FirstFT: Bridgewater’s post-Dalio overhaul | Monetary Occasions

Good morning.

In the present day we begin with the information that Bridgewater Associates, the world’s largest hedge fund, is getting ready for essentially the most important shake-up of the agency since its founder Ray Dalio ceded management.

And scroll down for our newest scoop on Adani Group, which has continued to dismiss quick vendor claims of fraud and share value manipulation to little impact.

Right here’s what to observe within the day forward:

International affairs: The G20 International Ministers Assembly concludes in Delhi at the moment. Individually, Indian prime minister Narendra Modi will host his Italian counterpart Giorgia Meloni.

EU flash inflation figures: Client costs figures point out that European inflation is more likely to persist forward of the publication of February euro space flash inflation knowledge at the moment.

Earnings: Outcomes are anticipated from corporations together with Anheuser-Busch InBev, China Tower, London Inventory Alternate, Merck, Salvatore Ferragamo and Common Music Group.

Thanks for all of the suggestions on FirstFT’s new look. Preserve it coming: firstft@ft.com.

Be part of us in Singapore on March 16 for our inaugural Wealth Administration Summit to debate how finest to scale up while navigating geopolitical tensions, regulatory shifts, and funding dangers. Register at the moment.

In the present day’s high information

1. Bridgewater will lower about 100 jobs whereas its Pure Alpha fund will cease accepting new cash as soon as it hits a sure measurement, one individual accustomed to the plan stated. The cap on the fund might be set at a threshold that’s 20-30 per cent decrease than its peak measurement of $100bn. Study what performed a task within the resolution.

2. Unique: India’s Adani Group has instructed bondholders it has entry to a $3bn credit score line from backers together with at the least one sovereign wealth fund, because it tries to assuage considerations about its monetary well being within the wake of a harmful quick vendor report accusing it of fraud.

3. Swiss prosecutors have charged 4 bankers with serving to to cover tens of thousands and thousands of Swiss francs on behalf of Vladimir Putin, in one of many first ever courtroom instances within the west to instantly contain property allegedly belonging to the Russian president. Learn extra on the 4 people.

Associated learn: Western allies are pushing the United Arab Emirates to halt exports of important items to Russia as they search to starve Putin’s army of parts to maintain its conflict in opposition to Ukraine.

4. Belgium’s cyber safety company has linked China-sponsored hackers to an assault on a distinguished Belgian politician, Samuel Cogolati, as European governments change into more and more prepared to problem Beijing over alleged cyber offences. Preserve studying.

5. Chinese language manufacturing unit exercise expanded at its quickest tempo in additional than a decade in February. The info is an early indication of the nation’s restoration following the top of strict Covid restrictions in December — however enthusiasm for China’s financial reopening isn’t universally shared.

The Massive Learn

Can the world’s employees press dwelling their calls for for higher pay? That is the only greatest query dealing with central bankers across the globe as they combat to curb the charges at which costs are rising.

We’re additionally studying and listening to . . . 

Lab leak concept: Whether or not Covid got here from a lab or a seafood market is sort of inappropriate, writes Edward Luce. Humanity’s curiosity is to cease the subsequent pandemic from taking place.

Mansion on the market: The Holme, set in 4 acres of London’s Regent’s Park, might change into the UK capital’s costliest home ever offered.

‘Money stuffing’: On this episode of the Cash Clinic podcast, host Claer Barrett speaks to “money stuffer” Euphemia Senna in regards to the execs and cons of budgeting this manner (and the digital equal).

Chart of the day

The world’s largest crypto change is beneath strain. Buyers have pulled greater than $6bn out of a Binance-branded digital token generally known as BUSD up to now month, in an indication {that a} latest US regulatory crackdown on digital property is making waves.

Take a break from the information

You’ve responded to an advert in search of crew for a harmful naval expedition. A flyer for the polar voyage promised months of darkness, low wages and a slim probability of secure return. From the very begin of the sport The Pale Past, it’s clear that you just’ll be fortunate even to outlive.

Further contributions by Gordon Smith and Tee Zhuo