Business School Rankings + Business Education + Europe's Start-Up Hubs + Entrepreneurship + Recruitment + Business Books + Business Travel + Working It * Life & ArtsShow more Life & Arts + Arts + Books + Food & Drink + FT Magazine + House & Home + Style + Puzzles + Travel + FT Globetrotter * Personal FinanceShow more Personal Finance + Property & Mortgages + Investments + Pensions + Tax + Banking & Savings + Advice & Comment * HTSI * Special Reports FT recommends * Alphaville * FT Edit * Lunch with the FT * FT Globetrotter * #techAsia * Moral Money * Visual and data journalism * Newsletters * Video * Podcasts * News feed * FT Schools * FT Live Events * FT Forums * FT Leaders Academy * myFT * Portfolio * FT Digital Edition * Crossword * Our Apps * Help Centre * Subscribe * Sign In