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The Lex Column

@FTLex

Lex is the FT's agenda-setting daily column on business and finance. Premium FT subscribers can sign up to our popular twice weekly newsletter Best of Lex ⬇️

 London, New York, Hong Kong
ft.com/lex
Joined February 2009
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Apollo and Thrive capitalise on private equity’s generational shift ft.trib.al/Oo2JCv1
Apollo and Thrive capitalise on private equity’s generational shift

Apollo and Thrive capitalise on private equity’s generational shift

By leaning into their new role as debt financiers, the old guard still have a lucrative place in the new financial order

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391
Channel 4’s tie-up with Disney goes back to its disruptive roots ft.trib.al/c9nvwqk
Channel 4’s tie-up with Disney goes back to its disruptive roots

Channel 4’s tie-up with Disney goes back to its disruptive roots

Founded in 1982, the TV channel broke the longstanding stranglehold of the BBC and ITV

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514
DoorDash buys Instacart just as AI rewrites the menu ft.trib.al/T3sHgtH
DoorDash buys Instacart just as AI rewrites the menu

DoorDash buys Instacart just as AI rewrites the menu

Combined company to have same share of the US online grocery market as Walmart

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536
Healey’s autumn Budget kicks off the gas doom loop ft.trib.al/Bpuoj69
Healey’s autumn Budget kicks off the gas doom loop

Healey’s autumn Budget kicks off the gas doom loop

Scrapping the standing charge will accelerate households’ move towards alternatives such as heat pumps

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872
Why small-fry Budget measures can still have a big impact ft.trib.al/Lk205Gm
Why small-fry Budget measures can still have a big impact

Why small-fry Budget measures can still have a big impact

If Healey’s micro policies cut costs and save time, they will make some difference

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594
JetBlue tries to sweet-talk an unforgiving bond market ft.trib.al/GgCBSmk
JetBlue tries to sweet-talk an unforgiving bond market

JetBlue tries to sweet-talk an unforgiving bond market

Despite bond market sweet talk not usually being a very productive strategy, it’s hard to fault chief Joanna Geraghty for trying

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863
CATL’s next bet is bigger than electric cars ft.trib.al/bPDi9qO
CATL’s next bet is bigger than electric cars

CATL’s next bet is bigger than electric cars

The company is moving beyond selling batteries towards building an infrastructure business

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702
Flutter’s fall is a cautionary tale for US listing wannabes ft.trib.al/kiDqct4
Flutter’s fall is a cautionary tale for US listing wannabes

Flutter’s fall is a cautionary tale for US listing wannabes

For foreign companies, New York is enticing in good times but unforgiving in hard times

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933
Anthropic, Meta and the K-shaped company ft.trib.al/Mcs1Xel
Anthropic, Meta and the K-shaped company

Anthropic, Meta and the K-shaped company

The gap is widening between shareholders with clout and those with none

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755
There is more Oxford Street can do to get tills ringing ft.trib.al/WefEgyH
There is more Oxford Street can do to get tills ringing

There is more Oxford Street can do to get tills ringing

Longer opening hours and nationwide measures such as reintroducing tax-free spending for tourists would provide a boost

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1,208
How long can lawyers keep squeezing their clients? ft.trib.al/tJXQa6n
How long can lawyers keep squeezing their clients?

How long can lawyers keep squeezing their clients?

Possibly longer than one may think

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1,181
Why you shouldn’t bother reading the Anthropic IPO filing ft.trib.al/XSJvnoX
Why you shouldn’t bother reading the Anthropic IPO filing

Why you shouldn’t bother reading the Anthropic IPO filing

Valuing AI lab based on its historic reported numbers is a fool’s errand

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700
Junk borrowers are stuck between a $2tn rock and a hard place ft.trib.al/dn5fFQO
Junk borrowers are stuck between a $2tn rock and a hard place

Junk borrowers are stuck between a $2tn rock and a hard place

Huge supply means investors can afford to be picky, driving costs even higher for the most risky borrowers

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811
Billionaire benevolence is booming, but it comes with strings ft.trib.al/MUZFcIw
Billionaire benevolence is booming, but it comes with strings

Billionaire benevolence is booming, but it comes with strings

Generating goodwill is helpful in building data centres and developing bots with minimum governmental intervention

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1,080
Tobacco taxes work — even when they give smugglers a windfall ft.trib.al/s1ov1kv
Tobacco taxes work — even when they give smugglers a windfall

Tobacco taxes work — even when they give smugglers a windfall

Fiscal income has dwindled as smokers quit but the link between tax rates and illicit activity is not clear-cut

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893
Why the UK should greenlight both Jackdaw and Rosebank ft.trib.al/TZe3HH7
Why the UK should greenlight both Jackdaw and Rosebank

Why the UK should greenlight both Jackdaw and Rosebank

The real problem, for those concerned about the climate, isn’t that oil and gas might become too cheap, but that renewables remain too expensive

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913
Is Zuckerberg being greedy? Let shareholders decide ft.trib.al/4ohJQ8l
Is Mark Zuckerberg being greedy? Let shareholders decide

Is Mark Zuckerberg being greedy? Let shareholders decide

If the billionaire founder cares what people think, he should persuade his fellow investors to back his vision

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1,040
Steve Cohen takes Hertz for a defensive spin ft.trib.al/3j1AbeN
Steve Cohen takes Hertz for a defensive spin

Steve Cohen takes Hertz for a defensive spin

The hedge fund boss is taking a punt on just a part of the heavily indebted car rental company

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879
Barclays stands out from the crowd for the wrong reasons ft.trib.al/2LdIoK5
Barclays stands out from the crowd for the wrong reasons

Barclays stands out from the crowd for the wrong reasons

By trying to do everything, the bank risks pleasing nobody

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943
China’s drugmakers move into the big league ft.trib.al/6CBN2Yn
China’s drugmakers move into the big league

China’s drugmakers move into the big league

Foreign pharma groups are now paying to access innovation developed locally

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