Good morning.

Immediately we begin with the information that Bridgewater Associates, the world’s largest hedge fund, is getting ready for probably the most vital 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 brief vendor claims of fraud and share worth manipulation to little impact.

Right here’s what to look at within the day forward:

• Overseas affairs: The G20 Overseas Ministers Assembly concludes in Delhi right now. 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 information right now.

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

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

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

Immediately’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 dimension, one particular person accustomed to the plan stated. The cap on the fund will likely be set at a threshold that’s 20-30 per cent decrease than its peak dimension of $100bn. Be taught what performed a task within the choice.

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

3. Swiss prosecutors have charged 4 bankers with serving to to cover tens of hundreds of thousands of Swiss francs on behalf of Vladimir Putin, in one of many first ever court docket circumstances within the west to straight 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 crucial items to Russia as they search to starve Putin’s navy of parts to maintain its struggle towards Ukraine.

4. Belgium’s cyber safety company has linked China-sponsored hackers to an assault on a outstanding Belgian politician, Samuel Cogolati, as European governments turn out to be more and more keen to problem Beijing over alleged cyber offences. Hold studying.

5. Chinese language manufacturing facility 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 tip of strict Covid restrictions in December — however enthusiasm for China’s financial reopening shouldn’t be universally shared.

The Massive Learn

Can the world’s employees press residence their calls for for higher pay? That is the single greatest query going through central bankers across the globe as they struggle 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 nearly inappropriate, writes Edward Luce. Humanity’s curiosity is to cease the subsequent pandemic from occurring.

• Mansion on the market: The Holme, set in 4 acres of London’s Regent’s Park, could turn out to be 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 professionals and cons of budgeting this manner (and the digital equal).

Chart of the day

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

Take a break from the information

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

Further contributions by Gordon Smith and Tee Zhuo