MPs chastise Starmer over Mandelson scandal

The FT News Briefing covers a series of high-stakes developments across global politics and finance. In the UK, Prime Minister Keir Starmer faces intense scrutiny over the appointment of Peter Mandelson as ambassador to the US, despite Mandelson failing security vetting due to links with Jeffrey Epstein and China. Starmer claimed he was deliberately kept in the dark by the Foreign Office, particularly citing senior civil servant Sir Ollie Robbins, who is set to testify before Parliament. Critics argue this is part of a pattern of Starmer deflecting blame, raising concerns about his grip on government. Meanwhile, Apple announces Tim Cook’s retirement after 15 years as CEO, with John Ternus taking over in September. Apple shares dipped in after-hours trading. On the economic front, wealth managers like Blackstone and Apollo have earned over $2 billion in servicing fees since 2017 by steering clients into private credit funds, which offer smoother returns than volatile public markets. However, rising AI-powered financial literacy is prompting advisors to question whether high-fee private funds truly deliver value over low-cost index funds. The episode also touches on Trump’s Board of Peace advancing Gaza reconstruction plans with DP World, and Kevin Warsh’s upcoming Fed confirmation hearings amid a DOJ probe into current Fed Chair Jay Powell.