EU plans travel curbs for Russian diplomats

Good morning and welcome back. In today’s newsletter:

• Musk names new xAI CFO

• Brookfield raises $20bn for energy transition fund

• Hauser & Wirth UK profits fall 90%

• How we gave up on greener flying

We begin with an exclusive story on the EU, whose governments have agreed to limit the travel of Russian diplomats within the bloc.

What we know: Moscow’s envoys posted in EU capitals would need to inform other governments of their travel plans before crossing beyond the border of their host country, according to proposed rules.

The initiative, championed by the Czech Republic, is part of a fresh set of sanctions being drawn up by Brussels in response to Russia’s full-scale invasion of Ukraine.

​What’s the cause: The planned travel curbs are in response to a surge in sabotage attempts that intelligence agencies say are often led by spies operating under diplomatic cover.

Moscow-sponsored intelligence operatives have been blamed for escalating provocations against Nato states in what EU security services call a co-ordinated campaign to destabilise Kyiv’s European allies.

However, legal adoption of the travel curbs could be delayed. Here’s why.

Today, we’re also keeping tabs on:

• Economic data: France and the US publish international trade data for August.

• UK: The FT Live Future of Retail event is in London, in person and online. Register here.

• France: The OECD’s forum on green finance and investment begins in Paris, running until tomorrow.

• EU: Brussels will review a new artificial intelligence strategy as the bloc aims to compete against the US and China in the global race for the technology.

• Nobel Prize: The award for Physics will be announced by the Royal Swedish Academy of Sciences in Stockholm.

Can the global economy withstand new shocks? Take part in a live Ask an Expert Q&A with the FT’s Tej Parikh and Martin Sandbu on October 9 at 1pm BST. Submit your questions here.

Five more top stories

1. Exclusive: Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, marking the latest shake-up to his executive ranks. The financier, who advised on the Twitter takeover, has become a key lieutenant to the billionaire in recent years. Read the full story.

2. Brookfield Asset Management has raised $20bn for one of the largest private funds dedicated to investing in energy transition assets, benefiting from investor interest in powering the AI boom. Find out who made billion-dollar commitments to the Canadian group’s funds.

3. It will be two years today since Hamas attacks on Israel sparked a drawn-out conflict. Of all the brutalities the militant group has inflicted on Israeli captives, it has saved up a singular agony for their families: the hostage video. Some beg the media to censor the videos. But the family of one hostage wants keep his suffering in the public eye.

• Opinion: Israel seems more important — and less desirable — than ever for British Jews, writes Stephen Bush.

4. HM Revenue & Customs hauled in an extra £4.6bn of UK tax in 2024-25 thanks to a “big data” system that helps spot cases of underpayment that drew on multiple sources including bank records and social media.

5. Exclusive: Profits at the UK subsidiary of Hauser & Wirth, one of the world’s largest and most influential art galleries, fell almost 90 per cent in 2024 as the global art market struggled with a multiyear slump. Read more on what’s behind the decline.

The Big Read

Airlines, airports and campaigners agree on the need for a shake-up of government policy on aviation. But they disagree on the best way to decarbonise aviation. Read how politicians and passengers gave up on greener flying.

We’re also reading . . . 

• ‘Whatever it takes’: The UK faces a period of historic transition, writes Adam Tooze. To meet this challenge, a new concordat with the Bank of England is needed.

• Saudi slowdown: Foreign consultancies in the kingdom are reining in a years-long boom in hiring, recruiters and analysts say, as Riyadh reviews its priorities.

• Labour plan: Collective bargaining in social care could save the ailing UK sector — but only if it’s done properly, writes Sarah O’Connor.

Chart of the day

Investors are snapping up assets across the developing world as a sliding dollar and bargain valuations fuel the biggest rally in emerging market stocks in more than 15 years. An MSCI benchmark index of emerging-market stocks has risen 28 per cent this year, its biggest gain over the same period since 2009.

Take a break from the news . . . 

Cai Guo-Qiang, famous for his mesmerising pieces using fireworks, knows how to make a scene. For his next trick, coinciding with this month’s Art Basel in Paris, the Chinese artist will set the Centre Pompidou alight, ahead of a major refurbishment of the gallery.