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Annual letter indicates more fluid portfolio within legendary investor’s vehicle

UK financier called Warren Buffett to explain political hurdles

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Labour leader did not mention the idea during Scottish party conference

Regulators crack down on foreign lending amid fears of property price bubble

Beijing’s protection industry looks after workers in the most dangerous places

Stephen Martin seeks to broaden business lobby group’s appeal beyond London

Social media unit and shadowy networks use shock tactics to push National Front agenda

Hourly rates close in on pay levels in western laggards Greece and Portugal

World’s biggest banks and insurers have to meet New York regulator’s tough new rules

Survey finds bankers expect New York to benefit from Brexit

Investigation now unlikely to finish before presidential election

UK news

Party leader says he will not resign and points out victory in Stoke

Sturgeon calls London mayor’s speech an insult to Scots who support independence

Crackdown on film schemes has caused ‘severe financial distress’ says MP

Tiny Brolly asks customers to suggest new image to avoid trademark spat

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Highlights

US president will make the first such speech of his administration, clues on Fed rates

Asset managers and lenders in fierce negotiations over cost of investment research

The FT’s model simulates the final standings using teams’ underlying performance data

Markets News

With US equities in record territory, focus will be on tax reform and other measures

FT columnists look at the new landscape for emerging markets for investors

Treasuries extend gains and gold hits 3-month high

Technology

Ex-employees now at HMD revive 3310 classic handset, along with latest smartphones

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The music video streaming service wants to convince teenagers to pay

Start-ups head for launch pad in race to establish commercial living quarters in space

Life & Arts