Qatar’s sovereign fund plans to deploy money ‘aggressively’

Immediately’s agenda: Microsoft poaches Google DeepMind employees; Russian forces in Syria; paying UK CEOs “like football stars”; Huge Learn on the price of cyber scams; and Martin Wolf on an period of gradual progress

Good morning. We begin with Qatar’s $500bn sovereign wealth fund, which plans to deploy its money extra aggressively because it embarks on a quinquennial assessment of its funding technique.

What are its plans? The Qatar Funding Authority’s new chief government advised the Monetary Occasions it anticipated to “do bigger-ticket deals” and make investments with “more frequency”. Mohammed Al-Sowaidi mentioned the QIA was bullish on the US, the place it has elevated its publicity considerably over the previous decade, in addition to within the UK and Asia, with a concentrate on know-how, synthetic intelligence, healthcare, actual property and infrastructure. The fund additionally plans to construct up its places of work within the US and Singapore and is “scaling up with third-party managers”.

What’s prompting the strikes? An anticipated petrodollar windfall. Qatar is among the world’s prime liquefied pure gasoline producers, and general manufacturing capability is forecast to rise virtually 85 per cent by the top of the last decade. The IMF estimated in a 2022 report that the growth would elevate the Gulf state’s actual GDP by 5.7 per cent by 2027 and add roughly 3.5 per cent of GDP in export receipts a yr. The principle recipient of the LNG revenues would be the QIA, and Sowaidi mentioned the inflows had the potential to double its dimension over 5 years. Right here’s extra from Sowaidi, together with his tackle Donald Trump’s tariff plans and Elon Musk.

And right here’s what else we’re retaining tabs on immediately:

• Financial knowledge: The US has its November client value index, whereas Opec publishes its month-to-month oil market report.

• French strikes: Railway staff at SNCF are set to protest towards deliberate adjustments, together with a push for privatisation on the state-owned firm.

• Central banks: Brazil and Canada have rate of interest choices, whereas Sanjay Malhotra begins a three-year time period as Reserve Financial institution of India governor. For extra particulars on his appointment, learn the newest subject of India Enterprise Briefing, the FT’s new e-newsletter on the world’s fastest-growing giant financial system.

• Firms: British American Tobacco has a buying and selling replace, whereas Adobe, Inditex and Tui report outcomes.

Be part of Monetary Occasions editor Roula Khalaf and different FT consultants on-line at 4pm GMT as they talk about their predictions for the world in 2025. Register right here.

5 extra prime tales

1. Unique: Microsoft is poaching employees from Google for its new synthetic intelligence client well being staff. AI head Mustafa Suleyman is hiring employees from the same unit he as soon as led at Google DeepMind, because the rival firms race to create profitable functions from the cutting-edge know-how. Madhumita Murgia has extra from London.

2. Russia is holding on to key navy bases in Syria even because it pulls again forces from smaller outposts within the nation following the overthrow of ally Bashar al-Assad. Satellite tv for pc imagery confirmed no indicators of a Russian withdrawal from the primary naval and air bases it makes use of as staging factors for the Mediterranean and Africa. Learn the total story.

• Corrupt state: The insurgent transitional authorities are grappling with a paperwork crammed with phantom jobs, pervasive graft and a tradition of obedience.

• ‘Sterile’ zone: Israel’s defence minister mentioned it wished to create an space “free of weapons and terror threats” in southern Syria after seizing territory and pounding navy targets.

3. Wall Avenue banks are betting that the blockbuster rally in US shares will cool subsequent yr as traders flip cautious on the AI increase. Ten main banks anticipate the S&P 500 to rise roughly 8 per cent by the top of 2025, under the index’s historic common annual returns. Morgan Stanley’s chief funding officer mentioned: “We’re fighting . . . euphoria that has helped people buy stocks versus the realities of next year.”

4. Donald Trump has vowed to hurry up regulatory approvals for traders spending $1bn or extra within the US, a sign that he’ll deal with one in every of builders’ thorniest complaints when he takes workplace subsequent month. The president-elect’s pledge displays his plan to maneuver away from the subsidies favoured below Joe Biden to spur extra home investments by deregulation.

• Janet Yellen: The Treasury secretary has warned the incoming Trump administration towards imposing sweeping tariffs, saying they might result in greater inflation.

5. British CEOs ought to be capable to be paid like “top-rate footballers” with out going through a backlash, billionaire financier Lord Michael Spencer advised the FT. The founding father of brokerage ICAP mentioned that if the UK hoped to draw one of the best executives to run a number of the largest London-listed firms, it wanted to deal with the “political hot potato” of government pay.

The Huge Learn

Developments in AI and the velocity of real-time funds have made it simpler than ever for scammers to control somebody into willingly handing over cash, and to make off with it simply as shortly. As the issue grows, so has debate between authorities, banks and know-how firms over who ought to foot the invoice.

We’re additionally studying . . . 

• French politics: The federal government’s collapse has forged a pall over a slowing financial system, extending uncertainty over deliberate tax rises and grants for companies.

• BlackRock: The world’s largest asset supervisor has purchased a bonanza of billionaires, writes Brooke Masters. Can it maintain them in line?

• Tether: A cryptocurrency utilized by gangs, drug cartels and spies from Iran and Russia has a brand new buddy within the Trump White Home: Howard Lutnick.

• Romania: Authorities are investigating the chief of an armed group linked to far-right, pro-Russian presidential candidate Călin Georgescu.

Chart of the day

Has fast financial progress on this planet’s high-income international locations come to an finish? Alternatives exist for the UK and its European neighbours, however they have to grasp the nettle of financial reform, writes Martin Wolf.

Take a break from the information

An archaeological discovery from a well-preserved tomb in Syria, carbon-dated again to 2400 BCE, may change the origin story of our alphabet, writes Anjana Ahuja.