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It may seem hard to pity the grandees of the advertising industry gathered in Cannes this week. But as John Gapper writes in his latest column, many are struggling to adjust to a new world where there is no room — and certainly no time — for the artistry that once featured in their best work. Their instincts are old-fashioned when measured against the way social media can target consumers quickly and directly. Ad spending is being cut even by consumer brands who need to build general appeal and loyalty. This does not mean the end of creativity in marketing, writes John, but it does mean the industry has to reinvent itself.

Trump means it on immigration
Janan Ganesh explains the motives behind the US government drive to prise their children away from illegal immigrants. It is not a ruse but an indication that Donald Trump believes even legal immigration needs to be curtailed.

Iran-US tensions
Roula Khalaf explores the possibilities for new initiatives for dialogue between Rouhani and America, given the thawing in relations with North Korea — and their limits.

Casting off the hand-me-downs
David Pilling reveals yet another trade skirmish, this one not making many waves outside east Africa, where the US is threatening Rwanda for refusing to take America’s discarded clothing. The tiny nation wants its own garment industry.

Gaming disorder becomes an official disease
Anjana Ahuja writes on how the International Classification of Diseases has now been updated to include the much-disputed mental health condition of compulsive gambling. Could other online behaviours be next?

What you’ve been saying

Comment from Paul A. Myers on Corruption thrives in a globalised world
The pervasiveness of corruption goes almost without saying. A profile article of a prominent Trump supporter last week left me wondering if the elites in and around Washington D.C. do anything else other than pander to Arab billionaires. Is everything for sale in the nation’s capital? Has the ascendance of the Trump family simply made visible what has been business as usual for decades? Is there such a thing in the US as a public family that is not a foreign subsidiary of predatory interests abroad?

Let’s obsess a little less about labour productivity— Letter from Richard Roberts
I was disappointed to read Martin Wolf, in “Waiting for a productivity resurgence” (June 13), repeating Paul Krugman’s famous line about labour productivity being, “in the long run, almost everything”. For decades, labour productivity growth has been decoupling from rising living standards for average workers, which prompts the question: how long is the long run? Moreover, there is often a trade-off between the productivity of labour and of other inputs, such as energy and resources.

Today’s opinion

Do not mistake Donald Trump’s motives on immigration
Family separation is not a ploy or liberal-baiting run amok. The president meant it

Angela Merkel to Donald Trump: thank you for making me great again
The president’s attacks are actually working to the chancellor’s advantage

Advertising’s creative vision is old fashioned
The industry struggles to adapt to the rise of brands that target consumers directly

America must allow Rwanda to make its own choices
The country should be free to build up its clothing industry without US threats

FT Alphaville: Crypto-courting in Kaliningrad

Free Lunch: The Franco-German motor revs up
Meseberg meeting is a small step for the euro economy, a bigger leap for its politics

Trump and Iran — between war and a grand bargain
Washington and Tehran are more likely to stumble towards military conflict than diplomacy

Opinion today: Italy’s challenge to the eurozone
Economic problems are common concerns because of the country’s eurozone membership

FT View

FT View: The BoE strains a little too hard at the leash
Weak wage growth means there is no compelling reason to raise rates

FT View: The Franco-German engine shifts into gear
Merkel and Macron take tentative steps towards eurozone reform

The Big Read

The Big Read: SoftBank — inside the ‘Wild West’ $100bn fund shaking up the tech world
The Vision Fund is changing the rules for investing but will its whirlwind decision-making lead to bad bets?

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