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Government and businesses have different goals but both need to grapple with risk, and neither can opt out of relying on the other. In an age of unprecedented risks, this may be the one thing they have in common, writes Henry Paulson, former US Treasury secretary, in a guest column.

He argues that across his 50-year career, he has never seen both sides buffeted by so many risks, most of which originate from the other. Businesses face heightened political risks while governments confront the consequences of disruptive innovation by the private sector. The solution? Mr Paulson proposes mutual efforts to understand, manage and navigate this changing landscape.

David Gardner believes the Khashoggi affair could disrupt the succession at the House of Saud.

Brooke Masters says Goldman Sachs has big questions to answer over 1MDB.

John Thornhill explains that as Moore’s Law fades, computing is looking for its next challenge.

Diane Coyle writes that the pretence that UK higher education is a market like any other should be dropped.

Roula Khalaf dissects the political power struggle for the soul of the Orthodox church.

What you’ve been saying

Economic indicators contradict social reality: letter from Cathal Rabbitte, Villars sur Ollon, Switzerland

I couldn’t get my head around nominally positive US job market figures giving “a timely boost” to Donald Trump’s campaign in the midterms. October’s unemployment rate at 3.7 per cent may be at multi-decade lows, but how many Americans had gig jobs when the Phillips curve was designed? Many apparently healthy economic indicators today appear to contradict the social reality. Make America Great Again is not a quantitative measure, but it is rather more informative than the unemployment rate.

In response to “Emmanuel Macron, Donald Trump and the ghosts of 1918”, washu says:

Mr Rachman says Russia and China “talk globalist but act nationalist”. They are not the only ones (besides a Trumpian USA). Every nation is globalist when talking about what other nations should do and nationalist when its own interests are the least bit threatened. France with or without Macron is a poster child for this words versus action phenomenon.

Immigration has always been the issue for Italy: letter from Marco Marazzi, Milan, Italy

If the other EU member states want Italy to stay in the EU, there is only one way to do so: to create immediately a 10,000-strong European Border Guard, which will take over from the Italian, Greek and Spanish governments the monitoring and handling of our porous southern borders. Only then will the EU be seen by Italians as having actually done something for Italy and south Europe. Forget the euro, immigration is and has always been the issue between Italy and the EU.

Today’s opinion

The FT View: US sanctions will bring pain but not change in Iran
Europe is right to stay committed to the nuclear deal with Tehran

beyondbrics: China’s plenum riddle sheds light on Beijing’s polity
The Communist party’s 4th plenary meeting seems shrouded in mystery

The Khashoggi affair could disrupt the Saudi succession
King Salman has seized the wheel from his son before. What might he do now?

Lex: Shorting UK stocks: Corb your enthusiasm
Since March, $11bn has flowed out of UK-only equity funds

Tail Risk: Green bond market faces its first real test
Conditions for environmental finance tougher even as evidence of climate change grows

A decisive moment for Britain’s universities
It would be foolish to let institutions fail — higher education is not a market

As Moore’s law fades, computing seeks a new dimension
The easy ride that chip designers have enjoyed for decades has come to an end

FT Alphaville: Can Turkey’s central bank avoid another rate hike?

We are living in an age of unprecedented risks
Business faces political upheaval while politics grapples with disruption

A political power struggle for the soul of the Orthodox church
The war of the patriarchs in Russia, Ukraine and Istanbul is about more than religion

FT View

The FT View: US sanctions will bring pain but not change in Iran
Europe is right to stay committed to the nuclear deal with Tehran

The FT View: Emmanuel Macron shoulders a heavy burden as Angela Merkel bows out
All is not lost for the French president’s ambitious EU reform plans

The Big Read

The Big Read: US midterms: why the world fears ‘Trumpism’ is here to stay
The elections will be seen as a test of whether Donald Trump has permanently changed America

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